Spacecom Hits Record EBITDA as Amos-17 Revenues Surge

Spacecom (TASE: SCC), a leading satellite communications provider and operator of the AMOS satellite fleet, released its financial results for 2024, reporting a net profit of approximately $18 million and revenue growth to $100 million. This comes amid ongoing debt restructuring discussions with bondholders.

Recently, the company signed several key agreements, including a $9.1 million contract with an international satellite operator and a $3.8 million agreement with a government client in Africa—both utilizing the AMOS-17 satellite.

Financial Highlights*

• Annual Revenue: $100 million in 2024, up from $99.2 million in 2023.
• AMOS-17 Revenue: $34.4 million in 2024, an 8% increase from $31.7 million in 2023.
• Q4 Revenue for AMOS-17: $9.5 million, a 17% increase from $8.2 million in the same period last year.
• EBITDA Growth: Up 7% to $79.4 million from $74.2 million in 2023, primarily driven by AMOS-17 revenue growth.
• Net Profit: $18.1 million in 2024, compared to a net loss of $24 million in 2023.
• Asset Valuation Gains: $12.3 million for AMOS-17, $3.0 million for AMOS-3, and $2.5 million for AMOS-4.
• Operating Profit: $28.2 million, a 26% increase from $22.3 million in 2023 (excluding asset valuation changes).
• Cash Reserves: $172 million at year-end 2024.
• Order Backlog: $115 million, with AMOS-17 accounting for $52 million.

* The financial data provided is approximate and for informational purposes only.

2024 was an outstanding year for Spacecom, despite the ongoing debt restructuring discussions, which impacted operations and increased financing costs. We remained committed to our strategic and business plans, achieving record revenues and profits while improving operational efficiency and sustaining business growth. I am confident that finalizing the debt restructuring, combined with our financial resilience, will further accelerate growth in operations, revenue, and profitability.

– Dan Zajicek, CEO, Spacecom