Gilat Reports Third Quarter 2026 Results

Quarterly net income increased, but diluted earnings per share fell as the weighted average diluted share count rose.

Rhea-AI Summary

Gilat Satellite Networks (GILT) reported third-quarter 2026 revenue of $116.2 million, down from the same quarter a year earlier. GAAP operating income rose to $7.9 million from $7.5 million, while net income increased to $8.7 million from $8.1 million. Diluted earnings fell to $0.11 from $0.14. Adjusted EBITDA, a non-GAAP earnings measure, increased 13% to $17.6 million.

Gilat expects full-year revenue of $455 million–$475 million and adjusted EBITDA of $61 million–$63 million. Its revised outlook reflects delivery and satellite-program delays and Peru revenue shifting into 2027. Defense revenue grew 53% year over year. Gilat expects the Comtech acquisition to close by year-end and, once completed, to more than double defense revenue in 2027. Cash, cash equivalents and short-term deposits reached $260 million, including approximately $99 million in net convertible-note proceeds.

22 points · 1 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Gilat expects 2026 revenue of $455 million–$475 million and adjusted EBITDA of $61 million–$63 million.
• Moderate pointQ3 adjusted EBITDA increased 13% to $17.6 million; its margin expanded to 15% from 13% year over year.
• Moderate pointQ3 non-GAAP operating income increased 14% to $14.6 million from $12.8 million a year earlier.
• Moderate pointQ3 non-GAAP net income rose to $14.3 million from $11.8 million; diluted EPS fell to $0.18 from $0.19.
• Moderate pointQ3 GAAP gross profit increased to $40.802 million from $34.731 million a year earlier.
• Moderate pointDefense revenue grew 53% year over year in the third quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Gilat expects Comtech to close by year-end and, once completed, more than double defense revenue in 2027.
• Moderate pointCash, cash equivalents and short-term deposits rose to $260 million from $159 million at June 30, 2026.
• Moderate pointConvertible notes provided approximately $99 million in net proceeds during the quarter. 17% of market cap
• Moderate pointPeru connectivity expansion contract awarded to Gilat totaled $28 million. 4.8% of market cap
• Moderate pointMulti-band DKET system awards supporting U.S. defense network resilience totaled over $32 million. 5.5% of market cap
• Moderate pointPeru broadband internet expansion agreement totaled $14 million. 2.4% of market cap

10 minor points

• Minor pointQ3 GAAP operating income increased to $7.9 million from $7.5 million a year earlier.
• Minor pointQ3 GAAP net income increased to $8.7 million from $8.1 million a year earlier.
• Minor pointQ3 research and development expense declined to $9.936 million from $11.494 million a year earlier.
• Minor pointQ3 net financial income reached $1.891 million, versus a $0.992 million expense a year earlier.
• Minor pointAdditional U.S. Department of War orders totaled over $8 million.
• Minor pointAdditional SkyEdge IV orders from a satellite operator totaled over $10 million.
• Minor pointNine-month revenue increased to $349.363 million from $314.698 million in the corresponding 2025 period.
• Minor pointNine-month GAAP gross profit rose to $115.708 million from $95.056 million in the corresponding 2025 period.
• Minor pointNine-month GAAP operating income rose to $16.985 million from $10.483 million in the corresponding 2025 period.
• Minor pointNine-month GAAP net income rose to $22.048 million from $11.932 million; diluted EPS increased to $0.28 from $0.21.

Negative

• Moderate pointQ3 revenue declined to $116.2 million from $117.7 million a year earlier.
• Moderate pointQ3 GAAP diluted EPS fell to $0.11 from $0.14 a year earlier.
• Moderate pointConvertible notes add $100 million of five-year debt with potential dilution at a 60% conversion premium. 17% of market cap
• Moderate pointIn-flight connectivity terminal deliveries were rescheduled while Gilat worked through commercial terms affecting program profitability.
• Moderate pointSatellite development and launch delays pushed out expected network equipment orders, partly reflecting scarce launch options.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Later-than-anticipated Peru agreements shifted some expected revenue into 2027.
• Moderate pointGilat cited intensifying competitive pressure as vertically integrated low-Earth-orbit providers gain share from geostationary providers.

5 minor points

• Minor pointQ3 weighted average diluted shares increased to 78,832,405 from 59,852,657 a year earlier.
• Minor pointGilat cited weaker currency conditions and bad debt write-offs following Hughes Network Systems' Chapter 11 filing.
• Minor pointQ3 selling and marketing expense increased to $10.074 million from $9.075 million a year earlier.
• Minor pointQ3 general and administrative expense increased to $9.638 million from $6.822 million a year earlier.
• Minor pointQ3 other operating expenses reached $3.247 million, versus $0.206 million of income a year earlier.

Key Figures

Q3 revenue: $116.2 million vs. $117.7 million Non-GAAP net income: $14.3 million, up 21% from $11.8 million Adjusted EBITDA: $17.6 million, up 13% from $15.6 million +5 more

Q3 revenue

$116.2 million vs. $117.7 million

Q3 2026 vs. Q3 2025

Non-GAAP net income

$14.3 million, up 21% from $11.8 million

Q3 2026 vs. Q3 2025

Adjusted EBITDA

$17.6 million, up 13% from $15.6 million

Q3 2026 vs. Q3 2025

Adjusted EBITDA margin

15% vs. 13%

Q3 2026 vs. Q3 2025

2026 revenue guidance

$455 million to $475 million

Revised full-year 2026 guidance

2026 Adjusted EBITDA guidance

$61 million to $63 million

Revised full-year 2026 guidance

Defense segment revenue growth

53% year over year

Q3 2026

Expected defense revenue increase

More than double

Expected in 2027 following completion of the Comtech acquisition

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Q2 earnings report

   24h Move

   -2.4%

   Reported higher revenue and Adjusted EBITDA, reiterated 2026 guidance, and advanced the Comtech acquisition.

2. Nov 12

   Q3 earnings report

   24h Move

   +7.2%

   Reported Q3 results and raised full-year 2025 revenue guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, convertible notes, chapter 11

4 terms

gaap financial

"GAAP operating income increased to $7.9 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Non-GAAP net income of $14.3 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

convertible notes financial

"from the $100 million convertible notes issued during the quarter"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

chapter 11 regulatory

"bad debt write-offs resulting from Hughes Network Systems' Chapter 11 filing"

Chapter 11 is a U.S. bankruptcy process that lets a financially distressed company keep operating while it reorganizes its debts and business plan under court supervision. Think of it as a formal pause that allows the company to renegotiate payments, shed contracts or assets, and seek a path to profitability instead of being liquidated; investors watch it because it can change the value and priority of claims, equity dilution, or the likelihood of recovery.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Revenues of $116.2 Million; GAAP Operating Income of $7.9 Million; 

Adjusted EBITDA up 13% to $17.6 Million and Non-GAAP Net Income up 21% to $14.3 Million

Comtech Acquisition on Track to Close by Year End; Expected to More than Double Defense Revenues in 2027

Updates 2026 Financial Guidance

PETAH TIKVA, Israel, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the third quarter, ended September 30, 2026.

Third Quarter 2026 Financial Highlights

• Revenues were $116.2 million, compared with $117.7 million in Q3 2025;
• GAAP operating income increased to $7.9 million, compared with GAAP operating income of $7.5 million in Q3 2025;
• Non-GAAP operating income increased 14% to $14.6 million, compared with $12.8 million in Q3 2025;
• GAAP net income of $8.7 million, compared with GAAP net income of $8.1 million in Q3 2025, reflecting earnings of $0.11 per diluted share;
• Non-GAAP net income of $14.3 million, or $0.18 per diluted share, compared with $11.8 million, or $0.19 per diluted share, in Q3 2025;
• Adjusted EBITDA increased 13% to $17.6 million, compared with $15.6 million in Q3 2025; Adjusted EBITDA margin expanded to 15% from 13%;
• Cash, cash equivalents, and short-term deposits of $260 million as of September 30, 2026, compared with $159 million as of June 30, 2026, including net proceeds of approximately $99 million from the $100 million convertible notes issued during the quarter.
• Based on our third quarter results and current visibility, we are revising our full-year 2026 guidance. We expect revenues in the range of $455 million to $475 million and our Adjusted EBITDA to range between $61 million and $63 million¹.
  
  

Management Commentary

Adi Sfadia, Gilat’s CEO, commented: “We concluded the quarter with Adjusted EBITDA increasing 13% year over year to $17.6 million, with the Adjusted EBITDA margin expanding to approximately 15% while our Non-GAAP Net Income jumped over 21% to $14.3 million. This comes alongside revenues of $116.2 million, compared to $117.7 million in the same quarter last year. Due to cost and pricing discipline, these results were achieved despite weaker currency conditions and bad debt write-offs resulting from Hughes Network Systems' Chapter 11 filing.”

Mr. Sfadia added, “Our revised revenue outlook reflects several factors. In IFC, we rescheduled certain terminal deliveries while working through commercial terms that are important to program profitability. Continued delays in LEO and GEO satellite development and launches, partly due to launch options scarcity, have pushed out the expected timing of certain network equipment orders. In Peru, agreements reached later than anticipated shifted some expected revenue into 2027.”

Mr. Sfadia concluded, “Changing market dynamics are intensifying competitive pressure, as vertically integrated LEO providers gain market share from traditional GEO providers. These changes in market dynamics reinforce the strategic direction we have been pursuing for several years: building our Defense segment through acquisitions and investments. This quarter’s Defense results show that the strategy is working, as our Defense segment continued its strong momentum, with revenues growing 53% year over year. Our acquisition of Comtech is the next major step in this shift. The transaction is expected to close by year-end, subject to the satisfaction of applicable closing conditions. Once completed, it is expected to create a company with the scale to address accelerating demand for secure defense communications and a substantially larger U.S. presence, and to more than double defense revenues in 2027.

In addition, we continue to pursue a growing number of opportunities in next-generation ground infrastructure, IFC, and particularly in new sovereign satellite constellations, which represent an increasingly growing market for Gilat.”

Key Recent Announcements

• Gilat Secures Over $8 Million in Additional Orders from the U.S. Department of War
• Gilat Secures Over $10 Million in Additional SkyEdge IV Orders from a Leading Satellite Operator
• Gilat Awarded $28 Million Contract to Expand Connectivity in Peru
• Gilat Awarded Over $32 Million for Multi-Band DKET Systems Supporting U.S. Defense Network Resilience
• Gilat Announces $100 Million Five-Year Convertible Notes at 60% Conversion Premium
• Gilat Signs $14 Million Agreement to Expand Broadband Internet Access in Peru
• Gilat Demonstrates Breakthrough AI-Based Interference Detection and Cancellation Technology for Satellite Links
  
  

Conference Call Details

Gilat’s management will discuss its third quarter 2026 results and business achievements and participate in a question-and-answer session:

In English:
Date:	Tuesday, November 10, 2026
Start:	09:30 AM EST / 16:30 IST

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://www.veidan-conferencing.com/gilat

Or Dial-in:	US: 1-888-407-2553
International:	+972-3-918-0609

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

In Hebrew:
Date:	Wednesday, November 11, 2026
Start:	10:00 AM IST

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link:
https://gk-biz.zoom.us/webinar/register/WN_EeFBb3ghRKyMaP8l7W2WOw

Non-GAAP Measures

The attached unaudited summary consolidated financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the summary consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP measurements of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and the income tax effect on the relevant adjustments.

Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historical operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. A reconciliation between the Company’s net income and Adjusted EBITDA is presented in the attached summary consolidated financial statements.

Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly owned subsidiaries Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu, we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a software-defined platform and modems, high-performance satellite terminals, advanced Satellite On-the-Move (SOTM) antennas and Electronically Steered Antennas (ESAs), highly efficient, high-power Solid State Power Amplifiers (SSPAs) and Block Upconverters (BUCs) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, cellular backhaul, enterprise, aerospace and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: https://www.gilat.com

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include our full-year 2026 financial guidance, the expected timing of orders, deliveries and revenue recognition, our expectations regarding defense demand and new satellite constellations, and the expected timing, completion and benefits of the proposed Comtech acquisition. Forward-looking statements are statements that are not historical facts and can generally be identified by the use of forward-looking terminology such as “estimate,” “project,” “intend,” “expect,” “believe,” “anticipate,” “plan,” “may,” “will,” “seek,” “could,” “should,” or similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of Gilat to differ materially from those expressed in, or implied by, such statements. These risks and uncertainties include, among others, changes in general economic, market and business conditions; delays in or failure to complete the proposed Comtech acquisition, including failure to satisfy applicable closing conditions; difficulties integrating acquired businesses or realizing anticipated benefits; changes in customer-program schedules, commercial negotiations and the timing of satellite development and launches; customer insolvency, credit losses and collection risks; foreign currency fluctuations; changes in government and defense procurement, budgets and demand; failure to maintain market acceptance of Gilat’s products; failure to timely develop and introduce new technologies, products and applications; rapid changes in the markets in which Gilat operates; increased competition, loss of market share or pressure on prices; loss of key OEM partners; inability to attract and retain qualified personnel; inability to protect proprietary technology; and risks associated with Gilat’s international operations and its location in Israel, including those arising from regional military conflicts and geopolitical instability. For additional information regarding these and other risks and uncertainties, please refer to Gilat’s filings with the U.S. Securities and Exchange Commission.

Forward-looking statements speak only as of the date of this press release. Gilat undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Gilat Satellite Networks
Hagay Katz, Chief Products and Marketing Officer
PublicRelations@gilat.com

Alliance Advisors

GilatIR@allianceadvisors.com
Phone: +1 212 838 3777

_______________________
¹ We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward looking data without unreasonable effort.

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)
		Nine months ended								Three months ended
		September 30,								September 30,
			2026				2025				2026				2025
		Unaudited								Unaudited
Revenues		$	349,363			$	314,698			$	116,226			$	117,691
Cost of revenues			233,655				219,642				75,424				82,960
Gross profit			115,708				95,056				40,802				34,731
Research and development expenses, net			33,654				35,424				9,936				11,494
Selling and marketing expenses			29,285				25,542				10,074				9,075
General and administrative expenses			32,256				19,849				9,638				6,822
Other operating expenses (income), net			3,528				3,758				3,247				(206	)
Total operating expenses			98,723				84,573				32,895				27,185
Operating income			16,985				10,483				7,907				7,546
Financial income (expenses), net			5,353				(3,178	)			1,891				(992	)
Income before taxes on income			22,338				7,305				9,798				6,554
Taxes on income			(290	)			4,627				(1,131	)			1,544
Net income		$	22,048			$	11,932			$	8,667			$	8,098
Basic earnings per share		$	0.29			$	0.21			$	0.11			$	0.14
Diluted earnings per share		$	0.28			$	0.21			$	0.11			$	0.14
Weighted average number of shares used in
computing earnings per share
Basic			76,197,213				57,546,606				77,058,663				58,477,579
Diluted			78,416,346				58,077,156				78,832,405				59,852,657

GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)
	Three months ended										Three months ended
	September 30, 2026										September 30, 2025
	GAAP			Adjustments (*)				Non-GAAP			GAAP			Adjustments (*)				Non-GAAP
	Unaudited										Unaudited
Gross profit	$	40,802			806			$	41,608		$	34,731			2,774			$	37,505
Operating expenses		32,895			(5,888	)			27,007			27,185			(2,526	)			24,659
Operating income		7,907			6,694				14,601			7,546			5,300				12,846
Income before taxes on income		9,798			6,694				16,492			6,554			5,300				11,854
Net income	$	8,667			5,624			$	14,291		$	8,098			3,685			$	11,783
Basic earnings per share	$	0.11		$	0.08			$	0.19		$	0.14		$	0.06			$	0.20
Diluted earnings per share	$	0.11		$	0.07			$	0.18		$	0.14		$	0.05			$	0.19
Weighted average number of shares used in
computing earnings per share
Basic		77,058,663							77,058,663			58,477,579							58,477,579
Diluted		78,832,405							81,675,463			59,852,657							60,839,694
(*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses (income), net,
other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
	Three months ended										Three months ended
			September 30, 2026										September 30, 2025
				Unaudited										Unaudited
GAAP net income				$	8,667									$	8,098
Gross profit
Stock-based compensation expenses					127										215
Amortization of purchased intangibles					647										2,559
Other integration expenses					32										-
					806										2,774
Operating expenses
Stock-based compensation expenses					1,485										1,436
Amortization of purchased intangibles					1,112										1,120
Other operating expenses (income), net and integration expenses					3,291										(30	)
					5,888										2,526
Taxes on income					(1,070	)									(1,615	)
Non-GAAP net income				$	14,291									$	11,783

GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)
		Nine months ended										Nine months ended
		September 30, 2026										September 30, 2025
		GAAP			Adjustments (*)				Non-GAAP			GAAP			Adjustments (*)				Non-GAAP
		Unaudited										Unaudited
Gross profit		$	115,708			4,112			$	119,820		$	95,056			6,142			$	101,198
Operating expenses			98,723			(18,574	)			80,149			84,573			(10,658	)			73,915
Operating income			16,985			22,686				39,671			10,483			16,800				27,283
Income before taxes on income			22,338			22,686				45,024			7,305			16,800				24,105
Net income		$	22,048			21,468			$	43,516		$	11,932			13,639			$	25,571
Basic earnings per share		$	0.29		$	0.28			$	0.57		$	0.21		$	0.23			$	0.44
Diluted earnings per share		$	0.28		$	0.27			$	0.55		$	0.21		$	0.22			$	0.43
Weighted average number of shares used in
computing earnings per share
Basic			76,197,213							76,197,213			57,546,606							57,546,606
Diluted			78,416,346							79,621,573			58,077,156							58,961,990
(*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses, net,
other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
		Nine months ended										Nine months ended
		September 30, 2026										September 30, 2025
					Unaudited										Unaudited
GAAP net income					$	22,048									$	11,932
Gross profit
Stock-based compensation expenses						525										617
Amortization of purchased intangibles						3,518										5,461
Other integration expenses						69										64
						4,112										6,142
Operating expenses
Stock-based compensation expenses						4,489										3,420
Stock-based compensation related to business combination						7,000										(313	)
Amortization of purchased intangibles						3,308										3,273
Other operating expenses, net and integration expenses						3,777										4,278
						18,574										10,658
Taxes on income						(1,218	)									(3,161	)
Non-GAAP net income					$	43,516									$	25,571

GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands
ADJUSTED EBITDA:
		Nine months ended								Three months ended
		September 30,								September 30,
			2026				2025				2026				2025
		Unaudited								Unaudited
GAAP net income		$	22,048			$	11,932			$	8,667			$	8,098
Adjustments:
Financial expenses (income), net			(5,353	)			3,178				(1,891	)			992
Taxes on income			290				(4,627	)			1,131				(1,544	)
Stock-based compensation expenses			5,014				4,037				1,612				1,651
Stock-based compensation related to business combination			7,000				(313	)			-				-
Depreciation and amortization (*)			15,256				16,458				4,726				6,412
Other operating expenses (income), net and integration expenses			3,846				4,342				3,323				(30	)
Adjusted EBITDA		$	48,101			$	35,007			$	17,568			$	15,579
(*) Including amortization of lease incentive
SEGMENT REVENUES:
		Nine months ended								Three months ended
		September 30,								September 30,
			2026				2025				2026				2025
		Unaudited								Unaudited
Commercial		$	225,519			$	206,234			$	69,748			$	72,957
Defense			84,794				67,094				36,904				24,090
Peru			39,050				41,370				9,574				20,644
Total revenues		$	349,363			$	314,698			$	116,226			$	117,691

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
		September 30,				December 31,
			2026				2025
		Unaudited				Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	260,299			$	168,907
Short-term deposits			-				16,433
Restricted cash			48				88
Trade receivables, net			115,269				85,929
Contract assets			30,225				36,987
Inventories			62,656				45,430
Other current assets			32,485				37,406
Total current assets			500,982				391,180
LONG-TERM ASSETS:
Long-term contract assets			7,193				7,890
Severance pay funds			7,076				6,941
Deferred taxes			17,133				15,558
Operating lease right-of-use assets			6,297				5,922
Other long-term assets			32,278				19,871
Total long-term assets			69,977				56,182
PROPERTY AND EQUIPMENT, NET			73,114				75,172
INTANGIBLE ASSETS, NET			47,482				53,986
GOODWILL			169,534				169,534
TOTAL ASSETS		$	861,089			$	746,054
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS (Cont.)
U.S. dollars in thousands
		September 30,				December 31,
			2026				2025
		Unaudited				Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term loan		$	2,000			$	2,000
Trade payables			40,500				31,614
Accrued expenses			66,599				58,878
Advances from customers and deferred revenues			52,999				78,499
Operating lease liabilities			2,920				2,957
Other current liabilities			29,655				41,529
Total current liabilities			194,673				215,477
LONG-TERM LIABILITIES:
Accrued severance pay			7,799				7,508
Operating lease liabilities			3,664				3,102
Convertible note			96,225				-
Other long-term liabilities			3,874				19,689
Total long-term liabilities			111,562				30,299
SHAREHOLDERS' EQUITY:
Share capital - ordinary shares of NIS 0.2 par value			3,975				3,765
Additional paid-in capital			1,149,782				1,115,030
Accumulated other comprehensive loss			(6,202	)			(3,768	)
Accumulated deficit			(592,701	)			(614,749	)
Total shareholders' equity			554,854				500,278
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	861,089			$	746,054

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
		Nine months ended								Three months ended
		September 30,								September 30,
			2026				2025				2026				2025
		Unaudited								Unaudited
Cash flows from operating activities:
Net income		$	22,048			$	11,932			$	8,667			$	8,098
Adjustments required to reconcile net income
to net cash provided by (used in) operating activities:
Depreciation and amortization			15,106				16,302				4,683				6,360
Stock-based compensation expenses			12,014				3,724				1,612				1,651
Accrued severance pay, net			157				(155	)			174				(79	)
Deferred taxes, net			(1,575	)			(6,325	)			790				(2,092	)
Increase in trade receivables, net			(29,998	)			(10,613	)			(7,796	)			(1,379	)
Decrease (increase) in contract assets			7,458				10,453				2,567				(6,099	)
Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash, cash equivalents and restricted cash)			(4,288	)			12,070				(5,773	)			316
Decrease (increase) in inventories			(17,434	)			(3,358	)			2,778				(3,454	)
Increase (decrease) in trade payables			8,364				(19,375	)			(5,496	)			(4,685	)
Increase (decrease) in accrued expenses			7,330				1,027				(6,823	)			5,614
Increase (decrease) in advances from customers and deferred revenues			(25,574	)			8,625				2,718				24,051
Increase (decrease) in other liabilities			(3,432	)			2,668				6,160				142
Net cash provided by (used in) operating activities			(9,824	)			26,975				4,261				28,444
Cash flows from investing activities:
Purchase of property, equipment and intangible assets			(5,850	)			(8,260	)			(1,675	)			(4,004	)
Investment in other asset			(1,000	)			(3,500	)			(1,000	)			-
Investment in short-term deposits			(14,350	)			-				-				-
Proceeds from short-term deposits			30,783				-				14,350				-
Proceeds from sale of a financial instrument			1,316				-				1,316				-
Acquisitions of subsidiary, net of cash acquired			(10,000	)			(104,943	)			-				-
Net cash provided by (used in) investing activities			899				(116,703	)			12,991				(4,004	)
Cash flows from financing activities:
Proceeds from long-term loan, net of associated costs			-				58,970				-				-
Repayment of long-term loan			-				(1,500	)			-				(750	)
Proceeds from issuance of Ordinary shares in a private placement, net			-				65,325				-				65,325
Issuance of convertible note, net of issuance costs			99,002				-				99,002
Exercise of stock options			46				166				-				166
Net cash provided by financing activities			99,048				122,961				99,002				64,741
Effect of exchange rate changes on cash, cash equivalents and restricted cash			1,229				1,414				(776	)			298
Increase in cash, cash equivalents and restricted cash			91,352				34,647				115,478				89,479
Cash, cash equivalents and restricted cash at the beginning of the period			168,995				120,249				144,869				65,417
Cash, cash equivalents and restricted cash at the end of the period		$	260,347			$	154,896			$	260,347			$	154,896

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Gilat's Q3 2026 revenue and earnings?

Gilat reported $116.2 million in revenue and $8.7 million in GAAP net income for the quarter ended September 30, 2026. Revenue compared with $117.7 million a year earlier, while net income compared with $8.1 million. GAAP diluted earnings per share fell to $0.11 from $0.14.

What is Gilat's updated 2026 financial guidance?

Gilat expects full-year 2026 revenue of $455 million to $475 million and adjusted EBITDA of $61 million to $63 million. The outlook reflects its third-quarter results and current visibility.

Why does Gilat not provide GAAP financial guidance for 2026?

Gilat says it cannot reasonably forecast certain financial data, including earnout-based expenses related to recent acquisitions. It therefore cannot reconcile its forward-looking GAAP and non-GAAP measures without unreasonable effort.