Gilat Satellite Networks (GILT) grows in Q2 2026 and advances Comtech deal
Rhea-AI Filing Summary
Gilat Satellite Networks reported Q2 2026 revenue of $122.7 million, up 17% year over year, with GAAP operating income of $4.7 million and net income of $8.1 million. Adjusted EBITDA was $15.4 million, a 31% increase, and non-GAAP net income reached $15.6 million.
For the first half of 2026, revenue was $233,137 and GAAP net income was $13,381 (U.S. dollars in thousands), compared with $197,007 and $3,834 a year earlier, while non-GAAP net income rose to $29,225. Adjusted EBITDA for the six-month period was $30,533 (U.S. dollars in thousands).
Management reiterated 2026 guidance for revenue of $500–$520 million and Adjusted EBITDA of $61–$66 million. The planned acquisition of Comtech is progressing and is expected to create a company with more than $700 million in pro forma annual revenues, with closing anticipated around year‑end, subject to regulatory approvals and customary conditions.
Positive
- The planned Comtech acquisition is expected to create a company with more than $700 million in pro forma annual revenues, more than double Gilat Defense revenues and expanding U.S. engineering, manufacturing and access to larger defense and space programs.
- Management reiterated 2026 guidance for revenue of $500–$520 million and Adjusted EBITDA of $61–$66 million, implying double‑digit growth at the midpoints, supported by first‑half 2026 performance, recent awards, backlog and a strong pipeline.
Negative
- None.
Filing Explained
At June 30, 2026, cash and cash equivalents were $144,805 thousand while first-half operating activities used $14,085 thousand.
The company furnished its unaudited second-quarter results in this Form 6-K. The attached press release is furnished rather than filed for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings.
At
For the six months ended
Key Figures
Q2 2026 Revenue: $122.7 million
Q2 2026 GAAP Net Income: $8,147 (U.S. dollars in thousands)
Q2 2026 Adjusted EBITDA: $15,440 (U.S. dollars in thousands)
+5 more
8 metrics
Q2 2026 Revenue
$122.7 million
Three months ended June 30, 2026; 17% year-over-year growth
Q2 2026 GAAP Net Income
$8,147 (U.S. dollars in thousands)
Three months ended June 30, 2026
Q2 2026 Adjusted EBITDA
$15,440 (U.S. dollars in thousands)
Supplemental information for three months ended June 30, 2026
Six-month 2026 Revenue
$233,137 (U.S. dollars in thousands)
Six months ended June 30, 2026
Six-month 2026 GAAP Net Income
$13,381 (U.S. dollars in thousands)
Six months ended June 30, 2026
2026 Revenue Guidance
$500–$520 million
Management’s full-year 2026 outlook
2026 Adjusted EBITDA Guidance
$61–$66 million
Management’s full-year 2026 outlook
Pro Forma Revenue with Comtech
More than $700 million
Expected combined annual revenues after Comtech acquisition
Key Terms
Adjusted EBITDA, Non-GAAP financial measures, pro forma annual revenues, Very High Throughput Satellites (VHTS), +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA Increased 31% to $15.4 Million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP financial measures financial
"To supplement the summary consolidated financial statements... the Company presents non-GAAP"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
pro forma annual revenues financial
"expected to create a company with more than $700 million in pro forma annual revenues"
Very High Throughput Satellites (VHTS) technical
"supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined"
Software-Defined Satellites (SDS) technical
"Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial"
Electronically Steered Antennas (ESAs) technical
"advanced Satellite On-the-Move (SOTM) antennas and Electronically Steered Antennas (ESAs)"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Gilat (GILT) Q2 2026 revenues and year-over-year growth?
Gilat reported Q2 2026 revenue of $122.7 million, a 17% year-over-year increase. Revenue rose from $104,970 (U.S. dollars in thousands) in Q2 2025, with growth described as broad-based across the Commercial, Defense and Peru segments.
How profitable was Gilat (GILT) in Q2 2026 on GAAP and non-GAAP bases?
In Q2 2026 GAAP net income was $8,147 and operating income was $4,692 (U.S. dollars in thousands). Non-GAAP net income reached $15,638, and Adjusted EBITDA was $15,440, reflecting higher profitability after excluding stock-based compensation, amortization and other specified items.
What 2026 financial guidance did Gilat (GILT) reiterate?
Management reiterated 2026 revenue guidance of $500–$520 million and Adjusted EBITDA of $61–$66 million. These ranges correspond to approximate growth of 13% for revenue and 19% for Adjusted EBITDA at the midpoints, compared with the prior year, according to management’s outlook.
What is the expected impact of Gilat (GILT) acquiring Comtech?
The Comtech acquisition is expected to create a combined company with more than $700 million in pro forma annual revenues. Management states it should more than double Gilat Defense revenues, broaden the U.S. engineering and manufacturing footprint, and improve access to larger defense and space programs.
How did Gilat (GILT) perform in the first half of 2026?
For the six months ended June 30, 2026, revenue was $233,137 and GAAP net income was $13,381 (U.S. dollars in thousands). Non-GAAP net income rose to $29,225, and Adjusted EBITDA reached $30,533, both significantly higher than in the corresponding 2025 period.
How are Gilat (GILT) revenues distributed across segments in 2026 year-to-date?
For the six months ended June 30, 2026, Commercial segment revenue was $155,771, Defense revenue $47,890, and Peru revenue $29,476 (all U.S. dollars in thousands), for total revenue of $233,137. Each segment contributed to overall growth versus the prior year.
What were Gilat (GILT) Adjusted EBITDA trends in Q2 and year-to-date 2026?
Adjusted EBITDA was $15,440 in Q2 2026, up from $11,797 (U.S. dollars in thousands) in Q2 2025. For the first half of 2026, Adjusted EBITDA totaled $30,533, compared with $19,428 a year earlier, illustrating stronger operating performance on a non-GAAP basis.
FORM 6 – K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report on Foreign Issuer
Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934
For the Month of August, 2026
Gilat Satellite Networks Ltd.
(Translation of Registrant’s Name into English)
Gilat House, 21 Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva 4913020, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
On August 5, 2026, the Registrant issued a press release announcing its unaudited second-quarter 2026 results. A copy of this press release is furnished herewith.
The attached press release is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Gilat Satellite Networks Ltd. | |||
| (Registrant) | |||
|
Dated August 5, 2026
|
By:
|
/s/ Doron Kerbel | |
| Doron Kerbel | |||
| CLO & Corporate Secretary | |||
Gilat Reports Second Quarter 2026 Results
Revenue Grew 17% to $122.7 Million; GAAP Operating Income was $4.7 Million;
Adjusted EBITDA Increased 31% to $15.4 Million
Comtech Acquisition on Track for Expected Year-End Closing
Reiterates 2026 Financial Guidance
Petah Tikva, Israel, August 5, 2026 - Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology,
solutions and services, today reported its results for the second quarter, ended June 30, 2026.
Second Quarter 2026 Financial Highlights
| • |
Revenues increased to $122.7 million, compared with $105 million in Q2 2025;
|
|
GAAP operating income of $4.7 million, compared with GAAP operating income of $5.7 million in Q2 2025;
|
| • |
Non-GAAP operating income increased 35% to $12.6 million, compared with $9.3 million in Q2 2025;
|
| • |
GAAP net income of $8.1 million, or $0.10 per diluted share, compared with GAAP net income of $9.8 million, or $0.17 per diluted share, in Q2 2025;
|
| • |
Non-GAAP net income of $15.6 million, or $0.20 per diluted share, compared with $12.0 million, or $0.21 per diluted share, in Q2 2025;
|
| • |
Adjusted EBITDA increased 31% to $15.4 million, significantly improving margins compared with $11.8 million in Q2 2025
|
Forward-Looking Expectations1
Management reiterates guidance for 2026 for revenue between $500 to $520 million, representing a revenue growth rate of approximately 13% at the midpoint. Adjusted EBITDA for 2026 is expected
to be between $61 to $66 million, representing a growth rate of approximately 19% at the midpoint.
Management Commentary
Adi Sfadia, Gilat's CEO, commented: “Gilat delivered another strong quarter, with revenues increasing 17% and Adjusted EBITDA increasing 31%. The
combination of growth and margin expansion reflects solid execution across our Defense, Commercial, and Peru segments and the continued strength of our underlying business.”
Mr. Sfadia added, “During the quarter and in recent weeks, momentum remained broad-based. Gilat Defense continued to expand its activity in both the
United States and in Europe, reflecting increasing demand for advanced communications solutions that support mobility, rapid deployment, and operational continuity in complex operating environments. We introduced the Viper Ka ESA terminal,
broadening our support for unmanned and autonomous missions, and we also advanced work on certifications that will position us to better support next-generation defense communications architectures.
The announced Comtech acquisition is progressing well and is the next major step in Gilat’s transformation into a scaled defense, space, and mission-critical communications technology
company. The acquisition is expected to create a company with more than $700 million in pro forma annual revenues, more than double Gilat Defense revenues, expand our U.S. engineering and manufacturing footprint, and improve access to larger
U.S. and allied defense and space programs.The acquisition is anticipated to close toward year-end, subject to regulatory approvals and customary closing conditions."
Mr. Sfadia concluded, “Our first-half performance, recent awards, backlog, and strong pipeline support our full-year 2026 outlook and positions us well
to fully capitalize on the Comtech acquisition.”
Key Recent Announcements
| • |
Gilat to Acquire Comtech’s Satellite & Space Communications Segment Creating a Leading Provider of Advanced Defense and Satellite Communications Solutions
|
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.
| • |
Leading Global Satellite Operator Awards Gilat Over $20 Million in SkyEdge Orders
|
| • |
Gilat Receives $11 Million in U.S. Department of War Orders, Reinforcing Role in Mission-Critical Defense Connectivity
|
| • |
Gilat Receives $43 Million of Additional Sidewinder ESA Orders from Leading In-flight Connectivity Service Provider
|
| • |
Gilat Receives Multi-Million Dollar Order for Customized SATCOM Terminals Supporting European Defense Communications
|
| • |
Gilat Presents Expanded Portfolio for Tactical Unmanned Platforms at Eurosatory 2026
|
| • |
Boeing and Gilat Achieve Key In-Cabin Offerability Milestone for Sidewinder Line-fit Multi‑Orbit Solution
|
Conference Call Details
Gilat’s management will discuss its second quarter 2026 results and business achievements and participate in a question-and-answer session:
In English:
Date: Wednesday, August 5, 2026
Start: 09:30 AM EDT / 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: Thursday, August 6, 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_Ij3ddmS9RqWUXweNlBeJsw
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. 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; 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. 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
|
GILAT SATELLITE NETWORKS LTD.
|
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
U.S. dollars in thousands (except share and per share data)
|
|
Six months ended
|
Three months ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
Revenues
|
$
|
233,137
|
$
|
197,007
|
$
|
122,663
|
$
|
104,970
|
||||||||
|
Cost of revenues
|
158,231
|
136,682
|
85,406
|
73,043
|
||||||||||||
|
Gross profit
|
74,906
|
60,325
|
37,257
|
31,927
|
||||||||||||
|
Research and development expenses, net
|
23,718
|
23,930
|
11,601
|
12,309
|
||||||||||||
|
Selling and marketing expenses
|
19,211
|
16,467
|
9,504
|
8,265
|
||||||||||||
|
General and administrative expenses
|
22,618
|
13,027
|
12,220
|
6,243
|
||||||||||||
|
Other operating expenses (income), net
|
281
|
3,964
|
(760
|
)
|
(574
|
)
|
||||||||||
|
Total operating expenses
|
65,828
|
57,388
|
32,565
|
26,243
|
||||||||||||
|
Operating income
|
9,078
|
2,937
|
4,692
|
5,684
|
||||||||||||
|
Financial income (expenses), net
|
3,462
|
(2,186
|
)
|
2,167
|
(1,250
|
)
|
||||||||||
|
Income before taxes on income
|
12,540
|
751
|
6,859
|
4,434
|
||||||||||||
|
Taxes on income
|
841
|
3,083
|
1,288
|
5,396
|
||||||||||||
|
Net income
|
$
|
13,381
|
$
|
3,834
|
$
|
8,147
|
$
|
9,830
|
||||||||
|
Basic earnings per share
|
$
|
0.18
|
$
|
0.07
|
$
|
0.11
|
$
|
0.17
|
||||||||
|
Diluted earnings per share
|
$
|
0.17
|
$
|
0.07
|
$
|
0.10
|
$
|
0.17
|
||||||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing earnings per share
|
||||||||||||||||
|
Basic
|
75,766,488
|
57,081,120
|
77,007,203
|
57,124,568
|
||||||||||||
|
Diluted
|
78,341,256
|
57,189,406
|
79,427,208
|
57,341,141
|
||||||||||||
|
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
|
|||||||||||||||||||||||
|
June 30, 2026
|
June 30, 2025
|
|||||||||||||||||||||||
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
|||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
Gross profit
|
$
|
37,257
|
1,662
|
$
|
38,919
|
$
|
31,927
|
2,557
|
$
|
34,484
|
||||||||||||||
|
Operating expenses
|
32,565
|
(6,218
|
)
|
26,347
|
26,243
|
(1,043
|
)
|
25,200
|
||||||||||||||||
|
Operating income
|
4,692
|
7,880
|
12,572
|
5,684
|
3,600
|
9,284
|
||||||||||||||||||
|
Income before taxes on income
|
6,859
|
7,880
|
14,739
|
4,434
|
3,600
|
8,034
|
||||||||||||||||||
|
Net income
|
$
|
8,147
|
7,491
|
$
|
15,638
|
$
|
9,830
|
2,131
|
$
|
11,961
|
||||||||||||||
|
Basic earnings per share
|
$
|
0.11
|
$
|
0.09
|
$
|
0.20
|
$
|
0.17
|
$
|
0.04
|
$
|
0.21
|
||||||||||||
|
Diluted earnings per share
|
$
|
0.10
|
$
|
0.10
|
$
|
0.20
|
$
|
0.17
|
$
|
0.04
|
$
|
0.21
|
||||||||||||
|
Weighted average number of shares used in computing earnings per share
|
||||||||||||||||||||||||
|
Basic
|
77,007,203
|
77,007,203
|
57,124,568
|
57,124,568
|
||||||||||||||||||||
|
Diluted
|
79,427,208
|
79,924,184
|
57,341,141
|
58,041,043
|
||||||||||||||||||||
| (*) |
Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating 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
|
|||||||||||||||||||||||
| June 30, 2026 |
June 30, 2025
|
|||||||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
GAAP net income
|
$
|
8,147
|
$
|
9,830
|
||||||||||||||||||||
|
Gross profit
|
||||||||||||||||||||||||
|
Stock-based compensation expenses
|
199 |
228
|
||||||||||||||||||||||
|
Amortization of purchased intangibles
|
1,443 |
2,302
|
||||||||||||||||||||||
|
Other integration expenses
|
20 |
27
|
||||||||||||||||||||||
| 1,662 |
2,557
|
|||||||||||||||||||||||
|
Operating expenses
|
||||||||||||||||||||||||
|
Stock-based compensation expenses
|
1,523 |
1,084
|
||||||||||||||||||||||
|
Stock-based compensation related to business combination
|
4,258 |
(920
|
) |
|||||||||||||||||||||
|
Amortization of purchased intangibles
|
1,103 | 1,269 | ||||||||||||||||||||||
|
Other operating income, net
|
(760 |
) |
(574
|
) |
||||||||||||||||||||
|
Other integration expenses
|
94 |
184 | ||||||||||||||||||||||
|
6,218
|
1,043
|
|||||||||||||||||||||||
|
Taxes on income
|
(389
|
)
|
(1,469 |
)
|
||||||||||||||||||||
|
Non-GAAP net income
|
$
|
15,638
|
$
|
11,961 | ||||||||||||||||||||
|
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)
|
||
|
Six months ended
|
Six months ended
|
|||||||||||||||||||||||
|
June 30, 2026
|
June 30, 2025
|
|||||||||||||||||||||||
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
|||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
Gross profit
|
$
|
74,906
|
3,306
|
$
|
78,212
|
$
|
60,325
|
3,368
|
$
|
63,693
|
||||||||||||||
|
Operating expenses
|
65,828
|
(12,686
|
)
|
53,142
|
57,388
|
(8,132
|
)
|
49,256
|
||||||||||||||||
|
Operating income
|
9,078
|
15,992
|
25,070
|
2,937
|
11,500
|
14,437
|
||||||||||||||||||
|
Income before taxes on income
|
12,540
|
15,992
|
28,532
|
751
|
11,500
|
12,251
|
||||||||||||||||||
|
Net income
|
$
|
13,381
|
15,844
|
$
|
29,225
|
$
|
3,834
|
9,954
|
$
|
13,788
|
||||||||||||||
|
Basic earnings per share
|
$
|
0.18
|
$
|
0.21
|
$
|
0.39
|
$
|
0.07
|
$
|
0.17
|
$
|
0.24
|
||||||||||||
|
Diluted earnings per share
|
$
|
0.17
|
$
|
0.20
|
$
|
0.37
|
$
|
0.07
|
$
|
0.17
|
$
|
0.24
|
||||||||||||
|
Weighted average number of shares used in computing earnings per share
|
||||||||||||||||||||||||
|
Basic
|
75,766,488
|
75,766,488
|
57,081,120
|
57,081,120
|
||||||||||||||||||||
|
Diluted
|
78,341,256
|
78,833,628
|
57,189,406
|
58,023,137
|
||||||||||||||||||||
| (*) |
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.
|
||||||||||||||
|
Six months ended
|
Six months ended
|
|||||||||
|
June 30, 2026
|
June 30, 2025
|
|||||||||
|
Unaudited
|
Unaudited
|
|||||||||
|
GAAP net income
|
$
|
13,381
|
$
|
3,834
|
||||||
|
Gross profit
|
||||||||||
|
Stock-based compensation expenses
|
398
|
402
|
||||||||
|
Amortization of purchased intangibles
|
2,871
|
2,902
|
||||||||
|
Other integration expenses
|
37
|
64
|
||||||||
|
3,306
|
3,368
|
|||||||||
|
Operating expenses
|
||||||||||
|
Stock-based compensation expenses
|
3,004
|
1,984
|
||||||||
|
Stock-based compensation related to business combination
|
7,000
|
(313
|
)
|
|||||||
|
Amortization of purchased intangibles
|
2,196
|
2,153
|
||||||||
|
Other operating expenses, net
|
281
|
3,964
|
||||||||
|
Other integration expenses
|
205
|
344
|
||||||||
|
12,686
|
8,132
|
|||||||||
|
Taxes on income
|
(148
|
)
|
(1,546
|
)
|
||||||
|
Non-GAAP net income
|
$
|
29,225
|
$
|
13,788
|
||||||
|
GILAT SATELLITE NETWORKS LTD.
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
U.S. dollars in thousands
|
|
ADJUSTED EBITDA:
|
|
Six months ended
|
Three months ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
GAAP net income
|
$
|
13,381
|
$
|
3,834
|
$
|
8,147
|
$
|
9,830
|
||||||||
|
Adjustments:
|
||||||||||||||||
|
Financial expenses (income), net
|
(3,462
|
)
|
2,186
|
(2,167
|
)
|
1,250
|
||||||||||
|
Taxes on income
|
(841
|
)
|
(3,083
|
)
|
(1,288
|
)
|
(5,396
|
)
|
||||||||
|
Stock-based compensation expenses
|
3,402
|
2,386
|
1,722
|
1,312
|
||||||||||||
|
Stock-based compensation related to business combination
|
7,000
|
(313
|
)
|
4,258
|
(920
|
)
|
||||||||||
|
Depreciation and amortization (*)
|
10,530
|
10,046
|
5,414
|
6,084
|
||||||||||||
|
Other operating expenses (income), net
|
281
|
3,964
|
(760
|
)
|
(574
|
)
|
||||||||||
|
Other integration expenses
|
242
|
408
|
114
|
211
|
||||||||||||
|
Adjusted EBITDA
|
$
|
30,533
|
$
|
19,428
|
$
|
15,440
|
$
|
11,797
|
||||||||
| (*) |
Including amortization of lease incentive
|
|||||
|
SEGMENT REVENUES:
|
|
Six months ended
|
Three months ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
Commercial
|
$
|
155,771
|
$
|
133,277
|
$
|
82,986
|
$
|
69,057
|
||||||||
|
Defense
|
47,890
|
43,004
|
22,463
|
19,993
|
||||||||||||
|
Peru
|
29,476
|
20,726
|
17,214
|
15,920
|
||||||||||||
|
Total revenues
|
$
|
233,137
|
$
|
197,007
|
$
|
122,663
|
$
|
104,970
|
||||||||
|
GILAT SATELLITE NETWORKS LTD.
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
U.S. dollars in thousands
|
|
June 30,
|
December 31,
|
|||||||
|
2026
|
2025
|
|||||||
|
Unaudited
|
Audited
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
144,805
|
$
|
168,907
|
||||
|
Short-term deposits
|
14,350
|
16,433
|
||||||
|
Restricted cash
|
64
|
88
|
||||||
|
Trade receivables, net
|
107,656
|
85,929
|
||||||
|
Contract assets
|
32,792
|
36,987
|
||||||
|
Inventories
|
65,490
|
45,430
|
||||||
|
Other current assets
|
34,583
|
37,406
|
||||||
|
Total current assets
|
399,740
|
391,180
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Long-term contract assets
|
7,193
|
7,890
|
||||||
|
Severance pay funds
|
7,269
|
6,941
|
||||||
|
Deferred taxes, net
|
17,923
|
15,558
|
||||||
|
Operating lease right-of-use assets
|
7,510
|
5,922
|
||||||
|
Other long-term assets
|
28,696
|
19,871
|
||||||
|
Total long-term assets
|
68,591
|
56,182
|
||||||
|
PROPERTY AND EQUIPMENT, NET
|
74,309
|
75,172
|
||||||
|
INTANGIBLE ASSETS, NET
|
48,994
|
53,986
|
||||||
|
GOODWILL
|
169,534
|
169,534
|
||||||
|
TOTAL ASSETS
|
$
|
761,168
|
$
|
746,054
|
||||
|
GILAT SATELLITE NETWORKS LTD.
|
|
|
CONSOLIDATED BALANCE SHEETS (Cont.)
|
|
|
U.S. dollars in thousands
|
|
June 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
|
45,443
|
31,614
|
||||||
|
Accrued expenses
|
73,352
|
58,878
|
||||||
|
Advances from customers and deferred revenues
|
50,215
|
78,499
|
||||||
|
Operating lease liabilities
|
3,251
|
2,957
|
||||||
|
Other current liabilities
|
28,914
|
41,529
|
||||||
|
Total current liabilities
|
203,175
|
215,477
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Accrued severance pay
|
7,818
|
7,508
|
||||||
|
Long-term advances from customers and deferred revenues
|
71
|
67
|
||||||
|
Operating lease liabilities
|
4,364
|
3,102
|
||||||
|
Other long-term liabilities
|
1,131
|
19,622
|
||||||
|
Total long-term liabilities
|
13,384
|
30,299
|
||||||
|
SHAREHOLDERS' EQUITY:
|
||||||||
|
Share capital - ordinary shares of NIS 0.2 par value
|
3,970
|
3,765
|
||||||
|
Additional paid-in capital
|
1,148,171
|
1,115,030
|
||||||
|
Accumulated other comprehensive loss
|
(6,164
|
)
|
(3,768
|
)
|
||||
|
Accumulated deficit
|
(601,368
|
)
|
(614,749
|
)
|
||||
|
Total shareholders' equity
|
544,609
|
500,278
|
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
761,168
|
$
|
746,054
|
||||
|
GILAT SATELLITE NETWORKS LTD.
|
||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||
|
U.S. dollars in thousands
|
| Six months ended |
Three months ended |
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net income
|
$
|
13,381
|
$
|
3,834
|
$
|
8,147
|
$
|
9,830
|
||||||||
|
Adjustments required to reconcile net income
|
||||||||||||||||
|
to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
10,423
|
9,942
|
5,344
|
6,037
|
||||||||||||
|
Stock-based compensation expenses
|
10,402
|
2,073
|
5,980
|
392
|
||||||||||||
|
Accrued severance pay, net
|
(17
|
)
|
(76
|
)
|
(111
|
)
|
(54
|
)
|
||||||||
|
Deferred taxes, net
|
(2,365
|
)
|
(4,233
|
)
|
(2,162
|
)
|
(6,217
|
)
|
||||||||
|
Increase in trade receivables, net
|
(22,202
|
)
|
(9,234
|
)
|
(7,423
|
)
|
(13,762
|
)
|
||||||||
|
Decrease in contract assets
|
4,891
|
16,552
|
8,868
|
24,350
|
||||||||||||
|
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)
|
1,485
|
11,754
|
11,285
|
(6,636
|
)
|
|||||||||||
|
Decrease (increase) in inventories
|
(20,212
|
)
|
96
|
(20,705
|
)
|
11,552
|
||||||||||
|
Increase (decrease) in trade payables
|
13,860
|
(14,690
|
)
|
11,409
|
(6,862
|
)
|
||||||||||
|
Increase (decrease) in accrued expenses
|
14,153
|
(4,587
|
)
|
17,567
|
1,771
|
|||||||||||
|
Decrease in advances from customers and deferred revenues
|
(28,292
|
)
|
(15,426
|
)
|
(27,371
|
)
|
(14,330
|
)
|
||||||||
|
Increase (decrease) in other liabilities
|
(9,592
|
)
|
2,526
|
(12,739
|
)
|
(928
|
)
|
|||||||||
|
Net cash provided by (used in) operating activities
|
(14,085
|
)
|
(1,469
|
)
|
(1,911
|
)
|
5,143
|
|||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Purchase of property, equipment and intangible assets
|
(4,175
|
)
|
(4,256
|
)
|
(1,662
|
)
|
(2,766
|
)
|
||||||||
|
Investment in other asset
|
-
|
(3,500
|
)
|
-
|
(1,000
|
)
|
||||||||||
|
Investment in short-term deposits
|
(14,350
|
)
|
-
|
-
|
-
|
|||||||||||
|
Proceeds from short-term deposits
|
16,433
|
-
|
16,433
|
-
|
||||||||||||
|
Acquisitions of subsidiaries, net of cash acquired
|
(10,000
|
)
|
(104,943
|
)
|
(10,000
|
)
|
-
|
|||||||||
|
Net cash provided by (used in) investing activities
|
(12,092
|
)
|
(112,699
|
)
|
4,771
|
(3,766
|
)
|
|||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Proceeds from long-term loan, net of associated costs
|
-
|
58,970
|
-
|
-
|
||||||||||||
|
Repayment of long-term loan
|
-
|
(750
|
)
|
-
|
(750
|
)
|
||||||||||
|
Proceeds from exercise of stock options
|
46
|
-
|
32
|
-
|
||||||||||||
|
Net cash provided by (used in) financing activities
|
46
|
58,220
|
32
|
(750
|
)
|
|||||||||||
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
2,005
|
1,116
|
1,759
|
524
|
||||||||||||
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
(24,126
|
)
|
(54,832
|
)
|
4,651
|
1,151
|
||||||||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
168,995
|
120,249
|
140,218
|
64,266
|
||||||||||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
144,869
|
$
|
65,417
|
$
|
144,869
|
$
|
65,417
|
||||||||