Gilat (NASDAQ: GILT) posts $451.7M 2025 revenue and record $53.2M EBITDA
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Gilat Satellite Networks reported strong growth for 2025, with revenue of $451.7 million, up from $305.4 million, and a record Adjusted EBITDA of $53.2 million. GAAP net income was $20.7 million, compared with $24.8 million in 2024.
Fourth-quarter 2025 revenue reached $137.0 million with GAAP operating income of $13.0 million and Adjusted EBITDA of $18.2 million. Growth was driven by Commercial, Defense and Peru operations and supported by acquisitions.
For 2026, management guides to revenue of $500–$520 million and Adjusted EBITDA of $61–$66 million, implying double‑digit expansion. The company highlighted a strong backlog, healthy pipelines and net cash of over $183 million on the balance sheet.
Positive
- Rapid top-line growth: 2025 revenue rose to $451.7 million from $305.4 million, with segment contributions of $281.4 million Commercial, $100.4 million Defense and $69.9 million Peru.
- Record profitability on a non-GAAP basis: Adjusted EBITDA increased to a record $53.2 million in 2025, up from $42.2 million, with Q4 Adjusted EBITDA of $18.2 million versus $12.1 million.
- Strong balance sheet and capital raise: Cash, cash equivalents and short-term deposits reached over $185 million, supported by $164.1 million of private placement proceeds and net cash above $183 million.
- Double-digit 2026 outlook: Management guides 2026 revenue to $500–$520 million and Adjusted EBITDA to $61–$66 million, indicating continued double‑digit growth expectations.
Negative
- GAAP profitability declined: 2025 GAAP net income decreased to $20.7 million from $24.8 million, and GAAP operating income fell to $23.4 million from $27.7 million year over year.
- Weaker operating cash flow: Net cash provided by operating activities dropped to $20.7 million in 2025 from $31.7 million in 2024, reflecting higher working capital requirements and other cash uses.
- Large acquisition-related cash outflow: Cash used in investing activities increased sharply to $136.4 million, including $104.9 million for an acquired subsidiary, raising execution and integration demands.
Insights
Gilat delivers rapid growth and record Adjusted EBITDA, with guidance pointing to further expansion in 2026.
Gilat grew 2025 revenue to
GAAP net income declined to
Management’s 2026 outlook calls for revenue of
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 February, 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 February 10, 2026, the Registrant issued a press release announcing its unaudited fourth quarter and full year 2025 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.
We consent to the incorporation by reference of the GAAP financial information included herein, in the Registration Statements on Form S-8 (Registration Nos. 333-180552, 333-187021, 333-204867, 333-210820, 333-217022,
333-221546, 333-223839, 333-231442, 333-236028, 333-253972, 333-255740, 333-264974, 333-278802, 333-286156 and 333-290006) and on Form F-3 (Registration No. 333-289911).
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.
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Gilat Satellite Networks Ltd.
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(Registrant)
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Dated February 10, 2026
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By: /s/ Doron Kerbel
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Doron Kerbel
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CLO & Corporate Secretary
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Gilat Reports Fourth Quarter and Full Year 2025 Results
Q4 Revenue of $137.0 million, GAAP Operating Income of $13.0 million
and Adjusted EBITDA of $18.2 million
2025 Revenue of $451.7 million, GAAP Operating Income of $23.4
million and a Record Adjusted EBITDA of $53.2 million
Guidance1 for 2026 Calls for Double Digit Revenue and Adjusted EBITDA Growth
Petah Tikva, Israel, February 10, 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 fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
| • |
Revenue of $137.0 million, up 75% compared with $78.1 million in Q4 2024;
|
|
GAAP operating income of $13.0 million, compared with GAAP operating income of $12.8 million in Q4 2024;
|
| • |
Non-GAAP operating income of $15.2 million, compared with $9.7 million in Q4 2024;
|
| • |
GAAP net income of $8.8 million, or $0.13 per diluted share, compared with GAAP net income of $11.8 million, or $0.21 per diluted share, in Q4 2024;
|
| • |
Non-GAAP net income of $13.4 million, or $0.20 per diluted share, compared with $8.5 million, or $0.15 per diluted share, in Q4 2024;
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| • |
Adjusted EBITDA of $18.2 million, up 50% compared with $12.1 million in Q4 2024.
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Full Year 2025 Financial Highlights
| • |
Revenue of $451.7 million, up 48%, compared with $305.4 million in 2024;
|
| • |
GAAP operating income of $23.4 million, compared with $27.7 million in 2024;
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| • |
Non-GAAP operating income of $42.5 million, up 33% compared with $31.9 million in 2024;
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| • |
GAAP net income of $20.7 million, or $0.34 per diluted share, compared with $24.8 million, or $0.44 per diluted share in 2024;
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| • |
Non-GAAP net income of $39.0 million, or $0.64 per diluted share, compared with $28.2 million, or $0.49 per diluted share in 2024;
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| • |
Adjusted EBITDA of $53.2 million, up 26% compared with $42.2 million in 2024.
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Forward-Looking Expectations
Management’s financial guidance for 2026 is for revenue of 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 midpoint1.
Management Commentary
Adi Sfadia, Gilat's CEO, commented: "We ended 2025 with a very strong fourth quarter and a solid year, reflecting steady execution across the company,
driven primarily by our key growth engines of Defense, IFC and advanced multi‑orbit solutions. Revenue increased both in the fourth quarter and for the full year, through organic growth and through acquistions. Adjusted EBITDA also improved,
underscoring our operational strength and sustained demand for Gilat’s technology. Altogether, the results point to durable momentum as our solutions become more integral to global connectivity."
Mr. Sfadia added, "In the fourth quarter, we recorded several notable achievements. In the Defense Division, we continued to expand our customer base and
opened a new segment with an Earth Observation (EO) solution to serve the unique needs of defense customers around the world. Our Commercial Division further secured its leadership position in both IFC and next-generation satellite ground
platforms with large awards from new and existing customers. These outcomes highlight the breadth of our portfolio, the pace of innovation and our ability to integrate new products and acquired technologies."
Mr. Sfadia concluded, "For 2026, we expect continued double digit growth supported by a strong backlog and healthy pipelines. Moreover, with a solid
balance sheet and over $183 million in net cash, we are continually exploring additional growth opportunities and potential targets."
1 We do not provide forward-looking guidance on a GAAP basis, including Net income, 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.
2
Key Recent Announcements
| • |
Gilat Receives Over $10 Million Order to Support LEO Constellation
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| • |
Gilat Awarded a Multimillion Order for its Sidewinder ESA Inflight Connectivity Terminals
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| • |
Gilat Receives Approximately $11 Million SkyEdge Platform Order from Leading Satellite Operator in Asia Pacific
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| • |
Gilat Announces an Oversubscribed Private Placement of US$ 100 Million to Institutional and Accredited Investors
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| • |
Gilat Receives Approximately $10 Million Order for Direct Downlink Earth Observation Solution
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| • |
Gilat Receives More Than $6 Million in Orders to Support Low Earth Orbit Constellations
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Conference Call Details
Following the release, Adi Sfadia, Chief Executive Officer, and Gil Benyamini, Chief Financial Officer, will discuss Gilat’s fourth quarter 2025 results and business achievements and participate
in a question and answer session:
In English:
Date: Tuesday, February 10, 2026
Start: 08:30 AM EST / 15:30 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
In Hebrew:
Date: Tuesday, February 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://gk-biz.zoom.us/webinar/register/WN_G88a-1dHSZmui4RWxTEjLg
The webcasts will also be archived for a period of 30 days on the Company’s website and through the link above.
3
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, Gilat 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 Gilat’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of Gilat’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
income tax effect on the relevant adjustments.
Adjusted EBITDA is presented to compare Gilat’s performance to that of prior periods and evaluate Gilat’s financial and operating results on a consistent basis from period to period. The Company
also believes this measure, when viewed in combination with Gilat’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 historic 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. 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.
4
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 ESAs, highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) 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: http://www.gilat.com
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate",
"project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results,
performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and
business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and
pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect
the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference
is made to Gilat’s reports filed from time to time with the U.S. Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
Contact:
Gilat Satellite Networks
Hagay Katz, Chief Products and Marketing Officer
PublicRelations@gilat.com
Alliance Advisors
GilatIR@allianceadvisors.com
Phone: +1 212 838 3777
5
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)
|
Twelve months ended
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Three months ended
|
|||||||||||||||
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December 31,
|
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
|
Revenues
|
$
|
451,657
|
$
|
305,448
|
$
|
136,959
|
$
|
78,128
|
||||||||
|
Cost of revenues
|
318,313
|
192,117
|
98,671
|
47,107
|
||||||||||||
|
Gross profit
|
133,344
|
113,331
|
38,288
|
31,021
|
||||||||||||
|
Research and development expenses, net
|
46,651
|
38,136
|
11,227
|
10,108
|
||||||||||||
|
Selling and marketing expenses
|
35,114
|
27,381
|
9,572
|
6,657
|
||||||||||||
|
General and administrative expenses
|
31,345
|
26,868
|
11,496
|
6,192
|
||||||||||||
|
Other operating income, net
|
(3,206
|
)
|
(6,751
|
)
|
(6,964
|
)
|
(4,706
|
)
|
||||||||
|
Total operating expenses
|
109,904
|
85,634
|
25,331
|
18,251
|
||||||||||||
|
Operating income
|
23,440
|
27,697
|
12,957
|
12,770
|
||||||||||||
|
Financial income (expenses), net
|
(4,526
|
)
|
1,504
|
(1,348
|
)
|
63
|
||||||||||
|
Income before taxes on income
|
18,914
|
29,201
|
11,609
|
12,833
|
||||||||||||
|
Taxes on income
|
1,809
|
(4,352
|
)
|
(2,818
|
)
|
(1,069
|
)
|
|||||||||
|
Net income
|
$
|
20,723
|
$
|
24,849
|
$
|
8,791
|
$
|
11,764
|
||||||||
|
Basic earnings per share
|
$
|
0.35
|
$
|
0.44
|
$
|
0.14
|
$
|
0.21
|
||||||||
|
Diluted earnings per share
|
$
|
0.34
|
$
|
0.44
|
$
|
0.13
|
$
|
0.21
|
||||||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing earnings per share
|
||||||||||||||||
|
Basic
|
59,428,823
|
57,016,920
|
65,075,472
|
57,017,032
|
||||||||||||
|
Diluted
|
60,402,165
|
57,016,920
|
67,377,192
|
57,017,032
|
||||||||||||
6
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
|
|||||||||||||||||||||||
|
December 31, 2025
|
December 31, 2024
|
|||||||||||||||||||||||
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
|||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
Gross profit
|
$
|
38,288
|
3,517
|
$
|
41,805
|
$
|
31,021
|
575
|
$
|
31,596
|
||||||||||||||
|
Operating expenses
|
25,331
|
1,270
|
26,601
|
18,251
|
3,680
|
21,931
|
||||||||||||||||||
|
Operating income
|
12,957 |
2,247 |
15,204
|
12,770
|
(3,105
|
)
|
9,665
|
|||||||||||||||||
|
Income before taxes on income
|
11,609
|
2,247
|
13,856
|
12,833
|
(3,105
|
)
|
9,728
|
|||||||||||||||||
|
Net income
|
$
|
8,791
|
4,633
|
$
|
13,424
|
$
|
11,764
|
(3,252
|
)
|
$
|
8,512
|
|||||||||||||
|
Basic earnings per share
|
$
|
0.14
|
$
|
0.07
|
$
|
0.21
|
$
|
0.21
|
$
|
(0.06
|
)
|
$
|
0.15
|
|||||||||||
|
Diluted earnings per share
|
$
|
0.13
|
$
|
0.07
|
$
|
0.20
|
$
|
0.21
|
$
|
(0.06
|
)
|
$
|
0.15
|
|||||||||||
|
Weighted average number of shares used in
|
||||||||||||||||||||||||
|
computing earnings per share
|
||||||||||||||||||||||||
|
Basic
|
65,075,472
|
65,075,472
|
57,017,032
|
57,017,032
|
||||||||||||||||||||
|
Diluted
|
67,377,192
|
68,130,573
|
57,017,032
|
57,024,316
|
||||||||||||||||||||
|
(*) 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
|
|||||||||||||||||||||||
| December 31, 2025 |
December 31, 2024
|
|||||||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
GAAP net income
|
$
|
8,791
|
$
|
11,764
|
||||||||||||||||||||
|
Gross profit
|
||||||||||||||||||||||||
|
Stock-based compensation expenses
|
197
|
133
|
||||||||||||||||||||||
|
Amortization of purchased intangibles
|
3,320
|
389
|
||||||||||||||||||||||
|
Other integration expenses
|
-
|
53
|
||||||||||||||||||||||
|
3,517
|
575
|
|||||||||||||||||||||||
|
Operating expenses
|
||||||||||||||||||||||||
|
Stock-based compensation expenses
|
1,842
|
653
|
||||||||||||||||||||||
|
Stock-based compensation related to business combination
|
2,657
|
140
|
||||||||||||||||||||||
|
Amortization of purchased intangibles
|
1,112
|
216
|
||||||||||||||||||||||
|
Other operating income, net
|
(6,964
|
)
|
(4,706
|
)
|
||||||||||||||||||||
|
Other integration expenses
|
83
|
17
|
||||||||||||||||||||||
|
(1,270
|
)
|
(3,680
|
)
|
|||||||||||||||||||||
|
Taxes on income
|
2,386
|
(147
|
)
|
|||||||||||||||||||||
|
Non-GAAP net income
|
$
|
13,424
|
$
|
8,512
|
||||||||||||||||||||
7
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)
|
Twelve months ended
|
Twelve months ended
|
|||||||||||||||||||||||
|
December 31, 2025
|
December 31, 2024
|
|||||||||||||||||||||||
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
GAAP
|
Adjustments (*)
|
Non-GAAP
|
|||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
Gross profit
|
$
|
133,344
|
9,659
|
$
|
143,003
|
$
|
113,331
|
3,673
|
$
|
117,004
|
||||||||||||||
|
Operating expenses
|
109,904
|
(9,388
|
)
|
100,516
|
85,634
|
(500
|
)
|
85,134
|
||||||||||||||||
|
Operating income
|
23,440 |
19,047 |
42,487
|
27,697
|
4,173
|
31,870
|
||||||||||||||||||
|
Income before taxes on income
|
18,914
|
19,047
|
37,961
|
29,201
|
4,173
|
33,374
|
||||||||||||||||||
|
Net income
|
20,723
|
18,272
|
38,995
|
24,849
|
3,376
|
28,225
|
||||||||||||||||||
|
Basic earnings per share
|
$
|
0.35
|
$
|
0.31
|
$
|
0.66
|
$
|
0.44
|
$
|
0.06
|
$
|
0.50
|
||||||||||||
|
Diluted earnings per share
|
$
|
0.34
|
$
|
0.30
|
$
|
0.64
|
$
|
0.44
|
$
|
0.05
|
$
|
0.49
|
||||||||||||
|
Weighted average number of shares used in
|
||||||||||||||||||||||||
|
computing earnings per share
|
||||||||||||||||||||||||
|
Basic
|
59,428,823
|
59,428,823
|
57,016,920
|
57,016,920
|
||||||||||||||||||||
|
Diluted
|
60,402,165
|
61,254,135
|
57,016,920
|
57,041,778
|
||||||||||||||||||||
|
(*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and
income tax effect on such adjustments which is calculated using the relevant effective tax rate.
|
||
|
Twelve months ended
|
Twelve months ended | |||||||||||||||||||||||
|
December 31, 2025
|
December 31, 2024
|
|||||||||||||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
|
GAAP net income
|
$
|
20,723
|
$
|
24,849
|
||||||||||||||||||||
|
Gross profit
|
||||||||||||||||||||||||
|
Stock-based compensation expenses
|
814
|
518
|
||||||||||||||||||||||
|
Amortization of purchased intangibles
|
8,781
|
2,412
|
||||||||||||||||||||||
|
Other non-recurring expenses
|
-
|
466
|
||||||||||||||||||||||
|
Other integration expenses
|
64
|
277
|
||||||||||||||||||||||
|
9,659
|
3,673
|
|||||||||||||||||||||||
|
Operating expenses
|
||||||||||||||||||||||||
|
Stock-based compensation expenses
|
5,262
|
2,771
|
||||||||||||||||||||||
|
Stock-based compensation related to business combination
|
2,344
|
3,437
|
||||||||||||||||||||||
|
Amortization of purchased intangibles
|
4,385
|
988
|
||||||||||||||||||||||
|
Other operating income, net
|
(3,206
|
)
|
(6,751
|
)
|
||||||||||||||||||||
|
Other integration expenses
|
603
|
55
|
||||||||||||||||||||||
|
9,388
|
500
|
|||||||||||||||||||||||
|
Taxes on income
|
(775
|
)
|
(797
|
)
|
||||||||||||||||||||
|
Non-GAAP net income
|
$
|
38,995
|
$
|
28,225
|
||||||||||||||||||||
8
GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands
ADJUSTED EBITDA:
|
Twelve months ended
|
Three months ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
GAAP net income
|
$
|
20,723
|
$
|
24,849
|
$
|
8,791
|
$
|
11,764
|
||||||||
|
Adjustments:
|
||||||||||||||||
|
Financial expenses (income), net
|
4,526
|
(1,504
|
)
|
1,348
|
(63
|
)
|
||||||||||
|
Taxes on income
|
(1,809
|
)
|
4,352
|
2,818
|
1,069
|
|||||||||||
|
Stock-based compensation expenses
|
6,076
|
3,289
|
2,039
|
786
|
||||||||||||
|
Stock-based compensation related to business combination
|
2,344 |
3,437 |
2,657
|
140 |
||||||||||||
|
Depreciation and amortization (*)
|
23,850
|
13,777
|
7,392
|
3,068
|
||||||||||||
|
Other operating income, net
|
(3,206
|
)
|
(6,751
|
)
|
(6,964
|
)
|
(4,706
|
)
|
||||||||
|
Other non-recurring expenses
|
-
|
466
|
-
|
-
|
||||||||||||
|
Other integration expenses
|
667
|
332
|
83
|
70
|
||||||||||||
|
Adjusted EBITDA
|
$
|
53,171
|
$
|
42,247
|
$
|
18,164
|
$
|
12,128
|
||||||||
(*) Including amortization of lease incentive
SEGMENT REVENUES:
|
Twelve months ended
|
Three months ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Unaudited
|
Unaudited
|
|||||||||||||||
|
Commercial
|
$
|
281,352
|
$
|
155,344
|
$
|
75,118
|
$
|
36,962
|
||||||||
|
Defense
|
100,430
|
97,755
|
33,336
|
29,358
|
||||||||||||
|
Peru
|
69,875
|
52,349
|
28,505
|
11,808
|
||||||||||||
|
Total revenues
|
$
|
451,657
|
$
|
305,448
|
$
|
136,959
|
$
|
78,128
|
||||||||
9
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
|
December 31,
|
December 31,
|
|||||||
|
2025
|
2024
|
|||||||
|
Unaudited
|
Audited
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
168,907
|
$
|
119,384
|
||||
|
Short-term deposits
|
16,433
|
-
|
||||||
|
Restricted cash
|
88
|
853
|
||||||
|
Trade receivables, net
|
79,383
|
49,600
|
||||||
|
Contract assets
|
36,987
|
24,941
|
||||||
|
Inventories
|
45,430
|
38,890
|
||||||
|
Other current assets
|
38,325
|
21,963
|
||||||
|
Total current assets
|
385,553
|
255,631
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Restricted cash
|
-
|
12
|
||||||
|
Long-term contract assets
|
7,890
|
8,146
|
||||||
|
Severance pay funds
|
6,941
|
5,966
|
||||||
|
Deferred taxes
|
15,558
|
11,896
|
||||||
|
Operating lease right-of-use assets
|
5,922
|
6,556
|
||||||
|
Other long-term assets
|
19,871
|
5,288
|
||||||
|
Total long-term assets
|
56,182
|
37,864
|
||||||
|
PROPERTY AND EQUIPMENT, NET
|
75,172
|
70,834
|
||||||
|
INTANGIBLE ASSETS, NET
|
53,986
|
12,925
|
||||||
|
GOODWILL
|
169,534
|
52,494
|
||||||
|
TOTAL ASSETS
|
$
|
740,427
|
$
|
429,748
|
||||
10
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS (Cont.)
U.S. dollars in thousands
|
December 31,
|
December 31,
|
|||||||
|
2025
|
2024
|
|||||||
|
Unaudited
|
Audited
|
|||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Current maturities of long-term loan
|
$
|
2,000
|
$
|
-
|
||||
|
Trade payables
|
31,614
|
17,107
|
||||||
|
Accrued expenses
|
59,797
|
45,368
|
||||||
|
Advances from customers and deferred revenues
|
71,953
|
18,587
|
||||||
|
Operating lease liabilities
|
2,957
|
2,557
|
||||||
|
Other current liabilities
|
41,529
|
17,817
|
||||||
|
Total current liabilities
|
209,850
|
101,436
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Long-term loan
|
-
|
2,000
|
||||||
|
Accrued severance pay
|
7,508
|
6,677
|
||||||
|
Long-term advances from customers and deferred revenues
|
67
|
580
|
||||||
|
Operating lease liabilities
|
3,102
|
4,014
|
||||||
|
Other long-term liabilities
|
19,622
|
10,606
|
||||||
|
Total long-term liabilities
|
30,299
|
23,877
|
||||||
|
SHAREHOLDERS' EQUITY:
|
||||||||
|
Share capital - ordinary shares of NIS 0.2 par value
|
3,765
|
2,733
|
||||||
|
Additional paid-in capital
|
1,115,030
|
943,294
|
||||||
|
Accumulated other comprehensive loss
|
(3,768
|
)
|
(6,120
|
)
|
||||
|
Accumulated deficit
|
(614,749
|
)
|
(635,472
|
)
|
||||
|
Total shareholders' equity
|
500,278
|
304,435
|
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
740,427
|
$
|
429,748
|
||||
11
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
|
Twelve months ended
|
Three months ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net income
|
$
|
20,723
|
$
|
24,849
|
$
|
8,791
|
$
|
11,764
|
||||||||
|
Adjustments required to reconcile net income
|
||||||||||||||||
|
to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
23,651
|
13,554
|
7,349
|
3,012
|
||||||||||||
|
Stock-based compensation expenses
|
8,420
|
6,726
|
4,696
|
926
|
||||||||||||
|
Accrued severance pay, net
|
(145
|
)
|
(89
|
)
|
10
|
(72
|
)
|
|||||||||
|
Deferred taxes, net
|
(3,662
|
)
|
1,834
|
2,663
|
298
|
|||||||||||
|
Increase in trade receivables, net
|
(35,839
|
)
|
(5,393
|
)
|
(25,226
|
)
|
(2,328
|
)
|
||||||||
|
Decrease (increase) in contract assets
|
(11,831
|
)
|
4,565
|
(22,284
|
)
|
11,506
|
||||||||||
|
Decrease in other assets and other adjustments (including short-term, long-term
|
|
|
|
|||||||||||||
|
and effect of exchange rate changes on cash, cash equivalents and restricted cash)
|
16,021
|
11,661
|
3,951
|
8,590
|
||||||||||||
|
Decrease (increase) in inventories
|
1,539
|
(1,928
|
)
|
4,897
|
544
|
|||||||||||
|
Increase (decrease) in trade payables
|
(2,195
|
)
|
3,196
|
17,180
|
(1,884
|
)
|
||||||||||
|
Increase (decrease) in accrued expenses
|
7,896
|
(5,906
|
)
|
6,869
|
(8,581
|
)
|
||||||||||
|
Decrease in advances from customers and deferred revenues
|
(894
|
)
|
(16,390
|
)
|
(9,519
|
)
|
(4,228
|
)
|
||||||||
|
Decrease in other liabilities
|
(3,009
|
)
|
(5,010
|
)
|
(5,677
|
)
|
(3,265
|
)
|
||||||||
|
Net cash provided by (used in) operating activities
|
20,675
|
31,669
|
(6,300
|
)
|
16,282
|
|||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Purchase of property, equipment and intangible assets
|
(11,490
|
)
|
(6,610
|
)
|
(3,230
|
)
|
(2,515
|
)
|
||||||||
|
Investment in other asset
|
(3,500
|
)
|
-
|
-
|
-
|
|||||||||||
|
Investments in short-term deposits
|
(16,433
|
)
|
-
|
(16,433
|
)
|
-
|
||||||||||
|
Acquisitions of subsidiary, net of cash acquired
|
(104,943
|
)
|
-
|
-
|
-
|
|||||||||||
|
Net cash used in investing activities
|
(136,366
|
)
|
(6,610
|
)
|
(19,663
|
)
|
(2,515
|
)
|
||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Repayment of credit facility, net
|
-
|
(7,453
|
)
|
-
|
-
|
|||||||||||
|
Repayment of short-term debts
|
-
|
(7,836
|
)
|
-
|
(3,793
|
)
|
||||||||||
|
Proceeds from short-term debts
|
-
|
7,836
|
-
|
1,066
|
||||||||||||
|
Proceeds from long-term loan, net of associated costs
|
58,970
|
(654
|
)
|
-
|
(654
|
)
|
||||||||||
|
Repayment of long-term loan
|
(60,000
|
)
|
-
|
(58,500
|
)
|
-
|
||||||||||
|
Proceeds from issuance of Ordinary shares in a private placement, net
|
164,060
|
-
|
98,735
|
-
|
||||||||||||
|
Proceeds from exercise of stock options
|
166
|
-
|
-
|
-
|
||||||||||||
|
Net cash provided by (used in) financing activities
|
163,196
|
(8,107
|
)
|
40,235
|
(3,381
|
)
|
||||||||||
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
1,241
|
(1,454
|
)
|
(173
|
)
|
(896
|
)
|
|||||||||
|
Increase in cash, cash equivalents and restricted cash
|
48,746
|
15,498
|
14,099
|
9,490
|
||||||||||||
|
Cash, Cash equivalents and Restricted cash at the Beginning of the Period
|
120,249
|
104,751
|
154,896
|
110,759
|
||||||||||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
168,995
|
$
|
120,249
|
$
|
168,995
|
$
|
120,249
|
||||||||
12
FAQ
How did Gilat Satellite Networks (GILT) perform financially in 2025?
Gilat generated 2025 revenue of $451.7 million, up from $305.4 million, and reported GAAP net income of $20.7 million versus $24.8 million in 2024. Adjusted EBITDA reached a record $53.2 million, improving from $42.2 million, reflecting stronger underlying operating performance.
What were Gilat Satellite Networks’ Q4 2025 results?
In Q4 2025, Gilat reported $137.0 million in revenue and GAAP operating income of $13.0 million. GAAP net income was $8.8 million, while Adjusted EBITDA totaled $18.2 million, compared with $12.1 million in Q4 2024, highlighting improved quarterly profitability.
What guidance did Gilat Satellite Networks (GILT) provide for 2026?
Management projects 2026 revenue of $500–$520 million, implying roughly 13% growth at the midpoint, and Adjusted EBITDA of $61–$66 million, about 19% growth at the midpoint. This outlook reflects expectations for continued expansion across Commercial, Defense and Peru activities.
How strong is Gilat Satellite Networks’ balance sheet at year-end 2025?
At December 31, 2025, Gilat reported total assets of $740.4 million and shareholders’ equity of $500.3 million. Cash and cash equivalents were $168.9 million, with short‑term deposits of $16.4 million, and management highlighted net cash of over $183 million.
How did Gilat Satellite Networks’ business segments perform in 2025?
Segment revenues in 2025 were $281.4 million for Commercial, $100.4 million for Defense and $69.9 million for Peru, totaling $451.7 million. Commercial showed the largest year‑over‑year increase, while Defense and Peru also expanded, supporting overall growth and diversification.
What is Gilat Satellite Networks’ Adjusted EBITDA and why is it important?
Adjusted EBITDA was $53.2 million in 2025, up from $42.2 million. It adds back items such as stock‑based compensation, amortization and certain non‑recurring expenses. Management uses this non‑GAAP metric to evaluate underlying operating trends and compare performance across periods.
What did management highlight about Gilat Satellite Networks’ growth drivers?
Management cited strong execution in Defense, in‑flight connectivity (IFC), and advanced multi‑orbit solutions as key 2025 growth engines. They noted large awards in Commercial, expanded Defense customer reach, acquisitions, strong backlog, healthy pipelines, and net cash above $183 million supporting future opportunities.
Gilat Satellite