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, Feb. 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 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;
• Adjusted EBITDA of $18.2 million, up 50% compared with $12.1 million in Q4 2024.
  
  
  
  

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;
• Non-GAAP operating income of $42.5 million, up 33% compared with $31.9 million in 2024;
• 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;
• 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;
• Adjusted EBITDA of $53.2 million, up 26% compared with $42.2 million in 2024.
  
  
  
  

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 acquisitions. 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."

Key Recent Announcements

• Gilat Receives Over $10 Million Order to Support LEO Constellation
• Gilat Awarded a Multimillion Order for its Sidewinder ESA Inflight Connectivity Terminals
• Gilat Receives Approximately $11 Million SkyEdge Platform Order from Leading Satellite Operator in Asia Pacific
• Gilat Announces an Oversubscribed Private Placement of US$ 100 Million to Institutional and Accredited Investors
• Gilat Receives Approximately $10 Million Order for Direct Downlink Earth Observation Solution
• Gilat Receives More Than $6 Million in Orders to Support Low Earth Orbit Constellations
  
  
  
  

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.

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.

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

____________________________

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.

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)
		Twelve months ended								Three months ended
		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

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

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

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

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
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

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		16,021				11,661				3,951				8,590
and effect of exchange rate changes on cash, cash equivalents and restricted cash)
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