Gilat Satellite Networks Ltd.NASDAQ: GILT

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