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Gilat Reports Second Quarter 2025 Results

 

Revenues Increased by 37%; GAAP Operating Income of $5.7 Million;

Adjusted EBITDA of $11.8 Million

 

Raises Midpoint of 2025 Revenue and EBITDA Guidance

 

 

Second Quarter 2025 Financial Highlights

 

 

 

 

 

 

 

Forward-Looking Expectations

 

On the strength of our results year-to-date, improved visibility and business momentum, management now expects revenue for 2025 between $435 million and $455 million, representing a higher revenue growth rate of approximately 46% at the midpoint. Previously management had expected revenue for 2025 between $415 million and $455 million, for a 42% growth rate at the midpoint .

 

Adjusted EBITDA for 2025 is now expected to be between $50 million and $53 million for a higher growth rate of approximately 22% at the midpoint, compared to the previous guidance for EBITDA to be between $47 million and $53 million.

 

Management Commentary

 

 

 

 

Key Recent Announcements

 

 

Conference Call Details

 

Gilat’s management will discuss its second quarter 2025 results and business achievements and participate in a question-and-answer session:

 

Date:	Wednesday, August 6, 2025
Start:	09:30 AM EST / 16:30 IST

          

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

 

                   

The webcast will also be archived for a period of 30 days on the Company’s website https://www.gilat.com 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, 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 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 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 create and deliver deep technology solutions for satellite, ground and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. 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.

 

Our portfolio includes a diverse offering to deliver high value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

 

 

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, including those related to the hostilities between Israel and Hamas. 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 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

 

Alliance Advisors

 

Phone: +1 212 838 3777

		Six months ended								Three months ended
		June 30,								June 30,
		2025				2024				2025				2024
		Unaudited								Unaudited
Revenues		$	197,007			$	152,709			$	104,970			$	76,631
Cost of revenues			136,682				98,082				73,043				50,058
Gross profit			60,325				54,627				31,927				26,573
Research and development expenses, net			23,930				18,547				12,309				9,228
Selling and marketing expenses			16,467				14,109				8,265				7,032
General and administrative expenses			13,027				14,514				6,243				6,437
Other operating expenses (income), net			3,964				(725	)			(574	)			1,085
Total operating expenses			57,388				46,445				26,243				23,782
Operating income			2,937				8,182				5,684				2,791
Financial income (expenses), net			(2,186	)			779				(1,250	)			266
Income before taxes on income			751				8,961				4,434				3,057
Taxes on income			3,083				(2,695	)			5,396				(1,755	)
Net income		$	3,834			$	6,266			$	9,830			$	1,302
Earnings per share (basic and diluted)		$	0.07			$	0.11			$	0.17			$	0.02
Weighted average number of shares used in
computing earnings per share
Basic			57,081,120				57,016,808				57,124,568				57,017,032
Diluted			57,189,406				57,016,808				57,341,141				57,017,032