Q4 Revenue of $ 137 .0 million, GAAP Operating Income of $ 13 . 0 million and Adjusted EBITDA of $ 1 8 .2 m illion

202 5 Revenue of $ 4 51.7 million , GAAP Operating Income of $ 23.4 million and a Record Adjusted EBITDA of $ 53.2 million

Gu i dance 1 for 202 6 C alls for D ouble D igit 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 202 5 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.

F ull 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 midpoint 1 .

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
[email protected]

Alliance Advisors

[email protected]
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