Revenues Increased by 58%, GAAP Operating Income Rose to $7.5 Million, Adjusted EBITDA Grew to $15.6 Million

Raising Midpoint of 2025 Revenue and Adjusted EBITDA Guidance

PETAH TIKVA, Israel, Nov. 12, 2025 (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 third quarter, ended September 30, 2025.

Third Quarter 2025 Financial Highlights

Revenues of $117.7 million, compared with $74.6 million in Q3 2024;
GAAP operating income of $7.5 million, compared with GAAP operating income of $6.7 million in Q3 2024;
Non-GAAP operating income of $12.8 million, compared with $8.3 million in Q3 2024;
GAAP net income of $8.1 million, or $0.14 per diluted share, compared with GAAP net income of $6.8 million, or $0.12 per diluted share, in Q3 2024;
Non-GAAP net income of $11.8 million, or $0.19 per diluted share, compared with $8.1 million, or $0.14 per diluted share, in Q3 2024;
Adjusted EBITDA of $15.6 million, compared with $10.7 million in Q3 2024.

Forward-Looking Expectations

With results continuing to trend toward the high end of expectations and improved visibility into the remainder of the year, the Company is raising the midpoint of its full-year 2025 financial outlook and narrowing the guidance to revenues between $445 million and $455 million for FY 2025, representing a higher revenue growth rate of approximately 47% at the midpoint. Previously, management had expected revenue for 2025 between $435 million and $455 million.

Adjusted EBITDA for 2025 is now expected to be between $51 million and $53 million for a higher growth rate of approximately 23% at the midpoint, compared to the previous guidance for EBITDA to be between $50 million and $53 million.

Management Commentary

Adi Sfadia, Gilat's CEO, commented: "Gilat delivered another strong quarter with significant growth and continued successful execution whilst generating robust cash from operations. Our competitive edge in satellite communications and success in next-generation programs, from VHTS to NGSO constellations and ESA solutions for IFC and Defense programs, are clearly translating into strong bookings of orders and growing demand. The $66 million private placement we completed this quarter reflects investor confidence in our strategy and combined with our strong cash generation from operations, provides additional resources to support our next phase of growth."

Mr. Sfadia added, "Gilat Defense achieved new milestones with multi-million dollar orders from the U.S. Department of Defense and the Israeli Ministry of Defense, while our Commercial division recorded major wins for the SkyEdge IV platform and Gilat Stellar Blu's Sidewinder ESA terminals. Gilat Peru also secured an order for $25 million from Pronatel, which is in addition to the $60 million that was reported in the beginning of Q3, for a total of $85 million. These awards reinforce Gilat Peru's role in Peru's digital inclusion programs. We continued to strengthen our technology leadership with the industry's first-to-market integration of AI into our Network Management System, bringing automation and intelligence to satellite network operations."

Mr. Sfadia concluded, "These achievements underscore the strength of our diversified solution portfolio, our commitment to innovation and our ability to integrate new products and acquired businesses. With a strong balance sheet, robust backlog, and accelerating demand for multi-orbit solutions, we are excited about our potential growth opportunities, both organically and through acquisitions."

Key Recent Announcements

Gilat Receives $7 Million Order for In-Flight Connectivity Solution
Gilat Receives $42 Million in Orders from a Leading Satellite Operator for its Multi-Orbit SkyEdge IV Platform
Gilat Receives Over $7 Million Orders to Supply Transportable SATCOM Terminals to the U.S. Army
Gilat Announces Private Placement of US$66 Million to Institutional and Accredited Investors
Gilat Receives More Than $7 Million Order to Provide the U.S. DoD with Transportable SATCOM Terminals
Gilat Receives an Additional $25 Million Agreement to Advance Digital Inclusion in Peru
Gilat Awarded Over $60 Million for Stellar Blu ESA Sidewinder Terminals
Gilat Receives a Multimillion Contract from Israel's Ministry of Defense for Advanced Strategic Defense SATCOM Project

Conference Call Details

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

Date:	Wednesday, November 12, 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

Or Dial-in:	US: 1-888-407-2553
	International: +972-3-918-0609

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 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 cloud-based 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, broadband access, cellular backhaul, enterprise, aerospace, broadcast, 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, 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

PublicRelations@gilat.com

Alliance Advisors

GilatIR@allianceadvisors.com

Phone: +1 212 838 3777

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)
		Nine months ended						Three months ended
		September 30,						September 30,
			2025			2024			2025			2024
		Unaudited						Unaudited

Revenues		$	314,698		$	227,320		$	117,691		$	74,611
Cost of revenues			219,642			145,010			82,960			46,928

Gross profit			95,056			82,310			34,731			27,683

Research and development expenses, net			35,424			28,028			11,494			9,481
Selling and marketing expenses			25,542			20,724			9,075			6,615
General and administrative expenses			19,849			20,676			6,822			6,162
Other operating expenses (income), net			3,758			(2,045	)		(206	)		(1,320	)

Total operating expenses			84,573			67,383			27,185			20,938

Operating income			10,483			14,927			7,546			6,745

Financial income (expenses), net			(3,178	)		1,441			(992	)		662

Income before taxes on income			7,305			16,368			6,554			7,407

Taxes on income			4,627			(3,283	)		1,544			(588	)

Net income		$	11,932		$	13,085		$	8,098		$	6,819

Earnings per share (basic and diluted)		$	0.21		$	0.23		$	0.14		$	0.12

Weighted average number of shares used in
	computing earnings per share
	Basic		57,546,606			57,016,883			58,477,579			57,017,032
	Diluted		58,077,156			57,016,883			59,852,657			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
		September 30, 2025								September 30, 2024
		GAAP			*Adjustments ()**			Non-GAAP		GAAP			*Adjustments ()**			Non-GAAP
		Unaudited								Unaudited

Gross profit		$	34,731			2,774		$	37,505	$	27,683			755		$	28,438
Operating expenses			27,185			(2,526	)		24,659		20,938			(767	)		20,171
Operating income			7,546			5,300			12,846		6,745			1,522			8,267
Income before taxes on income			6,554			5,300			11,854		7,407			1,522			8,929
Net income		$	8,098			3,685		$	11,783	$	6,819			1,325		$	8,144

Basic earnings per share		$	0.14		$	0.06		$	0.20	$	0.12		$	0.02		$	0.14

Diluted earnings per share		$	0.14		$	0.05		$	0.19	$	0.12		$	0.02		$	0.14


Weighted average number of shares used in
computing earnings per share
	Basic		58,477,579						58,477,579		57,017,032						57,017,032
	Diluted		59,852,657						60,839,694		57,017,032						57,017,032


	(*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses (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
				September 30, 2025								September 30, 2024
				Unaudited								Unaudited

GAAP net income					$	8,098							$	6,819

Gross profit
Stock-based compensation expenses						215								85
Amortization of purchased intangibles						2,559								596
Other integration expenses						-								74
						2,774								755
Operating expenses
Stock-based compensation expenses						1,436								696
Stock-based compensation related to business combination						-								1,131
Amortization of purchased intangibles						1,120								248
Other operating expenses (income), net						(206	)							(1,320	)
Other integration expenses						176								12
						2,526								767

Taxes on income						(1,615	)							(197	)

Non-GAAP net income					$	11,783							$	8,144

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)
		Nine months ended								Nine months ended
		September 30, 2025								September 30, 2024
		GAAP			*Adjustments ()**			Non-GAAP		GAAP			*Adjustments ()**			Non-GAAP
		Unaudited								Unaudited

Gross profit		$	95,056			6,142		$	101,198	$	82,310			3,098		$	85,408
Operating expenses			84,573			(10,658	)		73,915		67,383			(4,180	)		63,203
Operating income			10,483			16,800			27,283		14,927			7,278			22,205
Income before taxes on income			7,305			16,800			24,105		16,368			7,278			23,646
Net income			11,932			13,639			25,571		13,085			6,628			19,713

Basic earnings per share		$	0.21		$	0.23		$	0.44	$	0.23		$	0.12		$	0.35

Diluted earnings per share		$	0.21		$	0.22		$	0.43	$	0.23		$	0.12		$	0.35


Weighted average number of shares used in
computing earnings per share
	Basic		57,546,606						57,546,606		57,016,883						57,016,883
	Diluted		58,077,156						58,961,990		57,016,883						57,047,599


	(*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses (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.



				Nine months ended								Nine months ended
					September 30, 2025								September 30, 2024
					Unaudited								Unaudited

GAAP net income					$	11,932							$	13,085

Gross profit
Stock-based compensation expenses						617								385
Amortization of purchased intangibles						5,461								2,023
Other non-recurring expenses						-								466
Other integration expenses						64								224
						6,142								3,098
Operating expenses
Stock-based compensation expenses						3,420								2,118
Stock-based compensation related to business combination						(313	)							3,297
Amortization of purchased intangibles						3,273								772
Other operating expenses (income), net						3,758								(2,045	)
Other integration expenses						520								38
						10,658								4,180

Taxes on income						(3,161	)							(650	)

Non-GAAP net income					$	25,571							$	19,713

GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands


ADJUSTED EBITDA:

	Nine months ended						Three months ended
	September 30,						September 30,
	2025			2024			2025			2024
	Unaudited						Unaudited

GAAP net income	$	11,932		$	13,085		$	8,098		$	6,819
Adjustments:
Financial expenses (income), net		3,178			(1,441	)		992			(662	)
Taxes on income		(4,627	)		3,283			(1,544	)		588
Stock-based compensation expenses		4,037			2,503			1,651			781
Stock-based compensation related to business combination		(313	)		3,297			-			1,131
Depreciation and amortization (*)		16,458			10,709			6,412			3,266
Other operating expenses (income), net		3,758			(2,045	)		(206	)		(1,320	)
Other non-recurring expenses		-			466			-			-
Other integration expenses		584			262			176			86

Adjusted EBITDA	$	35,007		$	30,119		$	15,579		$	10,689

(*) Including amortization of lease incentive

SEGMENT REVENUES:

	Nine months ended						Three months ended
	September 30,						September 30,
	2025			2024			2025			2024
	Unaudited						Unaudited

Commercial	$	206,234		$	118,380		$	72,957		$	33,787
Defense		67,094			68,398			24,090			30,994
Peru		41,370			40,542			20,644			9,830

Total revenues	$	314,698		$	227,320		$	117,691		$	74,611


GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

	September 30,			December 31,
	2025			2024
	Unaudited			Audited

ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	154,451		$	119,384
Restricted cash		430			853
Trade receivables, net		54,381			49,600
Contract assets		14,703			24,941
Inventories		51,344			38,890
Other current assets		44,680			21,963

Total current assets		319,989			255,631

LONG-TERM ASSETS:
Restricted cash		15			12
Long-term contract assets		7,890			8,146
Severance pay funds		6,693			5,966
Deferred taxes		18,222			11,896
Operating lease right-of-use assets		5,593			6,556
Other long-term assets		18,633			5,288

Total long-term assets		57,046			37,864

PROPERTY AND EQUIPMENT, NET		72,849			70,834

INTANGIBLE ASSETS, NET		58,160			12,925

GOODWILL		167,706			52,494

TOTAL ASSETS	$	675,750		$	429,748

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS (Cont.)
U.S. dollars in thousands

	September 30,			December 31,
	2025			2024
	Unaudited			Audited

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Current maturities of long-term loan	$	3,750		$	-
Trade payables		13,534			17,107
Accrued expenses		52,648			45,368
Advances from customers and deferred revenues		81,407			18,587
Operating lease liabilities		2,782			2,557
Other current liabilities		31,519			17,817

Total current liabilities		185,640			101,436

LONG-TERM LIABILITIES:
Long-term loans		55,525			2,000
Accrued severance pay		7,249			6,677
Long-term advances from customers and deferred revenues		140			580
Operating lease liabilities		2,975			4,014
Other long-term liabilities		33,620			10,606

Total long-term liabilities		99,509			23,877

SHAREHOLDERS' EQUITY:
Share capital - ordinary shares of NIS 0.2 par value		3,199			2,733
Additional paid-in capital		1,014,112			943,294
Accumulated other comprehensive loss		(3,170	)		(6,120	)
Accumulated deficit		(623,540	)		(635,472	)

Total shareholders' equity		390,601			304,435

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	675,750		$	429,748

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

	Nine months ended						Three months ended
	September 30,						September 30,
		2025			2024			2025			2024
	Unaudited						Unaudited
Cash flows from operating activities:
Net income	$	11,932		$	13,085		$	8,098		$	6,819
Adjustments required to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization		16,302			10,542			6,360			3,209
Stock-based compensation expenses		3,724			5,800			1,651			1,912
Accrued severance pay, net		(155	)		(17	)		(79	)		(77	)
Deferred taxes, net		(6,325	)		1,536			(2,092	)		(188	)
Decrease (increase) in trade receivables, net		(10,613	)		(7,019	)		(1,379	)		10,715
Decrease (increase) in contract assets		10,453			(2,987	)		(6,099	)		(5,969	)
Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash, cash equivalents and restricted cash)		12,070			3,071			316			(2,441	)
Increase in inventories		(3,358	)		(2,472	)		(3,454	)		(3,446	)
Increase (decrease) in trade payables		(19,375	)		5,080			(4,685	)		1,501
Increase in accrued expenses		1,027			2,675			5,614			4,904
Increase (decrease) in advances from customers and deferred revenues		8,625			(12,162	)		24,051			(2,676	)
Increase (decrease) in other liabilities		2,668			(1,745	)		142			432
Net cash provided by operating activities		26,975			15,387			28,444			14,695

Cash flows from investing activities:
Purchase of property, equipment and intangible assets		(8,260	)		(4,095	)		(4,004	)		(1,445	)
Investment in other asset		(3,500	)		-			-			-
Acquisitions of subsidiary, net of cash acquired		(104,943	)		-			-			-
Net cash used in investing activities		(116,703	)		(4,095	)		(4,004	)		(1,445	)

Cash flows from financing activities:
Repayment of credit facility, net		-			(7,453	)		-			-
Repayment of short-term debts		-			(4,043	)		-			(2,703	)
Proceeds from short-term debts		-			6,770			-			5,301
Proceeds from long-term loan, net of associated costs		58,970			-			-			-
Repayment of long-term loan		(1,500	)		-			(750	)		-
Proceeds from issuance of Ordinary shares in a private placement, net		65,325			-			65,325			-
Proceeds from exercise of stock options		166			-			166			-
Net cash provided by (used in) financing activities		122,961			(4,726	)		64,741			2,598

Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,414			(558	)		298			160

Increase in cash, cash equivalents and restricted cash		34,647			6,008			89,479			16,008

Cash, cash equivalents and restricted cash at the beginning of the period		120,249			104,751			65,417			94,751

Cash, cash equivalents and restricted cash at the end of the period	$	154,896		$	110,759		$	154,896		$	110,759

Gilat Reports Third Quarter 2025 Results