Gilat Reports $92M Q1 Revenue, Projects Record Year

Gilat Satellite Networks Ltd. , a worldwide leader in satellite networking technology, solutions, and services, today reported its results for the first quarter, ended March 31, 2025.

First Quarter 2025 Financial Highlights

• Revenues of $92 million, up 21% compared with $76.1 million in Q1 2024;
• GAAP operating loss of $2.7 million, compared with GAAP operating income of $5.4 million in Q1 2024 mainly due to a loss of about $3.6 million from Gilat Stellar Blu’s ramp up process, amortization of purchased intangibles derived from the Stellar Blu acquisition, and other operating expenses, related to earnout liabilities and one-time acquisition-related costs;
• Non-GAAP operating income of $5.2 million, compared with $6.6 million in Q1 2024;
• GAAP net loss of $6.0 million, or $0.11 per share, compared with GAAP net income of $5.0 million, or $0.09 per diluted share, in Q1 2024;
• Non-GAAP net income of $1.8 million, or $0.03 per diluted share, compared with $6.0 million, or $0.11 per diluted share, in Q1 2024;
• Adjusted EBITDA of $7.6 million, compared with $9.3 million in Q1 2024, which includes a loss of about $3.6 million from Gilat Stellar Blu’s ramp up process. Adjusted EBITDA, excluding such loss, was $11.2 million.

Forward-Looking Expectations

The Company today reiterated its guidance for 2025.

Expectations are for revenue between $415 and $455 million, representing year-over-year growth of 42% at the midpoint. Adjusted EBITDA is expected to be between $47 and $53 million, representing year-over-year growth of 18% at the midpoint.

Management Commentary

Gilat delivered solid Q1 2025 results, demonstrating strong execution across the company and positive impact from our new organizational structure. Gilat Defense is experiencing significant momentum, fueled by growing demand for its broad portfolio of products and services and is becoming an increasingly important contributor to our growth. This growth is supported by macro-geopolitical factors that are driving increased investment in secure, mission-critical communications worldwide.

Regarding Gilat Commercial, our IFC business continues to expand as we deliver on customer commitments and grow our market base. Gilat Stellar Blu’s ramp up is on track, and its Sidewinder ESA is now flying on over 150 aircraft, with strong feedback and additional orders expected very soon. We are collaborating with our partners to expand into new applications such as ISR and VVIP aviation. We’re also in the process of developing OEM  installation and broader modem compatibility, further establishing Sidewinder as the go-to multi-orbit IFC solution.

Based on our strong beginning to 2025 and as Stellar Blu’s ramp up finalizes, we are on track to deliver a record year in both revenues and non-GAAP profitability as we capture the expanding opportunities in mission-critical communications and next-generation satellite solutions.

– Adi Sfadia, CEO, Gilat

Key Recent Announcements

• Gilat Receives Over $15 Million in Orders from Leading Satellite Operators
• Gilat Receives a Multimillion Order from a Global Defense Organization
• Gilat Receives over $11 Million Defense Contract from a Leading UAV Company
• Gilat Awarded Up to $23 Million Multi-Year Contract to Service Satellite Transportable Terminal Units for US DoD Customers
• Gilat Receives $6 Million Defense Contract to Provide Military Communications solutions in Asia-Pacific
• Gilat Receives $4 Million in Orders for Advanced Portable Satellite Terminals from Global Defense Customers
• Gilat Awarded Over $5 Million to Support Critical Connectivity for Defense Forces