Gilat Satellite Networks reported strong financial performance for the full year 2025, driven by significant growth in its commercial, defense, and Peru segments. The company achieved full-year revenue of $451.7 million, an increase of 48% compared to the previous year, while fourth-quarter revenue reached $137 million, up 75% year over year. Adjusted EBITDA for the full year was $53.2 million, representing 26% growth, with Q4 adjusted EBITDA rising 50% to $18.2 million.

Financial Performance

The company's growth was primarily fueled by the in-flight connectivity (IFC) vertical within the commercial segment. For the fourth quarter, commercial segment revenues were $75.1 million, a 103% increase compared to the same quarter last year. The defense segment reported revenues of $33.3 million, up 14%, while the Peru segment generated $28.5 million, compared to $11.8 million in Q4 2024.

GAAP net income for Q4 2025 was $8.88 million, or $0.13 per diluted share, compared to GAAP net income of $11.8 million, or $0.00 per diluted share, in Q4 2024. Non-GAAP net income for the quarter was $13.4 million, or $0.20 per diluted share. The decrease in GAAP net income was attributed to higher financing costs related to the Stellar Blue acquisition and increased tax expenses.

Operational Highlights

Strategic initiatives during the year included expansion in the defense sector, with the company entering a new market segment in Earth Observation through an approximately $10 million order. The commercial segment saw robust performance driven by IFC, including a $42 million order from a leading global satellite operator for a multi-orbit platform. Additionally, the company secured a SkyEdge platform order for approximately $11 million in the Asia Pacific region and orders exceeding $16 million for Wavestream Gateway Solid State Power Amplifiers to support LEO Constellations.

In Peru, Gilat closed more than $85 million in agreements from Ponatel for the upgrade of four regional networks. The company also completed a $100 million equity placement in the fourth quarter of 2025, bringing total capital raised during the year to $166 million. As of December 31, 2025, total cash, cash equivalents, restricted cash, and short-term deposits were $185.4 million.

2026 Guidance

Looking ahead, the company provided positive guidance for 2026. Management expects revenues to be between $500 and $520 million, representing 13% growth year over year at the midpoint. Adjusted EBITDA is projected to be between $61 and $66 million, representing 19% growth at the midpoint.

By segment, the company expects Commercial segment revenues of between $315 to $335 million, Defense segment revenues of between $115 to $130 million, and Peru segment revenues of between $60 to $65 million. Strategic focus areas for the coming year include mergers and acquisitions, particularly in defense, and expanding the SkyEdge4 customer base.

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) has secured additional orders worth $43 million from a major in-flight connectivity service provider for its Sidewinder electronically steered antenna (ESA) terminals. Deliveries are scheduled over the next 18 months in both line-fit and retrofit configurations. This contract reinforces the company's role in advancing high-performance connectivity solutions for the aviation sector.

The awards highlight the growing industry shift toward multi-orbit network architectures. The Sidewinder ESA supports operation across multiple satellite constellations, enabling more efficient use of available capacity while maintaining stable, high-throughput connectivity for airline passengers globally. These systems are designed to meet airline requirements for superior user experience, reliability, scalability, and global coverage.

"These significant orders reflect the continued evolution of IFC networks toward high-performance, scalable, multi-orbit architectures," said Mike Pigott, President of Gilat Stellar Blu. "Sidewinder was designed for this environment, enabling service providers to deliver reliable, high-quality connectivity across diverse routes and increasingly complex network requirements."

Gilat Satellite Networks Ltd. is a leading global provider of satellite-based broadband communications with over 35 years of experience. Through its wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—the company offers integrated solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS). Its portfolio includes software-defined platforms, high-performance terminals, and advanced antennas for commercial and defense markets.