Gilat Satellite Networks .(US:GILT)2025-08-12 13:04Financial Performance - Revenues for Q2 2025 reached $105 million, a 37% increase from $76.6 million in Q2 2024[9] - GAAP net income for Q2 2025 was $9.8 million, or $0.17 per diluted share, compared to $1.3 million, or $0.02 per diluted share in Q2 2024[9] - Adjusted EBITDA for Q2 2025 was $11.8 million, up from $10.1 million in Q2 2024, with an adjusted EBITDA excluding losses from Gilat Stellar Blu at $13.3 million[9] - GAAP net income for Q2 2025 was $9,830,000, a significant increase from $1,302,000 in Q2 2024, representing a growth of 655%[26] - Non-GAAP net income for the first half of 2025 reached $13,788,000, compared to $11,569,000 in the same period of 2024, reflecting a year-over-year increase of 19%[28] - Total revenues for the first half of 2025 were $197,007,000, up from $152,709,000 in the first half of 2024, indicating a growth of 29%[30] - Gross profit for Q2 2025 was $31,927,000, compared to $26,573,000 in Q2 2024, marking an increase of 20%[25] - Adjusted EBITDA for the first half of 2025 was $19,428,000, slightly down from $19,430,000 in the first half of 2024[29] - Operating income for Q2 2025 was $5,684,000, compared to $2,791,000 in Q2 2024, showing an increase of 104%[25] - The company reported a total of $133,277,000 in commercial segment revenues for the first half of 2025, up from $84,593,000 in the same period of 2024, a growth of 57%[30] Guidance and Projections - Management raised the 2025 revenue guidance to between $435 million and $455 million, reflecting a growth rate of approximately 46% at the midpoint[10] - Adjusted EBITDA for 2025 is now expected to be between $50 million and $53 million, indicating a growth rate of approximately 22% at the midpoint[11] Strategic Wins and Contracts - Gilat's Commercial Division achieved strong bookings and strategic wins, particularly with the next-generation SkyEdge IV platform[12] - The company secured over $8 million from Israel's Ministry of Defense for strategic defense communication solutions[15] - Gilat was awarded approximately $60 million to provide digital inclusion solutions in Peru[15] Assets and Liabilities - Total assets increased to $575,878,000 as of June 30, 2025, compared to $429,748,000 at the end of 2024, reflecting a growth of 34%[31] - The company’s total current liabilities rose to $147,215,000 as of June 30, 2025, compared to $101,436,000 at the end of 2024, an increase of 45%[32] Cash Flow and Investments - Cash and cash equivalents decreased to $64,929,000 as of June 30, 2025, down from $119,384,000 at the end of 2024[31] - Net cash provided by operating activities was $(1,469,000) for the six months ended June 30, 2025, compared to $692,000 in 2024, indicating a significant decline[33] - Net cash used in investing activities totaled $(112,699,000) for the six months ended June 30, 2025, a substantial increase from $(2,650,000) in 2024[33] - The company made an acquisition of a subsidiary, net of cash acquired, costing $104,943,000 during the six months ended June 30, 2025[33] - The net cash provided by financing activities was $58,220,000 for the six months ended June 30, 2025, contrasting with $(7,324,000) in 2024, indicating a positive shift[33] Depreciation and Inventory - Depreciation and amortization increased to $9,942,000 for the six months ended June 30, 2025, compared to $7,333,000 in 2024, reflecting a rise of 36.0%[33] - The increase in trade receivables was $(9,234,000) for the six months ended June 30, 2025, compared to $(17,734,000) in 2024, showing an improvement[33] - The company reported a decrease in inventories of $96,000 for the six months ended June 30, 2025, compared to an increase of $974,000 in 2024[33] Aircraft and Defense Segment - Approximately 225 aircraft are currently flying with Gilat antennas, demonstrating excellent results and throughput[12] - Gilat's defense segment is leveraging synergies with DataPath to enhance its offerings to U.S. defense customers[12]