Gilat Satellite Networks .(US:GILT)2025-11-12 12:00Financial Performance - Revenues for Q3 2025 reached $117.7 million, a 58% increase from $74.6 million in Q3 2024[9] - GAAP operating income rose to $7.5 million, compared to $6.7 million in Q3 2024[9] - Adjusted EBITDA grew to $15.6 million, up from $10.7 million in Q3 2024[9] - GAAP net income for Q3 2025 was $8,098,000, an increase from $6,819,000 in Q3 2024, representing a growth of 18.8%[25] - Non-GAAP net income for Q3 2025 reached $11,783,000, compared to $8,144,000 in Q3 2024, reflecting a 44.5% increase[25] - Operating income for Q3 2025 was $12,846,000, compared to $8,267,000 in Q3 2024, indicating a 55.5% increase[24] - Basic earnings per share for Q3 2025 were $0.20, up from $0.14 in Q3 2024, representing a growth of 42.9%[24] Revenue Guidance and Projections - Full-year 2025 revenue guidance raised to between $445 million and $455 million, reflecting a growth rate of approximately 47% at the midpoint[10] - Adjusted EBITDA for 2025 is now expected to be between $51 million and $53 million, indicating a growth rate of approximately 23% at the midpoint[11] Orders and Contracts - Gilat secured a $25 million order from Pronatel in Peru, contributing to a total of $85 million in orders for digital inclusion programs[12] - Gilat Defense received multi-million dollar orders from the U.S. Department of Defense and the Israeli Ministry of Defense[12] Cash Flow and Assets - Cash and cash equivalents as of September 30, 2025, were $154,451,000, up from $119,384,000 at the end of December 2024, an increase of 29.4%[30] - Total assets increased to $675,750,000 as of September 30, 2025, compared to $429,748,000 at the end of December 2024, reflecting a growth of 57.3%[30] - Cash flows from operating activities for the nine months ended September 30, 2025, were $26,975 thousand, up from $15,387 thousand in 2024, indicating a growth of 75%[33] - Cash, cash equivalents, and restricted cash at the end of the period reached $154,896 thousand, up from $110,759 thousand in the previous year, reflecting an increase of 40%[33] Liabilities and Equity - Total current liabilities increased to $185,640 thousand in September 2025 from $101,436 thousand in December 2024, representing an increase of 83%[31] - Total shareholders' equity rose to $390,601 thousand in September 2025 from $304,435 thousand in December 2024, marking an increase of 28.3%[31] - Long-term liabilities increased significantly to $99,509 thousand in September 2025 from $23,877 thousand in December 2024, representing an increase of 316%[31] Strategic Developments - The company completed a $66 million private placement, reflecting investor confidence in its strategy[12] - The integration of AI into the Network Management System was highlighted as a significant technological advancement[12] - The company incurred $104,943 thousand in acquisitions of subsidiaries, indicating a strategic move towards expansion[33] Other Financial Metrics - Total revenues for the nine months ended September 30, 2025, were $314,698,000, up from $227,320,000 in the same period of 2024, marking a growth of 38.4%[29] - Gross profit for the nine months ended September 30, 2025, was $101,198,000, compared to $85,408,000 in 2024, indicating a 18.5% increase[26] - The commercial segment revenue for the nine months ended September 30, 2025, was $206,234,000, significantly higher than $118,380,000 in 2024, representing a 74.2% increase[29] - The company reported a significant increase in advances from customers and deferred revenues, which rose to $81,407 thousand in September 2025 from $18,587 thousand in December 2024, a growth of 338%[31] - Net income for the nine months ended September 30, 2025, was $11,932 thousand, compared to $13,085 thousand for the same period in 2024, reflecting a decrease of 8.8%[33] - Net cash used in investing activities was $116,703 thousand for the nine months ended September 30, 2025, compared to $4,095 thousand in 2024, indicating a substantial increase in investment activity[33] - The company reported a decrease in accumulated deficit to $(623,540) thousand in September 2025 from $(635,472) thousand in December 2024, a reduction of 1.4%[31]