Gilat Satellite Networks .(US:GILT)2026-02-10 12:01Financial Performance - Q4 2025 revenue reached $137.0 million, a 75% increase from $78.1 million in Q4 2024[9] - GAAP operating income for Q4 2025 was $13.0 million, slightly up from $12.8 million in Q4 2024[9] - Full year 2025 revenue totaled $451.7 million, up 48% from $305.4 million in 2024[13] - Adjusted EBITDA for Q4 2025 was $18.2 million, a 50% increase compared to $12.1 million in Q4 2024[9] - The company reported a GAAP net income of $20.7 million for the full year 2025, down from $24.8 million in 2024[13] - Total revenues for the twelve months ended December 31, 2025, increased to $451,657,000, up 47.8% from $305,448,000 in 2024[25] - Gross profit for the same period was $133,344,000, representing a gross margin of 29.5%, compared to $113,331,000 in 2024[25] - Net income for the twelve months ended December 31, 2025, was $20,723,000, a decrease of 16.5% from $24,849,000 in 2024[29] - Basic earnings per share for the twelve months ended December 31, 2025, was $0.35, down from $0.44 in 2024[25] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $53,171,000, an increase of 25.9% from $42,247,000 in 2024[30] Revenue Segmentation - Commercial segment revenues for the twelve months ended December 31, 2025, were $281,352,000, up from $155,344,000 in 2024[31] - Defense segment revenues for the same period were $100,430,000, compared to $97,755,000 in 2024[31] Expenses and Liabilities - Research and development expenses for the twelve months ended December 31, 2025, were $46,651,000, an increase from $38,136,000 in 2024[25] - Operating income for the twelve months ended December 31, 2025, was $23,440,000, down from $27,697,000 in 2024[25] - Total operating expenses for the twelve months ended December 31, 2025, were $109,904,000, compared to $85,634,000 in 2024[25] - Total current liabilities rose significantly to $209,850 in 2025 compared to $101,436 in 2024, marking an increase of about 106.7%[33] Cash and Assets - The company has over $183 million in net cash, allowing for exploration of additional growth opportunities[12] - Total current assets increased to $385,555 in 2025 from $356,316 in 2024, representing an increase of approximately 8.2%[32] - Total assets reached $740,427 in 2025, up from $429,748 in 2024, indicating an increase of around 72.3%[33] - Cash, cash equivalents, and restricted cash at the end of the period increased to $168,995 thousand from $120,249 thousand at the beginning of the period, reflecting a growth of 40.4%[34] Growth Projections - Management expects 2026 revenue guidance of $500 to $520 million, indicating approximately 13% growth at the midpoint[11] - Adjusted EBITDA for 2026 is projected to be between $61 to $66 million, representing a growth rate of approximately 19% at the midpoint[11] Customer and Market Developments - Gilat's Defense Division expanded its customer base and introduced an Earth Observation solution[12] - Recent orders include over $10 million for LEO constellation support and approximately $11 million for the SkyEdge platform from a leading satellite operator in Asia Pacific[16] Shareholder Equity and Deficits - Shareholders' equity improved to $500,278 in 2025 from $304,435 in 2024, reflecting a growth of approximately 64.3%[33] - The accumulated deficit decreased to $614,749 in 2025 from $635,472 in 2024, showing an improvement of approximately 3.3%[33] Cash Flow and Investments - Cash flows from operating activities provided $20,675 thousand, down from $31,669 thousand in the previous year, indicating a decline of 34.8%[34] - Net cash used in investing activities totaled $136,366 thousand, primarily due to the acquisition of a subsidiary, net of cash acquired, amounting to $104,943 thousand[34] - Financing activities generated $163,196 thousand, largely from the proceeds of a private placement of ordinary shares amounting to $164,060 thousand[34] Other Financial Metrics - The company incurred depreciation and amortization expenses of $23,651 thousand, which is an increase from $13,554 thousand in the previous year[34] - Stock-based compensation expenses rose to $8,420 thousand, compared to $6,726 thousand in the prior year, marking an increase of 25.2%[34] - The effect of exchange rate changes on cash and cash equivalents resulted in an increase of $1,241 thousand during the period[34]