Gilat Reports First Quarter 2025 Results

Core Insights - Gilat Satellite Networks Ltd. reported a revenue increase of 21% year-over-year, reaching $92 million in Q1 2025, compared to $76.1 million in Q1 2024 [7] - The company reiterated its guidance for 2025, expecting revenues between $415 million and $455 million, which represents a year-over-year growth of 42% at the midpoint [4] - Adjusted EBITDA for Q1 2025 was $7.6 million, down from $9.3 million in Q1 2024, primarily due to a $3.6 million loss from the ramp-up of Gilat Stellar Blu [7][12] Financial Performance - Revenues for Q1 2025 were $92 million, a 21% increase from $76.1 million in Q1 2024 [7] - GAAP operating loss was $2.7 million, compared to a GAAP operating income of $5.4 million in Q1 2024 [7] - Non-GAAP operating income decreased to $5.2 million from $6.6 million in Q1 2024 [7] - GAAP net loss was $6.0 million, or $0.11 per share, compared to a net income of $5.0 million, or $0.09 per diluted share, in Q1 2024 [7] - Non-GAAP net income was $1.8 million, or $0.03 per diluted share, down from $6.0 million, or $0.11 per diluted share, in Q1 2024 [7] Business Segments - The commercial segment generated $64.2 million in revenue, up from $41.2 million in Q1 2024, while the defense segment increased to $23.0 million from $17.2 million [25] - The company is experiencing significant momentum in its defense sector, driven by increased demand for secure communications [5] Future Outlook - The company expects adjusted EBITDA for 2025 to be between $47 million and $53 million, representing an 18% year-over-year growth at the midpoint [4] - Management expressed confidence in achieving a record year in both revenues and non-GAAP profitability, supported by the ramp-up of Gilat Stellar Blu and expanding opportunities in mission-critical communications [5] Recent Contracts and Orders - Gilat received over $15 million in orders from leading satellite operators and a multimillion-dollar order from a global defense organization [8] - The company was awarded a contract worth up to $23 million to service satellite transportable terminal units for U.S. Department of Defense customers [8]