Financing Overview - IDB Invest and Bladex are providing a financing package of up to $205 million to Telemóvil El Salvador, S.A. de C.V. (Tigo) for the expansion of its broadband network and mobile infrastructure [1][7] - The financing package includes a $150 million loan, with $75 million from each IDB Invest and Bladex, a $30 million Revolving Credit Facility (RCF), and a $25 million Digital Account Receivables Discount Facility, all aimed at enhancing Tigo's services [2] Project Objectives - The project aims to improve productivity, digital inclusion, and economic resilience by expanding and upgrading network infrastructure in response to expected surges in data traffic [3] - Enhanced broadband services are intended to unlock access to digital education, telehealth, and e-commerce opportunities for underserved populations [3] Company Profiles - IDB Invest is a multilateral development bank focused on promoting economic development in Latin America and the Caribbean through private sector financing, managing a portfolio of $21 billion [4] - Bladex, founded in 1979, promotes trade finance and economic integration in Latin America and the Caribbean, providing financial solutions to institutions and corporations in the region [5] - Tigo, a subsidiary of Millicom, has been a leader in El Salvador's digital evolution since 1992, offering high-speed internet, mobile services, and promoting financial inclusion through Tigo Money [6]

Core Insights - Ribbon Communications has successfully completed its long haul DWDM deployment for the KFON project in Kerala, India, aimed at enhancing access and economic development through a high-speed connectivity network spanning 35,000 km [1][2] - The KFON initiative is designed to provide connectivity to over 30,000 government institutions and offer free or subsidized Internet access to disadvantaged citizens, promoting Internet access as a basic right [2][4] - Ribbon's advanced solutions, including the Apollo suite of DWDM transport and OTN switching platforms, are crucial for KFON to meet its bandwidth needs and support the digital inclusion program [2][3] Company Overview - Ribbon Communications specializes in delivering communications software, IP, and optical networking solutions globally, focusing on modernizing networks for improved competitive positioning [3] - The company emphasizes its commitment to Environmental, Social, and Governance (ESG) matters, providing an annual Sustainability Report to stakeholders [3] KFON Project Details - KFON aims to bridge the digital divide in Kerala by creating a complementary infrastructure to the existing telecom ecosystem, ensuring non-discriminatory treatment among service providers [4] - The project facilitates the creation of a robust core and middle-mile infrastructure, allowing various providers to enhance connectivity without significant capital expenditure [4] - The initiative is expected to foster competition in connectivity services and enable the government to deliver e-Governance services through the network [4]

Core Insights - Gilat Satellite Networks Ltd. has been awarded approximately $60 million in orders from Pronatel to upgrade broadband infrastructure in Peru, specifically in the regions of Apurímac, Huancavelica, and Ayacucho [1][2] - The project aims to deliver high-speed internet of 200 Mbps to nearly 800 public institutions, including schools and health centers, across 280 localities, thereby addressing the digital divide in rural communities [2][3] - The migration is expected to take place over the next 12 months, with services delivered over a four-year period [1][2] Company Overview - Gilat Satellite Networks is a leading global provider of satellite-based broadband communications, with over 35 years of experience in developing technology solutions for satellite and ground connectivity [5][6] - The company offers a comprehensive portfolio that includes cloud-based platforms, high-performance satellite terminals, and integrated ground systems for both commercial and defense markets [6][7] - Gilat's products support various applications, including government, defense, broadband access, and critical infrastructure, while adhering to stringent service level requirements [7]

Group 1 - VEON Ltd. has launched "AI Tutor," an AI-powered learning assistant aimed at enhancing the learning experience in the Kazakh language for both children and adults, marking a significant step towards digital inclusion in Kazakhstan [1][4] - AI Tutor is integrated into Beeline Kazakhstan's super-app Janymda and utilizes the KazLLM large language model, offering six gamified learning modules focused on Kazakh language learning, with plans to expand into other subjects [2][3] - The KazLLM model was developed in collaboration with the Institute of Smart Systems and Artificial Intelligence and launched in December 2024, with Janymda reaching 4.9 million monthly active users as of April 2025 [3] Group 2 - The CEO of VEON Group emphasized that augmented intelligence can revolutionize education and make learning more accessible, particularly for Kazakh speakers, through the integration of AI Tutor into a leading digital platform [4] - QazCode's CEO highlighted that AI Tutor personalizes the learning experience for users, making Kazakh language and culture more accessible, and represents a significant advancement in addressing real human needs through technology [5] - QazCode, a major software development company in Kazakhstan, has developed various AI products, including the Kaz-RoBERTA conversational model, and collaborates with international institutions to enhance its capabilities in developing language models for low-resource languages [5][7] Group 3 - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, having developed a digital ecosystem of 60 products since 2018 [6] - QazCode employs 750 people and specializes in creating private large language models, data security, and IT outsourcing services [7] - VEON operates across six countries, providing digital services to nearly 160 million customers, and is listed on NASDAQ [8]

Financial Data and Key Metrics Changes - Q1 2025 revenues reached $92 million, a 21% increase year over year from $76.1 million in Q1 2024 [7][26] - Adjusted EBITDA for Q1 2025 was $7.6 million, with an organic adjusted EBITDA of $11.2 million, representing a 20% year over year increase [7][31] - GAAP net loss in Q1 2025 was $6 million, or a loss per share of $0.10, compared to a net income of $5 million, or $0.09 per share in Q1 2024 [30] Business Line Data and Key Metrics Changes - Commercial segment revenues in Q1 2025 were $64.2 million, a 56% increase from $41.2 million in Q1 2024, primarily due to the acquisition of Stellar Blue [26] - Defense segment revenues increased by 34% to $23 million in Q1 2025 from $17.2 million in Q1 2024, driven by high deliveries to U.S. and Asia defense customers [27] - Peru segment revenues decreased to $4.8 million in Q1 2025 from $17.7 million in Q1 2024, attributed to delays in project renewals and slower progress on existing projects [27][28] Market Data and Key Metrics Changes - Demand for Gilat Defense solutions is increasing, particularly in North America, Europe, and Asia Pacific, with a notable rise in European defense budgets [12][11] - The company secured multiple contracts in Q1 2025, including over $5 million for U.S. DoD connectivity and $23 million for satellite transportable terminals [13][14] Company Strategy and Development Direction - The company is focusing on its newly aligned organizational structure, emphasizing growth in defense, VHTS, and NGSO constellations, as well as in-flight connectivity [6][10] - Gilat plans to increase investment in R&D and sales for its defense segment in 2025, launching several new products to enhance its market position [15][19] - The company aims to leverage its diverse product portfolio to support the growing demand for mission-critical defense connectivity and satellite communications [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global economic uncertainty and shifting trade policies but expressed confidence in the company's proactive adjustments to sourcing and production [9][10] - The company reiterated its 2025 revenue guidance of $415 million to $455 million, representing a year-over-year growth of 42% at the midpoint [33] Other Important Information - The acquisition of Stellar Blue was completed on January 6, 2025, contributing approximately $25 million to Q1 revenues but also incurring an adjusted EBITDA loss of $3.6 million [7][26] - The company secured a $100 million credit line to finance the acquisition, utilizing $60 million for this purpose [32] Q&A Session Summary Question: Is the defense business expected to benefit from increases in European defense spending? - Management indicated that there is significant traction from increased European defense budgets, with expectations for decent business growth in the mid-term [37] Question: What milestones need to be achieved for the Boeing line fit program? - Management stated that adaptations to the terminal are ongoing, with certification expected within the next two to three quarters [38] Question: How should revenue linearity in Peru be viewed over the next few quarters? - Management expects a revenue run rate of $45 million to $50 million for Peru, with significant revenue anticipated in Q2 and Q3 due to project renewals and hardware deliveries [39][40] Question: How is the integration of Stellar Blue progressing? - Management reported good progress, with strong market acceptance and feedback, and expects to meet revenue goals for Stellar Blue [46][49] Question: What is the anticipated production rate for Sidewinder by the end of the year? - Management expects to reach a production rate of about 100 units per month by the end of the year [56] Question: What is the impact of tariffs on the business? - Management noted that the effect of tariffs is currently not significant, as proactive sourcing adjustments have been made [101][102]

Core Insights - Tech Mahindra has partnered with ServiceNow to deliver next-generation broadband solutions for Communication Service Providers (CSPs) [1][5] - The partnership aims to enhance operational efficiencies and accelerate broadband rollouts by leveraging advanced technologies [2][3] Company Overview - Tech Mahindra is a global provider of technology consulting and digital solutions, focusing on the telecommunications sector [1] - The company is expanding its presence in the global broadband market, addressing the need for modernized systems and improved operational agility [3] Partnership Details - The collaboration utilizes Tech Mahindra's netOps.now platform, integrating various operational aspects for CSPs [2] - The solution includes AI-driven analytics, Network-as-a-Service (NaaS), and intelligent automation to streamline operations [2] Operational Impact - CSPs can improve operational efficiencies by up to 50% and achieve faster time-to-market for broadband services [2] - A recent implementation for a FibreCo in Germany resulted in a 20% reduction in fiber rollout time and significant decreases in order fallouts [4] Market Positioning - The partnership positions both companies to drive digital inclusion and seamless connectivity in the broadband market [5] - The next-generation broadband solution is expected to unlock new opportunities and promote sustainable growth [5]