Gilat Satellite Networks Ltd.

What they do

Gilat designs and manufactures ground-based satellite communications equipment, including satellite network platforms, VSATs, amplifiers, high-speed modems, on-the-move antennas, SSPAs, BUCs, and transceivers. It provides comprehensive secure end-to-end solutions and services for mission-critical operations, supporting applications such as broadband internet access, cellular backhaul, enterprise, digital inclusion, in-flight connectivity (IFC), maritime, land mobility, defense, and public safety. The company sells to communication service providers, satellite operators, mobile network operators, system integrators, and defense and homeland security organizations, and directly to end-users in some Latin American countries.

Revenue drivers

• Gilat Defense Division — Provides secure, rapid-deployment solutions for military organizations, government agencies, and defense integrators, with a strong focus on the U.S. Department of Defense following the DataPath acquisition. Integrates technologies from Gilat, DataPath, and Wavestream to deliver resilient battlefield connectivity. Revenue is generated through equipment sales and related services.
• Gilat Commercial Division — Offers advanced broadband satellite communication networks for IFC, enterprise, and cellular backhaul, supporting HTS, VHTS, and NGSO satellites. Revenue comes from selling network equipment, terminals, and related services. The acquisition of Stellar Blu Solutions in January 2025 added next-generation IFC SATCOM terminal solutions.
• Gilat Services Division — Provides managed network and services through satellite and terrestrial networks, including turnkey integrated solutions. This segment generates recurring revenue from service contracts and network operations, serving enterprise, government, and residential users. It also operates directly to end-users in certain Latin American countries.
• Wavestream — A subsidiary that designs and manufactures high-efficiency, high-power Solid State Power Amplifiers (SSPAs), Block Upconverters (BUCs), and transceivers. These products are sold to satellite operators, system integrators, and defense customers. Wavestream also acquired Stellar Blu Solutions, expanding into IFC terminal solutions.

Recent performance

Gilat's revenue grew from $215.0M in 2021 to $451.7M in 2025, representing a compound annual growth rate of approximately 20%. Net income turned positive in 2023 at $23.5M and remained positive at $24.8M in 2024 and $20.7M in 2025. Diluted EPS was $0.34 in 2025, down from $0.44 in 2024, primarily due to lower net income. Operating cash flow was $20.7M in 2025, a decrease from $31.7M in 2024. As of December 31, 2025, total assets were $746.1M, shareholder equity was $500.3M, and cash and equivalents were $168.9M.

Strategy

Gilat's strategy focuses on increasing its presence in the defense market and the in-flight connectivity (IFC) sector as primary growth engines. The company reorganized into three operating segments effective January 1, 2025, to better target diverse end markets and provide greater insight into its business lines. It completed the acquisition of Stellar Blu Solutions in January 2025 to enhance its IFC terminal solutions and acquired DataPath in 2023 to strengthen its defense offerings. The company continues to invest in R&D and maintains two Network Operation Centers and R&D centers in Israel, the U.S., and Europe. It aims to leverage its broad portfolio to capture opportunities in satellite communications, including HTS, VHTS, and NGSO constellations.

Risks

• Customer Concentration — A significant portion of revenue may come from a limited number of customers, particularly in the defense sector, and the loss of a major customer could materially impact results.
• Integration of Acquisitions — The recent acquisitions of Stellar Blu Solutions and DataPath involve integration risks, including potential difficulties in combining operations, technologies, and personnel, which could disrupt business and affect profitability.
• Technological Change — The satellite communications industry is subject to rapid technological changes, and failure to develop or adopt new technologies, such as NGSO constellations, could render Gilat's products less competitive.
• Geopolitical and Regulatory Risks — As an Israeli company with global operations, Gilat faces risks related to geopolitical instability, export controls, and regulatory changes in the countries where it operates, which could impact sales and operations.

Outlook

Management does not provide specific financial guidance in the excerpt. The company's outlook emphasizes continued focus on defense and IFC markets as growth drivers, supported by recent acquisitions and segment reorganization. Gilat aims to leverage its expanded portfolio to capture opportunities in satellite communications, including HTS, VHTS, and NGSO constellations.