{"success":true,"data":{"pressRelease":{"id":"33209","rtpr_id":"nGNX9kVjnG","ticker":"GILT","exchange":"","all_tickers":["GILT"],"title":"Gilat Reports First Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-05-13T11:09:28.398Z","article_body":"Revenues Grew 20%, GAAP Operating Income Increased to $4.4 Million, Adjusted\nEBITDA Doubled to $15.1 Million\nReiterates Guidance for 2026\n\nPETAH TIKVA, Israel, May 13, 2026 (GLOBE NEWSWIRE) -- Gilat Satellite Networks\nLtd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking\ntechnology, solutions and services, today reported its results for the first\nquarter, ended March 31, 2026.\n\nFirst Quarter 2026 Financial Highlights\n* Revenues of $110.5 million, compared with $92 million in Q1 2025;\n* GAAP operating income of $4.4 million, compared with GAAP operating loss of\n$2.7 million in Q1 2025;\n* Non-GAAP operating income of $12.5 million, compared with $5.2 million in Q1\n2025;\n* GAAP net income of $5.2 million, or $0.07 per diluted share, compared with\nGAAP net loss of $6 million, or $0.11 loss per diluted share, in Q1 2025;\n* Non-GAAP net income of $13.6 million, or $0.18 per diluted share, compared\nwith $1.8 million, or $0.03 per diluted share, in Q1 2025;\n* Adjusted EBITDA of $15.1 million, compared with $7.6 million in Q1 2025.\nForward-Looking Expectations\n\nManagement’s financial guidance for 2026 is for revenue between $500 to $520\nmillion, representing a revenue growth rate of approximately 13% at the\nmidpoint. Adjusted EBITDA for 2026 is expected to be between $61 to $66\nmillion, representing a growth rate of approximately 19% at the midpoint(1).\n\nManagement Commentary\n\nAdi Sfadia, Gilat's CEO, commented: “Gilat began 2026 with strong execution\nand momentum across our key growth initiatives. Our first quarter results\nreflected the strength of our broad solutions portfolio, continued expansion\nin defense and commercial markets, and improving profitability.”\n\nMr. Sfadia added, “During the quarter, we expanded our defense footprint\ninto additional countries and strengthened strategic commercial relationships\nin India. We also saw growing interest in our virtualized, software-based\nnetwork solutions following the successful demonstration conducted with Amazon\nAWS and SES Space & Defense. In-flight connectivity demand remains robust as\nnext-generation aviation connectivity deployments continue to scale.\n\nWe are also experiencing increased demand for our defense portable gateway\nsolutions, driven by the growing need for resilient, location-independent\ncommunications capabilities in contested operational environments. In\nparallel, we introduced a new category of high-power solid-state power\namplifiers designed to replace traditional TWTAs across both defense and\ncommercial applications.\n\nAdoption of LEO and multi-orbit architectures continues to drive demand for\nelectronically steered antennas, aligning well with our ESA portfolio strategy\nand creating additional growth opportunities for Gilat.”\n\nMr. Sfadia concluded, “Looking ahead, our backlog and pipeline remain\nstrong. Based on our current visibility and execution confidence, we are\nreaffirming our full-year outlook for 2026. In addition, supported by our\nstrong balance sheet and cash position, we continue to actively evaluate\nstrategic opportunities to accelerate growth and further strengthen our market\nposition.”\n\nKey Recent Announcements\n* Gilat Signs Strategic Multimillion Partnership with Nelco in India to Deploy\nSkyEdge IV\n* Gilat Awarded over $7 Million for its New EnduroStream Solution to Support\nthe U.S. Department of War\n* Gilat Defense, AWS, SES Space & Defense and WAVE Consortium Demonstrate\nVirtualized SATCOM Gateway Modem Architecture at Satellite 2026\n* Gilat Receives Approximately $6 Million in Orders Supporting U.S. Army\nGlobal Communications Operations\n* Gilat Secures Multi-Million Dollar IFC Order to Power Commercial Aviation\nConnectivity\n* Gilat Demonstrates 5G NTN End-to-End Connectivity over GEO Satellite\n* Gilat Receives $39 Million in Orders for Sidewinder ESA Terminals\n* Gilat Receives Over $16 Million Order to Supply SATCOM Systems to a European\nMinistry of Defense\nConference Call Details\n\nGilat’s management will discuss its first quarter 2026 results and business\nachievements and participate in a question-and-answer session:\n\nIn English:\n\n Date: Wednesday, May 13, 2026 \n Start: 09:30 AM EDT / 16:30 IST \n \n\nA simultaneous webcast of the conference call will be available on the Gilat\nwebsite at www.gilat.com and through this link:\nhttps://www.veidan-conferencing.com/gilat\n\n Or Dial-in: \n US: International: 1-888-407-2553 +972-3-918-0609 \n \n\nThe webcast will also be archived for a period of 30 days on the Company’s\nwebsite and through the link above.\n\nIn Hebrew:\n\n Date: Start: Thursday, May 14, 2026 10:00 AM IST \n \n\nA simultaneous webcast of the conference call will be available on the Gilat\nwebsite at www.gilat.com and through this link:\n\nhttps://gk-biz.zoom.us/webinar/register/WN_6i326qdWSvSx8NMDdM3QIw\n\nNon-GAAP Measures\n\nThe attached unaudited summary consolidated financial statements were prepared\nin accordance with U.S. Generally Accepted Accounting Principles (GAAP). To\nsupplement the summary consolidated financial statements presented in\naccordance with GAAP, the Company presents non-GAAP measurements of gross\nprofit, operating expenses, operating income, income before taxes on income,\nnet income, Adjusted EBITDA, and earnings per share. The adjustments to the\nCompany’s GAAP results are made with the intent of providing both management\nand investors with a more complete understanding of the Company’s underlying\noperational results, trends, and performance. Non-GAAP financial measures\nmainly exclude, if and when applicable, the effect of stock-based\ncompensation, amortization of purchased intangibles, lease incentive\namortization, other non-recurring expenses, other integration expenses, other\noperating expenses (income), net, and the income tax effect on the relevant\nadjustments.\n\nAdjusted EBITDA is presented to compare the Company’s performance to that of\nprior periods and evaluate the Company’s financial and operating results on\na consistent basis from period to period. The Company also believes this\nmeasure, when viewed in combination with the Company’s financial results\nprepared in accordance with GAAP, provides useful information to investors to\nevaluate ongoing operating results and trends. Adjusted EBITDA, however,\nshould not be considered as an alternative to operating income or net income\nfor the period and may not be indicative of the historical operating results\nof the Company; nor is it meant to be predictive of potential future results.\nAdjusted EBITDA is not a measure of financial performance under GAAP and may\nnot be comparable to other similarly titled measures for other companies. A\nreconciliation between the Company's net income and Adjusted EBITDA is\npresented in the attached summary consolidated financial statements.\n\nNon-GAAP presentations of gross profit, operating expenses, operating income,\nincome before taxes on income, net income, Adjusted EBITDA and earnings per\nshare should not be considered in isolation or as a substitute for any of the\nconsolidated statements of operations prepared in accordance with GAAP, or as\nan indication of Gilat’s operating performance or liquidity.\n\nAbout Gilat\n\nGilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global\nprovider of satellite-based broadband communications. With over 35 years of\nexperience, we develop and deliver deep technology solutions for satellite,\nground, and new space connectivity, offering next-generation solutions and\nservices for critical connectivity across commercial and defense applications.\nWe believe in the right of all people to be connected and are united in our\nresolution to provide communication solutions to all reaches of the world.\n\nTogether with our wholly owned subsidiaries Gilat Wavestream, Gilat DataPath,\nand Gilat Stellar Blu, we offer integrated, high-value solutions supporting\nmulti-orbit constellations, Very High Throughput Satellites (VHTS), and\nSoftware-Defined Satellites (SDS) via our Commercial and Defense Divisions.\nOur comprehensive portfolio is comprised of a software-defined platform and\nmodems, high-performance satellite terminals, advanced Satellite On-the-Move\n(SOTM) antennas and Electronically Steered Antennas (ESAs), highly efficient,\nhigh-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC)\nand includes integrated ground systems for commercial and defense markets,\nfield services, network management software, and cybersecurity services.\n\nGilat’s products and tailored solutions support multiple applications\nincluding government and defense, IFC and mobility, cellular backhaul,\nenterprise, aerospace and critical infrastructure clients all while meeting\nthe most stringent service level requirements. For more information, please\nvisit: https://www.gilat.com\n\nCertain statements made herein that are not historical are forward-looking\nwithin the meaning of the Private Securities Litigation Reform Act of 1995.\nThe words “estimate”, “project”, “intend”, “expect”,\n“believe” and similar expressions are intended to identify forward-looking\nstatements. These forward-looking statements involve known and unknown risks\nand uncertainties. Many factors could cause the actual results, performance or\nachievements of Gilat to be materially different from any future results,\nperformance or achievements that may be expressed or implied by such\nforward-looking statements, including, among others, changes in general\neconomic and business conditions, inability to maintain market acceptance to\nGilat’s products, inability to timely develop and introduce new\ntechnologies, products and applications, rapid changes in the market for\nGilat’s products, loss of market share and pressure on prices resulting from\ncompetition, introduction of competing products by other companies, inability\nto manage growth and expansion, loss of key OEM partners, inability to attract\nand retain qualified personnel, inability to protect the Company’s\nproprietary technology and risks associated with Gilat’s international\noperations and its location in Israel, including those related to the\nhostilities between Israel and Iran and the Hezbollah in Lebanon. For\nadditional information regarding these and other risks and uncertainties\nassociated with Gilat’s business, reference is made to Gilat’s reports\nfiled from time to time with the Securities and Exchange Commission. We\nundertake no obligation to update or revise any forward-looking statements for\nany reason.\n\nContact:\n\nGilat Satellite Networks\nHagay Katz, Chief Products and Marketing Officer\nPublicRelations@gilat.com\n\nAlliance Advisors\n\nGilatIR@allianceadvisors.com \nPhone: +1 212 838 3777\n\n__________________________________\n(1) We do not provide forward-looking guidance on a GAAP basis because we are\nunable to reasonably provide forward-looking guidance for certain financial\ndata, such as earnout-based expenses related to recent acquisitions. As a\nresult, we are not able to provide a reconciliation of GAAP to non-GAAP\nfinancial measures for forward looking data without unreasonable effort.\n\n\n\n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED STATEMENTS OF INCOME (LOSS) \n U.S. dollars in thousands (except share and per share data) \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n \n Revenues $ 110,474 $ 92,037 \n Cost of revenues 72,825 63,639 \n \n Gross profit 37,649 28,398 \n \n Research and development expenses, net 12,117 11,621 \n Selling and marketing expenses 9,707 8,202 \n General and administrative expenses 10,398 6,784 \n Other operating expenses, net 1,041 4,538 \n \n Total operating expenses 33,263 31,145 \n \n Operating income (loss) 4,386 (2,747 ) \n \n Financial income (expenses), net 1,295 (936 ) \n \n Income (loss) before taxes on income 5,681 (3,683 ) \n \n Taxes on income (447 ) (2,313 ) \n \n Net income (loss) $ 5,234 $ (5,996 ) \n \n Earnings (losses) per share (Basic and Diluted) $ 0.07 $ (0.11 ) \n \n Weighted average number of shares used in computing earnings (losses) per share \n Basic 74,525,773 57,037,671 \n Diluted 77,188,106 57,037,671 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (LOSS) \n FOR COMPARATIVE PURPOSES \n U.S. dollars in thousands (except share and per share data) \n Three months ended Three months ended \n March 31, 2026 March 31, 2025 \n GAAP Adjustments (*) Non-GAAP GAAP Adjustments (*) Non-GAAP \n Unaudited Unaudited \n \n Gross profit $ 37,649 1,644 $ 39,293 $ 28,398 810 $ 29,208 \n Operating expenses 33,263 (6,468 ) 26,795 31,145 (7,090 ) 24,055 \n Operating income (loss) 4,386 8,112 12,498 (2,747 ) 7,900 5,153 \n Income (loss) before taxes on income 5,681 8,112 13,793 (3,683 ) 7,900 4,217 \n Net income (loss) 5,234 8,353 13,587 (5,996 ) 7,823 1,827 \n \n Earnings (losses) per share (Basic and Diluted) $ 0.07 $ 0.11 $ 0.18 $ (0.11 ) $ 0.14 $ 0.03 \n \n \n Weighted average number of shares used in computing earnings (losses) per share \n Basic 74,525,773 74,525,773 57,037,671 57,037,671 \n Diluted 77,188,106 77,265,072 57,037,671 58,005,232 \n \n \n (*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses, net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate. \n \n \n \n Three months ended Three months ended \n March 31, 2026 March 31, 2025 \n Unaudited Unaudited \n \n GAAP net income (loss) $ 5,234 $ (5,996 ) \n \n Gross profit \n Stock-based compensation expenses 199 173 \n Amortization of purchased intangibles 1,428 600 \n Other integration expenses 17 37 \n 1,644 810 \n Operating expenses \n Stock-based compensation expenses 1,481 901 \n Stock-based compensation related to business combination 2,742 607 \n Amortization of purchased intangibles 1,093 884 \n Other operating expenses, net 1,041 4,538 \n Other integration expenses 111 160 \n 6,468 7,090 \n \n Taxes on income 241 (77 ) \n \n Non-GAAP net income $ 13,587 $ 1,827 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n SUPPLEMENTAL INFORMATION \n U.S. dollars in thousands \n \n ADJUSTED EBITDA: \n \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n \n GAAP net income (loss) $ 5,234 $ (5,996 ) \n Adjustments: \n Financial expenses (income), net (1,295 ) 936 \n Taxes on income 447 2,313 \n Stock-based compensation expenses 1,680 1,074 \n Stock-based compensation related to business combination 2,742 607 \n Depreciation and amortization (*) 5,116 3,962 \n Other operating expenses, net 1,041 4,538 \n Other integration expenses 128 197 \n \n Adjusted EBITDA $ 15,093 $ 7,631 \n \n (*) Including amortization of lease incentive \n \n SEGMENT REVENUES: \n \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n \n Commercial $ 72,785 $ 64,220 \n Defense 25,427 23,011 \n Peru 12,262 4,806 \n \n Total revenues $ 110,474 $ 92,037 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED BALANCE SHEETS \n U.S. dollars in thousands \n \n March 31, December 31, \n 2026 2025 \n Unaudited Audited \n \n ASSETS \n \n CURRENT ASSETS: \n Cash and cash equivalents $ 140,154 $ 168,907 \n Short-term deposits 30,860 16,433 \n Restricted cash 64 88 \n Trade receivables, net 100,632 85,929 \n Contract assets 41,660 36,987 \n Inventories 44,794 45,430 \n Other current assets 46,639 37,406 \n \n Total current assets 404,803 391,180 \n \n LONG-TERM ASSETS: \n Long-term contract assets 7,193 7,890 \n Severance pay funds 6,825 6,941 \n Deferred taxes 15,761 15,558 \n Operating lease right-of-use assets 5,349 5,922 \n Other long-term assets 19,877 19,871 \n \n Total long-term assets 55,005 56,182 \n \n PROPERTY AND EQUIPMENT, NET 74,962 75,172 \n \n INTANGIBLE ASSETS, NET 51,452 53,986 \n \n GOODWILL 169,534 169,534 \n \n TOTAL ASSETS $ 755,756 $ 746,054 \n \n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED BALANCE SHEETS (Cont.) \n U.S. dollars in thousands \n \n March 31, December 31, \n 2026 2025 \n Unaudited Audited \n \n LIABILITIES AND SHAREHOLDERS' EQUITY \n \n CURRENT LIABILITIES: \n Current maturities of long-term loan $ 2,000 $ 2,000 \n Trade payables 33,776 31,614 \n Accrued expenses 55,452 58,878 \n Advances from customers and deferred revenues 77,476 78,499 \n Operating lease liabilities 2,620 2,957 \n Other current liabilities 28,915 41,529 \n \n Total current liabilities 200,239 215,477 \n \n LONG-TERM LIABILITIES: \n Accrued severance pay 7,485 7,508 \n Long-term advances from customers and deferred revenues 180 67 \n Operating lease liabilities 2,849 3,102 \n Other long-term liabilities 8,847 19,622 \n \n Total long-term liabilities 19,361 30,299 \n \n SHAREHOLDERS' EQUITY: \n Share capital - ordinary shares of NIS 0.2 par value 3,967 3,765 \n Additional paid-in capital 1,146,418 1,115,030 \n Accumulated other comprehensive loss (4,714 ) (3,768 ) \n Accumulated deficit (609,515 ) (614,749 ) \n \n Total shareholders' equity 536,156 500,278 \n \n TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 755,756 $ 746,054 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n U.S. dollars in thousands \n \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n Cash flows from operating activities: \n Net income (loss) $ 5,234 $ (5,996 ) \n Adjustments required to reconcile net income (loss) to net cash used in operating activities: \n Depreciation and amortization 5,079 3,905 \n Stock-based compensation expenses 4,422 1,681 \n Accrued severance pay, net 94 (22 ) \n Deferred taxes, net (203 ) 1,984 \n Decrease (increase) in trade receivables, net (14,779 ) 4,528 \n Increase in contract assets (3,977 ) (7,798 ) \n Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash, cash equivalents and restricted cash) (9,800 ) 18,390 \n Decrease (increase) in inventories 493 (11,456 ) \n Increase (decrease) in trade payables 2,451 (7,828 ) \n Decrease in accrued expenses (3,414 ) (6,358 ) \n Decrease in advances from customers and deferred revenues (921 ) (1,096 ) \n Increase in other liabilities 3,147 3,454 \n Net cash used in operating activities (12,174 ) (6,612 ) \n \n Cash flows from investing activities: \n Purchase of property, equipment and intangible assets (2,513 ) (1,490 ) \n Investment in other asset - (2,500 ) \n Investments in short-term deposits (14,350 ) - \n Acquisitions of subsidiary, net of cash acquired - (104,943 ) \n Net cash used in investing activities (16,863 ) (108,933 ) \n \n Cash flows from financing activities: \n Proceeds from long-term loan, net of associated costs - 58,970 \n Proceeds from exercise of stock options 14 - \n Net cash provided by financing activities 14 58,970 \n \n Effect of exchange rate changes on cash, cash equivalents and restricted cash 246 592 \n \n Decrease in cash, cash equivalents and restricted cash (28,777 ) (55,983 ) \n \n Cash, cash equivalents and restricted cash at the beginning of the period 168,995 120,249 \n \n Cash, cash equivalents and restricted cash at the end of the period $ 140,218 $ 64,266 \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/3a83f1da-76ec-4c48-9e65-e6ae0139a63b)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX9kVjnG","title":"Gilat Reports First Quarter 2026 Results","author":"Globe Newswire","ticker":"GILT","created":"2026-05-13T11:09:28.398Z","tickers":["GILT"],"exchange":"","article_body":"Revenues Grew 20%, GAAP Operating Income Increased to $4.4 Million, Adjusted\nEBITDA Doubled to $15.1 Million\nReiterates Guidance for 2026\n\nPETAH TIKVA, Israel, May 13, 2026 (GLOBE NEWSWIRE) -- Gilat Satellite Networks\nLtd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking\ntechnology, solutions and services, today reported its results for the first\nquarter, ended March 31, 2026.\n\nFirst Quarter 2026 Financial Highlights\n* Revenues of $110.5 million, compared with $92 million in Q1 2025;\n* GAAP operating income of $4.4 million, compared with GAAP operating loss of\n$2.7 million in Q1 2025;\n* Non-GAAP operating income of $12.5 million, compared with $5.2 million in Q1\n2025;\n* GAAP net income of $5.2 million, or $0.07 per diluted share, compared with\nGAAP net loss of $6 million, or $0.11 loss per diluted share, in Q1 2025;\n* Non-GAAP net income of $13.6 million, or $0.18 per diluted share, compared\nwith $1.8 million, or $0.03 per diluted share, in Q1 2025;\n* Adjusted EBITDA of $15.1 million, compared with $7.6 million in Q1 2025.\nForward-Looking Expectations\n\nManagement’s financial guidance for 2026 is for revenue between $500 to $520\nmillion, representing a revenue growth rate of approximately 13% at the\nmidpoint. Adjusted EBITDA for 2026 is expected to be between $61 to $66\nmillion, representing a growth rate of approximately 19% at the midpoint(1).\n\nManagement Commentary\n\nAdi Sfadia, Gilat's CEO, commented: “Gilat began 2026 with strong execution\nand momentum across our key growth initiatives. Our first quarter results\nreflected the strength of our broad solutions portfolio, continued expansion\nin defense and commercial markets, and improving profitability.”\n\nMr. Sfadia added, “During the quarter, we expanded our defense footprint\ninto additional countries and strengthened strategic commercial relationships\nin India. We also saw growing interest in our virtualized, software-based\nnetwork solutions following the successful demonstration conducted with Amazon\nAWS and SES Space & Defense. In-flight connectivity demand remains robust as\nnext-generation aviation connectivity deployments continue to scale.\n\nWe are also experiencing increased demand for our defense portable gateway\nsolutions, driven by the growing need for resilient, location-independent\ncommunications capabilities in contested operational environments. In\nparallel, we introduced a new category of high-power solid-state power\namplifiers designed to replace traditional TWTAs across both defense and\ncommercial applications.\n\nAdoption of LEO and multi-orbit architectures continues to drive demand for\nelectronically steered antennas, aligning well with our ESA portfolio strategy\nand creating additional growth opportunities for Gilat.”\n\nMr. Sfadia concluded, “Looking ahead, our backlog and pipeline remain\nstrong. Based on our current visibility and execution confidence, we are\nreaffirming our full-year outlook for 2026. In addition, supported by our\nstrong balance sheet and cash position, we continue to actively evaluate\nstrategic opportunities to accelerate growth and further strengthen our market\nposition.”\n\nKey Recent Announcements\n* Gilat Signs Strategic Multimillion Partnership with Nelco in India to Deploy\nSkyEdge IV\n* Gilat Awarded over $7 Million for its New EnduroStream Solution to Support\nthe U.S. Department of War\n* Gilat Defense, AWS, SES Space & Defense and WAVE Consortium Demonstrate\nVirtualized SATCOM Gateway Modem Architecture at Satellite 2026\n* Gilat Receives Approximately $6 Million in Orders Supporting U.S. Army\nGlobal Communications Operations\n* Gilat Secures Multi-Million Dollar IFC Order to Power Commercial Aviation\nConnectivity\n* Gilat Demonstrates 5G NTN End-to-End Connectivity over GEO Satellite\n* Gilat Receives $39 Million in Orders for Sidewinder ESA Terminals\n* Gilat Receives Over $16 Million Order to Supply SATCOM Systems to a European\nMinistry of Defense\nConference Call Details\n\nGilat’s management will discuss its first quarter 2026 results and business\nachievements and participate in a question-and-answer session:\n\nIn English:\n\n Date: Wednesday, May 13, 2026 \n Start: 09:30 AM EDT / 16:30 IST \n \n\nA simultaneous webcast of the conference call will be available on the Gilat\nwebsite at www.gilat.com and through this link:\nhttps://www.veidan-conferencing.com/gilat\n\n Or Dial-in: \n US: International: 1-888-407-2553 +972-3-918-0609 \n \n\nThe webcast will also be archived for a period of 30 days on the Company’s\nwebsite and through the link above.\n\nIn Hebrew:\n\n Date: Start: Thursday, May 14, 2026 10:00 AM IST \n \n\nA simultaneous webcast of the conference call will be available on the Gilat\nwebsite at www.gilat.com and through this link:\n\nhttps://gk-biz.zoom.us/webinar/register/WN_6i326qdWSvSx8NMDdM3QIw\n\nNon-GAAP Measures\n\nThe attached unaudited summary consolidated financial statements were prepared\nin accordance with U.S. Generally Accepted Accounting Principles (GAAP). To\nsupplement the summary consolidated financial statements presented in\naccordance with GAAP, the Company presents non-GAAP measurements of gross\nprofit, operating expenses, operating income, income before taxes on income,\nnet income, Adjusted EBITDA, and earnings per share. The adjustments to the\nCompany’s GAAP results are made with the intent of providing both management\nand investors with a more complete understanding of the Company’s underlying\noperational results, trends, and performance. Non-GAAP financial measures\nmainly exclude, if and when applicable, the effect of stock-based\ncompensation, amortization of purchased intangibles, lease incentive\namortization, other non-recurring expenses, other integration expenses, other\noperating expenses (income), net, and the income tax effect on the relevant\nadjustments.\n\nAdjusted EBITDA is presented to compare the Company’s performance to that of\nprior periods and evaluate the Company’s financial and operating results on\na consistent basis from period to period. The Company also believes this\nmeasure, when viewed in combination with the Company’s financial results\nprepared in accordance with GAAP, provides useful information to investors to\nevaluate ongoing operating results and trends. Adjusted EBITDA, however,\nshould not be considered as an alternative to operating income or net income\nfor the period and may not be indicative of the historical operating results\nof the Company; nor is it meant to be predictive of potential future results.\nAdjusted EBITDA is not a measure of financial performance under GAAP and may\nnot be comparable to other similarly titled measures for other companies. A\nreconciliation between the Company's net income and Adjusted EBITDA is\npresented in the attached summary consolidated financial statements.\n\nNon-GAAP presentations of gross profit, operating expenses, operating income,\nincome before taxes on income, net income, Adjusted EBITDA and earnings per\nshare should not be considered in isolation or as a substitute for any of the\nconsolidated statements of operations prepared in accordance with GAAP, or as\nan indication of Gilat’s operating performance or liquidity.\n\nAbout Gilat\n\nGilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global\nprovider of satellite-based broadband communications. With over 35 years of\nexperience, we develop and deliver deep technology solutions for satellite,\nground, and new space connectivity, offering next-generation solutions and\nservices for critical connectivity across commercial and defense applications.\nWe believe in the right of all people to be connected and are united in our\nresolution to provide communication solutions to all reaches of the world.\n\nTogether with our wholly owned subsidiaries Gilat Wavestream, Gilat DataPath,\nand Gilat Stellar Blu, we offer integrated, high-value solutions supporting\nmulti-orbit constellations, Very High Throughput Satellites (VHTS), and\nSoftware-Defined Satellites (SDS) via our Commercial and Defense Divisions.\nOur comprehensive portfolio is comprised of a software-defined platform and\nmodems, high-performance satellite terminals, advanced Satellite On-the-Move\n(SOTM) antennas and Electronically Steered Antennas (ESAs), highly efficient,\nhigh-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC)\nand includes integrated ground systems for commercial and defense markets,\nfield services, network management software, and cybersecurity services.\n\nGilat’s products and tailored solutions support multiple applications\nincluding government and defense, IFC and mobility, cellular backhaul,\nenterprise, aerospace and critical infrastructure clients all while meeting\nthe most stringent service level requirements. For more information, please\nvisit: https://www.gilat.com\n\nCertain statements made herein that are not historical are forward-looking\nwithin the meaning of the Private Securities Litigation Reform Act of 1995.\nThe words “estimate”, “project”, “intend”, “expect”,\n“believe” and similar expressions are intended to identify forward-looking\nstatements. These forward-looking statements involve known and unknown risks\nand uncertainties. Many factors could cause the actual results, performance or\nachievements of Gilat to be materially different from any future results,\nperformance or achievements that may be expressed or implied by such\nforward-looking statements, including, among others, changes in general\neconomic and business conditions, inability to maintain market acceptance to\nGilat’s products, inability to timely develop and introduce new\ntechnologies, products and applications, rapid changes in the market for\nGilat’s products, loss of market share and pressure on prices resulting from\ncompetition, introduction of competing products by other companies, inability\nto manage growth and expansion, loss of key OEM partners, inability to attract\nand retain qualified personnel, inability to protect the Company’s\nproprietary technology and risks associated with Gilat’s international\noperations and its location in Israel, including those related to the\nhostilities between Israel and Iran and the Hezbollah in Lebanon. For\nadditional information regarding these and other risks and uncertainties\nassociated with Gilat’s business, reference is made to Gilat’s reports\nfiled from time to time with the Securities and Exchange Commission. We\nundertake no obligation to update or revise any forward-looking statements for\nany reason.\n\nContact:\n\nGilat Satellite Networks\nHagay Katz, Chief Products and Marketing Officer\nPublicRelations@gilat.com\n\nAlliance Advisors\n\nGilatIR@allianceadvisors.com \nPhone: +1 212 838 3777\n\n__________________________________\n(1) We do not provide forward-looking guidance on a GAAP basis because we are\nunable to reasonably provide forward-looking guidance for certain financial\ndata, such as earnout-based expenses related to recent acquisitions. As a\nresult, we are not able to provide a reconciliation of GAAP to non-GAAP\nfinancial measures for forward looking data without unreasonable effort.\n\n\n\n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED STATEMENTS OF INCOME (LOSS) \n U.S. dollars in thousands (except share and per share data) \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n \n Revenues $ 110,474 $ 92,037 \n Cost of revenues 72,825 63,639 \n \n Gross profit 37,649 28,398 \n \n Research and development expenses, net 12,117 11,621 \n Selling and marketing expenses 9,707 8,202 \n General and administrative expenses 10,398 6,784 \n Other operating expenses, net 1,041 4,538 \n \n Total operating expenses 33,263 31,145 \n \n Operating income (loss) 4,386 (2,747 ) \n \n Financial income (expenses), net 1,295 (936 ) \n \n Income (loss) before taxes on income 5,681 (3,683 ) \n \n Taxes on income (447 ) (2,313 ) \n \n Net income (loss) $ 5,234 $ (5,996 ) \n \n Earnings (losses) per share (Basic and Diluted) $ 0.07 $ (0.11 ) \n \n Weighted average number of shares used in computing earnings (losses) per share \n Basic 74,525,773 57,037,671 \n Diluted 77,188,106 57,037,671 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (LOSS) \n FOR COMPARATIVE PURPOSES \n U.S. dollars in thousands (except share and per share data) \n Three months ended Three months ended \n March 31, 2026 March 31, 2025 \n GAAP Adjustments (*) Non-GAAP GAAP Adjustments (*) Non-GAAP \n Unaudited Unaudited \n \n Gross profit $ 37,649 1,644 $ 39,293 $ 28,398 810 $ 29,208 \n Operating expenses 33,263 (6,468 ) 26,795 31,145 (7,090 ) 24,055 \n Operating income (loss) 4,386 8,112 12,498 (2,747 ) 7,900 5,153 \n Income (loss) before taxes on income 5,681 8,112 13,793 (3,683 ) 7,900 4,217 \n Net income (loss) 5,234 8,353 13,587 (5,996 ) 7,823 1,827 \n \n Earnings (losses) per share (Basic and Diluted) $ 0.07 $ 0.11 $ 0.18 $ (0.11 ) $ 0.14 $ 0.03 \n \n \n Weighted average number of shares used in computing earnings (losses) per share \n Basic 74,525,773 74,525,773 57,037,671 57,037,671 \n Diluted 77,188,106 77,265,072 57,037,671 58,005,232 \n \n \n (*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses, net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate. \n \n \n \n Three months ended Three months ended \n March 31, 2026 March 31, 2025 \n Unaudited Unaudited \n \n GAAP net income (loss) $ 5,234 $ (5,996 ) \n \n Gross profit \n Stock-based compensation expenses 199 173 \n Amortization of purchased intangibles 1,428 600 \n Other integration expenses 17 37 \n 1,644 810 \n Operating expenses \n Stock-based compensation expenses 1,481 901 \n Stock-based compensation related to business combination 2,742 607 \n Amortization of purchased intangibles 1,093 884 \n Other operating expenses, net 1,041 4,538 \n Other integration expenses 111 160 \n 6,468 7,090 \n \n Taxes on income 241 (77 ) \n \n Non-GAAP net income $ 13,587 $ 1,827 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n SUPPLEMENTAL INFORMATION \n U.S. dollars in thousands \n \n ADJUSTED EBITDA: \n \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n \n GAAP net income (loss) $ 5,234 $ (5,996 ) \n Adjustments: \n Financial expenses (income), net (1,295 ) 936 \n Taxes on income 447 2,313 \n Stock-based compensation expenses 1,680 1,074 \n Stock-based compensation related to business combination 2,742 607 \n Depreciation and amortization (*) 5,116 3,962 \n Other operating expenses, net 1,041 4,538 \n Other integration expenses 128 197 \n \n Adjusted EBITDA $ 15,093 $ 7,631 \n \n (*) Including amortization of lease incentive \n \n SEGMENT REVENUES: \n \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n \n Commercial $ 72,785 $ 64,220 \n Defense 25,427 23,011 \n Peru 12,262 4,806 \n \n Total revenues $ 110,474 $ 92,037 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED BALANCE SHEETS \n U.S. dollars in thousands \n \n March 31, December 31, \n 2026 2025 \n Unaudited Audited \n \n ASSETS \n \n CURRENT ASSETS: \n Cash and cash equivalents $ 140,154 $ 168,907 \n Short-term deposits 30,860 16,433 \n Restricted cash 64 88 \n Trade receivables, net 100,632 85,929 \n Contract assets 41,660 36,987 \n Inventories 44,794 45,430 \n Other current assets 46,639 37,406 \n \n Total current assets 404,803 391,180 \n \n LONG-TERM ASSETS: \n Long-term contract assets 7,193 7,890 \n Severance pay funds 6,825 6,941 \n Deferred taxes 15,761 15,558 \n Operating lease right-of-use assets 5,349 5,922 \n Other long-term assets 19,877 19,871 \n \n Total long-term assets 55,005 56,182 \n \n PROPERTY AND EQUIPMENT, NET 74,962 75,172 \n \n INTANGIBLE ASSETS, NET 51,452 53,986 \n \n GOODWILL 169,534 169,534 \n \n TOTAL ASSETS $ 755,756 $ 746,054 \n \n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED BALANCE SHEETS (Cont.) \n U.S. dollars in thousands \n \n March 31, December 31, \n 2026 2025 \n Unaudited Audited \n \n LIABILITIES AND SHAREHOLDERS' EQUITY \n \n CURRENT LIABILITIES: \n Current maturities of long-term loan $ 2,000 $ 2,000 \n Trade payables 33,776 31,614 \n Accrued expenses 55,452 58,878 \n Advances from customers and deferred revenues 77,476 78,499 \n Operating lease liabilities 2,620 2,957 \n Other current liabilities 28,915 41,529 \n \n Total current liabilities 200,239 215,477 \n \n LONG-TERM LIABILITIES: \n Accrued severance pay 7,485 7,508 \n Long-term advances from customers and deferred revenues 180 67 \n Operating lease liabilities 2,849 3,102 \n Other long-term liabilities 8,847 19,622 \n \n Total long-term liabilities 19,361 30,299 \n \n SHAREHOLDERS' EQUITY: \n Share capital - ordinary shares of NIS 0.2 par value 3,967 3,765 \n Additional paid-in capital 1,146,418 1,115,030 \n Accumulated other comprehensive loss (4,714 ) (3,768 ) \n Accumulated deficit (609,515 ) (614,749 ) \n \n Total shareholders' equity 536,156 500,278 \n \n TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 755,756 $ 746,054 \n \n\n\n\n GILAT SATELLITE NETWORKS LTD. \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n U.S. dollars in thousands \n \n Three months ended \n March 31, \n 2026 2025 \n Unaudited \n Cash flows from operating activities: \n Net income (loss) $ 5,234 $ (5,996 ) \n Adjustments required to reconcile net income (loss) to net cash used in operating activities: \n Depreciation and amortization 5,079 3,905 \n Stock-based compensation expenses 4,422 1,681 \n Accrued severance pay, net 94 (22 ) \n Deferred taxes, net (203 ) 1,984 \n Decrease (increase) in trade receivables, net (14,779 ) 4,528 \n Increase in contract assets (3,977 ) (7,798 ) \n Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash, cash equivalents and restricted cash) (9,800 ) 18,390 \n Decrease (increase) in inventories 493 (11,456 ) \n Increase (decrease) in trade payables 2,451 (7,828 ) \n Decrease in accrued expenses (3,414 ) (6,358 ) \n Decrease in advances from customers and deferred revenues (921 ) (1,096 ) \n Increase in other liabilities 3,147 3,454 \n Net cash used in operating activities (12,174 ) (6,612 ) \n \n Cash flows from investing activities: \n Purchase of property, equipment and intangible assets (2,513 ) (1,490 ) \n Investment in other asset - (2,500 ) \n Investments in short-term deposits (14,350 ) - \n Acquisitions of subsidiary, net of cash acquired - (104,943 ) \n Net cash used in investing activities (16,863 ) (108,933 ) \n \n Cash flows from financing activities: \n Proceeds from long-term loan, net of associated costs - 58,970 \n Proceeds from exercise of stock options 14 - \n Net cash provided by financing activities 14 58,970 \n \n Effect of exchange rate changes on cash, cash equivalents and restricted cash 246 592 \n \n Decrease in cash, cash equivalents and restricted cash (28,777 ) (55,983 ) \n \n Cash, cash equivalents and restricted cash at the beginning of the period 168,995 120,249 \n \n Cash, cash equivalents and restricted cash at the end of the period $ 140,218 $ 64,266 \n \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/3a83f1da-76ec-4c48-9e65-e6ae0139a63b)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-13T11:09:28.470701559Z","server_sent_at_ms":1778670568470},"received_at":"2026-05-13T11:09:28.752Z","source_url":null},"analysis":{"id":"23771","press_release_id":"33209","analysis_json":{"industry":{"label":"Communications Equipment","sector":"Information Technology"},"redFlags":[],"eventType":"earnings","narrative":"Gilat Satellite Networks reported Q1 2026 revenue of $110.5 million, a 20% increase from $92 million in Q1 2025.\n\nGAAP operating income improved to $4.4 million, compared to a loss of $2.7 million in Q1 2025, while adjusted EBITDA doubled to $15.1 million from $7.6 million.\n\nThe company reaffirmed its 2026 guidance, projecting revenue between $500 and $520 million, representing a 13% growth rate at the midpoint, and adjusted EBITDA between $61 and $66 million, a 19% growth rate at the midpoint.\n\nCEO Adi Sfadia highlighted strong execution and momentum across key growth initiatives, including expanded defense and commercial markets and the successful demonstration of virtualized SATCOM solutions with Amazon AWS and SES Space & Defense.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Gilat posts strong Q1 results with 20% revenue growth and reaffirms full-year guidance, signaling continued growth and market confidence."},"keyFigures":{"eps":0.07,"epsBeat":0.18,"revenue":110474000,"guidance":"2026 revenue $500-$520 million (13% growth at midpoint); Adjusted EBITDA $61-$66 million (19% growth at midpoint)","revenueYoy":"20%","customDimensions":{"adjusted_ebitda":15093000,"non_gaap_net_income":13587000,"gaap_operating_income":4386000,"non_gaap_operating_income":12498000}},"quotedText":"Gilat began 2026 with strong execution and momentum across our key growth initiatives. Our first quarter results reflected the strength of our broad solutions portfolio, continued expansion in defense and commercial markets, and improving profitability.","namedEntities":{"people":[{"name":"Adi Sfadia","role":"CEO"}],"products":["SkyEdge IV","EnduroStream Solution","Sidewinder ESA Terminals","5G NTN End-to-End Connectivity over GEO Satellite","SATCOM Systems","high-power solid-state power amplifiers"],"companies":[{"name":"Gilat Satellite Networks Ltd.","ticker":"GILT"},{"name":"Nelco","relationship":"partner"},{"name":"U.S. Department of War","relationship":"customer"},{"name":"Amazon AWS","relationship":"partner"},{"name":"SES Space & Defense","relationship":"partner"},{"name":"WAVE Consortium","relationship":"partner"},{"name":"U.S. Army","relationship: ":"customer"},{"name":"European Ministry of Defense","relationship":"customer"}],"dollarAmounts":[{"amount":"$110.5 million","context":"Q1 2026 revenue"},{"amount":"$92 million","context":"Q1 2025 revenue"},{"amount":"$4.4 million","context":"Q1 2026 GAAP operating income"},{"amount":"$15.1 million","context":"Q1 2026 adjusted EBITDA"},{"amount":"$5.2 million","context":"Q1 2026 GAAP net income"},{"amount":"$13.6 million","context":"Q1 2026 non-GAAP net income"},{"amount":"$7 million","context":"Order for EnduroStream Solution"},{"amount":"$6 million","context":"Orders supporting U.S. Army Global Communications Operations"},{"amount":"$39 million","context":"Orders for Sidewinder ESA Terminals"},{"amount":"$16 million","context":"Order to supply SATCOM Systems to European Ministry of Defense"}]},"materialImpact":{"score":4,"reasoning":"Gilat reported strong Q1 2026 results with 20% revenue growth, a significant improvement in GAAP operating income, and a doubling of adjusted EBITDA. The company also reaffirmed its full-year guidance, indicating continued confidence in its growth trajectory."},"tickerRelevance":{"others":[],"primary":"GILT"},"globalImportance":45,"audienceRelevance":60,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings beat and guidance reaffirmation","sectorWeight":"Information Technology","householdBrandBoost":"moderate","marketCapAdjustment":"positive"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"bullish","material_impact_score":4,"narrative":"Gilat Satellite Networks reported Q1 2026 revenue of $110.5 million, a 20% increase from $92 million in Q1 2025.\n\nGAAP operating income improved to $4.4 million, compared to a loss of $2.7 million in Q1 2025, while adjusted EBITDA doubled to $15.1 million from $7.6 million.\n\nThe company reaffirmed its 2026 guidance, projecting revenue between $500 and $520 million, representing a 13% growth rate at the midpoint, and adjusted EBITDA between $61 and $66 million, a 19% growth rate at the midpoint.\n\nCEO Adi Sfadia highlighted strong execution and momentum across key growth initiatives, including expanded defense and commercial markets and the successful demonstration of virtualized SATCOM solutions with Amazon AWS and SES Space & Defense.","key_figures":{"eps":0.07,"epsBeat":0.18,"revenue":110474000,"guidance":"2026 revenue $500-$520 million (13% growth at midpoint); Adjusted EBITDA $61-$66 million (19% growth at midpoint)","revenueYoy":"20%","customDimensions":{"adjusted_ebitda":15093000,"non_gaap_net_income":13587000,"gaap_operating_income":4386000,"non_gaap_operating_income":12498000}},"named_entities":{"people":[{"name":"Adi Sfadia","role":"CEO"}],"products":["SkyEdge IV","EnduroStream Solution","Sidewinder ESA Terminals","5G NTN End-to-End Connectivity over GEO Satellite","SATCOM Systems","high-power solid-state power amplifiers"],"companies":[{"name":"Gilat Satellite Networks Ltd.","ticker":"GILT"},{"name":"Nelco","relationship":"partner"},{"name":"U.S. Department of War","relationship":"customer"},{"name":"Amazon AWS","relationship":"partner"},{"name":"SES Space & Defense","relationship":"partner"},{"name":"WAVE Consortium","relationship":"partner"},{"name":"U.S. Army","relationship: ":"customer"},{"name":"European Ministry of Defense","relationship":"customer"}],"dollarAmounts":[{"amount":"$110.5 million","context":"Q1 2026 revenue"},{"amount":"$92 million","context":"Q1 2025 revenue"},{"amount":"$4.4 million","context":"Q1 2026 GAAP operating income"},{"amount":"$15.1 million","context":"Q1 2026 adjusted EBITDA"},{"amount":"$5.2 million","context":"Q1 2026 GAAP net income"},{"amount":"$13.6 million","context":"Q1 2026 non-GAAP net income"},{"amount":"$7 million","context":"Order for EnduroStream Solution"},{"amount":"$6 million","context":"Orders supporting U.S. Army Global Communications Operations"},{"amount":"$39 million","context":"Orders for Sidewinder ESA Terminals"},{"amount":"$16 million","context":"Order to supply SATCOM Systems to European Ministry of Defense"}]},"model_name":"Qwen/Qwen2.5-72B-Instruct-AWQ","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-13T11:10:08.588Z","global_importance":45,"audience_relevance":60,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings beat and guidance reaffirmation","sectorWeight":"Information Technology","householdBrandBoost":"moderate","marketCapAdjustment":"positive"}},"durationMs":39859,"modelName":"george-droid-qwen-72b"}}