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- **Revenue Growth**: Q3 2025 revenue up 58% YoY to $117.7 million, driven by Commercial (+116%) and Peru (+108%).
- **Order Momentum**: Secured $60 million Sidewinder orders and $42 million SkyEdge IV platforms, with production ramping to 70-80 units/month.
- **AI Integration**: AI-driven network management system to enhance operational efficiency.
- **Peru Expansion**: $85 million in new digital inclusion projects, supporting education, healthcare, and public safety.
- **Margin Outlook**: Stellar Blu gross margin expected to reach mid-30% by 2026 as line-fit production scales.

**【CEO Summary】**
- Q3 2025 revenue reached $117.7 million, up 58% YoY, driven by Commercial ($73 million, +116%) and Peru ($20.6 million, +108%).
- Secured $60 million in Sidewinder ESA terminal orders and $42 million for SkyEdge IV platforms, with production ramping up for 70-80 units/month by Q4.
- Peru awarded $85 million in new projects, expanding digital inclusion to schools, health centers, and public Wi-Fi.
- Full-year guidance updated to $445-455 million revenue (+47%) and $51-53 million EBITDA (+23%).
- AI integration into network management system to improve operational efficiency.

**【CFO Financial Commentary】**
- GAAP net income: $8.1 million (vs. $6.8 million Q3 2024); Non-GAAP EPS: $0.19 (vs. $0.14).
- Gross margin: 30% (GAAP) / 32% (non-GAAP), pressured by Stellar Blu production costs.
- Cash position: $155 million (vs. $5.5 million Q2 2025), supported by $66 million private placement.
- 2025 CapEx within planned range, with no material changes.

**【Q&A Highlights】**
- **Stellar Blu Margins**: Q4 2025 expected to turn profitable; 2026 gross margin target mid-30% as line-fit production scales.
- **Sidewinder Longevity**: Current model expected to last 3-5 years, with next-gen product in development.
- **Peru Pipeline**: $85 million in new awards, with additional RFPs anticipated post-election in 2026.
- **FX Impact**: No material effect in 2025; hedging in place for 2026 shekel/dollar exposure.
- **SkyEdge IV Applications**: 42% of orders for in-flight connectivity, 35% for fixed broadband, 23% for cellular backhaul.

Gilat Satellite Networks Ltd. (GILT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GILT

GILT fundamentals

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