Gilat Reports 75% Q4 Revenue Growth, 48% Full-Year Gain and 2026 Guidance
Gilat reported Q4 revenue of $137.0 million, up 75% year-over-year, GAAP operating income of $13.0 million and adjusted EBITDA of $18.2 million. Full-year 2025 revenue rose 48% to $451.7 million with record adjusted EBITDA of $53.2 million, and management forecasts 13% revenue growth to $500–$520 million and EBITDA of $61–$66 million in 2026.
1. Q4 2025 Highlights
Gilat delivered fourth-quarter revenue of $137.0 million, a 75% increase from Q4 2024, with GAAP operating income of $13.0 million and non-GAAP operating income of $15.2 million. Non-GAAP net income reached $13.4 million, or $0.20 per diluted share, and adjusted EBITDA rose 50% to $18.2 million.
2. Full-Year 2025 Performance
For the full year, Gilat achieved revenue of $451.7 million, up 48% versus 2024, with GAAP operating income of $23.4 million. Non-GAAP operating income grew 33% to $42.5 million, non-GAAP net income rose to $39.0 million ($0.64 per share), and adjusted EBITDA increased 26% to a record $53.2 million; the balance sheet held over $183 million in net cash.
3. 2026 Outlook
Management expects 2026 revenue of $500–$520 million, implying approximately 13% growth at the midpoint, and adjusted EBITDA of $61–$66 million, or about 19% growth. Guidance is underpinned by a strong backlog, healthy pipelines and continued demand in Defense, inflight connectivity and multi-orbit solutions.
4. Growth Drivers and Orders
In Q4, Gilat received an order exceeding $10 million to support a low Earth orbit constellation, an $11 million SkyEdge platform order from Asia Pacific, and a $10 million Earth Observation downlink contract. The company also closed an oversubscribed $100 million private placement to fund further expansion.