GILTNasdaqRadio & Tv Broadcasting & Communications EquipmentUS GAAP · USD

Gilat Satellite Networks Ltd

Gilat Satellite Networks Ltd. designs and supplies satellite-based broadband communications systems, terminals, modems, antennas, amplifiers, and network management software. Its business spans commercial and defense customers worldwide through integrated satellite ground-segment solutions, field services, and cybersecurity offerings.

Revenue452m USD
+47.9 %y/y
Operating profit (EBIT)23.4m USD
−15.4 %y/y
EBIT margin5.2%
−3.9 ppy/y
Net income20.7m USD
−16.6 %y/y
Free cash flow9.2m USD
−63.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0100200300400500m USD2020: 166 m USD2020: EBIT 38 m USD20202021: 215 m USD2021: EBIT 2.2 m USD20212022: 240 m USD2022: EBIT 10.0 m USD20222023: 266 m USD2023: EBIT 28 m USD20232024: 305 m USD2024: EBIT 28 m USD20242025: 452 m USD2025: EBIT 23 m USD202545223
RevenueOperating profit (EBIT)

Business

Share of revenue
Ground systems and network equipment40 %

Software-defined platforms, modems, terminals, and ground infrastructure for satellite networks.

Mobility and on-the-move terminals20 %

Satellite-on-the-move antennas, ESAs, and related mobility communications hardware.

Power and RF components15 %

SSPAs, BUCs, and related high-power radio-frequency equipment for satellite links.

Services and network management15 %

Field services, ongoing support, network management, and operational software.

Defense communications solutions10 %

Mission-critical satellite communications systems and services for defense users.

Products

Reported · share of revenue
72.7%27.3%FY2025100 %
  • Products72.7 %
  • Services27.3 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Gilat sells to satellite operators, government and defense agencies, and enterprise customers that need reliable connectivity in remote or mobile environments. The company also serves mobility, cellular backhaul, IFC, aerospace, and critical infrastructure end markets that depend on managed satellite communications. Customers buy Gilat’s systems and services to expand coverage, improve network performance, and support complex multi-orbit operations.

Satellite operators

Buy SkyEdge systems, services, and network management to run multi-orbit satellite networks.

Government and defense

Buy secure satellite communications hardware and integrated ground solutions for mission-critical use.

Mobility and IFC

Buy antennas, terminals, and onboard connectivity solutions for moving platforms and aircraft.

Cellular backhaul operators

Buy satellite connectivity systems to extend mobile network coverage where terrestrial links are limited.

Enterprise and critical infrastructure

Buy broadband and managed connectivity for remote, distributed, or hard-to-reach sites.

Strategy

Gilat’s strategy centers on multi-orbit satellite networking, integrating hardware, software, and services into complete ground-segment solutions. The company is also building around higher-value defense and mobility applications, where product performance, reliability, and long service relationships matter most. This positioning supports recurring services, system upgrades, and broader platform adoption as satellite operators modernize networks.

Multi-orbit platform expansionMedium term

Operators need systems that work across increasingly complex satellite architectures.

Defense and mission-critical growthMedium term

Defense customers value secure, high-reliability communications and long program cycles.

Recurring services and supportShort term

Services help deepen customer ties and smooth hardware-cycle volatility.

Geography

2025

Gilat is headquartered in Israel and sells its products and services globally, with a footprint that spans commercial and defense markets across multiple regions. The company’s customer base is international, and its systems are deployed where satellite connectivity is needed across remote, mobile, and infrastructure-heavy environments. Geographic exposure matters because demand can vary by defense budgets, satellite fleet upgrades, and deployment cycles in different countries.

United States78 %
Peru20 %
Israel2.6 %

Share of the revenue the company reports by geography.

Risks

Gilat faces execution risk tied to large customer programs, where order timing, deployment schedules, and customer budgets can shift revenue recognition and shipment patterns. The business is also exposed to technology change in satellite architectures, concentration in specialized end markets, and judgment-heavy accounting areas such as contract estimates, inventory, and goodwill impairment. Because many products serve mission-critical communications, quality failures, delays, or cyber issues could damage customer relationships and future awards.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Contract timing and variable consideration1Customer concentration in large operator programs2Technology obsolescence3Inventory and long-lived asset impairment4Goodwill and acquisition-related intangibles5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Contract timing and variable considerationImpact: HighLikelihood: High

    Revenue depends on contract duration, performance obligations, and estimated total profitability.

    Exposure: SkyEdge and other systems/service contracts

  2. Customer concentration in large operator programsImpact: HighLikelihood: Medium

    A limited number of satellite operators or defense buyers can drive a meaningful share of orders.

    Exposure: Commercial satellite operators and defense accounts

  3. Technology obsolescenceImpact: HighLikelihood: Medium

    Multi-orbit, VHTS, and software-defined architectures require continued product refresh.

    ExposureGround systemsTerminalsNetwork equipment
  4. Inventory and long-lived asset impairmentImpact: MediumLikelihood: Medium

    Hardware programs can leave excess inventory or underutilized assets if demand changes.

    Exposure: Manufacturing and component-heavy product lines

  5. Goodwill and acquisition-related intangiblesImpact: MediumLikelihood: Medium

    Business combinations require ongoing impairment and fair-value judgments.

    Exposure: Subsidiaries and acquired technologies

Accounting

Judgemental items
Contract revenue recognition

Management must estimate contract duration, standalone selling price, and total profit or loss.

Impact: Can change timing of revenue and margin recognition

Percentage-of-completion accounting

Project-based work may recognize revenue over time based on progress estimates.

Impact: Affects quarterly comparability and order-to-revenue conversion

Inventory impairment

Hardware programs can create excess or obsolete inventory if demand shifts.

Impact: Can create periodic write-downs

Goodwill and intangibles

Acquired businesses and technologies require impairment assessment.

Impact: May affect reported assets and earnings

Hedging and FX translation

Global operations expose the company to currency movements and derivative accounting.

Impact: Can affect OCI and reported volatility

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026