Guidance Raised Following Q3 Beat;​ Stellar Blu Racking up New Wins​
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Q3 upside surprise. Revenues grew 58% y/y to $118M including organic growth of 18% beating consensus by 4%. EBITDA improved 46% and topped consensus by 17%.  Management raised midpoint revenue and AEBITDA guidance by 1% each. ​
Stellar Blu revs down. Revenues declined sequentially from $36M to $30M and margins remain below plan due to a vendor supply issue and the ongoing production ramp.  Full-year revenues of $120-150M remain on track.​
But orders up.  Gilat landed a $60M Stellar Blu order, including the first Boeing line fit scheduled for early-2026. Gilat expects to exit 2025 with a backlog of >1,000 units, subject to a “very large order” in negotiation.  ​
Commercial rebound.  Organic revenues grew 27% y/y, following two quarters of declines, aided by a $42M SkyEdge IV order (primarily for IFC) and another from an Asian-Pacific operator that included cellular backhaul.  ​