IFC Soars in 2025, Defense to Lead in 2026; Targeting ’26 AEBITDA growth of ~20%

Strong finish to 2025. Q4 revenues grew 75% y/y,including 30% organic growth, and beat the consensusby 3%. EBITDA grew 50% and topped consensus by 13%.
Commercial revenues doubled to $75M, with organicrevenues up 6% in the quarter and flat for the year.Gilat’s SkyEdge IV platform continues to scoreimpressive wins, but demand for GEO services hassoftened in certain verticals due to LEO competition.
Stellar Blu gaining altitude. Stellar Blu delivered a record190 terminals in Q4 as production ramps to over 1,000per year. Revenues totaled $36M in Q4 and $127M in2025, in-line with guidance of $120-150.
Expanding IFC portfolio. Gilat’s homegrown ESR2030 KUantenna passed qualifications and should beginshipping by year-end. Further, Gilat expects to achieveBoeing linefit in 1H26 with deliveries beginning in Q3.Discussions with Airbus are ongoing.

Gilat (GILT): 2025 Q4 Earnings Review & Financial Analysis

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February 17, 2025
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