Gilat Satellite Networks Ltd. (GILT) Earnings
Gilat Satellite Networks Ltd. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.14. GILT has beaten EPS estimates in 10 of its last 11 reported quarters (average surprise +124.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.06 | $0.18 | +400.0% | $110M | -3.6% |
| Nov 12, 2025 | $0.13 | $0.19 | +46.2% | $118M | -9.9% |
| Aug 6, 2025 | $0.10 | $0.21 | +110.0% | $105M | -6.4% |
| May 19, 2025 | $0.07 | $0.03 | -57.1% | $92M | -9.0% |
| Feb 12, 2025 | $0.14 | $0.15 | +7.1% | $78M | -5.5% |
| Nov 13, 2024 | $0.05 | $0.12 | +140.0% | $75M | -9.7% |
| Feb 26, 2024 | $0.07 | $0.11 | +57.1% | $76M | -0.5% |
| Feb 14, 2023 | $0.06 | $0.14 | +133.3% | $73M | -2.0% |
| Nov 14, 2022 | $0.03 | $0.06 | +100.0% | $60M | -10.2% |
| May 23, 2022 | $-0.05 | $-0.03 | +40.0% | $51M | -0.5% |
| Feb 15, 2022 | $0.05 | $0.10 | +100.0% | $67M | -0.1% |
| Aug 10, 2021 | — | $0.01 | — | $57M | -7.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Overall Business Performance - Management reported solid execution and strong performance to open 2026, with 20% year-over-year revenue growth and adjusted EBITDA of $15.1 million, nearly doubling the year prior figure, driven by traction across all segments. The company ended the quarter with a strong liquidity position of $171 million and a healthy backlog. Technology Milestones - Conducted a live demonstration of a virtualized Satcom Gateway modem architecture for the defense segment at Satellite 26, in collaboration with Amazon AWS, SES Space and Defense, and the Wave consortium. The demonstration showcased a flexible, cloud-based, software-defined gateway for defense networks. - Successfully demonstrated 5G non-terrestrial network (NTN) integration with future 5G-based architectures, supporting next-generation hybrid satellite networks across both commercial and defense markets. - Launched the new ESR2030 electronically steered array (ESA), now commercially available, designed to support applications over the OneWeb LEO constellation, expanding the company's addressable market. Defense Business Highlights - Saw growing demand for transportable and portable Satcom solutions, driven by global requirements for mobility, rapid deployment, and operational resilience in contested environments. Secured multiple notable orders during the quarter: a $16 million order from a European Ministry of Defense for DKET transportable solutions, a $9 million order from the Israel Ministry of Defense for next-generation defense modems, a $7+ million order for Wavestream solid state power amplifiers for a U.S. Defense program, and a ~$6 million order for field and technical services for the U.S. Army. Commercial Business Highlights - IFC remains a key growth driver, with growing demand driven by the industry transition to NGSO and multi-orbit networks. The company has delivered ~750 Sidewinder terminals, with over 570 already installed and in service. Secured a $39 million order for Sidewinder terminals during the quarter. - Reached a line-fit certification milestone with Boeing for Sidewinder, with certification on track and first unit deliveries expected in Q4 2026. Initiated the line-fit certification process with Airbus. - Won a strategic multimillion-dollar partnership with Nelco in India to deploy SkyEdge IV gateways to support India's first Ka-band service using the JSAT N2 HTS satellite, expanding the company's footprint in the high-growth Asia Pacific region. Peru Business Highlights - The national connectivity upgrade project is on track to be completed ahead of schedule in 2026, demonstrating reliable delivery of large-scale infrastructure projects. Management expects additional large RFPs and follow-on orders in the region during 2026, building on the company's position as a trusted partner for digital inclusion initiatives. Strategic Priorities - Technology development for software-defined, scalable, interoperable satellite networks and 5G NTN integration remains a core strategic priority across all markets, aligned with global industry shifts. - Mergers and acquisitions remain a key element of long-term growth strategy, focused on opportunities that complement core technologies and strengthen the defense portfolio to support sustainable value creation.
Guidance
- Management reaffirmed full-year 2026 guidance, maintaining original revenue projections of $500 million to $520 million, adjusted mid-26 to a range of $500 million to $525 million, which represents 13% year-over-year growth at the midpoint. - Full-year 2026 adjusted EBITDA guidance was maintained at $61 million to $66 million, representing 19% year-over-year growth at the midpoint.
Segment performance
For Q1 2026, total company revenue was $110.5 million, representing 20% year-over-year growth from $92 million in Q1 2025. 1. Commercial segment: Q1 2026 revenue was $72.8 million, 13% year-over-year growth from $64.2 million in Q1 2025. This segment contributed 65.9% of total Q1 2026 revenue. Growth was primarily driven by the in-flight connectivity (IFC) vertical. 2. Defense segment: Q1 2026 revenue was $25.4 million, 10% year-over-year growth from $23 million in Q1 2025. This segment contributed 23% of total Q1 2026 revenue. 3. Peru segment: Q1 2026 revenue was $12.3 million, a large increase from $4.8 million in Q1 2025. This segment contributed 11.1% of total Q1 2026 revenue. The growth was driven by higher revenues from new upgrade projects across 4 of the 6 operating regions, expanding the segment's multiyear recurring revenue streams.
Risks & headwinds
- Forward-looking statements are inherently uncertain, and actual results could differ materially from projections due to a range of external risks. - Key risks include uncertain global economic conditions, potential revenue reductions from key customers, delays or cuts to U.S. and foreign military spending, and slower-than-expected market adoption of the company's new products globally. - Supply chain risks include disruptions or delays in raw material and component supply stemming from business conditions, global conflicts, weather events, or other factors outside the company's control. - Defense sector orders have an inherent 6 to 9 month lead time from booking to revenue recognition (longer for large projects), creating timing uncertainty for revenue contribution even with a strong pipeline.
Analyst Q&A
Q: What is driving Stellar Blu margin improvement, what is the medium-term demand outlook, and when will Boeing line-fit shipments start? /
A: Management notes Stellar Blu is growing year-over-year, reached profitability at the EBITDA level in Q1. Margin improvement comes from supply chain optimization, including replacing an external component with an internally produced unit, and margins will improve further once line-fit shipments begin. Full Boeing certification is expected by end of Q3 2026 at the latest, with first units shipping in Q4 2026.
Q: When can we expect a large strategic Stellar Blu earn-out deal to close, and what is its potential size? /
A: The deal is progressing slower than initially targeted, but management expects to close it within 2026, likely not before June 2026. The first order is expected to be at least $35 million, with total long-term potential north of $100 million.
Q: What is the timeline for the Airbus Sidewinder line-fit certification, and what is the progress on multi-band/multi-beam IFC terminals? /
A: Airbus certification is expected to finish in early 2027, with first shipments in 2027, faster than Boeing's timeline due to existing experience from the Boeing process. Multi-band Ku/Ka terminals for LEO IFC are expected to take 2 to 3 years to complete development and certification, aligned with upcoming service launches from major IFC providers.
Q: What is the demand outlook and timeline for full commercial deployment of 5G NTN solutions? /
A: Management sees growing market traction for 5G NTN, with many LEO and GEO satellite operators discussing requirements for 5G modems, but overall market demand is not yet mature. The company is developing core building blocks and expects to close a first customer deal within 2026, but full widespread deployment is not expected for another 4 to 5 years.