Gilat is emerging as a debt-free multi-orbit SATCOM platform with strong defense and aviation tailwinds, but investors must tolerate lumpy revenue timing and volatile market reactions.
Overview
Gilat has transformed from a niche SATCOM hardware vendor into a diversified multi-orbit communications platform serving aviation, defense, and national connectivity programs. FY2025 revenue rose 48% to $451.7 million, adjusted EBITDA reached a record $53.2 million, and net cash exceeded $183 million. Q1 2026 showed strong profitability despite a revenue miss, highlighting both improving margins and contract-timing volatility. The investment story hinges on execution: converting backlog, integrating Stellar Blu and DataPath, scaling defense orders, and proving software-defined SATCOM can sustain higher valuation multiples.