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6-K 1 zk2635234.htm 6-K
 

 

FORM 6 – K

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

Report on Foreign Issuer

 

Pursuant to Rule 13a – 16 or 15d – 16

of the Securities Exchange Act of 1934

For the Month of May, 2026

 

Gilat Satellite Networks Ltd.

(Translation of Registrant’s Name into English)

 

Gilat House, 21 Yegia Kapayim Street

Daniv Park, Kiryat Arye, Petah Tikva 4913020, Israel

(Address of Principal Corporate Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F  ☒     Form 40-F  ☐

 

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes  ☐      No  ☒ On May 13, 2026, the Registrant issued a press release announcing its unaudited results for the first quarter of 2026.

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 


A copy of this press release is furnished herewith.

 

The attached press release is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Gilat Satellite Networks Ltd.
  (Registrant)
   
Dated May 13, 2026 By:  /s/ Doron Kerbel
  Doron Kerbel
  CLO & Corporate Secretary

 

2 


 

 

Gilat Reports First Quarter 2026 Results

 

Revenues Grew 20%, GAAP Operating Income Increased to $4.4

Million, Adjusted EBITDA Doubled to $15.1 Million

 

Reiterates Guidance for 2026

 

Petah Tikva, Israel, May 13, 2026 Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the first quarter, ended March 31, 2026.

 

First Quarter 2026 Financial Highlights

 

· Revenues of $110.5 million, compared with $92 million in Q1 2025;

 

GAAP operating income of $4.4 million, compared with GAAP operating loss of $2.7 million in Q1 2025;

 

· Non-GAAP operating income of $12.5 million, compared with $5.2 million in Q1 2025;

 

· GAAP net income of $5.2 million, or $0.07 per diluted share, compared with GAAP net loss of $6 million, or $0.11 loss per diluted share, in Q1 2025;

 

· Non-GAAP net income of $13.6 million, or $0.18 per diluted share, compared with $1.8 million, or $0.03 per diluted share, in Q1 2025;

 

· Adjusted EBITDA of $15.1 million, compared with $7.6 million in Q1 2025.

 

Forward-Looking Expectations

 

Management’s financial guidance for 2026 is for revenue between $500 to $520 million, representing a revenue growth rate of approximately 13% at the midpoint. Adjusted EBITDA for 2026 is expected to be between $61 to $66 million, representing a growth rate of approximately 19% at the midpoint[1].

 

3 


Management Commentary

 

Adi Sfadia, Gilat's CEO, commented: “Gilat began 2026 with strong execution and momentum across our key growth initiatives. Our first quarter results reflected the strength of our broad solutions portfolio, continued expansion in defense and commercial markets, and improving profitability.”

 

Mr. Sfadia added, “During the quarter, we expanded our defense footprint into additional countries and strengthened strategic commercial relationships in India. We also saw growing interest in our virtualized, software-based network solutions following the successful demonstration conducted with Amazon AWS and SES Space & Defense. In-flight connectivity demand remains robust as next-generation aviation connectivity deployments continue to scale.

 

We are also experiencing increased demand for our defense portable gateway solutions, driven by the growing need for resilient, location-independent communications capabilities in contested operational environments. In parallel, we introduced a new category of high-power solid-state power amplifiers designed to replace traditional TWTAs across both defense and commercial applications.

 

Adoption of LEO and multi-orbit architectures continues to drive demand for electronically steered antennas, aligning well with our ESA portfolio strategy and creating additional growth opportunities for Gilat.”

 

Mr. Sfadia concluded, “Looking ahead, our backlog and pipeline remain strong. Based on our current visibility and execution confidence, we are reaffirming our full-year outlook for 2026. In addition, supported by our strong balance sheet and cash position, we continue to actively evaluate strategic opportunities to accelerate growth and further strengthen our market position.”

 

Key Recent Announcements

 

· Gilat Signs Strategic Multimillion Partnership with Nelco in India to Deploy SkyEdge IV

 

· Gilat Awarded over $7 Million for its New EnduroStream Solution to Support the U.S. Department of War

 

1 We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward looking data without unreasonable effort.

 

4 


· Gilat Defense, AWS, SES Space & Defense and WAVE Consortium Demonstrate Virtualized SATCOM Gateway Modem Architecture at Satellite 2026

 

· Gilat Receives Approximately $6 Million in Orders Supporting U.S. Army Global Communications Operations

 

· Gilat Secures Multi-Million Dollar IFC Order to Power Commercial Aviation Connectivity

 

· Gilat Demonstrates 5G NTN End-to-End Connectivity over GEO Satellite

 

· Gilat Receives $39 Million in Orders for Sidewinder ESA Terminals

 

· Gilat Receives Over $16 Million Order to Supply SATCOM Systems to a European Ministry of Defense

 

Conference Call Details

 

Gilat’s management will discuss its first quarter 2026 results and business achievements and participate in a question-and-answer session:

 

In English:

Date: Wednesday, May 13, 2026
Start: 09:30 AM EST / 16:30 IST

 

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://www.veidan-conferencing.com/gilat

 

Or Dial-in:

US: 1-888-407-2553
International: +972-3-918-0609

 

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

 

In Hebrew:

Date: Thursday, May 14, 2026
Start: 10:00 AM IST

 

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link:

 

https://gk-biz.zoom.us/webinar/register/WN_6i326qdWSvSx8NMDdM3QIw

 

5 


Non-GAAP Measures

 

The attached unaudited summary consolidated financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the summary consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP measurements of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and the income tax effect on the relevant adjustments.

 

Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historical operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. A reconciliation between the Company's net income and Adjusted EBITDA is presented in the attached summary consolidated financial statements.

 

Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

 

6 


About Gilat

 

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

 

Together with our wholly owned subsidiaries Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu, we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a software-defined platform and modems, high-performance satellite terminals, advanced Satellite On-the-Move (SOTM) antennas and Electronically Steered Antennas (ESAs), highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

 

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, cellular backhaul, enterprise, aerospace and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: https://www.gilat.com

 

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the hostilities between Israel and Iran and the Hezbollah in Lebanon. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

 

Contact:

 

Gilat Satellite Networks

Hagay Katz, Chief Products and Marketing Officer

PublicRelations@gilat.com

 

Alliance Advisors

GilatIR@allianceadvisors.com

Phone: +1 212 838 3777

 

 

 

7 


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

U.S. dollars in thousands (except share and per share data)        

 

    Three months ended  
    March 31,  
    2026     2025  
    Unaudited  
             
Revenues   $ 110,474     $ 92,037  
Cost of revenues     72,825       63,639  
                 
Gross profit     37,649       28,398  
                 
Research and development expenses, net     12,117       11,621  
Selling and marketing expenses     9,707       8,202  
General and administrative expenses     10,398       6,784  
Other operating expenses, net     1,041       4,538  
                 
Total operating expenses     33,263       31,145  
                 
Operating income (loss)     4,386       (2,747 )
                 
Financial income (expenses), net     1,295       (936 )
                 
Income (loss) before taxes on income     5,681       (3,683 )
                 
Taxes on income     (447 )     (2,313 )
                 
Net income (loss)   $ 5,234     $ (5,996 )
                 
Earnings (losses) per share (Basic and Diluted)   $ 0.07     $ (0.11 )
                 
Weighted average number of shares used in computing earnings (losses) per share                
Basic     74,525,773       57,037,671  
Diluted     77,188,106       57,037,671  

 

8 


GILAT SATELLITE NETWORKS LTD.

RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (LOSS)

FOR COMPARATIVE PURPOSES

U.S. dollars in thousands (except share and per share data)                      

 

    Three months ended     Three months ended  
    March 31, 2026     March 31, 2025  
    GAAP     Adjustments (*)     Non-GAAP     GAAP     Adjustments (*)     Non-GAAP  
    Unaudited     Unaudited  
                                     
Gross profit   $ 37,649       1,644     $ 39,293     $ 28,398       810     $ 29,208  
Operating expenses     33,263       (6,468 )     26,795       31,145       (7,090 )     24,055  
Operating income (loss)     4,386       8,112       12,498       (2,747 )     7,900       5,153  
Income (loss) before taxes on income     5,681       8,112       13,793       (3,683 )     7,900       4,217  
Net income (loss)     5,234       8,353       13,587       (5,996 )     7,823       1,827  
                                                 
Earnings (losses) per share (Basic and Diluted)   $ 0.07     $ 0.11     $ 0.18     $ (0.11 )   $ 0.14     $ 0.03  
                                                 
Weighted average number of shares used in                                                
   computing earnings (losses) per share                                                
Basic     74,525,773               74,525,773       57,037,671               57,037,671  
Diluted     77,188,106               77,265,072       57,037,671               58,005,232  

 

(*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses, net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.

 

    Three months ended     Three months ended  
    March 31, 2026     March 31, 2025  
    Unaudited     Unaudited  
             
GAAP net income (loss)   $ 5,234     $ (5,996 )
                 
Gross profit                
Stock-based compensation expenses     199       173  
Amortization of purchased intangibles     1,428       600  
Other integration expenses     17       37  
      1,644       810  
Operating expenses                
Stock-based compensation expenses     1,481       901  
Stock-based compensation related to business combination     2,742       607  
Amortization of purchased intangibles     1,093       884  
Other operating expenses, net     1,041       4,538  
Other integration expenses     111       160  
      6,468       7,090  
                 
Taxes on income     241       (77 )
                 
Non-GAAP net income   $ 13,587     $ 1,827  

 

9 


GILAT SATELLITE NETWORKS LTD.

SUPPLEMENTAL INFORMATION

U.S. dollars in thousands

 

ADJUSTED EBITDA:          

 

    Three months ended  
    March 31,  
    2026     2025  
    Unaudited  
             
GAAP net income (loss)   $ 5,234     $ (5,996 )
Adjustments:                
Financial expenses (income), net     (1,295 )     936  
Taxes on income     447       2,313  
Stock-based compensation expenses     1,680       1,074  
Stock-based compensation related to business combination     2,742       607  
Depreciation and amortization (*)     5,116       3,962  
Other operating expenses, net     1,041       4,538  
Other integration expenses     128       197  
                 
Adjusted EBITDA   $ 15,093     $ 7,631  

 

(*) Including amortization of lease incentive

 

SEGMENT REVENUES:                

 

    Three months ended  
    March 31,  
    2026     2025  
    Unaudited  
             
Commercial   $ 72,785     $ 64,220  
Defense     25,427       23,011  
Peru     12,262       4,806  
                 
Total revenues   $ 110,474     $ 92,037  

 

10 


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

    March 31,     December 31,  
    2026     2025  
    Unaudited     Audited  
             
ASSETS                
                 
CURRENT ASSETS:                
   Cash and cash equivalents   $ 140,154     $ 168,907  
   Short-term deposits     30,860       16,433  
   Restricted cash     64       88  
   Trade receivables, net     100,632       85,929  
   Contract assets     41,660       36,987  
   Inventories     44,794       45,430  
   Other current assets     46,639       37,406  
                 
   Total current assets     404,803       391,180  
                 
LONG-TERM ASSETS:                
   Long-term contract assets     7,193       7,890  
   Severance pay funds     6,825       6,941  
   Deferred taxes     15,761       15,558  
   Operating lease right-of-use assets     5,349       5,922  
   Other long-term assets     19,877       19,871  
                 
   Total long-term assets     55,005       56,182  
                 
PROPERTY AND EQUIPMENT, NET     74,962       75,172  
                 
INTANGIBLE ASSETS, NET     51,452       53,986  
                 
GOODWILL     169,534       169,534  
                 
TOTAL ASSETS   $ 755,756     $ 746,054  

 

11 


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED BALANCE SHEETS (Cont.)

U.S. dollars in thousands

 

    March 31,     December 31,  
    2026     2025  
    Unaudited     Audited  
             
LIABILITIES AND SHAREHOLDERS' EQUITY                
                 
CURRENT LIABILITIES:                
   Current maturities of long-term loan   $ 2,000     $ 2,000  
   Trade payables     33,776       31,614  
   Accrued expenses     55,452       58,878  
   Advances from customers and deferred revenues     77,476       78,499  
   Operating lease liabilities     2,620       2,957  
   Other current liabilities     28,915       41,529  
                 
   Total current liabilities     200,239       215,477  
                 
LONG-TERM LIABILITIES:                
   Accrued severance pay     7,485       7,508  
   Long-term advances from customers and deferred revenues     180       67  
   Operating lease liabilities     2,849       3,102  
   Other long-term liabilities     8,847       19,622  
                 
   Total long-term liabilities     19,361       30,299  
                 
SHAREHOLDERS' EQUITY:                
   Share capital - ordinary shares of NIS 0.2 par value     3,967       3,765  
   Additional paid-in capital     1,146,418       1,115,030  
   Accumulated other comprehensive loss     (4,714 )     (3,768 )
   Accumulated deficit     (609,515 )     (614,749 )
                 
Total shareholders' equity     536,156       500,278  
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 755,756     $ 746,054  

 

12 


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

 

    Three months ended  
    March 31,  
    2026     2025  
    Unaudited  
Cash flows from operating activities:                
Net income (loss)   $ 5,234     $ (5,996 )
Adjustments required to reconcile net income (loss)
to net cash used in operating activities:
               
Depreciation and amortization     5,079       3,905  
Stock-based compensation expenses     4,422       1,681  
Accrued severance pay, net     94       (22 )
Deferred taxes, net     (203 )     1,984  
Decrease (increase) in trade receivables, net     (14,779 )     4,528  
Increase in contract assets     (3,977 )     (7,798 )
Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash, cash equivalents and restricted cash)     (9,800 )     18,390  
Decrease (increase) in inventories     493       (11,456 )
Increase (decrease) in trade payables     2,451       (7,828 )
Decrease in accrued expenses     (3,414 )     (6,358 )
Decrease in advances from customers and deferred revenues     (921 )     (1,096 )
Increase in other liabilities     3,147       3,454  
Net cash used in operating activities     (12,174 )     (6,612 )
                 
Cash flows from investing activities:                
Purchase of property, equipment and intangible assets     (2,513 )     (1,490 )
Investment in other asset     -       (2,500 )
Investments in short-term deposits     (14,350 )     -  
Acquisitions of subsidiary, net of cash acquired     -       (104,943 )
Net cash used in investing activities     (16,863 )     (108,933 )
                 
Cash flows from financing activities:                
Proceeds from long-term loan, net of associated costs     -       58,970  
Proceeds from exercise of stock options     14       -  
Net cash provided by financing activities     14       58,970  
                 
Effect of exchange rate changes on cash, cash equivalents and restricted cash     246       592  
                 
Decrease in cash, cash equivalents and restricted cash     (28,777 )     (55,983 )
                 
Cash, cash equivalents and restricted cash at the beginning of the period     168,995       120,249  
                 
Cash, cash equivalents and restricted cash at the end of the period   $ 140,218     $ 64,266  

 

13