Gilat Satellite Networks Ltd. (GILT): Business Model Canvas [Dec-2025 Updated]

You're looking at Gilat Satellite Networks Ltd. as they execute a clear pivot, moving aggressively into the defense and in-flight connectivity (IFC) arenas, which is definitely fueling their strong 2025 financial outlook. As a former head analyst, I can tell you that dissecting the Business Model Canvas reveals the mechanics behind this shift: it's about pairing proprietary multi-orbit tech with high-value government and commercial contracts. This isn't just incremental growth; with 2025 revenue guided between $445 million and $455 million, and the new Stellar Blu Electronically Steered Antenna (ESA) terminals projected to bring in $120 million to $150 million alone, the strategy is about securing the high-margin future. Dive into the nine building blocks below to see precisely how Gilat Satellite Networks Ltd. is structuring its Key Resources and Channels to capture this next wave of SATCOM demand.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Key Partnerships

You're looking at how Gilat Satellite Networks Ltd. (GILT) builds value through its external relationships, which are clearly driving significant top-line growth, especially in 2025. Honestly, the sheer volume of recent contract wins points to strong partner alignment across defense, government, and commercial aviation sectors.

The defense segment, supported by subsidiaries like Gilat DataPath, shows consistent, high-value engagement with global military customers. For instance, in January 2025, Gilat DataPath secured contracts worth over $5 million from the US Department of Defense and other international Defense Forces for DKET terminals and Field Service Representative support, deliverable over the next 12 months. Then, in July 2025, Gilat DataPath landed another contract to support the U.S. Army, valued at more than $7 million initially, with options that could push the total revenue up to $70 million over five years. Also, the Defense Division secured a $6 million order in March 2025 for the SkyEdge II-c platform from a military organization in the Asia-Pacific region.

For government digital inclusion, Gilat Satellite Networks Ltd. has a deep, ongoing relationship with Pronatel in Peru. You can see the scale of this commitment in the recent awards. In July 2025, Gilat Perú was awarded approximately $60 million in orders from Pronatel to upgrade broadband infrastructure across the Apurímac, Huancavelica, and Ayacucho regions, targeting nearly 800 public institutions. Just a month later, in August 2025, Gilat secured an additional $25 million agreement with Pronatel specifically for modernizing the Regional Broadband network in the Cusco region, which will bring 200 Mbps internet to 208 public institutions and 69 free WiFi Hotspots.

The commercial partnerships, particularly in In-Flight Connectivity (IFC) following the acquisition of Stellar Blu Solutions in January 2025, are a major focus. Gilat anticipates that Stellar Blu's backlog will generate annual revenue between $120 million and $150 million for 2025 alone. Furthermore, the integration with satellite operators is clearly paying off. In August 2025, Gilat announced a $60 million order from a 'leading satellite operator'-which is confirmed to be SES-for hundreds of Stellar Blu Sidewinder ESA terminals, supporting both retrofit and the first production run for Boeing linefit. This is on top of other recent commercial wins; Gilat reported receiving over $22 million in orders from major satellite operators globally in July 2025, and the Q3 2025 highlights mentioned a separate $42 million order for the Multi-Orbit SkyEdge IV Platform from a leading operator.

Here's a quick look at some of the major, quantifiable partnership-related contract values announced through Q3 2025:

The integration of Stellar Blu is designed to capture a specific market segment, and the initial backlog projections show you the expected immediate impact. The company expects the acquired business to contribute between $100 million and $150 million in annual revenue for 2025. To be fair, management projects that once Stellar Blu hits its target manufacturing capacity in the second half of 2025, its EBITDA margin should climb above 10%.

These key relationships are translating directly into Gilat Satellite Networks Ltd.'s financial performance, as evidenced by the Q3 2025 results:

• Q3 2025 Revenues reached $117.7 million, a 58% increase year-over-year.
• Adjusted EBITDA for Q3 2025 was $15.6 million, up from $10.7 million in Q3 2024.
• The full-year 2025 revenue guidance was narrowed to between $445 million and $455 million.

You should track the progress of the Boeing linefit integration, as that represents the final step in fully realizing the OEM partnership potential for the Sidewinder terminal. Finance: draft 13-week cash view by Friday.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Key Activities

You're looking at the core engine room of Gilat Satellite Networks Ltd. (GILT) right now, focusing on what the company is actively doing to drive that impressive growth we've been seeing, especially with the recent acquisitions. It's all about execution on new technology and integrating those recent purchases.

R&D investment to develop next-generation multi-orbit technology

Gilat Satellite Networks Ltd. is definitely putting resources behind future-proofing its offerings. The company is increasing its investment allocations specifically for Research and Development (R&D) and sales/marketing efforts within the Gilat Defense segment for 2025. This focus is translating into new product introductions, such as the GLT modem, the Aquarius Pro DS modem, and the Gilat DataPath 2.6 meter terminal, all designed to serve on GEO, MEO, and LEO constellations for critical government applications. Furthermore, the roadmap development includes plans to introduce additional AI capabilities into their Network Management System, aiming for AI-driven automation and intelligence in satellite network operations.

Production ramp-up of Stellar Blu's Sidewinder ESA terminals

The ramp-up for the Stellar Blu Sidewinder Electronically Steerable Antenna (ESA) terminals is a major Key Activity. As of November 10, 2025, roughly 350 units had shipped, logging about 300,000 flight hours. This momentum is being fueled by significant orders; for instance, in August 2025, the Commercial Division secured orders worth over $60 million from a leading satellite operator for hundreds of additional Sidewinder ESAs. These orders cover retrofits and the first production run for the eventual OEM linefit terminal for Boeing. Deliveries for this $60 million order are scheduled over the next 12 months. Management expects the backlog for the ESA to be more than double its current size by mid-2026.

M&A integration of subsidiaries like Stellar Blu and DataPath

Integrating the recent acquisitions is critical to hitting the updated 2025 guidance. Stellar Blu Solutions LLC was acquired in January 2025, and DataPath was acquired in 2023 for $45 million (including $15 million in debt). The integration has led to a new segment reporting structure starting January 1, 2025, splitting the business into Gilat Defense, Gilat Commercial, and Gilat Peru. The impact is clear in the financials; Stellar Blu contributed approximately $36 million to Q2 2025 revenue, and is expected to contribute $120-150 million to the full-year 2025 revenue. DataPath contributed about $50 million to the 2024 topline. Honestly, these two acquisitions could account for nearly half of Gilat Satellite Networks Ltd.'s corporate revenue in 2025.

Here's a quick look at the revenue performance driven by this integration through Q3 2025:

The company narrowed its full-year 2025 revenue guidance to between $445 million and $455 million, representing a midpoint growth rate of approximately 47%.

Execution of large-scale, long-term rural connectivity projects in Peru

The Gilat Peru subsidiary continues to execute on large, multi-year digital inclusion projects with Pronatel (Programa Nacional de Telecomunicaciones). These projects are essential for the company's recurring revenue pipeline. You need to watch the segment revenue, though; it was reported at $4.8 million in Q1 2025, down from $17.7 million in Q1 2024, but it rebounded to $15.9 million in Q2 2025, which was a 22% year-over-year expansion.

The recent contract wins show the scale of this activity:

• Secured an additional $25 million agreement in August 2025 for the Cusco region, involving a 12-month migration and a subsequent five-year service period.
• This Cusco project targets 208 public institutions and 69 public free WiFi Hotspots with 200 Mbps service.
• In July 2025, the company was awarded approximately $60 million in orders for the Apurímac, Huancavelica, and Ayacucho regions, with service delivered over four years.
• The July project will bring 200 Mbps internet to nearly 800 public institutions across 280 localities.

These projects are structured to provide predictable revenue streams beyond the initial deployment phase.

Finance: draft 13-week cash view by Friday.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Key Resources

You're looking at the core assets Gilat Satellite Networks Ltd. (GILT) relies on to compete in the evolving satellite communications space. These aren't just products; they are the deep technology and financial foundation supporting their push into multi-orbit and high-throughput markets. Honestly, the recent acquisition of Stellar Blu has significantly reshaped this resource base, especially in the high-growth In-Flight Connectivity (IFC) sector.

Proprietary SkyEdge IV Multi-Orbit Satellite Networking Platform

The SkyEdge IV platform is Gilat Satellite Networks Ltd.'s next-generation ground segment solution. It's built around the new, advanced Elastix-Architecture, which is cloud-based and distributed. This architecture allows for the creation of programmable Software-Defined Networks (SDN) that support on-the-fly changes to meet dynamic network demands. It's designed for seamless operation across both GEO (Geostationary Earth Orbit) and NGSO (Non-Geostationary Orbit) constellations, making it a true multi-orbit platform.

The platform's capabilities are exemplified by its associated terminals, like the SkyEdge IV Aquarius. Here are some technical specifications that define its resource value:

The platform's elasticity is key; it allows dynamic capacity steering between beams to answer real-time changes in terminal throughput demand. This de-coupling of software from proprietary hardware gives operators flexibility to run functions on standard servers or in the cloud.

Stellar Blu's Electronically Steered Antenna (ESA) Technology

The acquisition of Stellar Blu Solutions, which closed in early January 2025, brought a critical ESA technology asset in-house. This is a major resource for Gilat Satellite Networks Ltd.'s push into the IFC market. The core asset here is the Sidewinder solution, which features an open, modular architecture optimized for multi-orbit strategies.

The momentum from this technology is clear in the order book. You can see the immediate financial impact of integrating this resource:

• ESA Terminals Shipped (as of February 2025): Over 125 multi-orbit ESA terminals shipped.
• Stellar Blu 2025 Revenue Forecast: Expected to contribute $120 million to $150 million in 2025 revenue.
• Recent Stellar Blu Orders (2025): Secured orders exceeding $60 million in August 2025 and $27 million in June 2025.

This technology is already selected by major players like Intelsat and Panasonic for their next-generation solutions.

Subsidiaries: Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu

Gilat Satellite Networks Ltd. structures its operations across three distinct, wholly owned subsidiaries to focus on specific market segments. These entities represent specialized manufacturing and integration capabilities that feed into the larger Commercial and Defense Divisions.

Each subsidiary is actively securing contracts, demonstrating their value as operational resources:

• Gilat Stellar Blu: Focuses on ESA terminals for airborne platforms, securing over $60 million in orders in mid-2025.
• Gilat DataPath: Expanding into geospatial insights, securing a contract worth approximately $10 million for an Earth Observation Solution in late 2025.
• Gilat Wavestream: Provides high-power RF solutions, receiving a $7 million order for Ka-band Wideband BUCs in November 2025.

These subsidiaries help Gilat offer integrated solutions supporting multi-orbit constellations and Very High Throughput Satellites (VHTS).

Cash Reserves for Strategic Growth

Financial liquidity is a non-negotiable resource for funding R&D, acquisitions, and scaling production. Gilat Satellite Networks Ltd. maintained a solid cash position heading into 2025, which was then supplemented by strong operational performance throughout the year. The stated cash reserve at the start of the year provided the immediate foundation for strategic moves, like the Stellar Blu integration.

Here's a look at the cash position and related financial metrics as of the latest reporting periods:

The company is definitely generating cash from operations to support its growth strategy. Finance: draft 13-week cash view by Friday.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Gilat Satellite Networks Ltd. right now, late in 2025. It's about delivering high-performance, flexible connectivity across a rapidly evolving space environment, backed by solid financial momentum.

Seamless multi-orbit (GEO, MEO, LEO) connectivity via one platform.

The value here centers on the SkyEdge IV VSAT platform, which is engineered to handle multi-orbit, multi-band satellite constellations, including the increasing demands of Next-Generation GEO and LEO networks. This flexibility is translating directly into significant order intake. For instance, in the third quarter of 2025, Gilat Satellite Networks secured $42 million in orders from a leading global satellite operator specifically for the SkyEdge IV platform, intended for use across multiple applications, with a main focus on In-Flight Connectivity. These systems are scheduled for delivery over the next year, expanding the worldwide deployment of this multi-orbit ground infrastructure. The company's overall 2025 revenue guidance, as of Q3, is narrowed to a range of $445 million to $455 million, reflecting a midpoint year-over-year growth rate of approximately 47%.

Here's a snapshot of the platform's commercial traction:

• Orders received for multi-orbit solutions totaled over $25 million from global operators (announced May 2025).
• The company is actively shaping the future of intelligent SATCOM solutions, expecting to introduce additional AI capabilities as road map development progresses.
• The overall business momentum is strong, with Q3 2025 revenues hitting $117.7 million, a 58% increase compared to Q3 2024.

High-performance, secure SATCOM solutions for defense and government.

For defense and government clients, the value is in secure, resilient, and mobile communications, often leveraging the integration of Gilat DataPath. This segment is seeing significant investment and order flow amid global geopolitical tension. You can see this reflected in the order book. For example, the Israeli Ministry of Defense placed orders exceeding $8 million for Gilat DataPath systems in the second quarter of 2025. Separately, Gilat DataPath secured a contract to provide field and technical services for the U.S. Army, starting with an initial order of more than $7 million, with an option for a potential total value of approximately $70 million over up to five years. The company's full-year 2025 Adjusted EBITDA guidance is now projected between $51 million and $53 million.

Next-generation In-Flight Connectivity (IFC) for commercial aviation.

The IFC value proposition is heavily amplified by the acquisition of Stellar Blu in early January 2025. Stellar Blu is expected to contribute between $120 million and $150 million to Gilat Satellite Networks' 2025 revenue. The technology, including the Sidewinder ESA terminals, is gaining traction; as of mid-2025, approximately 225 aircraft were flying with the Gilat antenna. The demand is clear from recent bookings; Gilat received $42 million in orders from a global operator for SkyEdge IV, mainly for IFC use. Furthermore, Gilat secured more than $18 million in IFC orders in January 2025 alone.

The company's Q3 2025 Adjusted EBITDA was $15.6 million, up 46% year-over-year.

Bridging the digital divide with reliable rural broadband services.

Gilat Satellite Networks continues to address the need for reliable connectivity in remote areas, particularly in Latin America. A concrete example is a recently secured contract to provide rural connectivity, including banking transactions, in Latin America for a period of 3 years, valued at approximately $4 Million. This falls under the Gilat Peru segment, which saw its revenue expand by 22% year-over-year in Q2 2025, reaching $15.9 million. The company's overall strategy is to provide communication solutions to all reaches of the world.

The company reported GAAP net income of $8.1 million for Q3 2025.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Customer Relationships

You're looking at how Gilat Satellite Networks Ltd. (GILT) manages its key customer interactions across its diverse segments as of late 2025. It's not one-size-fits-all; the approach shifts based on whether you're dealing with a massive global operator or a national government agency.

For Tier 1 satellite operators, the relationship is centered on high-volume, next-generation platform adoption, suggesting a dedicated account management structure is in place to support these large, recurring revenue streams. The Commercial Division announced over $22 million in orders from leading operators in July 2025 alone, with deliveries scheduled over the next 12 months. Furthermore, analysis in September 2025 pointed to $47 million in total orders from these top-tier customers, which included $27 million specifically for the Stellar Blu portfolio. Gilat also secured a $42 million order from a leading global satellite operator in Q3 2025 for its SkyEdge IV platform.

The defense sector relies on long-term, high-value contracts that emphasize security and proven execution. Gilat Defense continues to develop opportunities as governments increase investment in mission-critical secure satellite communications. Specifically, Gilat Defense secured a contract valued at over $8 million from Israel's Ministry of Defense in July 2025 for system delivery and integration. Also within defense, the wholly owned subsidiary Gilat DataPath won a base program of more than $7 million to support the U.S. Army, with options that could extend the total revenue up to $70 million over five years.

Government relationships, particularly in digital inclusion projects, are distinctly project-based and consultative. Gilat Perú has a strong track record, operating six regional broadband initiatives in the country. In July 2025, Gilat was awarded approximately $60 million in orders from Pronatel (Peru's national telecommunications program) to upgrade infrastructure in the Apurímac, Huancavelica, and Ayacucho regions, providing 200 Mbps internet to nearly 800 public institutions over 4 years of service. Separately, in August 2025, Gilat secured an additional $25 million agreement with Pronatel for the Cusco region, which involves delivering 200 Mbps internet to 208 public institutions and installing 69 public WiFi hotspots, followed by a five-year service period.

The integration of acquired products, like those from Stellar Blu Solutions LLC, which closed in January 2025, involves a direct sales and support model focused on the In-Flight Connectivity (IFC) market. Stellar Blu is expected to contribute annual revenues between $120 million and $150 million in 2025 based on its backlog. By the second half of 2025, Gilat expects Stellar Blu's EBITDA margin to be above 10 per cent. In Q2 2025, Stellar Blu contributed approximately $36 million to Gilat's commercial segment revenue.

Here's a quick look at the contract values associated with these key customer types:

The relationships are clearly tiered in terms of engagement style, moving from high-volume product sales to complex, multi-year infrastructure modernization.

• Dedicated account management supports Tier 1 operators across GEO, MEO, and LEO constellations.
• Defense contracts focus on secure SATCOM systems tailored for harsh operational requirements.
• Government work, like the Peru digital inclusion projects, involves a 12-month migration followed by a service period of four or five years.
• Stellar Blu integration is driving growth in the In-Flight Connectivity (IFC) market, with expected EBITDA margin above 10 per cent by the second half of 2025.

Finance: review the cash flow impact of the $60 million long-term debt taken on for the Stellar Blu acquisition.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Channels

You're looking at how Gilat Satellite Networks Ltd. gets its technology and services into the hands of its diverse customer base as of late 2025. The channels are quite segmented, reflecting the different regulatory and procurement environments for government versus commercial clients.

Direct sales force to defense and government customers globally

The Gilat Defense division drives sales directly, often through competitive bidding or direct negotiation for mission-critical systems. This channel secured significant business throughout 2025:

• Initial order exceeding $8 million from the Israeli Ministry of Defense in Q2 2025.
• A multimillion-dollar contract from Israel's Ministry of Defense for SATCOM systems, with deliveries expected before the end of 2025.
• An initial order of more than $7 million from Gilat DataPath for U.S. Army field and technical services, with a potential total value of approximately $70 million over five years.
• A contract valued at up to $23 million for sustainment and support services for U.S. DoD Satellite Transportable Terminal (STT) units.
• Gilat DataPath secured contracts exceeding $5 million from the DoD and international defense forces in January 2025.
• An award of over $7 million for transportable SATCOM terminals for the U.S. DoD, with deliveries expected by the end of 2025.

The Gilat Defense segment posted revenues of $20.0 million in Q2 2025.

Direct sales to Tier 1 satellite operators for ground segment infrastructure

Direct engagement with Tier 1 satellite operators is key for large-scale ground segment infrastructure sales, often involving multi-orbit platforms like the SkyEdge IV.

In the third quarter of 2025, Gilat Satellite Networks Ltd. reported receiving $47 million in orders from Tier-1 satellite operators, with a focus on IFC applications. Separately, Q3 2025 saw an order worth $42 million from a leading satellite operator for its Multi-Orbit SkyEdge IV Platform.

Subsidiary-led distribution channels (e.g., Stellar Blu for IFC)

The acquisition of Stellar Blu Solutions LLC in January 2025 established a dedicated, high-growth channel for In-Flight Connectivity (IFC) and high-end mobility markets, leveraging Electronically Steered Antenna (ESA) applications.

Gilat expects Stellar Blu to contribute between $120 million and $150 million in annual revenues for 2025. This segment shows rapid scaling, with Q2 2025 revenue including approximately $36 million from Stellar Blu. Furthermore, Q3 2025 orders included over $60 million specifically for Stellar Blu ESA Sidewinder Terminals. The company estimates Stellar Blu's EBITDA margin will be above 10% once it reaches target manufacturing capacity in the second half of 2025.

Local Gilat Peru division for regional service delivery and projects

The Local Gilat Peru division acts as a direct service provider and project implementer, primarily focused on government digital inclusion initiatives with Pronatel (Programa Nacional de Telecomunicaciones).

The division's revenue for Q2 2025 reached $15.9 million, marking a 22% year-over-year expansion. Key project wins driving this channel include:

The $25 million Cusco project will deliver 200 Mbps internet to nearly 208 public institutions and 69 public free WiFi Hotspots. The $60 million order covers upgrading infrastructure to bring 200 Mbps internet to nearly 800 public institutions across 280 localities.

Overall, Gilat Commercial (which includes IFC/Stellar Blu) posted $69.1 million in Q2 2025 revenue. The full-year 2025 revenue guidance is between $445 million and $455 million.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Gilat Satellite Networks Ltd. (GILT) as of late 2025, and it's clear the business is structured around distinct, high-value verticals. The company's recent financial performance, with full-year 2025 revenue guidance narrowed to between $445 million and $455 million, reflects strong traction across these groups.

Here's a look at the key segments driving that revenue, based on the latest reported figures from the third quarter of 2025.

The Commercial segment's massive growth is largely thanks to the integration of Stellar Blu and the booming In-Flight Connectivity (IFC) vertical. Still, the Defense and Peru segments bring in substantial, strategic contract wins.

Gilat Defense: US and allied military/government agencies

Gilat Defense is focused on mission-critical, secure SATCOM solutions, leveraging the combined strengths of Gilat DataPath, Wavestream, and Stellar Blu. This segment is actively engaging customers across North America, Europe, and the Asia-Pacific region.

You see their value proposition materializing in specific, large-scale awards:

• Secured a multi-year contract with the U.S. Department of Defense (DoD) valued up to $23 million for STT unit sustainment.
• Gilat DataPath secured an initial order exceeding $7 million from the U.S. Army for DKET terminals, with a potential total value near $70 million.
• Received orders exceeding $8 million from the Israeli Ministry of Defense for Gilat DataPath systems in Q2 2025.
• Secured a multimillion-dollar contract from Israel's Ministry of Defense for system delivery and integration, with expected completion by the end of 2025.
• Announced a $6 million contract in March 2025 for the SkyEdge II-c platform to an Asia-Pacific military organization.

The Defense unit's Q3 2025 revenue was $24.1 million, showing a transition period as mature programs cycle while new initiatives ramp up. That pipeline looks healthy, though. It's definitely a segment built on trust and proven execution in harsh environments.

Gilat Commercial: Global satellite operators and commercial airlines

This segment is showing explosive growth, hitting $73 million in Q3 2025 revenue, a 116% jump year-over-year. The primary driver here is the In-Flight Connectivity (IFC) vertical, bolstered by the Stellar Blu acquisition. Satellite operators are clearly investing heavily in next-generation, multi-orbit ground networks.

Key commercial activities include:

• A $42 million contract from an unnamed global satellite operator for the multi-orbit SkyEdge IV platform.
• An order of approximately $7 million to supply Aerostream 60W Ka-band BUCs for next-generation IFC solutions.
• Over $60 million in total orders from a leading operator for the Stellar Blu Sidewinder ESA IFC terminal, which has about 350 terminals already deployed.
• Received more than $6 million in orders to support Low Earth Orbit (LEO) constellations in November 2025.

The Commercial division's President, Ron Levin, noted strong confidence from operators in Gilat's ground segment technology as they expand connectivity. This group is central to enabling high-speed broadband for passengers and enterprises globally.

Gilat Peru: Peruvian government for national digital inclusion projects

Gilat Perú maintains a strong, long-standing partnership with Pronatel (Programa Nacional de Telecomunicaciones), focusing on closing the digital divide. This segment is strategic, bringing essential services to remote areas.

Recent contract activity with the Peruvian State is substantial:

• An award of approximately $60 million for upgrading Regional Broadband infrastructure across Apurímac, Huancavelica, and Ayacucho.
• This $60 million project involves delivering 200 Mbps internet to nearly 800 public institutions across 280 localities over 4 years of service.
• An additional $25 million agreement for modernizing the Regional Broadband network in the Cusco region.
• The Cusco award will connect nearly 208 public institutions and establish 69 public free WiFi Hotspots over a five-year service period.

The migration work for these projects is generally expected to take place over the next 12 months. Arieh Rohrstock, President of Gilat Peru, emphasizes their experience in executing these large-scale initiatives quickly.

Enterprise and mobility customers requiring high-throughput connectivity

While often grouped under the Commercial segment, the specific demand from enterprise and mobility applications is a key driver for platform adoption, particularly the SkyEdge IV. These customers require scalable, flexible, and efficient solutions for broadband access outside of traditional fixed networks.

The focus here is on the platform's ability to serve diverse, high-throughput needs:

• SkyEdge IV popularity reflects applications including enterprise broadband and maritime mobility.
• The platform also supports cellular backhaul connectivity for Mobile Network Operators.
• The technology is designed to meet passenger and enterprise demand for high-speed broadband anywhere in the world.

The recent $42 million order for SkyEdge IV from a leading operator is explicitly noted to be for use across multiple applications, including IFC and other mobility uses. This shows enterprise and mobility requirements are being met through the same core platform powering the airline sector. You see the technology being deployed for next-generation connectivity in a multi-orbit environment.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Cost Structure

Significant investment in R&D for new product development.

Gilat Satellite Networks Ltd. plans to increase investment in Research and Development (R&D) for the Defense Segment in 2025. The full year 2024 Research & Development costs were $38.1 million, representing 42% of total expenses. For the third quarter of 2025, R&D costs were $11.49 million.

• Full Year 2024 R&D Costs: $38.1 million
• Full Year 2024 R&D as Percentage of Total Expenses: 42%
• Q3 2025 R&D Costs: $11.49 million

Cost of Goods Sold (COGS) for hardware manufacturing and integration.

The Cost of Revenue, which reflects the cost of goods sold for hardware manufacturing and integration, was a significant portion of the revenue base. For the trailing twelve months ending December 31, 2024, the Cost of Revenue was $192.1 million, which was 63% of the total revenue for that period. The GAAP Gross Margin for the third quarter of 2025 stood at 30%.

Ramp-up costs for new acquisitions, like the Stellar Blu production line.

The acquisition of Stellar Blu Solutions involved an initial cash consideration at closing of $98 million, with potential additional payments up to $147 million based on milestones. The acquisition was partly financed with a new secured credit line of $100 million. Ramp-up costs have been explicitly noted in recent quarterly results. The Adjusted EBITDA for the second quarter of 2025 included a loss of about $1.5 million from Gilat Stellar Blu's ramp up process. For the first quarter of 2025, the GAAP operating loss was mainly due to a loss of about $3.6 million from Gilat Stellar Blu's ramp up process, plus amortization of purchased intangibles and one-time acquisition-related costs.

• Initial Cash Consideration for Stellar Blu: $98 million
• Potential Additional Earn-out Payments: Up to $147 million
• Secured Credit Line Used for Funding: $100 million
• Q2 2025 Ramp-up Loss Impact on Adjusted EBITDA: About $1.5 million
• Q1 2025 Ramp-up Loss Impact on GAAP Operating Loss: About $3.6 million

Sales, General, and Administrative (SG&A) expenses for global expansion.

Sales, General and Administrative (SG&A) expenses reflect costs associated with global operations and expansion efforts, including the integration of Stellar Blu. Full Year 2024 SG&A expenses were $47,498 thousand. For the third quarter of 2025, GAAP operating expenses totaled $27.2 million, up from $20.9 million in Q3 2024, with the increase driven by the addition of Stellar Blu and amortization of acquired intangible assets. The Non-GAAP operating expenses for Q3 2025 were $24.7 million, compared to $20.2 million in Q3 2024. The Q3 2025 SG&A breakdown showed Selling and marketing expense at $9.08 million and General and administrative expense at $6.82 million.

The company also plans to increase investment in Sales and Marketing for the Defense Segment during 2025.

Gilat Satellite Networks Ltd. (GILT) - Canvas Business Model: Revenue Streams

You're looking at the core of Gilat Satellite Networks Ltd.'s (GILT) expected performance for 2025, which is shaping up to be a record year. The company has recently narrowed its full-year revenue guidance, showing strong visibility into the latter half of the year. This revenue picture is built on a few key pillars, spanning hardware sales and recurring service contracts.

The total expected revenue for Fiscal Year 2025 is guided to be between $445 million and $455 million. This represents a significant year-over-year growth rate, hitting approximately 47% at the midpoint of that range, which is definitely a strong indicator of momentum across the business.

Product sales form a critical component, heavily driven by Gilat Satellite Networks Ltd.'s core ground segment technology. You see this clearly with the SkyEdge IV platform, which is the choice for operators building out next-generation, multi-orbit networks. As of mid-October 2025, the Commercial Division secured a specific order worth $42 million for this platform from a major satellite operator, with deliveries scheduled over the next 12 months. This platform supports high-growth mobility applications like In-Flight Connectivity (IFC), maritime broadband, and cellular backhaul, so these hardware sales are tied directly to global infrastructure expansion.

A major new revenue stream comes from the recently acquired Stellar Blu business, focusing on Electronically Steered Antenna (ESA) terminals for In-Flight Connectivity. Based on its robust existing backlog, Gilat Satellite Networks Ltd. expects annual revenues from Stellar Blu to range between $120 million and $150 million beginning in 2025. This acquisition is expected to be accretive on non-GAAP results for 2025, and the company projects Stellar Blu's EBITDA margin could exceed 10% once it hits target manufacturing capacity in the second half of 2025. They even highlighted plans to ship hundreds of the Sidewinder terminals in the upcoming quarters.

Beyond the upfront hardware sales, service revenue provides stability. This stream comes from managed network operations, where Gilat Satellite Networks Ltd. runs and maintains complex satellite communication systems for customers. Furthermore, the company is actively engaged in digital inclusion projects, which often translate into longer-term service contracts. Also, the Gilat Defense segment is a key contributor, actively developing opportunities as governments increase investment in mission-critical secure satellite communications.

Here's a quick look at the key financial figures driving this revenue expectation for 2025:

Finance: draft 13-week cash view by Friday.