two Q3 2026 Earnings Recap

Gilat’s shares fell 20.6% after earnings, with the key disappointment likely its lower revenue outlook as commercial customer orders and deployments shift into 2027 and beyond. Management reduced full-year revenue guidance to $455 million–$475 million, despite maintaining a narrower adjusted EBITDA outlook.

Key Takeaways

• Q3 revenue was $116.2 million, down from $117.7 million a year earlier; adjusted EBITDA rose 13% to $17.6 million.
• Commercial revenue declined to $69.7 million from $73 million, reflecting lower amplifier deliveries to certain LEO customers and delays in customer programs.
• Management cited longer decision cycles and satellite launch constraints in traditional markets, delayed IFC orders and installations, and a Peru agreement signed later than expected; related revenue is now expected in 2027.
• Defense revenue grew 53% year over year and exceeded management’s expectations. The segment secured awards of more than $32 million for DKET systems and more than $8 million for field services and upgrades.
• Full-year adjusted EBITDA guidance was narrowed to $61 million–$63 million. The pending Comtech Satellite and Space acquisition is expected to add more than $180 million in revenue and more than $80 million in adjusted EBITDA, subject to approvals and closing conditions.