Monitor regulatory developments regarding the Comtech acquisition (CFIUS, HSR); the deal is expected to close by end of 2026. Strong H1 results and $144.9M cash provide a solid base for execution. Watch Q3 2026 revenue progression and any update on the earn-out settlement impacts.
Price Chart
Executive Summary
Gilat reported strong H1 2026 results with total revenues of $233.1M (+18.3% YoY) and net income of $13.4M, up from $3.8M in H1 2025. The company also announced a definitive agreement to acquire the majority of Comtech's Satellite & Space Communications segment for $157.5M in cash, expected to close by end of 2026 subject to regulatory approvals. The financial momentum combined with the strategic acquisition positions Gilat for further scale, though execution and regulatory risks remain.
Key Facts
- H1 2026 total revenues of $233.1M, up 18.3% YoY from $197.0M in H1 2025
- Net income of $13.4M vs $3.8M in H1 2025, a 249% increase
- Basic EPS of $0.18 vs $0.07 in H1 2025
- Gross margin improved to 32% from 31%
- Cash, cash equivalents and restricted cash of $144.9M as of June 30, 2026
- Signed definitive agreement to acquire majority of Comtech's Satellite & Space Communications segment for $157.5M in cash
- Backlog of unsatisfied performance obligations of $392.3M, with 81% expected to be recognized within 3 years
- Commercial segment revenue grew 16.9% to $155.8M, Defense up 11.4% to $47.9M, Peru up 42.2% to $29.5M
- Operating cash flow negative $14.1M in H1 2026 vs negative $1.5M in H1 2025 due to working capital investment
Financial Impact
Revenue growth of $36.1M (+18.3%) and net income increase of $9.5M (+249%) in H1 2026 vs H1 2025
Risk Factors
- Regulatory approval risks for Comtech acquisition (CFIUS, FTC/DOJ) could delay or block the deal
- Integration complexity of Comtech's Satellite & Space segment post-close
- Customer concentration: Customer A (EU) accounted for 47% of H1 2026 revenue
- Negative operating cash flow of $14.1M in H1 2026 driven by working capital buildup
- Ongoing Israeli armed conflicts could impact operations and supply chain
- Peru arbitration awards may face collection delays or annulment risks
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-003967 |
| Exhibit: exhibit_99-2.htm | 0001178913-26-003967 |
| Document: zk2635846.htm | 0001178913-26-003967 |
| Document: 0001178913-26-003967-index-headers.html | 0001178913-26-003967 |
| Document: 0001178913-26-003967-index.html | 0001178913-26-003967 |
| Document: 0001178913-26-003967.txt | 0001178913-26-003967 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Press Release | $8.05 $7.83 | ▼ −2.73% | ▼ −1.63% | $7.76 (−3.54%) |
Oct 15, 2026 12d ago | 6-K | $8.05 $7.83 | ▼ −2.73% | ▼ −1.63% | $7.76 (−3.54%) |
Oct 8, 2026 19d ago | 6-K | $9.32 $8.94 | ▼ −4.08% | ▼ −4.68% | $7.76 (−16.68%) |
Oct 7, 2026 20d ago | 6-K | $9.22 $9.32 | ▲ +1.08% | ▲ +1.51% | $7.76 (−15.78%) |
Oct 5, 2026 22d ago | Press Release | $9.40 $9.22 | ▼ −1.91% | ▼ −2.46% | $7.76 (−17.39%) |
Oct 5, 2026 22d ago | 6-K | $9.40 $9.22 | ▼ −1.91% | ▼ −2.46% | $7.76 (−17.39%) |
Aug 31, 2026 8w ago | 6-K | $9.90 $10.06 | ▲ +1.62% | ▲ +2.30% | $7.76 (−21.57%) |
Aug 31, 2026 8w ago | 6-K | $9.90 $10.06 | ▲ +1.62% | ▲ +2.30% | $7.76 (−21.57%) |
Aug 17, 2026 10w ago | 6-K | $11.24 $10.88 | ▼ −3.20% | ▼ −2.53% | $7.76 (−30.92%) |
Aug 10, 2026 11w ago | 6-K | $11.21 $11.62 | ▲ +3.66% | ▲ +3.41% | $7.76 (−30.73%) |
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