Monitor the Comtech acquisition closing timeline and any regulatory hurdles, as a successful close would be a major catalyst. Q3 results will provide the next update on revenue trajectory toward the midpoint of guidance ($500-520M annual).
Price Chart
Executive Summary
Gilat reported Q2 2026 results with revenue up 17% to $122.7M but GAAP net income declined to $8.1M from $9.8M, and GAAP operating income fell to $4.7M from $5.7M, while raising non-GAAP metrics (Adjusted EBITDA up 31% to $15.4M). The Comtech acquisition remains on track for year-end close, and full-year revenue guidance of $500-$520M was reiterated. The mixed picture of revenue growth paired with GAAP earnings decline and significant non-cash stock-based compensation charges leads to a mixed sentiment.
Key Facts
- Q2 2026 revenue $122.7M, up 17% from $105.0M in Q2 2025
- GAAP operating income $4.7M, down from $5.7M in Q2 2025
- GAAP net income $8.1M ($0.10/diluted share), down from $9.8M ($0.17/sh) in Q2 2025
- Adjusted EBITDA $15.4M, up 31% from $11.8M in Q2 2025
- Non-GAAP net income $15.6M ($0.20/diluted share), up from $12.0M ($0.21/sh)
- Reiterated FY2026 guidance: revenue $500-$520M, Adjusted EBITDA $61-$66M
- Comtech acquisition on track for year-end closing; expected to create >$700M pro forma annual revenue
- Defense segment revenue $22.5M (Q2 2026) vs $20.0M (Q2 2025)
- Cash and cash equivalents $144.8M at June 30, 2026, down from $168.9M at Dec 31, 2025
- Operating cash flow used $(1.9)M in Q2 2026 vs provided $5.1M in Q2 2025
Financial Impact
Revenue growth of $17.7M (+17%) offset by GAAP earnings decline; Adjusted EBITDA improvement of $3.6M (+31%)
Risk Factors
- GAAP profitability declining despite revenue growth due to rising operating expenses
- Cash burn from operations and investing activities ($14.1M used H1 2026 operating cash flow)
- Comtech acquisition integration risk and regulatory approval uncertainty
- Dilution from 35% increase in diluted share count YoY (57.3M to 79.4M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-003830 |
| Document: 0001178913-26-003830-index-headers.html | 0001178913-26-003830 |
| Document: 0001178913-26-003830-index.html | 0001178913-26-003830 |
| Document: 0001178913-26-003830.txt | 0001178913-26-003830 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Press Release | $8.05 $7.83 | ▼ −2.73% | ▼ −1.63% | $7.92 (−1.61%) |
Oct 15, 2026 12d ago | 6-K | $8.05 $7.83 | ▼ −2.73% | ▼ −1.63% | $7.92 (−1.61%) |
Oct 8, 2026 19d ago | 6-K | $9.32 $8.94 | ▼ −4.08% | ▼ −4.68% | $7.92 (−15.02%) |
Oct 7, 2026 20d ago | 6-K | $9.22 $9.32 | ▲ +1.08% | ▲ +1.51% | $7.92 (−14.10%) |
Oct 5, 2026 22d ago | Press Release | $9.40 $9.22 | ▼ −1.91% | ▼ −2.46% | $7.92 (−15.74%) |
Oct 5, 2026 22d ago | 6-K | $9.40 $9.22 | ▼ −1.91% | ▼ −2.46% | $7.92 (−15.74%) |
Aug 31, 2026 8w ago | 6-K | $9.90 $10.06 | ▲ +1.62% | ▲ +2.30% | $7.92 (−20.00%) |
Aug 31, 2026 8w ago | 6-K | $9.90 $10.06 | ▲ +1.62% | ▲ +2.30% | $7.92 (−20.00%) |
Aug 17, 2026 10w ago | 6-K | $11.24 $10.88 | ▼ −3.20% | ▼ −2.53% | $7.92 (−29.54%) |
Aug 10, 2026 11w ago | 6-K | $11.21 $11.62 | ▲ +3.66% | ▲ +3.41% | $7.92 (−29.35%) |
US Market Status
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