Gilat Satellite Networks Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to GILAD's third quarter 2025 results conference call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded November 12, 2025. By now, you should have all received the company's press release. If you have not received it, please view it in the new section of the company's website, www.gilat.com. I would now like to hand over the call to Ms. Jody Berfening of Alliance Advisors IR. Ms. Berfening, please go ahead.

Thank you, Hila, and good morning, everyone. Thank you for joining us for Gilat Satellite Network's earnings conference call for the third quarter of 2025. With us on the call today are Mr. Adi Spadia, DLOT's CEO, and Mr. Bill Binyamini, DLOT's Chief Financial Officer. Before turning the call over to management, I would like to remind everyone that some statements made during this conference call contain forward-looking statements based on current expectations. Actual results could differ materially from those projected as a result of various risks and uncertainties. Potential risks and uncertainties could cause actual results to differ materially, include global economic conditions, reductions in revenues from key customers, delays or reductions in U.S. and foreign military spending, acceptance of our new products on a global basis, and disruptions or delays in our supply of raw materials and components due to business conditions, global conflicts, weather, or other factors not under our control. Company cautions investors not to place undue reliance on forward-looking statements, which reflects the company's analysis only as of today's date. Company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect ELOT's financial results is included in the company's filings with the Securities and Exchange Commission including the latest quarterly report on Form 10Q. In addition, on today's call, management will refer to certain non-GAAP financial measures that management considers to be useful and differ from GAAP. These non-GAAP measures should be considered supplemental to corresponding GAAP figures. With that, I would now like to turn the call over to Gilad's CEO. Please go ahead, Adi.

Thank you, Jody, and good day to everyone. Thank you for joining us today to discuss Gilad's third quarter of 2025 results. Please note that we are posting a PowerPoint presentation on our website with all the data we will discuss today. The third quarter of 2025 was a strong quarter for Gilad and showed strong revenue, including solid organic growth and adjusted EBITDA performance. Our competitive edge across the satellite communication landscape and success in next-generation satellite programs is clearly translating directly into new orders and growing opportunities. During the quarter, we announced a $66 million private placement from institutional and accredited investors. This demonstrates the confidence of the investment community in Gilad's strategy and performance, providing additional strength to support our next phase of growth. At the end of the quarter, we had a very strong cash position, $55 million, An example of our efforts to create a competitive edge in our first to market integration of AI into our network management system. This marked an important step in bringing AI driven automation and intelligence to satellite network operations, allowing customers to manage their network with greater efficiency and insights. It reflects our commitment to innovation and our active role in shaping the future of intelligent Satcom solutions. We expect to introduce additional AI capabilities as we progress with our roadmap development. Sales quarter revenues reached $117.7 million, a 58% increase year-over-year. Adjusted EBITDA was $15.6 million, 46% above the same quarter last year. Now on to the business review. Gilad Defense continued to invest in sales, marketing, and R&D resources to support business development. Gilad Defense is front and center, actively engaging with customers across North America, Europe, and Asia Pacific. Our unique advantage lies in the combined strengths of Gilad, Datapath, Wavestream, and StellarBlue. This collaboration enabled us to deliver comprehensive SATCOM solutions that supports the full spectrum of defense operations. During the quarter, Gilad Defense received over $14 million in orders through a prime contractor for its DK terminals, from the U.S. Army and the Department of Defense, broadening our presence across key defense programs. In Israel, Gilad Defense strengthened its relationship with the Israeli Ministry of Defense through a new multi-million dollar contract for the delivery and integration of satellite communication systems and services. With a robust pipeline, trusted partnership, and proven execution, we are well positioned to capture additional opportunities as global demand for secure satellite communication continue to rise. Turning to our commercial business, the third quarter delivered strong results driven by new wins, continued adoption of our next generation platforms, and steady execution across major programs. These results reflect both the rapid evolution of the satellite communication market and Gilad's ability to deliver technology and performance our customers require. Operators worldwide are investing in flexible multi-orbit ground networks that can seamlessly support fixed broadband mobility and government applications. Gilad's SkyH4 platform remains central to this transformation, combining scalability, reliability, and advanced network management via virtualized software-defined ground infrastructure. During the quarter, Gilad received $42 million in orders from a leading global satellite operator for SkyH4, for use across multiple applications, mainly in-flight connectivity. These systems will expand the worldwide deployment of our platform and strengthen Gilad's position as a preferred choice for next-generation connectivity in multi-orbit environments. Demand continues to build for Gilad's IFC solutions as airlines and system integrators expand adoption of our technology for next-generation aircraft connectivity. Recently, we received an order of approximately $7 million to supply IFC equipment. This order demonstrates the growing trust of leading aviation partners in Gilad to deliver reliable, high-performance connectivity for IFC. During the quarter, Gilad signed a strategic partnership agreement and received an initial order for Sky-H4 from a leading satellite operator in Asia-Pacific region, supporting both fixed and cellular backhaul connectivity. Together, this will highlight strong market confidence in our technology and reinforce our position as key enabler of multi-orbit broadband connectivity worldwide. Gilad was awarded more than $60 million in orders from a leading satellite operator for its Stellar Blues Sidewinder ESA IFC terminal. With about 300,000 community flight hours and about 350 terminals already deployed, The side window continues to set new benchmarks for performance, reliability, and passenger experience. Production is ramping up, and we expect increased deliveries with improved margins in the coming quarters. Gilad Stellar Blue continues to collaborate closely with its partners to secure new fleet swings and expand its global reach. The growing pipeline in our commercial business continues to benefit from demand momentum, and expanding customer adoption across key markets. Combination of major satellite operators awards, growing IFC demand, and the integration of StellarBlue testified to Gilad leadership in next-generation connectivity, positioning us well-continued growth into 2026. Gilad Peru delivered strong results this quarter, marked by an additional award of $25 million for an expansion project from PONATEL. This is on top of the $60 million projects awarded to us that was reported at the beginning of the quarter, for a quarterly total of $85 million. The new awards will extend high-speed connectivity to additional public institutions, including schools, health centers, and police stations, as well as public Wi-Fi hotspots, further advancing Peru's digital inclusion goals. The impact of this project goes beyond connectivity, supporting access to education, healthcare, and public safety, while creating the infrastructure needed for future broadband extensions. The project implementation is progressing on schedule, and we continue to anticipate additional large RFPs and follow-on orders for network extensions and renewals in the coming quarters. The experience and expertise gained in Peru are also being applied globally, allowing us to replicate successful models and accelerate digital inclusion programs in other markets. I am pleased to say that we continue to have a strong backlog and a healthy pipeline of opportunities in all divisions. On the strength of our results here today, improved visibility and business momentum, we are resetting our full-year guidance. We are narrowing our revenue range to between $445 to $455 million for a higher revenue growth rate of approximately 47% at the midpoint. We've also narrowed our adjusted EBITDA guidance range, now targeting $51 to $53 million for a higher growth rate of approximately 23% at the midpoint. Demand across our key markets is accelerating, and the strategic initiatives we have implemented are delivering measurable results. Gilad Defense continues to develop opportunities as governments expand investment in mission-critical secure satellite communications. Our focus remains on converting the growing pipeline into newer worlds in the United States and allied countries. In the Commercial Division, we are seeing broader adoption of our multi-orbit SkyH4 platform as operators scale their next-generation networks and invest in advanced broadband and IFC applications. Gilad Stellar Blue is making steady progress as production increases and new fleet swings are secured, further strengthening our position in the global aviation connectivity market. In Peru, project execution remains on track and we continue to expect additional RFPs and follow-on awards from Pronatel and other public programs. Sorry. The operational expertise developed in Peru continues to serve as a foundation for similar digital inclusion initiatives globally. In summary, we delivered another strong quarter, successfully validating our diversified growth engines across defense, commercial, and Peru. Gilad is actively strengthening its competitive edge through technological leadership in multi-orbit connectivity and the integration of SkyH4 and AI. With a growing backlog, a robust pipeline of opportunities, particularly in the IFC market, and a strong balance sheet that is well positioned for sustained, profitable growth and continued leadership in the global Satcom market. And with that, I will hand over the call over to Gil Biniamini, our CFO. Gil, please go ahead.