Gilat Satellite Networks Ltd (GILT) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Gilat 4th quarter 2024 results conference call. (operator instructions)

女士們、先生們，感謝你們的支持。歡迎參加 Gilat 2024 年第四季業績電話會議。（操作員指令）

I would now like to hand over the call to Ms. Mayrav Sher, head of finance and IR. Ms. Cher, please go ahead.

現在我想將電話轉給財務和投資者關係主管 Mayrav Sher 女士。雪兒女士，請繼續。

Yes, thank you, operator. Good morning and good afternoon, everyone.

是的，謝謝您，接線生。大家早安，下午好。

Thank you for joining us today for Gilat's fourth quarter 2024 Resolves conference call and webcast. I am Mayrav Sher, Gilat's head of finance and investor relations. The earnings press release that was issued can be found in the investor relations section of our website at www.gilat.com.

感謝您今天參加 Gilat 2024 年第四季決議電話會議和網路廣播。我是 Mayrav Sher，Gilat 的財務和投資者關係主管。發布的收益新聞稿可在我們網站 www.gilat.com 的投資者關係部分找到。

Also, a recording of this call will be available beginning at approximately 12 noon Eastern time today, February 12, and a webcast on Gilat's website for a period of 30 days. Also, please note that statements made on this earning call that are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements, including statements regarding future financial operating results, involve risks, uncertainties, and contingencies, many of which are beyond the control of Gilat, and which may cause actual results to differ materially from anticipated results.

此外，本次通話的錄音將於今天（2 月 12 日）美國東部時間中午 12 點左右開始提供，並在 Gilat 的網站上進行為期 30 天的網路直播。此外，請注意，本次收益電話會議上所作的非歷史事實的陳述可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。所有此類前瞻性陳述，包括有關未來財務經營結果的陳述，都涉及風險、不確定性和意外事件，其中許多超出了 Gilat 的控制範圍，並可能導致實際結果與預期結果有重大差異。

Gilat is under no obligation to update or alter these poor looking statements, whether as a result of new information, future events, or otherwise, and the company explicitly disclaim any obligation to do so. More detailed information about risk factors can be found in Gilat's report filed with the Security and Exchange Commission.

Gilat 沒有義務更新或修改這些看起來不準確的聲明，無論是由於新資訊、未來事件或其他原因，且本公司明確表示不承擔任何此類義務。有關風險因素的更多詳細信息，請參閱吉拉特提交給美國證券交易委員會的報告。

Also on today's call, management will refer to non-GAAP measures. The company believes these non-GAAP measures assist management and investors in comparing the company's performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring, or other charges that it does not believe are indicative of its core operating performance. The reconciliation of GAAP results to non-GAAP measures can be found in the 4th quarter of fiscal year 2024 earning press release that the company issued and furnished to the SEC earlier today on Form 6K. With that, let me turn to introduction. On the call today are Mr. Adi Sfadia, Gilat's CEO and Mr. Gil Benyamini, Gilat's CFO . I would now like to turn the call over to Adi Sfadia.

此外，在今天的電話會議上，管理階層將參考非公認會計準則指標。該公司認為，透過排除這些非現金、非經常性或其他公司認為不能反映核心經營績效的費用，這些非公認會計準則指標可協助管理階層和投資者以一致的基礎比較公司各個報告期間的績效。在公司今天稍早以 6K 表格形式發布並提交給美國證券交易委員會 (SEC) 的 2024 財年第 4 季收益新聞稿中，可以找到 GAAP 結果與非 GAAP 指標的對帳。現在，讓我開始介紹。今天參加電話會議的有 Gilat 執行長 Adi Sfadia 先生和 Gilat 財務長 Gil Benyamini 先生。現在我想將電話轉給 Adi Sfadia。

Adi, go ahead, please.

阿迪，請說。

Thank you, Mayrav, and good day to everyone.

謝謝你，Mayrav，祝大家有愉快的一天。

Thank you for joining us today to discuss our fourth quarter and full year 2024 earning results. On the call, we will highlight key achievements for the quarter and talk about our opportunities and plans to accelerate revenues in 2025 as we capitalize on the acquisition of Stellar Blue and Data Pass and continue to drive innovation.

感謝您今天加入我們討論我們的 2024 年第四季和全年獲利結果。在電話會議上，我們將重點介紹本季度的主要成就，並討論我們在 2025 年加速收入的機會和計劃，因為我們將利用對 Stellar Blue 和 Data Pass 的收購並繼續推動創新。

We finished 2024 with a strong fourth quarter, achieving a strong Adjusted EBITDA and accelerating our revenue growth. Q4 revenue reached $78.1 million driving full year revenues to $305.4 million a 15% increase year over year. Adjusted EBITDA also saw significant growth with Q4 reaching $12.1 million and the full year hitting $42.2 million, 16% growth [EUR].

我們以強勁的第四季度結束了 2024 年，實現了強勁的調整後 EBITDA 並加速了我們的營收成長。第四季營收達 7,810 萬美元，帶動全年營收達 3.054 億美元，年增 15%。調整後的 EBITDA 也實現了顯著成長，第四季達到 1,210 萬美元，全年達到 4,220 萬美元，成長 16%[歐元]。

This performance highlights Gilat's strong execution, strategic growth, and dedication to delivering value. Overall, 2024 has been profitable and successful year for the company. Before we proceed to the business review, I would like to share some information about the organizational change we are undergoing. As part of our ongoing efforts to streamline operations and increase our focus and resources on our main growth engines. We are pleased to announce our new organizational structure and reportable segments.

這項績效凸顯了 Gilat 強大的執行力、策略成長能力以及對創造價值的奉獻精神。整體而言，2024 年對公司來說是獲利且成功的一年。在我們進行業務審查之前，我想分享一些有關我們正在進行的組織變革的資訊。作為我們持續努力簡化營運並增加對主要成長引擎的關注和資源的一部分。我們很高興地宣布我們新的組織結構和報告部門。

This new structure is an outcome of a strategic process which we identified our main growth opportunities and that also led to our recent acquisition of DataPath and Stellar Blu. Our new organizational structure will allow us to focus more precisely on serving the growing defense market. And the increasing opportunities in the commercial NGSO and VHTS markets, specifically the IFC segment.

這種新架構是我們策略過程的結果，我們確定了主要的成長機會，這也促使我們最近收購了 DataPath 和 Stellar Blu。我們的新組織結構將使我們更加專注於服務不斷成長的國防市場。商業 NGSO 和 VHTS 市場，特別是 IFC 領域的機會日益增加。

We also believe that this structure will provide investors with greater insight into Gilat business lines and simplify the understanding of our operations. As of January 1, 2025, the company is divided into three new divisions Gilat Defense, Gilat Commercial, and Gilat Peru. Let me take a moment to explain in more detail.

我們也相信，這種結構將使投資者更深入地了解 Gilat 的業務線，並簡化對我們營運的理解。自 2025 年 1 月 1 日起，該公司分為三個新部門：Gilat Defense、Gilat Commercial 和 Gilat Peru。讓我花一點時間來更詳細地解釋一下。

I will start with Gilat Defense. About 2 years ago, we identified defense as a market with significant potential for our growth. The demand for government and defense Satcom solutions is growing and is driven by macropolitical dynamics and the increasing need for multi-obvious connectivity strategies. Defense organizations require multiple layers of communication, redundancy to ensure high availability, making Satcom a critical component of mission success.

我將從 Gilat Defense 開始。大約兩年前，我們就認定國防市場具有巨大的成長潛力。政府和國防衛星通訊解決方案的需求正在增長，這受到宏觀政治動態和多明顯連接策略日益增長的需求的推動。國防組織需要多層通訊和冗餘以確保高可用性，這使得衛星通訊成為任務成功的關鍵組成部分。

Recognizing this trends, we acquired DataPath in 2023, and now I've created Gilat Defense division specifically to meet these demanding needs. The newly formed Gilat Defense Division is dedicated to meeting the specific needs of defense integrators, military and government organizations worldwide, with a strong focus on the US Department of Defense.

認識到這一趨勢，我們在 2023 年收購了 DataPath，現在我專門創建了 Gilat Defense 部門來滿足這些迫切的需求。新成立的吉拉特國防部致力於滿足全球國防整合商、軍事和政府組織的特定需求，並專注於美國國防部。

By integrating products from the wide portfolio of Gilat Wavestream and DataPath. The Gilat Defense division delivers secure rapid deployment solutions and battlefield connectivity. Moving to Gilat Commercial, the satellite industry is rapidly shifting towards multi-orbital connectivity, driven by the need for greater resiliency, flexibility, and seamless global coverage. At the same time, the push for digital inclusion and the growing demand for in-flight connectivity are reshaping the commercial market. To address this evolving needs, we established the commercial division.

透過整合 Gilat Wavestream 和 DataPath 的廣泛產品組合。吉拉特防禦部門提供安全快速部署解決方案和戰場連線。轉向 Gilat Commercial，衛星產業正在迅速轉向多軌道連接，這是由對更高彈性、靈活性和無縫全球覆蓋的需求所推動的。同時，數位包容的推動以及對機上連接日益增長的需求正在重塑商業市場。為了滿足不斷發展的需求，我們成立了商業部門。

Our acquisition of stellar blue serves as one of the cornerstones of this division, strengthening our position in the high growth IFC market and enabling us to provide cutting edge connectivity solutions that meet the demands of passengers, airlines, and service providers worldwide.

我們對 Stellar Blue 的收購是該部門的基石之一，它鞏固了我們在高成長 IFC 市場中的地位，並使我們能夠提供滿足全球乘客、航空公司和服務提供者需求的尖端連接解決方案。

Gilat's commercial divisions is focused on providing advanced broadband satellite communication network solutions for enterprises and solar back being the partner of choice for the global and regional satellite operators for HTS, VHTS, and NGSO constellations, with turnkey solutions for service providers, MNOs, satellite operators, and enterprises.

Gilat 的商業部門專注於為企業提供先進的寬頻衛星通訊網路解決方案，並成為 HTS、VHTS 和 NGSO 星座的全球和區域衛星營運商的首選合作夥伴，並為服務供應商、MNO、衛星營運商和企業提供交鑰匙解決方案。

The third division is Gilat Peru. Latin America in general and specifically Peru, faces enormous challenges in terms of connectivity, especially in rural and how to reach geographies. Gilat Peru is focused on digital and social inclusion and end to end telco solutions focusing on government solutions across Peru. Gilat Peru plays a vital role in bridging the digital divide, connecting underserved communities and delivering high quality telecommunication services.

第三級聯賽是秘魯吉拉特隊。整個拉丁美洲，特別是秘魯，在連結性方面面臨巨大挑戰，特別是在農村地區和如何到達地區。Gilat Peru 專注於數位和社會包容以及端到端電信解決方案，專注於秘魯各地的政府解決方案。Gilat Peru 在縮小數位落差、連接服務不足的社區和提供高品質的電信服務方面發揮著至關重要的作用。

More specifically, Gilat Peru focuses on telecom services and the operation and implementation of large-scale network projects. Gilat Group provides terrestrial fiber optic, wireless network, and satellite network construction, implementation, and operations.

具體而言，Gilat Peru 專注於電信服務以及大型網路專案的營運和實施。Gilat Group 提供地面光纖、無線網路和衛星網路的建置、實施和營運。

You can find a link to a dedicated presentation for the matter in the Q4 press release and our website in the investor relations section.

您可以在第四季度新聞稿和我們網站的投資者關係部分中找到有關此事的專門簡報的連結。

Now let's move to the business review for the fourth quarter. The first highlights I would like to discuss is the closing of our stellar Blue acquisition, which completed on January 6, 2025.

現在我們來回顧一下第四季的業務。我想討論的第一個亮點是我們對 Blue 的收購，該收購於 2025 年 1 月 6 日完成。

The acquisition marks a significant milestone in Gilat's strategy to expand our leadership in the IFC market. As discussed before, this acquisition enhanced our capabilities to deliver advanced multi-orbit ESA solutions and strengthen our position in the commercial aviation, making us the market leader in this rapidly growing sector.

此次收購是 Gilat 擴大其在 IFC 市場領導地位的策略的一個重要里程碑。如前所述，此次收購增強了我們提供先進多軌道 ESA 解決方案的能力，並鞏固了我們在商業航空領域的地位，使我們成為這一快速成長領域的市場領導者。

Stellar Blu brings unique expertise in satellite communications and system integrations for aviation, complementing our existing solutions and extending our reach to key commercial partners. The addition of Stellar Blu strengthened our position to capture a larger share of the IFC market. In addition, Stellar Blu continues to make progress in extending its product line into the defense sectors air applications. We're already seeing strong early results, promising partnerships, and significant new business opportunities.

Stellar Blu 在航空衛星通訊和系統整合方面擁有獨特的專業知識，補充了我們現有的解決方案，並將我們的業務範圍擴展到主要商業夥伴。Stellar Blu 的加入增強了我們的地位，讓我們能夠佔據更大的 IFC 市場份額。此外，Stellar Blu 也持續推動其產品線向國防部門航空應用領域的拓展。我們已經看到了強勁的早期成果、有前景的合作夥伴關係以及重要的新商機。

Building on this momentum, Stellar Blu has made significant strides in the IFC market. With over 125 multi-orbit ESA aeroterminals shipped to date, and activation is well underway, Stellar Blu is leading the way in next generation aviation connectivity. Our production capacity is scaling to meet this growing demand.

借助這一勢頭，Stellar Blu 在 IFC 市場取得了重大進展。迄今為止，Stellar Blu 已交付超過 125 個多軌道 ESA 航空終端，且啟動工作正在順利進行中，在下一代航空連接領域處於領先地位。我們的生產能力正在擴大以滿足日益增長的需求。

During Q4, we received very significant orders of approximately $19 million for network equipment from our IFC partners successfully expanding our deployments with them. These are very large scale IFC operating networks of a multi-orbit constellation. Also, Gilat Wavestream demonstrate consistent growth and continued success with SSPA and terminal related avionics products dedicated to the IFC market.

在第四季度，我們從 IFC 合作夥伴那裡收到了價值約 1900 萬美元的網路設備大額訂單，並成功地與他們擴展了我們的部署。這些是多軌道星座的超大規模 IFC 操作網路。此外，Gilat Wavestream 也憑藉 IFC 市場的 SSPA 和終端相關航空電子產品實現了持續成長並取得成功。

Our strong partnership with investors continues to drive growth, expanding beyond commercial aviation into business aviation and maritime leveraging our SkyEdge family of VSAT platforms. Intelsat is enhancing its global Satcom network to deliver seamless, high-performance connectivity across diverse orbital assets. This expansion reinforced our position as key technology provider and open new long term revenue opportunities. As we look ahead to 2025, we see significant opportunities for our IFC product portfolio as multi-orbit constellations grow in capacity and coverage.

我們與投資者的牢固合作關係繼續推動成長，利用我們的 SkyEdge 系列 VSAT 平台，將業務範圍從商業航空擴展到公務航空和海運。國際通訊衛星組織正在增強其全球衛星通訊網絡，以便在不同的軌道資產之間提供無縫、高效能的連接。此次擴張鞏固了我們作為關鍵技術提供者的地位並開闢了新的長期收入機會。展望 2025 年，隨著多軌道星座的容量和覆蓋範圍不斷擴大，我們看到我們的 IFC 產品組合將面臨巨大機會。

In the fourth quarter we saw strong demand in the NGSO market with Gilat Wavestream, Gilat's Gateway solid state power amplifiers, product portfolio a category leader playing a key role in supporting Leo constellations. In 2024, SCS successfully launched its service for 03b mPower, a major milestone that underscores the strengths and advanced capabilities of our SkyEdge IV platform.

在第四季度，我們看到 NGSO 市場需求強勁，其中 Gilat Wavestream、Gilat 的 Gateway 固態功率放大器、產品組合處於類別領先地位，在支持獅子座星座方面發揮關鍵作用。2024 年，SCS 成功為 03b mPower 推出服務，這是一個重要的里程碑，彰顯了我們的 SkyEdge IV 平台的優勢和先進功能。

This launch cements our leadership in next generation satellite networking, demonstrating our ability to support highly flexible software defined satellite services. At the same time, Intelsat expanded its multi-service network, choosing GEO technology for its maritime and business aviation sector. This highlights the confidence that the leading satellite operators have in our solutions and reinforced our growing role as a key technology provider across multiple verticals.

這次發射鞏固了我們在下一代衛星網路領域的領導地位，展現了我們支援高度靈活的軟體定義衛星服務的能力。同時，國際通訊衛星組織擴展了其多業務網絡，為其海事和商務航空領域選擇了 GEO 技術。這突顯了領先衛星營運商對我們解決方案的信心，並鞏固了我們作為多個垂直領域關鍵技術提供者日益增強的地位。

These achievements further validate our strategy of delivering cutting edge, futureproof satellite communication solutions. As we look ahead to 2025, we are well positioned to secure very significant orders for our Leo gateway products while also anticipating growth with SDS and Intelsat's multi-orbit and cloud strategy. In addition, the recent award of the Irish square constellation by the EU to the Space Right Consortium that includes ULSA, SES and Intelsat is a positive development with significant opportunities and potential.

這些成就進一步驗證了我們提供尖端、面向未來的衛星通訊解決方案的策略。展望 2025 年，我們已做好準備，能夠獲得 Leo 網關產品的大量訂單，同時也期待透過 SDS 和 Intelsat 的多軌道和雲端策略實現成長。此外，歐盟最近將愛爾蘭方形星座授予包括ULSA、SES和Intelsat在內的空間權利聯盟，這是一個積極的進展，具有巨大的機會和潛力。

Turning to defense, we concluded the year with significant wins for Gilat data securing key deals for our portable and transportable products. This success. Includes contracts with both the US DoD and international defense organizations further solidifying our position in the critical market.

談到國防，我們在今年結束時為吉拉特數據贏得了重大勝利，確保了我們便攜式和可移動產品的關鍵交易。這次成功。包括與美國國防部和國際國防組織簽訂的合同，進一步鞏固了我們在關鍵市場的地位。

Specifically, in the fourth quarter, we received approximately $9 million in orders from the US DoD and other international defense organizations. 2024 was the first full year of DataPath operating under Gilat, and you couldn't be more pleased with the results. Gilat DataPath transportable and portable products have gained success with various defense organizations all over the globe.

具體來說，第四季度，我們收到了來自美國國防部和其他國際國防組織約900萬美元的訂單。 2024 年是 DataPath 在 Gilat 領導下運作的第一年，您對結果感到非常滿意。Gilat DataPath 便攜式和便攜產品已在全球各地的各個國防組織中獲得成功。

At the same time, we have been advancing our defense strategy by adapting SkyEdge to meet military requirements and developing our next generation GLT software defined radio modem tailored to the evolving needs of the defense market. As we look ahead to 2025, we are planning significant investments in Gilat defense, substantially increasing our R&D efforts to introduce more products, solutions, and features. Additionally, We will increase Gilat Defense sales and marketing investment to approach the defense market channels and customers. We see significant opportunities for Gilat Defense unified solutions seamless seamlessly integrating the expertise and technologies of Gilat DataPath and Wavestream to provide a comprehensive mission critical offering for the defense government customers worldwide.

同時，我們一直在推進我們的國防戰略，使 SkyEdge 適應軍事要求，並開發適合國防市場不斷變化的需求的下一代 GLT 軟體定義無線電調變解調器。展望 2025 年，我們計劃對 Gilat 防禦進行大量投資，大幅加大研發力度，推出更多產品、解決方案和功能。此外，我們將增加 Gilat Defense 的銷售和行銷投資，以接近國防市場通路和客戶。我們看到 Gilat Defense 統一解決方案的巨大機遇，它可以無縫整合 Gilat DataPath 和 Wavestream 的專業知識和技術，為全球國防政府客戶提供全面的關鍵任務產品。

In Peru, we experienced solid growth this year, securing $20 million in orders from major players in the country's communication sector. A key highlight was our partnership with IpT Internet para Todos, a consortium of Telefonica and Facebook that is expanding and extending its network reach to more communities. Our efforts remain focused on bridging the digital divide, enabling underserved communities to gain access to high quality internet connectivity.

在秘魯，我們今年實現了穩步增長，從該國通訊行業主要參與者獲得了 2000 萬美元的訂單。一大亮點是我們與 IpT Internet para Todos 的合作，IpT Internet para Todos 是西班牙電信 (Telefonica) 和 Facebook 組成的聯盟，正在擴大其網路覆蓋範圍，覆蓋更多社區。我們的努力仍然致力於縮小數位鴻溝，使服務不足的社區能夠獲得高品質的網路連線。

Looking forward, we have a robust pipeline for 2025 with large opportunities emerging, such as the progression of significant RFPs [withpono] and the Peruvian government, along with several upcoming project expansions and extensions.

展望未來，我們擁有 2025 年的強大資源儲備，其中湧現出大量機遇，例如重要 RFP [withpono] 和秘魯政府的進展，以及即將進行的幾個項目擴展和延伸。

Giving our expanding opportunities that in 2025, we expect AUD of top line and profit growth. We expect 2025 revenues of between $415 million and $455 million. We expect an Adjusted EBITDA of between $47 million and $53 million.

鑑於我們不斷擴大的機會，我們預計 2025 年營業額和利潤將成長 100 澳元。我們預計 2025 年的營收將在 4.15 億至 4.55 億美元之間。我們預計調整後的 EBITDA 在 4700 萬美元至 5300 萬美元之間。

Looking ahead, Gilat is well positioned for continued growth driven by strong market tailwinds, including increasing satellite size, declining launch costs, and growing data transfer demand. Our Skyfall platform, particularly with VHTS and NGSO technologies, is ideally suited to capitalize on these trends.

展望未來，在衛星尺寸增大、發射成本下降和數據傳輸需求不斷增長等強勁市場推動下，Gilat 處於有利地位，預計將繼續成長。我們的 Skyfall 平台，尤其是採用了 VHTS 和 NGSO 技術的平台，非常適合利用這些趨勢。

Our commercial business bolstered by Stellar Blu is poised for significant expansion as we establish our leadership. In the expanding ESA for IFC markets, our portfolio of ESA products and multi-orbit solutions will be instrumental in capitalizing on the increasing demand for IFC by airlines and passengers. Our defense business also maintains strong momentum with increased orders and awards, as Gilat DataPath leverage our expertise in supporting operations in most challenging environments. The defense segment represents a significant growth opportunity, and we are pleased with our progress in meeting government and military customer needs with innovative satellite solutions.

隨著我們確立領導地位，在 Stellar Blu 的支持下，我們的商業業務有望大幅擴張。在不斷擴大的 ESA 面向 IFC 市場中，我們的 ESA 產品和多軌道解決方案組合將有助於滿足航空公司和乘客對 IFC 日益增長的需求。由於 Gilat DataPath 利用我們的專業知識在最具挑戰性的環境中支持運營，我們的國防業務也保持了強勁勢頭，訂單和獎項不斷增加。國防部門代表著一個巨大的成長機會，我們對透過創新衛星解決方案滿足政府和軍事客戶需求的進展感到滿意。

And with that, I will end over the call over to Gil Benyamini CFO. Gil, please go ahead.

說完這些，我將結束與財務長 Gil Benyamini 的通話。吉爾，請繼續。

Thank you, Ed. Good morning and good afternoon to everyone. I would like to remind everyone that our financial results are presented both on GAAP and non-GAAP basis. I will now walk through our financial highlights for the fourth quarter of 2024, followed by a review of the full year performance.

謝謝你，埃德。大家早安，下午好。我想提醒大家，我們的財務結果是按照 GAAP 和非 GAAP 基礎呈現的。現在，我將介紹我們 2024 年第四季的財務亮點，然後回顧全年業績。

As I mentioned earlier, we are very pleased with our performance this year. We closed the year with strong momentum, delivering sustained improvements in our results, including significant year of growth in both revenue and profitability. 2024 was a pivotal year for Gilat marked by the strategic acquisition of Stellar Blu, which we expect to further accelerate our growth. Notably, the acquisition was completed after the balance sheet date and is therefore not reflected in our 2024 financials.

正如我之前提到的，我們對今年的表現非常滿意。我們以強勁的勢頭結束了這一年，業績持續改善，包括收入和盈利能力的大幅增長。 2024 年是 Gilat 的關鍵一年，其標誌是對 Stellar Blu 的策略性收購，我們預計這將進一步加速我們的成長。值得注意的是，此次收購是在資產負債表日後完成的，因此未反映在我們的 2024 年財務報表中。

In terms of our financial results, revenue for the fourth quarter was $78.1 million, 3% increase compared to $75.6 million in Q4 '23. For the full year, revenues total $305.4 million reflecting 15% growth from $266 million in 2023. The increase was primarily driven by growth in the defense vertical.

就我們的財務表現而言，第四季的營收為 7,810 萬美元，較 23 年第四季的 7,560 萬美元成長 3%。全年總營收為 3.054 億美元，較 2023 年的 2.66 億美元成長 15%。這一成長主要得益於國防垂直產業的成長。

In terms of revenue breakdown by segments, Q424 revenues for the satellite network segment were $49.1 million compared to $53.5 million in the same quarter last year. The decline was primarily due to termination of our activity in Russia. Q4 '24 revenues of the integrated solution segment were $17.3 million compared to $9.5 million, the same quarter last year. The increase was primarily driven by higher revenues from the defense era. Q4 '24 revenues of the of the network infrastructure and services segment were $11.8 million compared to $12.6 million in Q4 '23.

按部門收入劃分，2024 年第四季衛星網路部門營收為 4,910 萬美元，去年同期為 5,350 萬美元。下降的主要原因是我們終止了在俄羅斯的業務。24年第四季整合解決方案部門的營收為1,730萬美元，而去年同期為950萬美元。成長主要得益於國防時代的收入增加。24 年第四季網路基礎設施和服務部門的收入為 1,180 萬美元，而 23 年第四季為 1,260 萬美元。

I would now like to review our fourth quarter results starting with GAAP basis before moving to the non-gap numbers. Our GAAP growth margin in Q4 '24 improved to 39.7% compared to 38.2% in Q4 '23.

現在，我想先從 GAAP 基礎開始回顧一下我們的第四季度業績，然後再回顧非差距數字。我們 24 年第四季的 GAAP 成長率從 23 年第四季的 38.2% 提高至 39.7%。

GA operating expenses in Q4 '24 were $18.3 million compared to $26 million in Q4 '23. The decrease is primarily due to proceeds from arbitration in Peru, which were recorded as other operating income in Q4 '24. GAAP operating income in Q4 '24 was $12.8 million compared to $2.9 million in Q4 '23. The increase was driven by profits from the arbitration in Peru as previously mentioned. GAAP net income in Q4 '24 was $11.8 million or a diluted income per share of $0.21 compared to $3.4 million or a diluted income per share of $0.03 in Q4 '23.

24 年第四季的 GA 營運費用為 1,830 萬美元，而 23 年第四季為 2,600 萬美元。下降的主要原因是秘魯仲裁所得收益，該收益在 24 年第四季記錄為其他營業收入。24 年第四季的 GAAP 營業收入為 1,280 萬美元，而 23 年第四季為 290 萬美元。如前所述，這一增長主要是受秘魯仲裁利潤的推動。24 年第四季的 GAAP 淨收入為 1,180 萬美元，即每股攤薄收益 0.21 美元，而 23 年第四季的 GAAP 淨收入為 340 萬美元，即每股攤薄收益 0.03 美元。

Moving to non-GAAP results, our non-gap gross margin in Q4 '24 improved to 40.4% compared to 39.1% in Q4 '23. Non-GAAP operating expenses in Q4 '24 were $21.9 million compared to $23.4 million in Q4 '23. Non-GAAP operating income in Q4 '24 was $9.7 million compared to an operating income of $6.1 million in Q4 '23. Non-GAAP net income in Q4 '24 was $8.5 million or a diluted income per share of $0.15 compared to a net income of $6.5 million or income per share of $0.11 in Q4 '23.

轉向非 GAAP 結果，我們 24 年第四季的非差距毛利率從 23 年第四季的 39.1% 提高至 40.4%。24 年第四季非 GAAP 營業費用為 2,190 萬美元，而 23 年第四季為 2,340 萬美元。24 年第四季非 GAAP 營業收入為 970 萬美元，而 23 年第四季營業收入為 610 萬美元。24 年第四季非公認會計準則淨收入為 850 萬美元，即每股攤薄收益為 0.15 美元，而 23 年第四季淨收入為 650 萬美元，即每股收益為 0.11 美元。

Adjusted EBITDA in Q4 '24 was $12.1 million compared to an Adjusted EBITDA of $9.4 million in Q423. For the full year, Adjusted EBITDA was $42.2 million compared with an Adjusted EBITDA of $36.4 million in 2023. Moving to our balance sheet, as of December 31, '24, total cash equivalents and restricted cash net of loans were $118 million compared to $106 million on September 30, '24 and compared to $95 million in December 31st, '23. The increase was mainly driven by our ongoing operations as well as from the arbitration process in Peru.

24 年第四季調整後 EBITDA 為 1,210 萬美元，而 23 年第四季調整後 EBITDA 為 940 萬美元。全年調整後 EBITDA 為 4,220 萬美元，而 2023 年調整後 EBITDA 為 3,640 萬美元。轉到我們的資產負債表，截至 24 年 12 月 31 日，總現金等價物和扣除貸款後的受限現金淨額為 1.18 億美元，而 24 年 9 月 30 日為 1.06 億美元，而 23 年 12 月 31 日為 9500 萬美元。成長主要得益於我們正在進行的營運以及秘魯的仲裁程序。

In terms of cash flow, we generated $16.3 million from operating activities in Q424. DSOs, which exclude receivables and revenues of our terrestrial network construction projects in Peru, were 71 days, down from 83 days in previous quarter due to both increased revenues and high collection. Our shareholders' equity as of December 30, '24 totaled $304 million compared with $275 million at the end of '23.

在現金流方面，我們在第四季的營運活動中產生了 1,630 萬美元的收入。DSO（不包括我們在秘魯的地面網路建設專案的應收帳款和收入）為 71 天，低於上一季的 83 天，原因是收入增加和高收款額。截至 24 年 12 月 30 日，我們的股東權益總額為 3.04 億美元，而 23 年底為 2.75 億美元。

Looking ahead, as a dimension, we expect a strong 2025 with projected revenues between $415 million and $455 million. In addition, we expect that Adjusted EBITDA to range between $47 million and $53 million. We do not provide forward-looking guidance on GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data. Such as amortization of purchase intangible and earner-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort.

展望未來，我們預計 2025 年將會表現強勁，預計營收將在 4.15 億美元至 4.55 億美元之間。此外，我們預計調整後的 EBITDA 將在 4,700 萬美元至 5,300 萬美元之間。我們不提供基於 GAAP 的前瞻性指引，因為我們無法合理地為某些財務數據提供前瞻性指引。例如，與最近的收購相關的購買無形資產和基於收益的費用的攤銷。因此，如果不付出合理努力，我們無法提供前瞻性數據的 GAAP 與非 GAAP 財務指標的對帳表。

That concludes my financial review. I would now like to open the call for questions. Operator, please.

我的財務審查到此結束。現在我想開始提問。接線員，請說。

Thank you, ladies and gentlemen. (Operator Instructions)

謝謝各位，女士們、先生們。（操作員指令）

The first question is from Sergei Kalenikov of Freedom Brokers. Please go ahead.

第一個問題來自自由經紀人的謝爾蓋·卡列尼科夫。請繼續。

Yeah, hello everyone, and I would like to start from my congratulations with another successful year for Gilat.

是的，大家好，首先我想祝賀吉拉特又一個成功的一年。

And yeah, my first question is related to Stellar Blu. And previous guidance was roughly $120 million to $150 million per 2025. Is that guidance, still relevant?

是的，我的第一個問題與 Stellar Blu 有關。先前的指導價格是到 2025 年約 1.2 億至 1.5 億美元。該指導仍然有意義嗎？

Hi, Sergei. Yes, this guidance is still relevant and it is included in the overall, guidance.

你好，謝爾蓋。是的，該指導仍然具有相關性，並且包含在總體指導中。

Great, thank you. Will be this, segment, be divided, regarding to your new, organizational structure?

太好了，謝謝。就你們新的組織架構而言，這個部分會被劃分嗎？

Stellar Blu is not a It's not a reportable segment. It's managed out of the commercial division with a lot of synergies between Gilat all IFC, sub-segment and Stellar Blu. So the overall, results will be tied, will be consolidated under the Gilat commercial division.

Stellar Blu 不是一個可報告的部門。它是由商業部門管理的，與 Gilat 所有 IFC、子部門和 Stellar Blu 之間具有很大的協同作用。因此總體而言，結果將會合併，並歸入 Gilat 商業部門。

Okay, got it. Would you provide me any details about any costs related to new organizational structure, that will be incurred?

好的，明白了。您能否向我提供與新組織結構相關的任何將產生的費用的詳細資訊？

We, in our website, we added a short presentation about the segment change that we made, and we also provided and audited the high-level financial results for 2023 and 2024, which I believe can help analysts and investors to rework the model.

我們在我們的網站上添加了一個關於我們所做的分部變更的簡短介紹，並且我們還提供並審計了 2023 年和 2024 年的高級財務結果，我相信這可以幫助分析師和投資者重新制定模型。

Okay, got it. And my final question is, there was a little proof of EBITDA margin in 2024. If we can look at, your EBITDA 2025 guidance, there is a little decrease in margin in the midpoint, and it's around 2% points.

好的，明白了。我的最後一個問題是，2024 年的 EBITDA 利潤率有一點證據。如果我們看一下您的 2025 年 EBITDA 指引，中間點的利潤率略有下降，約 2%。

Is it primarily because of Stellar Blu and R&D and marketing spendings, right?

這主要是因為 Stellar Blu 以及研發和行銷支出，對嗎？

Yeah, in general, Stellar Blu has a lower gross profit than Gilat usual gross profit, and of course it affects the EBITDA. We need to remember that Stellar Blu are in its production ramp up phase. So we do expect them to be EBITDA positive for the year, and we do expect them to be more than 10% and EBITDA in the second half of the in the during the second half of the year. In addition, we are planning to increase significantly our investment in the defense division, especially in R&D and sales and marketing. So if you combine all of these, this is the main reason why the overall EBITDA ratio for 2025 is slightly lower than 2024. But we do expect a significant improvement in '26 onwards.

是的，總體來說，Stellar Blu 的毛利比 Gilat 通常的毛利要低，當然這會影響 EBITDA。我們需要記住，Stellar Blu 正處於生產提升階段。因此，我們確實預計他們今年的 EBITDA 將為正值，我們確實預計他們下半年的 EBITDA 將超過 10%。此外，我們計劃大幅增加對國防部門的投資，特別是在研發、銷售和行銷方面。因此，如果將所有這些結合起來，這就是 2025 年整體 EBITDA 比率略低於 2024 年的主要原因。但我們確實預期從26年開始情況會顯著改善。

Great, thank you. That's all for me.

太好了，謝謝。對我來說這就是全部了。

Thank you, So.

謝謝你，So。

Goodbye.

再見。

The next question is from Louie DiPalma of William Blair. Please go ahead.

下一個問題來自 William Blair 的 Louie DiPalma。請繼續。

Adi, Gil and Mayrav, good afternoon.

Adi、Gil 和 Mayrav，下午好。

Hi, good afternoon.

嗨，下午好。

Have the discussion?

有討論嗎？

The very early discussions with Iris squared been been positive. And what is the Expected timeline for contracts associated with Irish squared and the deployment.

與 Iris squared 的早期討論一直是積極的。與 Irish Squared 和部署相關的合約的預期時間表是什麼？

So the initial discussion with the consortium are in a very friendly way, but and you know the Irish Square Consortium issued some RFIs at the beginning of mid 2024. Now with the awards, we expect them to issue either additional set of RFIs or set of RSPs.

因此，與財團的初步討論是非常友好的，但您知道，愛爾蘭廣場財團在 2024 年中初發布了一些 RFI。現在有了這些獎勵，我們預計他們將發布額外的 RFI 或 RSP。

Probably towards the mid or half of the year or probably Q3 this year. Based on what they are saying, they expect to provide awards before the end of the year and sign agreements during early 2026. But I think it's a very aggressive timeline, so I would expect a bit delay in in in those time frames.

可能是在今年年中或上半年，也可能是今年第三季。根據他們的說法，他們預計在年底前授予獎項並在 2026 年初簽署協議。但我認為這是一個非常激進的時間表，所以我預計這些時間範圍內會出現一點延遲。

Great. That makes sense. And can you talk about trends within the defense vertical, with the new reporting segments, you forecast, strong growth in defense and what does the pipeline look like in terms of future contract awards and opportunities with your different products?

偉大的。這很有道理。您能否談談國防垂直領域的趨勢？

Yeah, so I can share a slightly more light on this exciting new Gilat Defense. So I think that the cornerstone is our acquisition of DataPaths that in 2024 did slightly more than $50 million and we expect them to grow in 2026, '25 as well. So we are seeing both, business with the US DoD but also international, And we are seeing a lot of synergies with Gilat Salesforce worldwide trying to sell data past solutions and the pipeline is increasing for both portable and transportable solutions.

是的，所以我可以分享更多關於這個令人興奮的新 Gilat Defense 的資訊。因此，我認為基石是我們對 DataPaths 的收購，該公司在 2024 年的營收略高於 5,000 萬美元，我們預計該公司在 2026 年、2025 年也將實現成長。因此，我們看到了與美國國防部以及國際的業務往來，我們看到與 Gilat Salesforce 在全球範圍內的許多協同作用，試圖透過解決方案銷售數據，並且便攜式和可移動解決方案的管道都在增加。

On the other side, DataPath is leveraging their relationship with the DoD and the US Army to bring a lot networking and modem solutions into the DoD. We are seeing a lot of excitement there. We starting to engage with meetings that we haven't been able to engage for years. In parallel, we are trying to leverage our relationship with the global satellite operators like SCS and Intelsat, and that they already have a huge network of Gilat to leverage this network and. To penetrate with Gilat modems into the DoD, again, leveraging the networks that they already, bought.

另一方面，DataPath 正在利用其與國防部和美國陸軍的關係，為國防部帶來大量網路和數據機解決方案。我們看到那裡有很多令人興奮的事情。我們開始參加多年來未能參加的會議。同時，我們正在嘗試利用與 SCS 和 Intelsat 等全球衛星營運商的關係，他們已經擁有龐大的 Gilat 網絡，我們可以利用這個網絡。利用 Gilat 數據機滲透到國防部，再次利用他們已經購買的網路。

We recently, announced that we are far and be compliant with our product, so they are eligible to be sold to the US DoD. And in addition, we are able to manufacture them locally in the US. So we are slightly but promising jumping on every barrier that we had in the past. And we are seeing a lot of excitement both internally and externally. About this. We are trying to bid for very large programs, that will include also a development efforts. And I think that 2025 we see a significant booking, increase, and the outcome in revenues will come in 2026 onwards. We said several times in the past that the growth in this segment won't be linear because it's a project and program-based. And we are aiming to get at least one or two very large awards to support future growth.

我們最近宣布，我們的產品已完全符合規定，因此有資格出售給美國國防部。此外，我們能夠在美國本地生產。因此，我們正在稍微但有希望地跨越過去所遇到的每一個障礙。我們看到內部和外部都有很多令人興奮的事情。關於這個。我們正在嘗試競標非常大的項目，其中也包括開發工作。我認為，到 2025 年，我們的預訂量將大幅增加，而收入的結果將在 2026 年及以後顯現。我們過去曾多次表示，該領域的成長不會是線性的，因為它是基於專案和計劃的。我們的目標是獲得至少一兩個非常大的獎項來支持未來的發展。

Sounds good. And as it relates to Peru, Gilat, you guided for a decline for revenue in 2025, but like going forward beyond 2025, should there be stability or will Peru continue to trend lower?

聽起來不錯。吉拉特，關於秘魯的情況，您預測 2025 年秘魯的收入會下降，但是 2025 年以後，秘魯的收入會保持穩定嗎？

So. First of all, looking forward, we believe that, Peru is going to grow. In 2025, we see some delays in renewal of some of the recurring contracts. So this might push revenues down a little bit, but overall most of Peru's revenues are for longer terms and we definitely see a long-term growth trajectory for Peru.

所以。首先，展望未來，我們相信秘魯將會發展。2025年，我們發現部分定期合約的續約會有所延遲。因此，這可能會稍微降低收入，但總體而言，秘魯的大部分收入都是長期的，我們肯定會看到秘魯的長期成長軌跡。

I would like to add that in 2024, we had some construction, revenues, some leftovers from, past, transaction and some expansion that we got an award at the beginning of 2024. And we are expecting to start seeing operational revenues from this project in 2020 and '25. So, I think that it's a bit misleading if you reduce the construction revenues on operation side you will see growth here over here.

我想補充一點，2024 年，我們有一些建設、收入、一些過去交易的剩餘物和一些擴張，我們在 2024 年初獲得了獎勵。我們預計該項目將在 2020 年和 2025 年開始產生營運收入。因此，我認為這有點誤導，如果你減少營運方面的建設收入，你會看到這裡的成長。

Thanks and also Adi, you indicated that you have shipped 125 of the ESA antenna systems with Stellar Blu, and I was wondering, could you provide an update in terms of where Stellar Blu stands in terms of the contingent payments?

謝謝，還有 Adi，您表示已經透過 Stellar Blu 運送了 125 個 ESA 天線系統，我想知道，您能否提供有關 Stellar Blu 在附帶付款方面的最新情況？

I think it's really in early stages right now. The first milestone is to deliver, several hundreds of units in a grid margin. The first units usually are, more costly than the production ramp up units because.

我認為現在還處於早期階段。第一個里程碑是交付電網邊緣的數百個單元。首批生產單位的成本通常比生產加速單位更高，因為。

As part of the ramp up, you learn, and fix the issues. I think we are in a good position to reduce the terminal costs, but it's really too early to talk about the earnout. The first earnout will be, and by mid mid-year. So I guess that during the second quarter we'll be able to give some more light on it.

作為提升的一部分，您可以學習並解決問題。我認為我們有能力降低終端成本，但現在談論獲利還為時過早。第一次盈利將在年中之前支付。因此我猜測，在第二季度我們將能夠對此提供更多的啟示。

Great. Thanks everyone.

偉大的。謝謝大家。

Thank you, Louis.

謝謝你，路易斯。

The next question is from Ryan Koontz of Needham and Company. Please go ahead.

下一個問題來自 Needham and Company 的 Ryan Koontz。請繼續。

Great, thanks. Yeah, most of my questions have been answered here, but, with regard to the production ramp there at Stellar Blu, can you refresh us on where the company was in Q4 and what you anticipate that, volume ramp to look like as we go through the first half of '25?

太好了，謝謝。是的，我的大部分問題都在這裡得到解答了，但是，關於 Stellar Blu 的生產增長，您能否向我們介紹一下公司在第四季度的情況，以及您預計在 2025 年上半年產量增長會是什麼樣子？

Yeah. So, Q4 was the initial production ramp up of production. They delivered around 75 units, in Q4. They have several terms of active systems that already been installed and activated on aircraft. And until now, the I think the customers are very happy. The systems perform very well. So I think we are in the right direction.

是的。因此，第四季是產量的初始提升。他們在第四季交付了約 75 台。他們有幾種主動系統已經在飛機上安裝並啟動。到目前為止，我認為顧客都非常高興。系統運作非常好。所以我認為我們正朝著正確的方向前進。

It's great to hear those are installed and performing well, and on the commercial side, relevant to your historical numbers there and the decline is on '24, can you remind us, I think there was some Russia impact there exiting Russia. Can you remind us of that impact in '24 versus '23?

很高興聽到這些設備已經安裝完畢並且運行良好，在商業方面，與您在那裡的歷史數據相關，並且下降是在'24，您能否提醒我們，我認為退出俄羅斯受到了一些影響。您能提醒我們 24 年與 23 年的影響嗎？

Russia used to be around $20 million, give or take per year. In 2024, I guess we had a slightly, around 50% out of it. And in 2023 we've been, I don't remember the exact number, maybe you remember?

俄羅斯的支出每年約在 2,000 萬美元左右。到 2024 年，我估計我們的損失會稍微大一些，大約是 50%。到 2023 年我們已經…我不記得具體的數字了，也許你還記得吧？

The the decline was about $10 million a year over year. This is more or less the number.

與去年同期相比，下降幅度約為 1,000 萬美元。大致上就是這個數字。

Got it. Alright, great. And just in terms of the competitive environment, maybe going back to to IFC here, what's that competitive environment like for you now, [post-tar blue], deal closing, and, how do you see this market developing, versus the opportunities and competitors out there? Thanks.

知道了。好的，太棒了。就競爭環境而言，也許我們可以回到 IFC，您現在的競爭環境是什麼樣的，[後焦油藍]，交易結束，以及，與現有的機會和競爭對手相比，您如何看待這個市場的發展？謝謝。

So, there is a direct and indirect effect. On the direct effect, I think that today with Stellar Blu, we have the leading multi-orbit ESA terminal. But has the best swap in cost. Swap is the size, weight, and power, and cost that is available today in the market. We have a lot of opportunities, with, several, Service providers and aircraft manufacturers. I think that being in line fit in one of the large aircraft manufacturers is one of our top objectives for 2025 and 2026. About the the indirect competition, it's always there. Our customers compete. Against each other and against Starling, but overall, the fact that the industry is shifting to free Wi Fi significantly increased the potential growth in this market, in general and for Gilat.

因此，存在直接和間接影響。就直接影響而言，我認為今天有了 Stellar Blu，我們就擁有了領先的多軌道 ESA 終端。但成本上有最佳交換。交換的是目前市場上現有的尺寸、重量、功率和成本。我們有很多機會，與多家服務提供者和飛機製造商合作。我認為，與一家大型飛機製造商保持一致是我們 2025 年和 2026 年的首要目標之一。關於間接競爭，它一直存在。我們的客戶相互競爭。彼此之間以及與 Starling 之間都有競爭，但總體而言，該行業轉向免費 Wi-Fi 的事實顯著增加了該市場（對 Gilat 而言）的潛在增長。

That's great. Thanks for those comments and, look forward to, being a '25 and full so thanks.

那太棒了。感謝您的評論，並期待度過充實的 25 年，謝謝。

Thank you, Ryan.

謝謝你，瑞安。

Thank you.

謝謝。

The next question is from Chris Quilty from Quilty Analytics. Please go ahead.

下一個問題來自 Quilty Analytics 的 Chris Quilty。請繼續。

Oh, it's quilting space. They got it wrong. Apologies for the background noise I'm driving. Gill, quick question or follow up on the top line guidance just to make sure I have the pieces. You're still looking for order of 120 to 150 in the Stellar Blu. I think we're talking about a $10 million headwind from Russia, and I miss the sort of order of magnitude on the Peru business in terms of a headwind.

哦，這是縫紉空間。他們錯了。抱歉，我開車時產生了背景噪音。吉爾，快速提問或跟進頂線指導只是為了確保我掌握了所有資訊。您仍在尋找 Stellar Blu 中的 120 到 150 的訂單。我認為我們談論的是來自俄羅斯的 1000 萬美元逆風，而我忽略了秘魯業務逆風的量級。

Once we back that out, what are we looking at for, and again, I don't want to look necessarily on the traditional businesses the way you had it organized by segment, but, if I did and looked at sort of amplifiers versus modems, those buckets, where are you seeing growth and or, the faster growth in the business ones.

一旦我們解決這個問題，我們正在尋找什麼，再說一次，我不一定希望按照您按細分市場組織的方式看待傳統業務，但是，如果我這樣做並查看放大器與調製解調器，這些桶，您在哪裡看到增長，或者，業務增長更快。

Yeah, so, obviously, in the IFC with the acquisition, we see, the highest growth. We also see growth in our defense, vertical now becoming a segment and we provided some guidance, under this segment to grow from 98 in 2024, to 100 to 110 in 2025.

是的，顯然，隨著收購的進行，我們看到了國際金融公司 (IFC) 的最高成長。我們也看到國防垂直產業正在成長，現在成為一個細分市場，我們提供了一些指導，該細分市場的數量將從 2024 年的 98 增長到 2025 年的 100 到 110。

We have some headwind in Peru, as mentioned, and, at the end of the day, our focus area. In the IFC, in the, defense, and, in the, VHTS and NGSO, these are the areas that we believe that most growth will come from.

正如前文所提到的那樣，我們在秘魯遇到了一些阻力，而這也是我們最終關注的重點區域。我們認為，IFC、國防、VHTS 和 NGSO 領域將是實現最大成長的領域。

Understand, and, maybe just specifically on the power amplifier side of the business, are you still chasing large opportunities there on the NGSO side?

請理解，也許只是在功率放大器業務方面，您是否仍在追逐 NGSO 方面的巨大機會？

Yeah, definitely, we do and we also on the overall SSPA business, we also, project, growth next year, of course.

是的，當然，我們也預期整體 SSPA 業務明年會成長。

Great, back to, Stellar Blu, I think you've got, two sizable customers there, and I think some of the burnout is related to bringing on, other large customers. Where do you sit in that process in terms of negotiations? It still looking like, that's a 2025 event or does it get pushed further out?

太好了，回到 Stellar Blu，我想你們有兩個大客戶，而且我認為部分倦怠與引入其他大客戶有關。從談判的角度來看，您處於哪個進程？看起來這仍然像是 2025 年的事件還是會被推遲？

I think, we are pursuing it in 2025. Right now, we believe it will be closed before year end, but of course, it can slip later on. But we have a very large backlog, and a lot of opportunities and when into certain Panasonic, gets more and more awards, we expect them to place the additional orders. And with the large The aircraft manufacturers, and we are aiming to close, as soon as possible in 2025.

我認為，我們會在 2025 年實現這一目標。目前，我們相信它將在年底前關閉，但當然，它也可能會延遲。但是我們的積壓訂單非常多，而且機會也很多。並與大型飛機製造商達成合作，我們的目標是盡快在2025年達成協議。

Got you. Follow up on Peru, even with the lower revenues, is it fair to assume profitability is even or up as you shift down to the hardware business and in the service?

明白了。繼續關注秘魯的情況，即使收入較低，隨著業務轉向硬體和服務，是否可以合理地假設盈利能力是持平或上升的？

So the service revenues are associated with with higher profitability. So, it compensates the decrease in revenue.

因此，服務收入與更高的獲利能力有關。因此，它彌補了收入的減少。

Got you. And you mentioned higher R&D spending in the defense area. You know what sort of order of magnitude and, of spending and are there specific areas where you see more opportunity?

明白了。您提到了國防領域的研發支出增加。您知道數量級和支出狀況如何嗎？

So, Yeah, most of the investments is aimed towards, new modems and, family of terminals and other large projects that, we aim to participate in, the, at the end we, we'll have to see how much, of the overall R&D will be allocated to the defense, but It's in the magnitude of a few million dollars, and, in the overall we expect R&D to be more or less at the same, level that it is this year. So it's mainly internal allocation.

所以，是的，大部分投資都用於新調製解調器、終端系列和我們計劃參與的其他大型項目，最後，我們將不得不看看整體研發中有多少將分配給國防，但它的規模是幾百萬美元，總體而言，我們預計研發支出將與今年大致保持相同的水平。所以主要是內部分配。

On top of that, it's the R&D of of Stellar Blu. So at the end you will see a significant increase in R&D. In general, we are aiming to add more features, for Sky Sport to support defense applications. The main focus is on, security features, adding, transit and capabilities, developing our next generation GLT, highly secured modem. And also some flat panel and electronically steered the antennas, with a focus on the [UEV] market. So, all in all, you will see a significant increase in the, in the R&D.

除此之外，還有Stellar Blu的研發。所以最後你會看到研發支出顯著增加。總的來說，我們的目標是添加更多功能，讓 Sky Sport 支援防禦應用程式。主要重點是安全功能、添加、傳輸和能力，開發我們的下一代 GLT、高度安全的數據機。還有一些平板和電子控制天線，重點在於[UEV]市場。所以，總的來說，你會看到研發支出顯著增加。

Of the difference.

有差異。

Speaking of SkyEdge for, you guys had a great year in '23 of growth there. '24 seems like it was sort of flat, and I'm talking about the commercial side, sort of 5G cellular backhaul, what's the outlook? Do you see programs picking back up in '25, or is it another sort of flattish year on the commercial side?

說到 SkyEdge，你們在 23 年取得了巨大的發展。 “24 似乎有點持平，我說的是商業方面，例如 5G 蜂窩回程，前景如何？”您認為 25 年這些項目會重新回升嗎，還是說商業項目方面今年又會是平淡的一年？

I think that, right now, there is, as long as the large satellite manufacturers keep on delaying the launch of a new satellites, the new SDS satellites. I think it will be it will be a bit flattish in terms of new networks because usually the large networks that networks that we sell are touching with new satellite launch, but we do expect to see revenues of the next generation skies for shifting to virtual platform and cloud-based solution. Well, the sky fall will run on the native clouds. So we do expect, to see some, new winds over there. But again, once the satellite manufacturers will start launching new satellites, we will return to significant growth on the networking side.

我認為，目前，只要大型衛星製造商繼續延後發射新衛星，即新的SDS衛星，就存在這樣的問題。我認為在新網路方面將會有些平緩，因為我們銷售的網路通常涉及大型網絡，以及新衛星的發射，但我們確實預計下一代天空的收入將隨著轉向虛擬平台和基於雲端的解決方案而增加。好吧，天降將在原生雲端上運行。因此我們確實預期那邊會出現一些新風。但是，一旦衛星製造商開始發射新衛星，我們將在網路方面恢復顯著成長。

Great, thank you. Last question, and sorry, I'm all over the map here, but, back to stellar blue, what are, and this is kind of a high-level thought in the market, obviously SpaceX is made a mark in IFC, Hughes, I think, is shipping their single beam antenna, but flat panel antenna is still relatively new in the market.

太好了，謝謝。最後一個問題，抱歉，我在這裡問得比較籠統，但是，回到恆星藍，這是什麼，這是市場上一種高層的想法，顯然 SpaceX 在 IFC 中留下了印記，我認為 Hughes 正在運送他們的單波束天線，但平板天線在市場上仍然相對較新。

Where do you see the trends going in terms of and single beam, dual beam, multi-beam, multi-orbit, KA band, KU band, multi-band, in terms of, where the customers are asking for solutions.

就客戶對解決方案的要求而言，您認為單波束、雙波束、多波束、多軌道、KA 波段、KU 波段、多波段的趨勢如何？

Yeah. So, yeah, I think that, right now, Stellar Blu is the, I think the best technology available. But all the antennas today are supporting, single beam. The next generation, will support the dual beam on the receive side.

是的。是的，我認為，目前，Stellar Blu 是目前最好的技術。但如今所有天線都是支撐性的、單波束。下一代，將在接收端支援雙光束。

KA or Ku/Ka cook antennas is also something that I think that the industry is considering, but up until till now, it wasn't, that of a big success. As for KA, I think that there is a lot of opportunities over there, once we'll see Telesat constellation is ramping up. So I think we might see some new development over there.

我認為業界也在考慮KA或Ku/Ka天線，但到目前為止，它還沒有取得很大的成功。至於 KA，我認為，一旦我們看到 Telesat 星座的崛起，那裡就會有很多機會。所以我認為我們可能會在那裡看到一些新的發展。

Very good, thank you and appreciate the the details there and good luck in the year ahead. Got a busy one to go.

非常好，謝謝你，也很欣賞那裡的詳細信息，祝你來年好運。還有一件很忙的事要辦。

Thank you, Chris. Thank.

謝謝你，克里斯。感謝。

Thank You.

謝謝。

The next question is from Gunther Karger of Discovery Group. Please go ahead.

下一個問題來自 Discovery Group 的 Gunther Karger。請繼續。

Yes, thank you very good results. Congratulations, a technology question, can you hear me all right?

是的，非常感謝，結果非常好。恭喜，一個技術問題，你聽得到我說話嗎？

Yes, we can. Oh great.

是的，我們可以。哦，太好了。

Great. It's a technology-oriented question regarding Stellar Blu. The IFC market traditionally is the passenger area. What about the operational area? Will the Stellar Blu acquisition enable. Encroachment into the operational communications, communications, avionics, and things of this type.

偉大的。這是有關 Stellar Blu 的技術問題。IFC市場傳統上是乘客區。那麼作戰區域呢？收購 Stellar Blu 是否能帶來好處？侵犯作戰通訊、通訊、航空電子設備以及諸如此類的東西。

Stellar Blu is focused on delivering the electronically steered antenna. They have no intention of, going to air to ground. And in terms of operation, I'm not sure I fully understand your question, so I'll refer to two parts. Of course, the Stellar Blue provides the services and maintenance services on the platform that they are selling. But they have no intention to compete with the service provider, meaning their customers, if this is what you asked.

Stellar Blu 專注於提供電子控制天線。他們無意進行空對地攻擊。在操作方面，我不確定我是否完全理解了您的問題，所以我將參考兩部分。當然，Stellar Blue 在他們所銷售的平台上提供服務和維護服務。但如果您問的是這個的話，他們無意與服務提供者（即他們的客戶）競爭。

Yes, thank you. I was thinking more of the, operational communications, which is currently a primarily HF, VHF, air ground and, as the, systems move to the, satellite area and you have an on board, antennas and, communication facilities, I'm just wondering if, The cellar blue would allow the movement of operational communications to that area away from the traditional HF, VHF systems.

是的，謝謝。我更多地考慮的是運營通信，目前主要是 HF、VHF、空地通信，隨著系統轉移到衛星區域，並且擁有機載天線和通信設施，我只是想知道，藍色地下室是否允許運營通信轉移到遠離傳統 HF、VHF 系統的區域。

On the aircraft side, theoretically it's doable, but it's today, it's a regulated communication. So, I don't have details if they can change this regulation to allow the use of this antenna for the aircraft operation.

從飛機方面來說，理論上是可行的，但目前這是一種受管制的通訊方式。所以，我不知道他們是否可以修改這項規定以允許使用該天線進行飛機操作。

Thank you very much.

非常感謝。

Thank you, Gunther.

謝謝你，岡瑟。

(operator instructions)

（操作員指令）

There are no further questions at this time, Mr. Benyamini, would you like to make your concluding statement?

現在沒有其他問題了，本雅米尼先生，您想做最後發言嗎？

I want to thank you all for joining us on this call and for your time and attention. We hope to see you soon or speak to you in our next call.

我要感謝大家參加這次電話會議並感謝你們的時間和關注。我們希望很快見到您或在下次通話中與您交談。

Thank you very much and have a great day.

非常感謝，祝您有愉快的一天。

Thank you. This concludes Gilat's fourth quarter, 2024 results conference call.

謝謝。這就是 Gilat 2024 年第四季業績電話會議的結束。

Thank you for your participation. You may go ahead and disconnect.

感謝您的參與。您可以繼續並斷開連線。