Gilat Satellite Networks Ltd (GILT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's first-quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded, May 19, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 Gilat 2025 年第一季業績電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 5 月 19 日錄製。

By now, you should have all received the company's press release. If you have not received it, please view it in the News section of the company's website, www.gilat.com.

現在，你們應該都已經收到公司的新聞稿了。如果您尚未收到，請在公司網站 www.gilat.com 的新聞部分查看。

I would now like to hand over the call to Mr. Alex Villalta of Alliance Advisors IR. Mr. Villalta, would you like to begin, please?

現在我想把電話交給 Alliance Advisors IR 的 Alex Villalta 先生。維拉爾塔先生，請問可以開始嗎？

Thank you, operator, and good morning and afternoon to everyone. Thank you for joining us for Gilat Satellite Networks' earnings conference call for the first quarter of 2025.

謝謝接線員，大家早安，下午好。感謝您參加 Gilat Satellite Networks 2025 年第一季財報電話會議。

With us on the call are Mr. Adi Sfadia, Gilat's CEO; and Mr. Gil Benyamini, Gilat's CFO. The earnings press release was issued earlier today and is available on Gilat's website underneath the Investor Relations section.

與我們一起參加電話會議的還有 Gilat 執行長 Adi Sfadia 先生；以及 Gilat 財務長 Gil Benyamini 先生。收益新聞稿於今天稍早發布，可在 Gilat 網站的「投資者關係」部分查閱。

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.

在將電話轉給管理層之前，我想提醒大家，本次電話會議中的一些聲明包含基於當前預期的前瞻性陳述。由於各種風險和不確定性，實際結果可能與預測結果有重大差異。

The potential risks and uncertainties that could cause actual results to differ materially include uncertain global economic conditions, reductions in revenues from key customers, delays or deductions in US and foreign military spending, acceptance of new products on a global basis, and disruptions or delays in supply of raw materials and components due to business conditions, global conflicts, weather or other factors not under our control. The company cautions investors not to place undue reliance on forward-looking statements, which reflect the company's analysis as of today's date.

可能導致實際結果出現重大差異的潛在風險和不確定因素包括不確定的全球經濟狀況、主要客戶收入的減少、美國和外國軍事開支的延遲或削減、全球範圍內對新產品的接受，以及由於商業狀況、全球衝突、天氣或其他我們無法控制的因素導致的原材料和零部件供應中斷或延遲。該公司提醒投資者不要過度依賴前瞻性陳述，這些陳述反映了公司截至今天的分析。

The 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 Gilat's financial results is included in the company's filings with the SEC, including the latest quarterly report on Form 10-Q.

本公司不承擔公開更新前瞻性聲明以反映後續事件或情況的義務。有關這些因素以及其他可能影響 Gilat 財務表現的因素的更多資​​訊包含在公司向美國證券交易委員會提交的文件中，包括最新的 10-Q 表季度報告。

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 configuring corresponding GAAP figures.

此外，在今天的電話會議上，管理階層將參考某些管理階層認為有用且與 GAAP 不同的非 GAAP 財務指標。這些非 GAAP 指標應被視為對應 GAAP 數據的補充。

With that, I would now like to turn the call over to Mr. Adi. Please go ahead, Adi.

說完這些，我現在想把電話轉給阿迪先生。請繼續，阿迪。

Thank you, Alex, and good day to everyone. Thank you for joining us today as we discussed our first quarter of 2025 earnings results.

謝謝你，亞歷克斯，祝大家有美好的一天。感謝您今天加入我們，討論 2025 年第一季的收益結果。

The first quarter of 2025 marks the first quarter operating under our newly aligned organizational structure. Today, we will provide an update on our Gilat Defense, Gilat Commercial and Gilat Peru Division, offering insight into how our strategies are driving growth and capturing opportunities in key markets. We will discuss key achievements for the quarter, and our opportunities and plans to continue accelerating revenues in 2025 as we capitalize on the acquisition of Stellar Blu and the continued strong demand for Gilat Defense solutions.

2025 年第一季是我們按照新調整的組織結構運作的第一個季度。今天，我們將提供有關 Gilat Defense、Gilat Commercial 和 Gilat Peru 部門的最新情況，深入了解我們的策略如何推動成長並抓住關鍵市場的機會。我們將討論本季的主要成就，以及我們在 2025 年繼續加速營收的機會和計劃，因為我們利用對 Stellar Blu 的收購和對 Gilat Defense 解決方案的持續強勁需求。

We are already seeing the benefits of this change, particularly in our main growth engines; defense, VHTS and NGSO constellations and in-flight connectivity. We began 2025 with a good first quarter. Q1 revenues reached $92 million, a 21% increase year over year. Adjusted EBITDA was $7.6 million. Q1 2025 was the first quarter we included Stellar Blu's results in our financial results. Stellar Blu contributed about $25 million to our top line and incurred an adjusted EBITDA loss of about $3.6 million.

我們已經看到了這種變化帶來的好處，特別是在我們的主要成長引擎方面；國防、VHTS 和 NGSO 星座以及機上連接。2025 年第一季我們取得了良好的開端。第一季營收達到 9,200 萬美元，年增 21%。調整後的 EBITDA 為 760 萬美元。 2025 年第一季這是我們將 Stellar Blu 的業績納入財務表現的第一個季度。Stellar Blu 為我們的營業收入貢獻了約 2,500 萬美元，調整後的 EBITDA 損失約為 360 萬美元。

Excluding the loss, our adjusted EBITDA for the quarter was about $11.2 million, representing a 20% year-over-year increase. Stellar Blu's yearly performance remains on track, with revenue expectation of between $120 million and $150 million. We also expect Stellar Blu to reach a 10% adjusted EBITDA margin run rate during the second half of the year.

不計虧損，本季調整後的 EBITDA 約為 1,120 萬美元，較去年同期成長 20%。Stellar Blu 的年度表現保持正常，預計營收在 1.2 億美元至 1.5 億美元之間。我們也預計 Stellar Blu 的調整後 EBITDA 利潤率將在今年下半年達到 10%。

Before reviewing the performance of each division, I want to address the impact of the current global macroeconomic turmoil and the shifting international trade policies and tariffs on Gilat business. The global economic uncertainty and the shifting international trade policies are creating new challenges. It is still too early to fully assess the impact as new facts emerge daily.

在回顧每個部門的表現之前，我想先談談當前全球宏觀經濟動盪以及不斷變化的國際貿易政策和關稅對 Gilat 業務的影響。全球經濟的不確定性和國際貿易政策的變化正在帶來新的挑戰。由於每天都會出現新的事實，現在全面評估其影響還為時過早。

Recognizing trends early, we proactively initiated adjustment to our raw material sourcing several months ago. This involved strategically shifting from higher to lower-tariff countries and to the US. Importantly, a significant share of our US defense business is sourced and manufactured domestically in the US, supporting stability in this environment. We intend to monitor the worldwide development closely and will adapt our strategies as needed to ensure business continuity and minimize potential disruption.

我們很早就意識到了這個趨勢，幾個月前就主動開始調整原料採購。這涉及從關稅較高國家向關稅較低國家以及美國進行戰略轉移。重要的是，我們的美國國防業務很大一部分是在美國國內採購和製造的，這支持了這一環境的穩定。我們打算密切關注全球發展，並根據需要調整我們的策略，以確保業務連續性並最大限度地減少潛在的干擾。

Now on the business review, we had a strong start to the year with successful launch of Gilat Defense Division during the Satellite 2025 conference in Washington, D.C. in early March. The market response has been very positive, and we are already seeing results that confirm we made the right decision to unify our defense portfolio into a single Gilat Defense business. The dynamic macro geopolitical landscape is driving increased defense budgets and accordingly, there is a growing demand for secure, high-performance communication over satellites.

現在回顧業務，我們今年有一個良好的開端，在 3 月初於華盛頓特區舉行的衛星 2025 會議期間成功啟動了吉拉特防禦部門。市場反應非常積極，我們已經看到的結果證實，我們將國防產品組合統一為單一的 Gilat Defense 業務的決定是正確的。動態的宏觀地緣政治格局正在推動國防預算的增加，因此對安全、高性能衛星通訊的需求也日益增長。

We are well positioned to meet these mission-critical needs. We are seeing demand for diverse geographical markets, including North America, Europe and Asia Pacific region. In Europe specifically, recent events has accelerated efforts to develop sovereign communications networks, with growing investments from both the European Union and in individual countries. This trend is creating significant opportunities, and we believe Europe will become increasingly important market for Gilat Defense going forward.

我們已做好準備，滿足這些關鍵任務需求。我們看到了不同地理市場的需求，包括北美、歐洲和亞太地區。具體來說，在歐洲，最近發生的事件加速了發展主權通訊網路的努力，歐盟和各國的投資都在增加。這一趨勢正在創造重大機遇，我們相信歐洲將成為吉拉特防務未來越來越重要的市場。

In Q1, awards spanned a diverse global customer base, reflecting demand for a broad range of products and services. This broad portfolio, coupled with our global presence, continue to position us as a trusted and reliable partner for defense organizations worldwide. During Q1, Gilat Defense was awarded over $5 million to support critical connectivity for the US DoD and international defense forces, with our DKET terminals and field support services. We also secured a $4 million in order for unique CCT portable satellite terminals for global defense customers and another $6 million contract in Asia for our market-leading SkyEdge platform.

第一季度，獎項涵蓋了全球多樣化的客戶群，反映了對廣泛產品和服務的需求。廣泛的產品組合加上我們的全球影響力，使我們繼續成為全球國防組織值得信賴和可靠的合作夥伴。在第一季度，Gilat Defense 獲得了超過 500 萬美元的獎勵，用於透過我們的 DKET 終端和現場支援服務為美國國防部和國際防禦部隊提供關鍵連接支援。我們還獲得了一份價值 400 萬美元的訂單，為全球國防客戶提供獨特的 CCT 便攜式衛星終端，並在亞洲獲得另一份價值 600 萬美元的合同，用於我們市場領先的 SkyEdge 平台。

Gilat DataPath was also awarded up to $23 million for a multi-year contract to service satellite transportable terminals for the US DoD customers. Gilat DataPath will deliver critical program management, field services and technical support, ensuring operation readiness and continued reliability of these vital communication assets. Gilat DataPath was also awarded a contract of more than $11 million for DKET 3420 terminals to a leading UAV company.

Gilat DataPath 還獲得了一份價值高達 2300 萬美元的多年期合同，為美國國防部客戶提供衛星可移動終端服務。Gilat DataPath 將提供關鍵的專案管理、現場服務和技術支援，確保這些重要通訊資產的運作準備就緒和持續可靠性。Gilat DataPath 還與一家領先的無人機公司簽訂了一份價值超過 1,100 萬美元的 DKET 3420 終端合約。

In addition, we received a multi-million dollar order from a global defense organization for the supply of advanced antenna technology to be integrated into the organization's state-of-the-art defense communication systems. These wins validate the strength of our integrated technologies across Gilat Defense product lines and highlight the increasing trust customers have in our ability to deliver mission-critical communication in challenging environments.

此外，我們還收到了一份來自全球防禦組織的價值數百萬美元的訂單，要求提供先進的天線技術，以整合到該組織最先進的防禦通訊系統中。這些勝利證明了我們 Gilat Defense 產品線整合技術的實力，並凸顯了客戶對我們在充滿挑戰的環境中提供關鍵任務通訊的能力日益增長的信任。

As I mentioned during the fourth quarter call, we are increasing our investment in allocating more resources to R&D as well as to sales and marketing at Gilat Defense in 2025. This quarter, we launched several new products, including our new GLT modem, the Aquarius Pro DS modem and the Gilat DataPass 2.6 meter terminal.

正如我在第四季度電話會議上提到的，我們將增加投資，在 2025 年為 Gilat Defense 的研發以及銷售和行銷分配更多資源。本季度，我們推出了多款新產品，包括新款 GLT 數據機、Aquarius Pro DS 數據機和 Gilat DataPass 2.6 公尺終端。

We are highly optimistic that these products will be adopted to serve on GEO, MEO and LEO constellations for critical government applications. We plan to continue investing significantly in Gilat Defense as we execute our strategy to lead in this important sector.

我們非常樂觀地認為，這些產品將應用於 GEO、MEO 和 LEO 星座，以滿足政府的關鍵應用需求。我們計劃繼續對吉拉特國防進行大量投資，以執行我們在這一重要領域的領先策略。

Turning to our commercial business. We are seeing continued momentum in both system deliveries and customer expansions as airline prioritize next-generation connectivity experience for passengers, including free WiFi plans and connectivity on regional jets. We received $15 million in orders from various satellite operators, including for our SkyEdge IV platform to support IFC services and for high-performance SSPAs designed to support LEO constellations.

轉向我們的商業業務。由於航空公司優先為乘客提供下一代連接體驗，包括免費 WiFi 計劃和支線飛機上的連接，我們看到系統交付和客戶擴展都持續保持強勁勢頭。我們從各個衛星營運商獲得了 1500 萬美元的訂單，包括支援 IFC 服務的 SkyEdge IV 平台和旨在支援 LEO 星座的高性能 SSPA。

The growing adoption of LEO and MEO constellations connectivity is creating favorable conditions for growth. These developments underscore the increasing demand for our solutions in this rapidly evolving market. Also in the IFC sector, with respect to Stellar Blu, Intelsat has already installed Sidewinder ESA, the market's most advanced and only operational multi-orbit, LEO and GEO electronically steered array terminal on more than 150 aircraft, delivering to date more than 70,000 flight hours of seamless connectivity across North America.

LEO 和 MEO 星座連接的日益普及為成長創造了有利條件。這些發展凸顯了這個快速發展的市場對我們的解決方案日益增長的需求。同樣在 IFC 領域，就 Stellar Blu 而言，Intelsat 已在 150 多架飛機上安裝了 Sidewinder ESA，這是市場上最先進且唯一可運行的多軌道、LEO 和 GEO 電子導航陣列終端，迄今已為整個北美提供了超過 70,000 個飛行小時的無縫連接。

The feedback we are receiving from customers and partners has been outstanding. A key milestone this quarter was successfully testing and certification of Sidewinder ESA by Panasonic, one of the major IFC service providers, further validating its leadership in the market. We are optimistic that this will lead to additional business for us.

我們從客戶和合作夥伴收到的回饋非常出色。本季的一個重要里程碑是主要 IFC 服務提供者之一鬆下成功測試並認證了 Sidewinder ESA，進一步驗證了其在市場上的領導地位。我們樂觀地認為這將為我們帶來更多業務。

At the same time, our next-generation LEO business aviation ESA, the ESR-2030 terminal was tested successfully during flights and we expect these efforts to allow us to have a production-ready antenna by the end of 2025. Gilat is expanding its strategic collaboration with partners to drive the advancement of next-generation aviation ESA terminals. This development project focused on further developing our Sidewinder ESA and also extend its reach to adjacent aviation markets, including ISR military, defense and VVIP.

同時，我們的下一代低地球軌道公務航空 ESA，ESR-2030 終端在飛行中成功進行了測試，我們預計這些努力將使我們在 2025 年底前擁有可投入生產的天線。Gilat 正在擴大與合作夥伴的策略合作，推動下一代航空 ESA 終端的進步。該開發案專注於進一步開發我們的 Sidewinder ESA，並將其範圍擴展到鄰近的航空市場，包括 ISR 軍事、國防和 VVIP。

A key aspect of this development is making the Sidewinder platform compliant for OEM offerability with Boeing as part of Boeing's technical service agreement. The platform is progressing through OEM qualification, with availability expected in early 2026. This represents a significant step forward in strengthening our position in the evolving aviation connectivity landscape. Importantly, as IFC deployments ramp up, we are also seeing increased demand for our SkyEdge IV and SkyEdge II-c baseband platforms, further strengthening our position in this market.

此次開發的關鍵方面是使 Sidewinder 平台符合波音公司技術服務協議中規定的 OEM 供貨要求。該平台正在通過 OEM 認證，預計將於 2026 年初上市。這代表我們在不斷發展的航空連通領域中的地位向前邁出了重要一步。重要的是，隨著 IFC 部署的增加，我們也看到對 SkyEdge IV 和 SkyEdge II-c 基頻平台的需求不斷增加，這進一步鞏固了我們在這個市場的地位。

Building on this momentum, we are also responding to rising demand from satellite operators who are looking for cloud-based software-driven ground segment architectures. As a result, we have stepped up development of virtualization capabilities for SkyEdge IV, positioning Gilat at the forefront of next-generation cloud-native solutions for satellite communications designed to run on standard cloud hardware and expected to serve the needs of very large software-defined satellites.

基於這一勢頭，我們也正在響應衛星營運商日益增長的需求，他們正在尋找基於雲端的軟體驅動的地面段架構。因此，我們加強了 SkyEdge IV 虛擬化功能的開發，使 Gilat 處於下一代衛星通訊雲端原生解決方案的前沿，該解決方案旨在在標準雲端硬體上運行，並有望滿足大型軟體定義衛星的需求。

In other commercial verticals, the demand for digital inclusion is also accelerating as more governments and organizations prioritize access to essential services like education, employment and health care. Satellite communications are playing an increasingly critical role in bridging the digital divide and expanding connectivity to remote and underserved areas. We are leveraging the proven capabilities of Gilat Peru to compete on projects worldwide, with multiple digital inclusion projects currently in the pipeline, reflecting the strong momentum we are seeing in this important area.

在其他商業垂直領域，隨著越來越多的政府和組織優先考慮獲得教育、就業和醫療保健等基本服務，對數位包容的需求也在加速成長。衛星通訊在縮小數位落差和擴大偏遠和服務欠缺地區的連結性方面發揮著越來越重要的作用。我們正在利用 Gilat Peru 已證實的能力來參與全球項目的競爭，目前有多個數位包容項目正在籌備中，這反映了我們在這一重要領域看到的強勁勢頭。

In Peru, we are progressing on several important fronts. We received network acceptance and began operation of the Amazonas transport network and we are moving forward with the acceptance process across the Amazonas access network. Additionally, we successfully transferred the ECA transport network to Pronatel, the first such transfer and are working towards transferring the additional regions transport network as well. While the strong pipeline remains intact, several large projects, be it renewals, expansions and extensions continue to face delays.

在秘魯，我們在幾個重要方面取得了進展。我們獲得了網絡驗收並開始運營亞馬遜傳輸網絡，我們正在推進整個亞馬遜接入網絡的驗收過程。此外，我們成功地將 ECA 運輸網路轉移到 Pronatel，這是首次此類轉移，我們正在努力轉移其他地區的運輸網路。儘管強大的管道仍然完好無損，但一些大型項目，無論是更新、擴建還是延伸，都繼續面臨延誤。

That said, we remain optimistic about future opportunities in Peru. I'm pleased to say that we continue to have a strong backlog and a healthy pipeline. Therefore, we feel comfortable reiterating our 2025 annual guidance. Gilat is strategically positioned for sustained growth, driven by strong demand for mission-critical defense connectivity, the increasing satellite capacity and the accelerating adoption of multi-orbit architectures.

儘管如此，我們仍然對秘魯的未來機會持樂觀態度。我很高興地說，我們繼續擁有大量積壓訂單和健康的管道。因此，我們很樂意重申我們的 2025 年年度指引。受任務關鍵型國防連接的強勁需求、不斷增加的衛星容量以及多軌道架構的加速採用的推動，吉拉特在戰略上處於持續增長的地位。

Our diverse product portfolio is ideally suited to support this evolution, offering the essential flexibility, scalability and the performance our customers require. Our defense business is off to a strong start this year, benefiting from strong tailwinds driven by the macroeconomic development. Gilat Defense is building momentum and expanding its critical role in delivering resilient, high-performance satellite communication in support of national security and global stability. In our commercial business, we are seeing solid execution and continued growth.

我們多樣化的產品組合非常適合支持這項發展，提供客戶所需的基本靈活性、可擴展性和效能。受惠於宏觀經濟發展的強勁推動，我們的國防業務今年開局良好。吉拉特防務公司正在積聚力量，擴大其在提供彈性、高性能衛星通訊以支持國家安全和全球穩定方面的關鍵作用。在我們的商業業務中，我們看到了穩健的執行和持續的成長。

Stellar Blu's innovative Sidewinder ESA is gaining significant market traction, and we are working closely with our partners to broaden its application into new verticals and advance its certification for line-fit installation. At the same time, the increasing demand for both IFC and multi-orbit solutions is driving further adoption of our baseband and RF avionics technologies, reinforcing our leadership position in the global ground segment market.

Stellar Blu 的創新 Sidewinder ESA 正在獲得顯著的市場吸引力，我們正在與合作夥伴密切合作，將其應用擴展到新的垂直領域，並推進其線路安裝認證。同時，對 IFC 和多軌道解決方案日益增長的需求正在推動我們基頻和射頻航空電子技術的進一步應用，鞏固我們在全球地面段市場的領導地位。

We are encouraged by the momentum across our business segments and remain confident in our strategic direction as we continue to deliver innovation, execution and long-term value to our customers and stakeholders.

我們對各業務部門的發展勢頭感到鼓舞，並對我們的策略方向充滿信心，因為我們將繼續為客戶和利害關係人提供創新、執行和長期價值。

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

說完，我將把電話交給我們的財務長 Gil Benyamini。吉爾，請繼續。

Thank you, Adi. Good morning, and good afternoon to everyone. I would like to remind everyone that our financial results are presented both on a GAAP and non-GAAP basis. I will now talk through our financial highlights for the first quarter of 2025.

謝謝你，阿迪。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 2025 年第一季的財務亮點。

As Adi mentioned, we are very pleased with our first quarter performance. We completed the acquisition of Stellar Blu on January 6, and they are reflected in our financials for the first time. In terms of our financial results, revenue for the first quarter were $92 million, 21% increase compared to $76.1 million in Q1 '24. The increase was led by the commercial segment due to the acquisition of Stellar Blu, combined with the growth in the defense segment and offset by lower revenue in the Peru segment.

正如阿迪所說，我們對第一季的業績非常滿意。我們於 1 月 6 日完成了對 Stellar Blu 的收購，這是該收購首次反映在我們的財務報表中。就我們的財務表現而言，第一季的營收為 9,200 萬美元，與 24 年第一季的 7,610 萬美元相比成長了 21%。成長主要得益於商業部門因收購 Stellar Blu 而帶來的成長，加上國防部門的成長，但卻被秘魯部門收入的下降所抵銷。

In terms of the revenue breakdown by segment, Q1 '25 revenues for the Commercial segment were $64.2 million compared to $41.2 million in the same quarter last year. The 56% increase was primarily due to the acquisition of Stellar Blu, which contributed $25 million to our revenue, partially offset by the termination of our activity in Russia in 2024. Q1 '25 revenues for the defense segment were $23 million compared to $17.2 million in the same quarter last year.

以部門收入細分來看，2025 年第一季商業部門營收為 6,420 萬美元，而去年同期為 4,120 萬美元。56% 的成長主要歸因於收購 Stellar Blu，這為我們的收入貢獻了 2500 萬美元，但因我們在 2024 年終止在俄羅斯的業務而部分抵消了這一增長。2025 年第一季國防部門的收入為 2,300 萬美元，而去年同期為 1,720 萬美元。

The 34% increase was primarily driven by high deliveries to our defense customers in the US and Asia. Q1 '25 revenues for the Peru segment were $4.8 million compared to $17.7 million in Q1 '24. The decline is primarily attributed to delays in renewing several projects, postponed major project bids and slower progress on expanding existing projects. Additionally, in Q1 '24, we recorded revenues from the construction phase of the Amazonas project expansion, which was completed during the year.

34% 的成長主要得益於我們向美國和亞洲國防客戶的大量交付。秘魯分部 2025 年第一季的營收為 480 萬美元，而 2024 年第一季的營收為 1,770 萬美元。下降的主要原因是多個專案續約延遲、重大專案投標延遲以及現有專案擴建進度放緩。此外，24 年第一季度，我們記錄了亞馬遜專案擴建建設階段的收入，該專案於當年完工。

We are currently awaiting Pronatel inspection and approval to transition to the operational phase. Furthermore, some equipment deliveries are expected later in this year. Our GAAP gross margin in Q1 '25 decreased to 30.9% compared to 36.9% in Q1 '24. The decrease is primarily due to lower margins in Stellar Blu as it ramps up production, as well as amortization of purchased intangibles and lower gross margins in Peru. GAAP operating expenses in Q1 '25 were $31.1 million compared to $22.7 million in Q1 '24.

我們目前正在等待 Pronatel 的檢查和批准，以過渡到營運階段。此外，一些設備預計將於今年稍後交付。我們 2025 年第一季的 GAAP 毛利率從 2024 年第一季的 36.9% 下降至 30.9%。下降的主要原因是 Stellar Blu 在擴大產量時利潤率較低，以及購買無形資產的攤銷和秘魯的毛利率較低。2025 年第一季的 GAAP 營運費用為 3,110 萬美元，而 2024 年第一季為 2,270 萬美元。

The increase is primarily due to the consolidation of Stellar Blu, amortization of purchased intangibles, transaction costs and other income recognized in Q1 '24. GAAP operating loss in Q1 '25 was $2.7 million compared to GAAP operating income of $5.4 million in Q1 '24. The decrease was driven by acquisition-related expenses and purchased intangibles amortization and the absence of proceeds from an arbitration in Peru that was recognized in Q1 '24.

成長主要歸因於 Stellar Blu 的合併、購買無形資產的攤銷、交易成本以及 24 年第一季確認的其他收入。2025 年第一季 GAAP 營業虧損為 270 萬美元，而 2024 年第一季 GAAP 營業收入為 540 萬美元。下降的原因是收購相關費用和購買的無形資產攤銷，以及 24 年第一季確認的秘魯仲裁收益的缺失。

GAAP net loss in Q1 '25 was $6 million or a loss per share of $0.10 compared to GAAP net income of $5 million, or diluted income per share of $0.09 in Q1 '24. Moving to non-GAAP results. Our non-GAAP gross margin in Q1 '25 decreased to 31.7% compared to 37.8% in Q1 '24. Non-GAAP operating expenses in Q1 '25 were $24.1 million compared to $22.2 million in Q1 '24, and non-GAAP operating income in Q1 '25 were $5.2 million compared to $6.6 million in Q1 '24.

2025 年第一季 GAAP 淨虧損為 600 萬美元，即每股虧損 0.10 美元，而 2024 年第一季 GAAP 淨收入為 500 萬美元，即每股攤薄收益 0.09 美元。轉向非 GAAP 結果。我們 2025 年第一季的非 GAAP 毛利率從 2024 年第一季的 37.8% 下降至 31.7%。2025 年第一季非 GAAP 營業費用為 2,410 萬美元，而 2024 年第一季為 2,220 萬美元；2025 年第一季非 GAAP 營業收入為 520 萬美元，而 2024 年第一季為 660 萬美元。

The non-GAAP net income in Q1 '25 was $1.8 million, or a diluted income per share of $0.03 compared to a net income of $6 million, or income per share of $0.11 in Q1 '24. Adjusted EBITDA in Q1 '25 was $7.6 million compared to an adjusted EBITDA of $9.3 million in Q1 '24. The decrease in the adjusted EBITDA is primarily due to Stellar Blu losses in the first quarter. Our Q1 '25 organic adjusted EBITDA, excluding Stellar Blu losses, was $11.2 million, a 20% increase compared with Q1 '24.

25 年第一季的非 GAAP 淨收入為 180 萬美元，即每股攤薄收益為 0.03 美元，而 24 年第一季的淨收入為 600 萬美元，即每股收益為 0.11 美元。2025 年第一季調整後 EBITDA 為 760 萬美元，而 2024 年第一季調整後 EBITDA 為 930 萬美元。調整後的 EBITDA 下降主要是因為第一季 Stellar Blu 的虧損。不包括 Stellar Blu 損失，我們的 2025 年第一季有機調整後 EBITDA 為 1,120 萬美元，與 2024 年第一季相比成長了 20%。

Moving to our balance sheet. On January 6, the company secured a $100 million credit line from a bank consortium from which it utilized $60 million to finance the acquisition of Stellar Blu. As a result, as of March 31, '25, total cash and cash equivalents and restricted cash were $64.3 million, or approximately $3.8 million net of loans compared to $118.2 million on December 31, 2024. In terms of cash flow, we used $6.6 million for operating activities in Q1 '25 to support the working capital needs of Stellar Blu during the ramp-up and its acquisition-related expenses.

前往我們的資產負債表。1 月 6 日，該公司從銀行財團獲得了 1 億美元的信用額度，其中 6,000 萬美元用於收購 Stellar Blu。因此，截至 2025 年 3 月 31 日，現金、現金等價物和受限現金總額為 6,430 萬美元，扣除貸款後約為 380 萬美元，而 2024 年 12 月 31 日為 1.182 億美元。在現金流方面，我們在 25 年第一季使用了 660 萬美元用於經營活動，以支持 Stellar Blu 在擴張期間的營運資金需求及其收購相關費用。

DSOs, which exclude receivables and revenues of our terrestrial network construction projects in Peru were 75 days, up from 71 days in the previous quarter. Our shareholders' equity as of March 31, '25 totaled to $300 million compared with $304 million at the end of '24.

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 75 天，高於上一季的 71 天。截至 2025 年 3 月 31 日，我們的股東權益總額為 3 億美元，而 2024 年底為 3.04 億美元。

Looking ahead, as Adi mentioned, we are reiterating our guidance for 2025, with projected revenue between $415 million and $455 million, representing year-over-year growth of 42% at the midpoint. Adjusted EBITDA is expected to be between $47 million and $53 million, represented year-over-year growth of 18% at the midpoint.

展望未來，正如阿迪所提到的，我們重申對 2025 年的指導，預計收入在 4.15 億美元至 4.55 億美元之間，中點同比增長 42%。調整後的 EBITDA 預計在 4,700 萬美元至 5,300 萬美元之間，以中間值計算年增 18%。

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

我的財務審查到此結束。現在我想開始提問。接線員，請繼續。

(Operator Instructions) Louie DiPalma, William Blair.

（操作員指示） Louie DiPalma、William Blair。

My first question, is your defense business expected to be a beneficiary of the increases -- the expected increases in European defense spending?

我的第一個問題是，貴公司的國防業務是否有望從歐洲國防開支預計增加中受益？

Generally speaking, yes. We are seeing a lot of traction from Europe defense increased budget. Nothing yet materialized, but we are seeing a lot of demand requests for RFPs and things like that. So, we believe that at the midterm, we'll see decent business from Europe that will support our growth in defense.

一般來說是的。我們看到歐洲國防預算增加的巨大推動力。雖然尚未實現任何目標，但我們看到了許多對 RFP 和類似內容的需求請求。因此，我們相信，在中期，我們將看到來自歐洲的良好業務，這將支持我們在國防領域的成長。

Great. And it seems that you've made progress with the Boeing line-fit. What other milestones need to be achieved for that program before it's implemented?

偉大的。看來你們在波音生產線組裝方面已經取得了進展。該計劃在實施之前還需要實現哪些其他里程碑？

Generally speaking, there are some adaptation to the terminal, and now we are in the certification process. So it seems like that within the next two or three quarters, we'll get this qualification and we'll be ready. And then it's up to the customers to order it.

整體來說對終端有一些適配，現在正在認證過程中。因此看起來，在接下來的兩三個季度內，我們將獲得這項資格並做好準備。然後就由顧客來訂購了。

Great. And for Peru, how should we think of revenue linearity over the next few quarters? I think you reiterated the full-year guidance, but should most of the revenue be in the fourth quarter? Or how should we think about it?

偉大的。對於秘魯來說，我們該如何看待未來幾季的營收線性？我認為您重申了全年指引，但大部分收入應該在第四季嗎？或者說我們該如何去思考這個問題？

So, Peru linearity is a bit challenging. So, we do expect Peru revenue run rate to be $45 million to $50 million. This quarter, it was relatively low because several large projects that are about to be renewed, the renewal was delayed, and we expect to have it hopefully in Q2 and if not in early Q3. In addition, part of the recurring revenue in Peru, we need to deliver some hardware equipment once every year.

因此，秘魯的線性有點挑戰。因此，我們確實預期秘魯的營收運作率為 4,500 萬至 5,000 萬美元。本季相對較低，因為幾個即將續簽的大型專案續約被推遲了，我們預計預計在第二季完成，如果不能的話也要在第三季初完成。此外，作為秘魯經常性收入的一部分，我們需要每年交付一些硬體設備。

And we do expect it during the third quarter. This is a chunk of $7 million or $8 million of hardware revenue every year. In addition, there are several large projects, especially large expansions of existing projects where we do not compete against others. It's just negotiation with the government, and we expect to conclude the negotiation in the next few months and revenue will return to the same levels that we saw in recent years.

我們確實預計它會在第三季出現。這相當於每年 700 萬美元或 800 萬美元的硬體收入。此外，還有幾個大型項目，特別是現有項目的大型擴建，我們不會與其他人競爭。這只是與政府的談判，我們預計將在未來幾個月內完成談判，收入將恢復到近年來的水平。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

Can you hear me okay, gentlemen?

先生們，你們聽得到我說話嗎？

Yes, we do.

是的，我們有。

Great. Sounds like your organic growth in defense is going quite well, and you're stepping up OpEx a little bit there to make some investments in both R&D and sales. My question then really is more about the commercial side. How that's evolving, the Stellar Blu unit and its integration with the balance of your commercial business.

偉大的。聽起來您在國防領域的有機成長進展順利，並且您正在稍微增加營運支出以在研發和銷售方面進行一些投資。那麼我的問題其實更多的是關於商業方面。Stellar Blu 單元如何發展以及它如何與您的商業業務平衡整合。

From a sales perspective, do you feel like you have sufficient go-to-market resources in place today to achieve your goals you've set for Stellar Blu? Or is that something you're still adding on?

從銷售角度來看，您是否認為您目前擁有足夠的市場資源來實現您為 Stellar Blu 設定的目標？或者這是您仍在添加的內容？

And second question related to that is, is the nature of these relationships, these sales relationships, is it generally more technical and more engineering to engineering related? Or is there actually a lot of competitive bidding going on kind of on a periodic basis?

與此相關的第二個問題是，這些關係、這些銷售關係的性質是否通常更具技術性、更與工程相關？或者實際上是否存在定期進行的大量競爭性投標？

Okay. So in terms of progress at Stellar Blu, I think we made a very good progress during the quarter. One of the main risks in the acquisition was the -- it's a new product introduction from a start-up company. And the market acceptance and the feedback we are getting is really amazing, more than 150 aircraft already installed, performed more than 70,000 flight hours with seamless connectivity with relatively no issues whatsoever.

好的。因此，就 Stellar Blu 的進展而言，我認為我們在本季取得了非常好的進展。此次收購的主要風險之一是——這是一家新創公司推出的新產品。我們獲得的市場接受度和回饋確實令人驚嘆，已有超過 150 架飛機安裝該系統，無縫連接，飛行時間超過 70,000 小時，幾乎沒有出現任何問題。

We do have some supply chain issues with one of the LRUs, one of the component manufacturer. We identified ahead of time, and we are working internally on replacing this unit. The new unit is under qualification and certification processes. And we expect that during -- towards the end of this quarter, early next quarter, we'll have both solutions available and we'll be able to accelerate deliveries and revenues to customers.

我們與其中一個 LRU（其中一個零件製造商）的供應鏈確實存在一些問題。我們提前發現了這個問題，並且正在內部進行更換該設備的工作。新單位正在接受資格鑑定和認證程序。我們預計，在本季末或下個季度初，我們將推出這兩種解決方案，並能夠加快向客戶交付產品和增加收入。

So I think we are on track with that. We are doing cost reduction on the terminal, and we expect to see much better margins along the year. So, we remain with our guidance for Stellar Blu of revenues of between $120 million to $150 million, with reaching a run rate of adjusted EBITDA of more than 10% sometimes during the second half of the year. I think we have internally enough resources to achieve our goals. I think we have a strong backlog that covers most, if not all of our market guidance.

所以我認為我們正朝著這個方向前進。我們正在削減終端成本，預計全年利潤率將大幅提高。因此，我們仍然維持對 Stellar Blu 營收的預期，即在下半年，調整後 EBITDA 的運行率有時會達到 10% 以上。我認為我們內部擁有足夠的資源來實現我們的目標。我認為我們有大量積壓訂單，涵蓋了大部分（如果不是全部）市場指導。

We do expect to get some large orders in the next few weeks or a few months the latest. We need to remember that those orders are coming in batches, not 1 or 2, rather hundreds or several hundreds every time. And we believe that we'll meet all our objectives with Stellar Blu along the year. As for selling efforts, most of the technology sales is with Intelsat and Panasonic and the IFC service providers.

我們確實希望在未來幾週或最遲幾個月內收到一些大訂單。我們需要記住，這些訂單是分批來的，不是 1 個或 2 個，而是每次數百個或幾百個。我們相信，透過 Stellar Blu，我們將在今年實現所有目標。至於銷售力度，大部分技術銷售給 Intelsat、松下和 IFC 服務供應商。

Over there, we need to be chosen and to prove that our technology is superior upon competitors. Later on, it's Intelsat and Panasonic. They need to go and fight in the market with the airlines to get the awards over there. And when needed, we are supporting them. I think that our superior technology helps them in the competitive market environments.

在那裡，我們需要被選中並證明我們的技術優於競爭對手。後來是國際通訊衛星組織 (Intelsat) 和松下 (Panasonic)。他們需要去市場上與航空公司競爭才能獲得獎勵。當他們需要時，我們會支持他們。我認為我們卓越的技術能夠在競爭激烈的市場環境中幫助他們。

That's great. Very thorough response there. I appreciate that. And you mentioned on the call earlier, a next-generation product coming. I assume that's coming from the Stellar Blu side. Can you walk through kind of the differentiation there compared to your current generation product? What's coming at the end of the year? And when do you think it might start to achieve revenue?

那太棒了。那裡的回應非常透徹。我很感激。您之前在電話中提到，下一代產品即將推出。我猜這是來自 Stellar Blu 方面。您能否介紹一下與當前世代產品相比有哪些差異？年底會發生什麼事？您認為它什麼時候可以開始獲利？

Yes. So in general, it's to take the existing Sidewinder ESA and adjust it a little bit to support military defense, ISR and VVIP aircraft. We expect -- we already started the work, and we expect it to be finished some during 2025 and some early 2026. We do expect to get some orders, if not by the end of the year, then early next year.

是的。因此，總的來說，它是對現有的響尾蛇 ESA 進行一些調整，以支援軍事防禦、ISR 和 VVIP 飛機。我們預計—我們已經開始這項工作，並預計部分工作將在 2025 年或 2026 年初完成。我們確實希望獲得一些訂單，如果不是在今年年底，那麼明年年初。

Sergey Glinyanov, Freedom Broker.

謝爾蓋·格林尼亞諾夫，自由掮客。

So a little bit about Sidewinder. What monthly production rates do you have for now? And what do you anticipate by the end of the year? We know that you have a long-term target rate at roughly 100 per month. So what's going now? And what do you anticipate by the end of the year?

下面簡單介紹一下 Sidewinder。目前你們的月生產力是多少？您預計今年年底會發生什麼事？我們知道您的長期目標利率約為每月 100。那現在情況怎麼樣？您預計今年年底會發生什麼事？

So indeed, we are expecting by the end of the year -- before the end of the year to reach to about 100 units per month. Right now, in most of the units, we are, give or take, very close to this production capabilities, except from the fact that, as I said earlier, we are missing one specific unit that we are working both internally and with the existing vendor to accelerate his production and to introduce additional product alternative. So I believe that towards the end of Q2, early Q3, we will reach to our -- close to 100 units per month.

因此，我們確實預計到今年年底——在年底之前每月產量將達到約 100 台。目前，在大多數單位中，我們或多或少都非常接近這種生產能力，但正如我之前所說，我們缺少一個特定的單位，我們正在內部和與現有供應商合作，以加速他的生產並推出額外的產品替代品。因此我相信，到第二季末、第三季初，我們的月產量將達到近 100 台。

Yes. Sounds great. And so that you mentioned that you have not worked at this point closely for now because the certification you should pass. And in terms of primary and secondary aviation market, what revenue structure do you anticipate for this year and for long term?

是的。聽起來很棒。正如您所說，由於您需要通過認證，因此目前您還沒有密切合作。就一級和二級航空市場而言，您預計今年和長期的收入結構是如何的？

I'm not sure I understand the question. Can you again repeat it and clarify?

我不確定我是否理解了這個問題。您能再重複一次並澄清一下嗎？

Yes. Sure. So now you're working primarily with the aviation airlines, I think. And you have not worked closely with Boeing because you should pass your certification for Stellar Blu ESA. But what delivery structure in terms of primary and secondary aviation market you expect for this year and for long term?

是的。當然。所以我認為，現在您主要與航空公司合作。而且您沒有與波音公司密切合作，因為您應該通過 Stellar Blu ESA 的認證。但是，您預計今年和長期一級和二級航空市場的交付結構是怎樣的？

Okay. So, you're talking about the breakdown between line-fit and retrofit. So currently, in 2025, 100% of our revenues will come from retrofit, meaning putting the antenna on existing fleets. We do expect that towards mid or the second half of 2026, the split will be closer to 50-50. And on the long term, I think that it will be slightly more line-fit than retrofit, although the retrofit will continue to be a significant market for us.

好的。所以，您談論的是線路安裝和改造之間的細分。因此，目前，到 2025 年，我們 100% 的收入將來自改造，即將天線安裝到現有車隊上。我們確實預計，到 2026 年中期或下半年，這一比例將接近 50-50。從長遠來看，我認為它將更側重於生產線的適配而不是改造，儘管改造對我們來說仍將是一個重要的市場。

Yes. Got it. And Adi, initiatives, you'd like to expand Sidewinder application in ISR and VVIP. Does it not harm your original product like ESR-2030? Or maybe you can put some colors about that?

是的。知道了。阿迪，您想擴大響尾蛇飛彈在 ISR 和 VVIP 中的應用嗎？它不會損害您原來的產品（如 ESR-2030）嗎？或者也許你可以添加一些顏色來表示這一點？

Sure. Sure. First of all, for the same market segment, in some cases, we have more than one product. The ESR-2030 is a LEO-only antenna that can work on Ku, meaning on OneWeb constellation. The Sidewinder is a multi-orbit LEO, GEO antenna, and it fits to a larger aircraft and it's another product for the same market segment. So, I think that both products will go together. It's not really replacing each other.

當然。當然。首先，對於同一個細分市場，在某些情況下，我們有不只一種產品。ESR-2030 是一款僅適用於 LEO 的天線，可在 Ku 衛星（即 OneWeb 星座）上工作。Sidewinder 是多軌道 LEO、GEO 天線，適用於較大的飛機，是同一細分市場的另一款產品。所以，我認為這兩種產品將會結合在一起。這其實並不是互相替代。

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

I just wanted to follow up on the Sidewinder. I think you mentioned you're working towards defense (inaudible).

我只是想跟進一下響尾蛇的情況。我記得你提到你正在努力防禦（聽不清楚）。

Chris, we lost you. Chris?

克里斯，我們失去了你。克里斯？

Omri Efroni, Oppenheimer.

奧本海默的 Omri Efroni。

I was wondering a little bit more about the certification process in the Boeing lineup. Is it part of the earn-out you should -- you're going to deal with Stellar Blu? Is it a piece of the $25 million of the strategic contracts that if Stellar Blu signs, you need to pay them? And then I have another question.

我對波音系列的認證流程有些好奇。這是您應該支付的收益的一部分嗎——您要與 Stellar Blu 打交道嗎？這是 Stellar Blu 簽署策略合約後需要支付的 2,500 萬美元的一部分嗎？我還有一個問題。

Sure. So, this specific deal with Boeing was signed before we signed the acquisition. So it's not part of the earn-out. There are several types of line-fit that might -- also with Boeing that might will trigger earn-out payment, but this specific technical service agreement, OEM offerability is not part of the earn-out.

當然。因此，這項與波音公司的具體協議是在我們簽署收購協議之前簽署的。所以它不屬於獲利的一部分。有幾種類型的生產線組裝可能會——波音也可能會觸發獲利支付，但這個特定的技術服務協議、OEM 供應能力並不是獲利支付的一部分。

So just to clarify it, in the next two or three quarters, you're forecasting to have a certificate that new Stellar Blu antenna will be line fitted into the Boeing production? Is it right? Correct. Intelsat will be able -- Intelsat or Panasonic or any other customer will be able to install the Sidewinder antenna in Boeing premises.

因此，只是為了澄清一下，在接下來的兩三個季度中，您是否預測會獲得證書，證明新的 Stellar Blu 天線將安裝到波音生產中？對嗎？正確的。國際通訊衛星組織、松下或任何其他客戶都能夠在波音公司場所安裝響尾蛇天線。

Okay. So that will trigger the $25 million of earn-out or it's not part of it?

好的。那麼這會觸發 2500 萬美元的盈利嗎？或者這不是其中的一部分？

No. This is, as I said earlier, this is not part of the earn-out. This is a specific agreement that was signed before we signed the agreement. For example, it will be part of Boeing portfolio. You will be able to order this with the aircraft, then it can trigger earn-out payment.

不。正如我之前所說，這不是盈利的一部分。這是我們在簽署協議之前就簽訂的具體協議。例如，它將成為波音產品組合的一部分。您將能夠與飛機一起訂購此服務，然後它可以觸發盈利支付。

Okay. Got it. And about EBITDA, 10% EBITDA run rate in the second half of '25. One of the steps in the early earn-outs was to get into the profitability of the Stellar Blu products. Is it -- does the lower EBITDA now from the products have any effect on the earn-out you need to give to Stellar Blu? Or the Stage 1 and Stage 2 earn-out is still in place?

好的。知道了。關於 EBITDA，25 年下半年 EBITDA 運作率為 10%。早期獲利計畫的步驟之一是實現 Stellar Blu 產品的獲利能力。現在產品的較低 EBITDA 是否對您需要支付給 Stellar Blu 的利潤產生任何影響？或者第一階段和第二階段的獲利支付仍然有效？

So it's a good question with a very long answer. So in general, when we build the earn-out, we build it in a way -- especially the first earn-out is to reduce significantly the production risk. With that, we are more than satisfied with the current status of the production rate. Having said that, the actual deliveries are lower than what the earn-outs require because of this missing components that I explained earlier.

所以這是一個好問題，答案也很長。因此，一般來說，當我們制定盈利計劃時，我們會以某種方式製定 - 特別是第一個盈利計劃，以顯著降低生產風險。我們對目前的生產力狀況非常滿意。話雖如此，由於缺少我之前解釋過的組件，實際交付量低於盈利要求。

And because it's the first units, they are slightly more expensive in terms of cost than what we expect usual run rate will be. We are already starting to see the cost reduction. And we do expect that during the third quarter, we will reach to the expected costs and margins with Stellar Blu. So if you summarize what I said, then right now, the first earn-out is not on track from payments perspective.

而且由於這是第一批產品，其成本比我們預期的正常運作率略高。我們已經開始看到成本的降低。我們確實預計，在第三季度，Stellar Blu 的成本和利潤率將達到預期。因此，如果你總結我所說的內容，那麼現在，從支付角度來看，第一筆獲利還沒有步入正軌。

Still, we have seven weeks until the end of the quarter. And everyone at Stellar Blu is working very hard in order to meet the earn-out to expand deliveries and to reduce the costs. As for the second earn-out, it depends on the number of units -- new units orders. And at least based on the forecast that we are seeing right now, we are on track to get those orders.

距離本季結束還有七週的時間。Stellar Blu 的每個人都在努力工作以滿足獲利要求，擴大交貨量並降低成本。至於第二筆收益，則取決於單位數量——新單位訂單。至少根據我們目前的預測，我們有望獲得這些訂單。

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

Can you hear me?

你聽得到我嗎？

Yes, we hear you great.

是的，我們聽到了您的聲音。

That's better. Okay. Following up on orders, you had mentioned that you expect some Sidewinder orders. Presumably, that is based upon orders already won by the customer? Or do your airline customers place orders for antennas? I assume not in advance of them actually winning a large batch of planes.

那就更好了。好的。在跟進訂單時，您曾提到您期待一些 Sidewinder 訂單。據推測，這是基於客戶已經贏得的訂單？或是您的航空公司客戶是否訂購天線？我認為在他們真正贏得一大批飛機之前不會這樣做。

So right now, we are not working directly with the airlines, although we support our customers with those sales. So typically, we are getting the orders from the Intelsat and the Panasonic of the world, and we do expect them to place some orders in the next few weeks or months.

因此，目前我們並沒有直接與航空公司合作，儘管我們透過這些銷售為客戶提供支援。通常情況下，我們會接到來自國際通訊衛星組織和松下等公司的訂單，我們確實希望他們能在未來幾週或幾個月內下訂單。

Correct. But presumably, that's based upon orders that Intelsat has already won with airlines?

正確的。但據推測，這是基於 Intelsat 已經贏得的航空公司訂單？

Correct. They are not -- they are ordering for inventory, but against the business that they already won.

正確的。他們不是在訂購庫存，而是在訂購已經贏得的業務。

Perfect. Also, you mentioned a UAV terminal during, I think, the script. That's the first one.

完美的。另外，我認為您在劇本中提到了無人機終端。這是第一個。

I mentioned that we sold a DKET transportable terminal to a leading UAV company. It's part of their portfolio to manage the UAVs.

我提到我們向一家領先的無人機公司出售了 DKET 可移動終端。管理無人機是他們業務的一部分。

Got it. If I can switch real quick just to the balance sheet since this is the first we've kind of seen Stellar Blu folded in there. So Gil, some questions for you. There was a large step-up in advance from customers and other long-term liabilities and obviously, a big step-up in amortization. Can you give us some visibility on those items?

知道了。如果我可以快速切換到資產負債表，因為這是我們第一次看到 Stellar Blu 折疊在那裡。那麼吉爾，我想問你幾個問題。客戶預付款和其他長期負債大幅增加，顯然攤提也大幅增加。能向我們介紹一下這些物品嗎？

Yes. Sure. So of course, we applied acquisition accounting. It means that we consolidate all of the assets and liabilities of Stellar Blu into the balance sheet. So, there are some advances that you can see and other items. On top of that, we applied in the purchase accounting a PPA, purchase price allocation, under which we've allocated the excess amount that we paid on top of the tangible assets to goodwill and to other intangible assets, as well as creating a provision for the earn-out according to -- modeling the earn-out and in present values.

是的。當然。因此，我們當然採用了收購會計。這意味著我們將 Stellar Blu 的所有資產和負債合併到資產負債表中。因此，您可以看到一些進步和其他項目。除此之外，我們在購買會計中應用了 PPA，即購買價格分配，根據該分配，我們將在有形資產之外支付的超額金額分配給商譽和其他無形資產，並根據盈利能力模型和現值創建了盈利能力準備金。

So this is mainly what you can see in the balance sheet. On top of that, I mentioned the $60 million loan that we took in order to execute the acquisition, and you can see that as well on the balance sheet. All of these items, except for the goodwill are reflected in the P&L. The intangible assets are depreciated. Most of the assets -- the underlying assets are the backlog, the technology and the customer agreements.

這主要是您在資產負債表中可以看到的內容。除此之外，我還提到了我們為了執行收購而藉入的 6000 萬美元貸款，您也可以在資產負債表上看到這一點。除商譽外，所有這些項目都反映在損益表中。無形資產已提列折舊。大多數資產—基礎資產是積壓訂單、技術和客戶協議。

So we depreciate it over their effective life. So the backlog would usually be four to six quarters and the other assets would be much longer, like 10 years. And of course, we have financing expenses for the loan in the P&L.

因此，我們在其有效使用壽命內對其進行折舊。因此，積壓訂單通常為四到六個季度，而其他資產的積壓時間會更長，例如 10 年。當然，我們的損益表中有貸款的融資費用。

Understand. And so, I mean, what should we model ballpark for amortization this year or maybe just D&A? I mean, is Q1 a good run rate? Or does it not fully capture all the amortization?

理解。那麼，我的意思是，我們應該如何為今年的攤銷或僅僅是 D&A 建立大致的模型？我的意思是，Q1 的運行率好嗎？或者它沒有完全捕獲所有的攤銷？

It is not fully capturing the whole picture mainly because of the backlog asset, which is not so linear. I would say that about $3.5 million of amortization are expected quarterly --

它之所以不能完全捕捉整個情況，主要是因為積壓資產並不是那麼線性。我想說，預計每季攤銷額約 350 萬美元--

Without the backlog?

沒有積壓嗎？

-- during the first year.

——第一年。

Including the backlog?

包括積壓的嗎？

Including the backlog, of course.

當然也包括積壓的工作。

Okay. Great. And the large gateway orders, is that still something that we expect to happen sometime here in '25?

好的。偉大的。大型入口網站訂單是否仍是我們預計在 25 年某個時候發生的事情？

Yes. Are you talking about the SkyEdge IV gateway? Or you're talking about the LEO constellations?

是的。您說的是 SkyEdge IV 閘道嗎？還是您說的是低地球軌道星座？

LEO constellation.

低地球軌道星座。

LEO constellation, the SkyEdge IV for MEO and GEO, we do expect to have large orders. On the LEO constellation, so as I said in the last call, OneWeb right now, OneWeb Gen 2 is right now on halt until Eutelsat will better understand the synergies between OneWeb and IRIS2. With IRIS2, we expect to get RFIs and RFPs during the -- they said before the end of second quarter, I suspect there will be a bit of a delay.

LEO星座、MEO和GEO的SkyEdge IV，我們確實預期會有大量訂單。關於低地球軌道星座，正如我在上次電話會議中所說的那樣，OneWeb 目前，OneWeb Gen 2 目前處於暫停狀態，直到 Eutelsat 能夠更好地理解 OneWeb 和 IRIS2 之間的協同作用。對於 IRIS2，我們預計將在第二季末之前收到 RFI 和 RFP，我懷疑可能會有一點延遲。

So let's say, Q3. And again, they said awards before the end of the year, but I would give it another quarter. So, there is a risk that the decision taking will be delayed to early next year. But at least from discussing with different part of the consortium, they are on track with their plans. We received some kind of a questionnaire about -- in what areas do we want to compete and things like that?

所以我們說是 Q3。他們又說會在年底前頒發獎項，但我會再等一個季度。因此，決策有可能被推遲到明年年初。但至少從與財團不同部分的討論來看，他們的計畫正在順利進行中。我們收到了一份問卷，詢問我們想在哪些領域參與競爭等等？

So in general, we see that the plans are on track. In addition, we do expect to get a large order to SSPA for existing LEO constellation, which we cannot name the name of the customer.

總體而言，我們認為計劃正在順利進行中。此外，我們確實希望獲得 SSPA 現有 LEO 星座的大訂單，但我們無法透露客戶的名字。

Great. Final question. Gil, just to clarify, for the full-year guidance, Q1 using the $7.6 million reported or the $11.2 million that would reflect the extra charges to Stellar Blu?

偉大的。最後一個問題。吉爾，請澄清一下，對於全年指引，第一季度使用的是報告的 760 萬美元，還是反映了 Stellar Blu 的額外費用的 1120 萬美元？

No, the $7.6 million.

不，是 760 萬美元。

It's the $7.6 million, yes.

是的，是 760 萬美元。

The $3.6 million of Stellar Blu is just to clarify that organically, we made a significant progress in terms of profitability this quarter, but the guidance we gave to the market includes Stellar Blu as well. And I think this is the place to remind that Gilat -- it's really hard to measure Gilat quarter-over-quarter because of the way we do business with large and small deals with different margin profile between regions, between segments.

360 萬美元的 Stellar Blu 只是為了澄清，從有機角度來看，我們本季在盈利方面取得了重大進展，但我們給市場的指導也包括 Stellar Blu。我認為現在應該提醒大家的是，Gilat——由於我們處理大交易和小交易的方式不同，不同地區、不同部門的利潤率也不同，因此很難對 Gilat 進行季度環比衡量。

So I think that the best way to look at the Gilat results is the current quarter or the current four trailing quarters with our guidance for the year, and we are on track to achieve our guidance for the year, both on the top line and on the bottom line based on very large backlog that we have. I think that we have close to 80% of our backlog covering the revenues for the year and additional pipeline of opportunities that we have in front of us.

因此，我認為看待 Gilat 業績的最佳方式是將當前季度或當前四個季度與我們對今年的指導相結合，並且我們都有望實現今年的指導，無論是在營收方面還是在利潤方面，這都基於我們擁有的大量積壓訂單。我認為，我們有近 80% 的積壓訂單涵蓋了今年的收入以及我們面臨的額外機會。

Great. And the best way -- we did get the segment reporting broken out by defense and commercial. I didn't notice, did you file the historical pro formas for that? And second question, would you consider reporting EBITDA margins by segment in the future?

偉大的。最好的方式是——我們確實獲得了按國防和商業細分的細分報告。我沒有註意到，您是否為此提交了歷史表格？第二個問題，您將來會考慮按部門報告 EBITDA 利潤率嗎？

So in the future, we will consider. You will see it in the six months' report with the prospectus that we are maintaining. And filing pro forma is required only to maintain those kind of reports. So, we need to take a decision if we are extending it or not.

所以以後我們會考慮。您將在我們維護的招股說明書的六個月報告中看到它。並且僅需要提交形式發票來維護此類報告。因此，我們需要決定是否延長它。

And based on that, if we will decide to extend it, then we are required to provide pro forma as well. We are working right now on the pro forma results to be ready to be filed once we take a decision.

基於此，如果我們決定延長，那麼我們也需要提供形式發票。我們現在正在準備形式結果，以便在我們做出決定後提交。

The next question is from Gunther Karger of Discovery Group.

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

Can you hear me all right?

你聽見我說話嗎？

Yes, Gunther.

是的，岡瑟。

Okay. Yes, I missed part of your comments on the effect of the tariffs. Could you kindly repeat some of that, please?

好的。是的，我錯過了你關於關稅影響的部分評論。您能重複一下嗎？

Yes. So in general, it's too early to assess the effect because it's emerging daily. We did an analysis, and we understood that based on the existing rates, the effect is not significant. In addition, before all the turmoil started, we identified it's going to start, and we started to shift some of the raw material sourcing from high to low-tariff countries and shift a lot of production into the US, especially for the products that we manufacture to the US DoD.

是的。因此總體而言，現在評估其影響還為時過早，因為它每天都在出現。我們做了分析，以現有的費率，效果並不顯著。此外，在所有動盪開始之前，我們就發現它將要開始，我們開始將部分原材料採購從高關稅國家轉移到低關稅國家，並將大量生產轉移到美國，特別是我們為美國國防部生產的產品。

So in general, I think that overall, at least as it seems like now the effect is not high. We are still monitoring closely the situation and react based on actual news.

所以整體來說我覺得整體來說至少現在看起來效果不高。我們仍在密切關注事態發展，並根據實際情況做出反應。

Hello?

你好？

Yes.

是的。

Yes. In other words, it seems like the situation is rather stable rather than unstable. Would that be a correct statement?

是的。換句話說，情況看起來相當穩定，而不是不穩定。這是一個正確的說法嗎？

Yes, yes.

是的，是的。

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

目前沒有其他問題。本亞米尼先生，您願意做最後發言嗎？

Yes. 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 to speak to you on our next call. Thank you very much, and have a great day.

是的。我想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時與您交談。非常感謝，祝您有愉快的一天。

Thank you. This concludes Gilat's first-quarter 2025 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。吉拉特 2025 年第一季業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。