Gilat Satellite Networks Ltd (GILT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's second-quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded August 26, 2025. 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.

女士們、先生們，感謝你們的支持。歡迎參加 Gilat 2025 年第二季業績電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 8 月 26 日錄製。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?

現在我想將電話交給 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 day to everyone. Thank you for joining us for Gilat Satellite Networks Earnings Conference Call for the second quarter of 2025. With us on today's call are Mr. Adi Sfadia, Gilat's CEO; and Mr. Gil Benyamini, Gilat's CFO.

謝謝接線員，祝大家有美好的一天。感謝您參加 Gilat 衛星網路 2025 年第二季財報電話會議。參加今天電話會議的有 Gilat 執行長 Adi Sfadia 先生和 Gilat 財務長 Gil Benyamini 先生。

The earnings press release was issued earlier today, and if anyone has not received a copy, I invite you to visit the company's website at gilat.com, where you'll find the release in the Investor Relations section.

收益新聞稿於今天早些時候發布，如果有人還沒有收到副本，我邀請您訪問該公司的網站 gilat.com，您可以在「投資者關係」部分找到該新聞稿。

Before turning the call over to management, I'd like to remind everyone that some statements made during the conference call contain forward-looking statements based on current expectations. Actual results could differ materially from these projected as a result of various risks and uncertainties.

在將電話轉交給管理層之前，我想提醒大家，電話會議期間發表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 could cause actual results to differ materially include uncertain global economic conditions, reductions in revenues from key customers, delays or reductions in US and foreign military spend, acceptance of our new products on a global basis and disruptions or delays in our supply of raw materials and components due to business conditions, global conflicts, weather or other factors not under our control.

潛在的風險和不確定因素可能導致實際結果出現重大差異，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減少、全球對我們新產品的接受度以及由於商業狀況、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。

The company cautions investors not to place undue reliance on forward-looking statements, which reflect the company's analysis only as of today's date. The company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances.

該公司提醒投資人不要過度依賴前瞻性陳述，這些陳述僅反映公司截至今天的分析。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。

Further information on these factors and other factors 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. In addition, on today's call, management will refer to certain non-GAAP financial measures that management considers to be useful and differ from GAAP. These non-GAAP measures should be considered supplemental to corresponding GAAP figures.

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​​訊包含在該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。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。這些非公認會計準則指標應被視為相應公認會計準則資料的補充。

With that, I would now like to turn the call over to Gilat's CEO, Adi.

現在，我想將電話轉給 Gilat 的執行長 Adi。

Thank you, Alex, and good day, everyone. Thank you for joining us today to discuss Gilat's second quarter 2025 results. Please note that we are posting a PowerPoint presentation on our website with all the data we will discuss today.

謝謝你，亞歷克斯，大家好。感謝您今天加入我們討論 Gilat 2025 年第二季的業績。請注意，我們正在我們的網站上發布一份 PowerPoint 演示文稿，其中包含我們今天將討論的所有數據。

The second quarter not only showed strong performance but also validated our growth strategy across each of our growth engines. Our priorities in 2025 remains on capturing the growing opportunities emerging from our acquisition of Stellar Blu earlier this year and investing in Gilat Defense to better position to drive revenue growth in 2026.

第二季不僅業績強勁，驗證了我們各個成長引擎的成長策略。2025 年，我們的首要任務仍然是抓住今年稍早收購 Stellar Blu 所帶來的不斷成長的機遇，並投資 Gilat Defense，以更好地推動 2026 年的營收成長。

These drivers, along with our strong presence in VHTS and NGSO constellations continue to fuel our growth and strengthen our market leadership. Second quarter revenues reached $105 million, a 37% increase year-over-year, which includes about $36 million in revenues from Stellar Blu.

這些驅動因素，加上我們在 VHTS 和 NGSO 星座中的強大影響力，將繼續推動我們的成長並加強我們的市場領導地位。第二季營收達到 1.05 億美元，年增 37%，其中包括來自 Stellar Blu 的約 3,600 萬美元收入。

Adjusted EBITDA was $11.8 million, 17% above the same quarter last year, including Stellar Blu's expected ramp-up losses of about $1.5 million. Excluding Stellar Blu loss, our adjusted EBITDA for the second quarter was about $13.3 million, representing a 32% year-over-year increase. Stellar Blu's yearly performance remains on track with revenue expectation of between $120 million and $150 million.

調整後的 EBITDA 為 1,180 萬美元，比去年同期成長 17%，其中包括 Stellar Blu 預計約 150 萬美元的成長損失。不包括 Stellar Blu 的損失，我們第二季的調整後 EBITDA 約為 1,330 萬美元，較去年同期成長 32%。Stellar Blu 的年度業績保持良好，預計收入在 1.2 億美元至 1.5 億美元之間。

Now on to the business review. In the second quarter, our Defense division continued to set the foundation for future growth. Continuing geopolitical tension and shifting global security priorities are promoting governments to increase their defense spending and allocate more of their budget to secure satellite communications.

現在開始業務回顧。第二季度，我們的國防部門繼續為未來的成長奠定基礎。持續的地緣政治緊張局勢和不斷變化的全球安全重點促使各國政府增加國防開支，並分配更多預算用於確保衛星通訊安全。

This is generating increased interest in mission-critical SATCOM solutions, and Gilat Defense is well positioned to meet this evolving operational needs. We are seeing active engagement from customers across multiple regions, including North America, Europe and Asia Pacific.

這引起了人們對任務關鍵型衛星通訊解決方案的興趣，而 Gilat Defense 已準備好滿足不斷變化的營運需求。我們看到來自北美、歐洲和亞太等多個地區的客戶的積極參與。

Gilat Defense is also extending our global footprint by leveraging top line synergies between Gilat DataPath and Wavestream by offering a broader range of solutions to defense customers.

Gilat Defense 也利用 Gilat DataPath 和 Wavestream 之間的頂線協同效應，為國防客戶提供更廣泛的解決方案，從而擴大我們的全球影響力。

In the second quarter, over $8 million of Gilat DataPath systems were ordered by the Israeli Ministry of Defense, demonstrating the strong value of our technology and the applicability of our solutions to diverse mission requirements. During the second quarter, Gilat DataPath was awarded a contract to provide the field service and technical services in support of the US Army.

第二季度，以色列國防部訂購了價值超過 800 萬美元的 Gilat DataPath 系統，證明了我們技術的強大價值以及我們的解決方案對不同任務要求的適用性。第二季度，Gilat DataPath 獲得了一份合同，為美國陸軍提供現場服務和技術服務。

The award includes an initial order of more than $7 million with an option to extend the program for up to five years, reaching estimated order of up to $70 million. With a clear strategy, a growing global presence and an unwavering focus on mission-critical connectivity, Gilat Defense is positioned for substantial growth and long-term impact in this essential sector.

該合約包括一份價值超過 700 萬美元的初始訂單，並可選擇將該計劃延長至五年，預計訂單總額將達到 7,000 萬美元。憑藉清晰的策略、不斷增長的全球影響力以及對關鍵任務連接的堅定關注，吉拉特防務公司已準備好在這一重要領域實現大幅增長並產生長期影響。

Turning to our commercial business. Q2 was a milestone quarter, driven by strong booking strategic wins and continued adoption of our next-generation satellite communication platform. Our momentum reflects both the accelerating transformation of the industry and Gilat's success in aligning the technology and solutions with the needs of our customers.

轉向我們的商業業務。第二季度是里程碑式的季度，這得益於強勁的預訂策略勝利和我們下一代衛星通訊平台的持續採用。我們的勢頭既反映了行業的加速轉型，也反映了 Gilat 在將技術和解決方案與客戶需求相結合方面的成功。

One of the most significant announcements this quarter was the signing of a $40 million contract for a virtualized SkyEdge IV platform. This landmark agreement not only demonstrates the trust our customers place in Gilat but also highlight the critical industry shift in our satellite communications infrastructure is being deployed.

本季最重要的公告之一是簽署了一份價值 4000 萬美元的虛擬化 SkyEdge IV 平台合約。這項具有里程碑意義的協議不僅顯示了客戶對 Gilat 的信任，也凸顯了我們衛星通訊基礎設施正在發生的關鍵產業轉變。

SkyEdge IV virtualization empowers operators to move to cloud-native software-defined environments designed for scale, agility and interoperability with next-generation satellites. Evolving to a software-only cloud-based platform elevates Gilat's positioning with higher value, improved margins and provides the option to sell through a platform as a service business model.

SkyEdge IV 虛擬化使營運商能夠轉向專為規模、靈活性和與下一代衛星的互通性而設計的雲端原生軟體定義環境。發展為純軟體雲端平台可提升 Gilat 的定位，使其具有更高的價值和更高的利潤率，並可提供透過平台即服務業務模式進行銷售的選擇。

During the second quarter, we announced over $47 million in orders from Tier 1 satellite operators. These orders underscore the surging demand for Gilat multi-orbit ground segment technologies, driven by increasing demand for IFC solutions and the widespread adoption of GEO, MEO and LEO architectures.

第二季度，我們宣布從一級衛星營運商那裡獲得了超過 4700 萬美元的訂單。這些訂單凸顯了對 Gilat 多軌道地面段技術的需求激增，這得益於 IFC 解決方案的需求不斷增長以及 GEO、MEO 和 LEO 架構的廣泛採用。

Operators are making substantial investments in ground systems that can seamlessly manage multi-orbit connectivity across a range of use cases, including fixed broadband mobility solutions and critical government services.

營運商正在對地面系統進行大量投資，這些系統可以無縫管理一系列用例中的多軌道連接，包括固定寬頻行動解決方案和關鍵政府服務。

These orders also span multiple regions and program types, including both network expansions and new deployments, highlighting the global relevance of our technology and the growing trust in our platform to support mission-critical services.

這些訂單還涉及多個地區和項目類型，包括網路擴展和新部署，凸顯了我們技術的全球相關性以及對我們的平台支援關鍵任務服務的日益增長的信任。

Moving on to Stellar Blu. We announced receiving $27 million in orders from our Stellar Blu portfolio. With more than 150,000 community flight hours and deployment of over 225 terminals, Gilat Sidewinder ESA terminal is exceeding expectations for performance, reliability and user experience. Production ramp-up is progressing slowly, and we expect to see more units delivered in Q3 and Q4 this year with better margins. Stellar Blu continues to work closely with its partners to secure new fleet wins.

繼續討論 Stellar Blu。我們宣布從 Stellar Blu 產品組合中收到了價值 2700 萬美元的訂單。Gilat Sidewinder ESA 終端擁有超過 150,000 個社區飛行小時和超過 225 個終端的部署，其效能、可靠性和使用者體驗超出了預期。生產成長正在緩慢進行，我們預計今年第三季和第四季將交付更多產品，利潤率也將更高。Stellar Blu 繼續與其合作夥伴密切合作，以確保贏得新的船隊。

We are confident these efforts will yield positive results soon. Looking ahead, we remain focused on expanding our leadership across key verticals and deepening our relationship with strategic partners. With strong customer demand and differentiated technology portfolio, we believe Gilat is well positioned for continued growth in our commercial business.

我們相信這些努力很快就會取得正面成果。展望未來，我們將繼續致力於擴大我們在關鍵垂直領域的領導地位並深化與策略合作夥伴的關係。憑藉強勁的客戶需求和差異化的技術組合，我們相信 Gilat 已做好準備，實現商業業務的持續成長。

Q2 was an outstanding quarter for Gilat Peru, highlighted by the award of more than $60 million in new orders from Pronatel. As a reminder, these orders were delayed last quarter. The awards are for upgrading the regional network infrastructure that was originally awarded to us in 2016, bringing high-speed Internet to more than 800 public institutions, including schools, health care and police stations across more than 280 localities.

對於 Gilat Peru 來說，第二季表現優異，其中最突出的是獲得了 Pronatel 超過 6000 萬美元的新訂單。提醒一下，這些訂單在上個季度被推遲了。該獎項旨在升級我們於 2016 年獲得的區域網路基礎設施，為 280 多個地區的 800 多個公共機構（包括學校、醫療保健機構和警察局）提供高速網路。

This award reflects Gilat Peru's continued partnership with the Peruvian state and our long-standing commitment to digital inclusion, demonstrating once again the key role Gilat Peru plays in delivering meaningful nationwide impact.

該獎項體現了 Gilat Peru 與秘魯政府的持續合作以及我們對數位包容性的長期承諾，再次證明了 Gilat Peru 在產生有意義的全國性影響方面發揮的關鍵作用。

Digital inclusion is a key priority worldwide and the expertise developed by Gilat Peru in connection in connecting remote and underserved communities is now being leveraged in other regions around the world, allowing us to replicate proven models and accelerate similar projects globally.

數位包容是全球的首要任務，Gilat Peru 在連接偏遠和服務不足的社區方面所開發的專業知識目前正在世界其他地區得到利用，使我們能夠複製經過驗證的模式並在全球範圍內加速類似的項目。

In Peru, we still expect to receive several large RFPs and orders from existing project expansions and renewals in the coming few quarters. I am pleased to say that we continue to have a strong backlog and a healthy pipeline of opportunities in all divisions.

在秘魯，我們仍預計在未來幾季內將收到來自現有項目擴展和續約的幾份大型 RFP 和訂單。我很高興地說，我們所有部門都繼續擁有大量積壓訂單和健康的機會。

On the strength of our results year-to-date, improved visibility and business momentum, we are resetting our full year guidance. We are narrowing our revenue range to $435 to $455 million for a higher revenue growth rate of approximately 46% at the midpoint. We have also narrowed our adjusted EBITDA guidance range, now targeting between $50 million to $53 million for a higher growth rate of approximately 22% at the midpoint.

鑑於今年迄今的業績、知名度的提高和業務勢頭的強勁，我們正在重新調整全年業績指引。我們將營收範圍縮小至 4.35 億美元至 4.55 億美元，中間值收入成長率約為 46%。我們也縮小了調整後的 EBITDA 指引範圍，目前的目標是 5,000 萬美元至 5,300 萬美元之間，中間值成長率約為 22%。

Gilat remains strategically well positioned for sustained growth, supported by strong demand for secure high-performance connectivity across commercial and defense markets. As satellite networks evolve, expanding in capacity shifting to multi-orbit GEO, MEO and LEO architectures and moving towards software-defined infrastructure, our portfolio is uniquely equipped to meet the emerging requirements with the scalability, flexibility and reliability our customers expect.

由於商業和國防市場對安全高效能連接的強勁需求，Gilat 仍具有持續成長的戰略優勢。隨著衛星網路的發展，容量不斷擴大，轉向多軌道 GEO、MEO 和 LEO 架構，並向軟體定義基礎設施邁進，我們的產品組合具有獨特的優勢，能夠滿足客戶期望的可擴展性、靈活性和可靠性等新興需求。

Gilat Defense continued with a focused road map and expanding sales resources to broaden engagement and awareness of our technological expertise and our role in supporting the mission-critical satellite connectivity needs of governments and defense agencies in the US and allied countries.

Gilat Defense 繼續制定重點路線圖並擴大銷售資源，以擴大參與度和對我們的技術專長的認識以及我們在支持美國和盟國政府和國防機構的任務關鍵型衛星連接需求方面的作用。

In our Commercial division, we are meeting the growing industry demand for virtualized software-defined ground infrastructure that enables more agile, scalable network deployments. Our multi-bit platform are delivering seamless connectivity across GEO, MEO and LEO constellations, positioning Gilat as a key enabler of next-generation satellite networks.

在我們的商業部門，我們正在滿足業界對虛擬化軟體定義地面基礎設施日益增長的需求，從而實現更靈活、可擴展的網路部署。我們的多位元平台可在 GEO、MEO 和 LEO 星座之間提供無縫連接，使 Gilat 成為下一代衛星網路的關鍵推動者。

At the same time, Gilat Sidewinder ISA terminal continues to gain traction with ongoing progress in integration and certification across multiple aviation segments. In Peru, we play a vital role in expanding access to digital inclusion services, strengthening public infrastructure and supporting long-term national connectivity growth. Our local presence and trusted partnership with the Peruvian state remains key differentiator as we help close the digital divide in underserved regions.

同時，Gilat Sidewinder ISA 終端在多個航空領域的整合和認證方面不斷取得進展，並繼續獲得關注。在秘魯，我們在擴大數位包容服務、加強公共基礎設施和支持長期國家連結性成長方面發揮著至關重要的作用。我們的本地影響力以及與秘魯政府的信任夥伴關係仍然是我們幫助縮小服務不足地區數位落差的關鍵差異因素。

We are very happy with the progress we are making across the company and remain focused on advancing our priorities, deepening customer relationships and delivering meaningful results as we support the evolving needs of a rapidly changing satellite communication market.

我們對整個公司所取得的進展感到非常高興，並將繼續專注於推進我們的優先事項，深化客戶關係並提供有意義的成果，以滿足快速變化的衛星通訊市場不斷變化的需求。

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。

Good morning, and good afternoon to everyone. Before I dive into the numbers, 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 second quarter of 2025.

大家早安，下午好。在深入研究這些數字之前，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 年第二季的財務亮點。

As Adi mentioned, we are very pleased with our second quarter performance. We closed the second quarter and the first half of the year, delivering sustained improvements in our results, giving us strong momentum going forward.

正如阿迪所說，我們對第二季的表現非常滿意。我們結束了第二季和上半年的工作，業績持續改善，為我們未來發展提供了強勁動力。

In terms of our financial results, revenues for the second quarter were $105 million, a 37% increase compared to $76.6 million in Q2 '24. In terms of revenue breakdown by segments, Q2 '25 revenues for the Commercial segment were $69.1 million compared to $43.4 million in the same quarter last year. The 59% increase was primarily due to the contribution of Stellar Blu, which we acquired in early January this year. Stellar Blu generated $36 million, which was partially offset by the termination of our activity in Russia in 2024, '25 revenues for the Defense segment were $20 million, similar to the second quarter last year. Q2 '25 revenues for the Peru segment were $15.9 million compared to $13.9 million in Q2 '24.

就我們的財務表現而言，第二季的營收為 1.05 億美元，與 24 年第二季的 7,660 萬美元相比成長了 37%。從各部門營收分佈來看，2025 年第二季商業部門營收為 6,910 萬美元，去年同期為 4,340 萬美元。59% 的成長主要歸功於我們今年 1 月初收購的 Stellar Blu 的貢獻。Stellar Blu 創造了 3,600 萬美元的收入，但由於我們在 2024 年終止了在俄羅斯的業務，部分抵消了這一收入，'25 年國防部門的收入為 2,000 萬美元，與去年第二季度相似。秘魯分部 2025 年第二季的營收為 1,590 萬美元，而 2024 年第二季的營收為 1,390 萬美元。

Our GAAP gross margin in Q2 '25 decreased to 30.4% compared to 34.7% in Q2 '24. The decrease is primarily due to lower margins in Stellar Blu as it ramps up production as well as amortization of purchased intangibles. GAAP operating expenses in Q2 '25 were $26.2 million compared to $23.8 million in Q2 '24.

我們 2025 年第二季的 GAAP 毛利率從 2024 年第二季的 34.7% 下降至 30.4%。下降的主要原因是 Stellar Blu 的利潤率較低，因為該公司加大了產量，以及對購買的無形資產進行了攤銷。2025 年第二季的 GAAP 營運費用為 2,620 萬美元，而 2024 年第二季為 2,380 萬美元。

The increase is primarily due to consolidation of Stellar Blu, amortization of purchased intangibles, partially offset by other income, which included proceeds from an arbitration that were recognized in Q2 '25. As a result, GAAP operating income in Q2 '25 was $5.7 million compared to GAAP operating income of $2.8 million in Q2 '24.

成長的主要原因是 Stellar Blu 的合併、購買無形資產的攤銷，但部分被其他收入所抵消，其中包括 25 年第二季確認的仲裁收益。因此，2025 年第二季的 GAAP 營業收入為 570 萬美元，而 2024 年第二季的 GAAP 營業收入為 280 萬美元。

GAAP net income in Q2 '25 was $9.8 million or a diluted income per share of $0.17 compared to GAAP net income of $1.3 million or diluted income per share of $0.02 in Q2 '24. Moving to our non-GAAP results. Our non-GAAP gross margin in Q2 '25 decreased to 32.9% compared to 36.8% in Q2 '24.

2025 年第二季 GAAP 淨收入為 980 萬美元，即每股攤薄收益 0.17 美元，而 2024 年第二季 GAAP 淨收入為 130 萬美元，即每股攤薄收益 0.02 美元。轉向我們的非 GAAP 結果。2025 年第二季度，我們的非 GAAP 毛利率從 2024 年第二季的 36.8% 下降至 32.9%。

Non-GAAP operating expenses in Q2 '25 were $25.2 million compared to $20.9 million in Q2 '24. The non-GAAP operating income in Q2 '25 was $9.3 million compared to $7.3 million in Q2 '24. Non-GAAP net income in Q2 '25 was $12 million or a diluted income per share of $0.21 compared to a net income of $5.6 million or income per share of $0.10 in Q2 '24.

2025 年第二季非公認會計準則營運費用為 2,520 萬美元，而 2024 年第二季為 2,090 萬美元。2025 年第二季非 GAAP 營業收入為 930 萬美元，而 2024 年第二季為 730 萬美元。2025 年第二季非公認會計準則淨收入為 1,200 萬美元，即每股攤薄收益 0.21 美元，而 2024 年第二季淨收入為 560 萬美元，即每股收益 0.10 美元。

Adjusted EBITDA in Q2 '25 was $11.8 million compared to an adjusted EBITDA of $10.1 million in Q2 '24. Our Q2 '25 organic adjusted EBITDA, excluding Stellar Blu losses, was approximately $13.3 million, a 32% increase compared with Q2 '24.

2025 年第二季調整後 EBITDA 為 1,180 萬美元，而 2024 年第二季調整後 EBITDA 為 1,010 萬美元。不包括 Stellar Blu 損失，我們的 2025 年第二季度有機調整後 EBITDA 約為 1,330 萬美元，與 2024 年第二季度相比增長了 32%。

Moving to our balance sheet. On January 6, '25, the company secured a $100 million credit line from Bank Consortium from which we utilized $60 million to finance the acquisition of Stellar Blu. As a result, as of June 30, '25, total cash, cash equivalents and restricted cash were $65.4 million or approximately $5.5 million net of loans compared to $3.8 million on March 31, '25.

前往我們的資產負債表。25 年 1 月 6 日，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 25 年 6 月 30 日，現金、現金等價物和受限現金總額為 6,540 萬美元，扣除貸款後約為 550 萬美元，而 25 年 3 月 31 日為 380 萬美元。

In terms of cash flow, we provided $5.1 million from operating activities in Q2 '25. DSOs, which excludes receivables and revenue of our terrestrial network construction projects in Peru were 60 days, a decrease from 75 days in previous quarter. Our shareholders' equity as of June 30, '25 totaled to $316 million compared with $300 million at March 31, '25.

就現金流而言，我們在 2025 年第二季從經營活動中提供了 510 萬美元。不包括秘魯地面網路建設項目的應收帳款和收入的 DSO 為 60 天，比上一季的 75 天有所減少。截至 25 年 6 月 30 日，我們的股東權益總額為 3.16 億美元，截至 25 年 3 月 31 日為 3 億美元。

Looking ahead, as Adi mentioned, we are narrowing our guidance range and raising the guidance midpoints for 2025 revenue and EBITDA. Revenue is now expected to be between $435 million and $455 million, representing year-over-year growth of 46% at the midpoint. The adjusted EBITDA is expected to be between $50 million and $53 million, representing year-over-year growth of 22% at the midpoint.

展望未來，正如阿迪所提到的，我們正在縮小指導範圍並提高 2025 年收入和 EBITDA 的指導中點。目前預計營收在 4.35 億美元至 4.55 億美元之間，年增 46%。調整後的 EBITDA 預計在 5,000 萬美元至 5,300 萬美元之間，以中間值計算年增 22%。

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。

(Operator INstructions)

（操作員指示）

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

Great, thanks for the question. II wanted to ask about the ramp at Stellar Blu, obviously, doing well there. How are you feeling about the second half ramp, your ability to meet customer demand? And then from a margin perspective, improving margins on Stellar Blu, can you give us a rough idea of where those margins are at today and where you expect them to be at the end of the year and particularly on a non-GAAP basis would be really helpful. Thank you.

太好了，謝謝你的提問。我想問 Stellar Blu 的坡道，顯然那裡做得很好。您對下半年的成長前景有何看法？您滿足客戶需求的能力如何？然後從利潤率的角度來看，提高 Stellar Blu 的利潤率，您能否粗略地告訴我們這些利潤率目前處於什麼水平，以及您預計它們在年底會達到什麼水平，特別是在非 GAAP 基礎上，這將非常有幫助。謝謝。

Hi Ryan, good to hear from you again. So I think that the production ramp-up in Stellar Blu is progressing. As you remember, last quarter, we said that there is one specific component that our vendors are struggling with. So we are seeing better results in the third quarter.

你好，Ryan，很高興再次收到你的來信。所以我認為 Stellar Blu 的產量正在不斷提升。您還記得，上個季度，我們說過我們的供應商正在努力解決一個特定的組件問題。因此，我們看到第三季的業績會更好。

And our internal solution is in the certification stages and will be ready for shipment towards the end of this quarter. So we definitely see a ramp-up in Stella Blu ability to deliver in the third quarter and even more in the fourth quarter. As for the overall margins, I will let Gil to give you the input.

我們的內部解決方案正處於認證階段，並將於本季末準備好出貨。因此，我們確實看到 Stella Blu 在第三季的交付能力有所提升，在第四季的交付能力甚至會進一步提升。至於整體利潤，我會讓吉爾給你意見。

So our margins are ramping up a bit slower than expected, mainly due to the component challenge. We see them ramping. We started the year still at the low-rate pace, and now we're moving to a regular production pace. So I guess that we'll see towards the third and even more in the fourth quarter and in the beginning of next year, we'll see a more material improvement in the margin of the product.

因此，我們的利潤率成長速度比預期慢一些，主要是由於零件挑戰。我們看到他們正在崛起。今年年初我們的生產速度仍是低速，現在我們正轉向正常的生產速度。因此，我估計我們將在第三季甚至第四季以及明年年初看到產品利潤率的更大幅度提高。

Great. That's helpful. And then on your virtualization win for SkyEdge IV, what's the fulfillment model look like there? Are you just shipping software to Cot's hardware? Are you having to ship appliances with that?

偉大的。這很有幫助。那麼，關於 SkyEdge IV 虛擬化的成功，其實現模式又是什麼樣的呢？您只是將軟體運送到 Cot 的硬體嗎？您是否需要隨同該物品一起運送電器？

And then how do you think about pricing and utilization there? Do you sell licenses? Can it be sold on a consumption-based or even a subscription-based model? What's happening with the virtualized SkyEdge IV, please?

那麼您如何看待那裡的定價和利用率？你們有出售許可證嗎？它可以以消費型甚至訂閱模式銷售嗎？請問虛擬化的 SkyEdge IV 發生了什麼事？

So the initial order that we received is basically to operate our software on a cloud commercial off-the-shelf equipment. So it will be from a revenue recognition perspective, it will be a license sale or a CapEx. It's a onetime sale plus ongoing maintenance services. Future upgrades will be also software -- the overall business is -- or the price is give or take the same price as if we sell the hardware. But in this case, the customer needs to bring its own hardware.

因此，我們收到的初始訂單基本上是在雲端商用現成設備上運行我們的軟體。因此，從收入確認的角度來看，它將是許可證銷售或資本支出。這是一次性銷售加上持續的維護服務。未來的升級也將是軟體——整體業務是——或者價格與我們銷售硬體的價格差不多。但在這種情況下，客戶需要自備硬體。

In most of the cases, most of the customers will prefer to build their own private cloud, but it will be able also to run it on a public cloud. We also have flexible -- several flexible business models, including where we build the cloud for the customers, provide our licenses and do some kind of a platform or a service or a subscription-based or consumption-based model. Based on our history, most of the customers at the end wants to buy in a CapEx mode, but we are open for a recurring revenue business model as well.

在大多數情況下，大多數客戶傾向於建立自己的私有雲，但也可以在公有雲上運行它。我們也擁有靈活的——幾種靈活的商業模式，包括我們為客戶建立雲端、提供許可證以及做某種平台或服務或基於訂閱或基於消費的模式。根據我們的歷史，大多數最終客戶都希望以資本支出模式購買，但我們也對經常性收入業務模式持開放態度。

That's great. Maybe just one last question on Peru. Are there any major decisions coming in the next -- in the second half of this year that you think can improve that business top line?

那太棒了。也許我只想問最後一個關於秘魯的問題。您認為今年下半年會做出哪些重大決策來提高公司營業收入？

Yes. I think that -- the order that we received this quarter were delayed at least from late December and will help us ramping up Peru's revenues in 2025. But we do expect another large order in the next few weeks or the next two months.

是的。我認為——我們本季收到的訂單至少從 12 月底開始就被推遲了，這將有助於我們在 2025 年增加秘魯的收入。但我們確實預計未來幾週或兩個月內還會有另一筆大訂單。

And in addition, there are several large RFPs that are expected to be issued by the Peruvian government, and we expect to participate in those RFPs. And even if we take some of them, it will help us to generate significant growth in Gilat Peru.

此外，秘魯政府預計將發布幾份大型 RFP，我們希望參與這些 RFP。即使我們只拿走其中的一部分，這也將有助於我們在 Gilat Peru 中顯著成長。

Great, thanks for all that. That's all the questions I have.

太好了，謝謝你。這就是我所有的問題。

Louie DiPalma, William Blair.

路易迪帕爾馬、威廉布萊爾。

What are the main contributors to the improved outlook that weren't in the prior guidance or the different assumptions? And should we assume that the new programs that you've won in terms of the revenue carries over into 2026?

哪些主要因素導致了前景的改善，而這些因素在先前的指導或不同的假設中沒有體現？我們是否應該假設您贏得的新項目在收入方面會延續到 2026 年？

Can you repeat the first question? You were a bit disconnected.

你能重複第一個問題嗎？你有點脫節了。

Yes, no problem. What are the main contributors to the improved guidance?

是的，沒問題。改進指導的主要貢獻者是什麼？

So the main contributor, we started the year with a relatively high range of the guidance because of the acquisition of Stellar Blu and the unknown in this acquisition. Today, we have much better visibility both to Stellar Blu and Gilat.

因此，主要的貢獻者是，由於收購了 Stellar Blu 以及此次收購中的未知因素，我們在今年年初就制定了相對較高的指導範圍。今天，我們對 Stellar Blu 和 Gilat 的能見度有了更好的提升。

The last recent business award, the significant award that we announced and the backlog that we have, including the opportunities that we feel comfortable in our pipeline gave us the assurance that we can increase our guidance for the year.

最近獲得的商業獎、我們宣布的重要獎項以及我們積壓的訂單，包括我們感到滿意的機會，都讓我們有信心提高今年的指導。

Now as for your second question, some of the awards that recently we received will be dragged as well into 2026 and some of it even further like Peru, which is building the network or upgrading the network and then another four to five years of recurring services.

現在回答您的第二個問題，我們最近收到的一些獎項將拖到 2026 年，有些獎項甚至會拖到更遠，例如秘魯，它正在建立網絡或升級網絡，然後再提供四到五年的定期服務。

Fantastic. And you discussed -- I believe you said that there are now 225 Stellar Blu sidewinder terminals that have been deployed, which I assume means are flying -- what is the backlog now for future shipments? It seems that you've won and you announced and you discussed on today's call, several new contracts, and you have original contracts with American Airlines, Air Canada and I believe also Alaska Airlines. So what is the backlog -- what was the backlog at the end of the quarter?

極好的。您討論過——我相信您說過，目前已部署了 225 個 Stellar Blu 響尾蛇終端，我猜這意味著它們正在飛行——現在未來出貨量的積壓情況如何？看來您已經贏了，您在今天的電話會議上宣布並討論了幾個新合同，並且您與美國航空、加拿大航空以及我相信還有阿拉斯加航空都有原始合同。那麼積壓訂單是多少——本季末的積壓訂單是多少？

So we -- it's not a data that we are providing on a quarterly basis. But when we acquired Stellar Blu, we said that we have close to slightly below 1,000 aircraft in backlog. So you can do the math. There are additional awards that our customers already received but haven't placed a PO with Gilat. So we do expect to have large orders in the next few weeks or coming quarter.

所以我們——這不是我們按季度提供的數據。但當我們收購 Stellar Blu 時，我們表示積壓的飛機數量接近 1,000 架。所以你可以算一下。我們的客戶已經收到了額外的獎勵，但尚未向 Gilat 下訂單。因此，我們確實預計未來幾週或下一季將會有大量訂單。

Great and also related to Stellar Blue, what is the status of the different milestone payments associated with the acquisition?

非常好，也與 Stellar Blue 有關，與收購相關的不同里程碑付款的狀態如何？

Okay. So I'll remind everyone that we have three types of earn-outs. The first earn-out milestone ended at the end of the second quarter and was to reduce the operational risk and the new product introduction risk. Stellar Blu had to deliver 350 terminals before the end of the second quarter, which they failed or Gilat failed to do. We delivered only 225 aircraft because of several reasons, but mainly because of the production ramp-up and some vendors inability to deliver products on time. So the first earn-out payment is not going to be paid.

好的。所以我要提醒大家，我們有三種的獲利方式。第一個獲利里程碑於第二季末結束，旨在降低營運風險和新產品推出風險。Stellar Blu 必須在第二季結束前交付 350 台終端，但他們未能做到，或者說 Gilat 未能做到。由於多種原因，我們只交付了 225 架飛機，但主要是因為產量增加以及一些供應商無法按時交付產品。因此，第一筆獲利付款將不會支付。

The second earnout is to get order -- new orders of summing to a range of between $120 million to $140 million. And it's until the end of the fourth quarter this year. And I think it's too early to tell if we will meet the earn-out milestone or not. We do see a strong pipeline with our customers. So we do expect to get a significant amount of orders before the end of the year.

第二項獲利是獲得訂單——總額在 1.2 億美元至 1.4 億美元之間的新訂單。到今年第四季末為止。我認為現在判斷我們是否能夠達到獲利里程碑還為時過早。我們確實看到了與客戶的強大聯繫。因此，我們確實希望在年底之前獲得大量訂單。

So I believe that there is a very good chance that Stellar Blu will be able to meet the milestone. Of course, it needs to be in the profitability that was set in the agreement. So the cost reduction initiatives that we are taking, including shifting some of the production internally and developing some substitute product to a very expensive one needs to take -- needs to happen, and we are on our way of doing so.

因此我相信 Stellar Blu 很有可能實現這一里程碑。當然，需要在協議規定的獲利範圍內。因此，我們正在採取降低成本的舉措，包括將部分生產轉移到內部，以及開發一些替代昂貴產品的產品，這些都是需要採取的——需要發生的，我們正在這樣做。

The third earn-out is until mid-2026 and signing up to four strategic agreements. Each one is about $25 million. Strategic agreement need to be at least $25 million of orders in significantly better profitability than the existing one and to be a door opener to a new market.

第三次獲利期限為 2026 年中期，並簽署最多四項策略協議。每個價值約2500萬美元。戰略協議需要至少2500萬美元的訂單，獲利能力明顯高於現有訂單，並能打開新市場的大門。

So it should be, for example, line fit with Airbus, significant order from defense customers and other Tier 1 vendors in the market. We have ongoing discussion with several strategic customers, but it's really too early to say. There is almost a year.

因此，它應該與空中巴士公司相匹配，並獲得國防客戶和市場上其他一級供應商的大量訂單。我們正在與幾家策略客戶進行討論，但現在說還為時過早。已經快有一年了。

Great. And that is super helpful. And one final question. It seems that Eutelsat has signed agreements to raise significant funding from different parties to support OneWeb Gen 2 or the general OneWeb constellation. And what is your view of how OneWeb Gen 2 and Iris Square will proceed?

偉大的。這非常有幫助。最後一個問題。看來，歐洲通訊衛星公司已經簽署協議，從不同方籌集大量資金來支持 OneWeb Gen 2 或通用 OneWeb 星座。您對 OneWeb Gen 2 和 Iris Square 的發展有何看法？

Do you believe that OneWeb Gen 2 and Iris Square are going to be the same constellation? And what are the potential opportunities for Gilat associated with both of these plans?

您相信 OneWeb Gen 2 和 Iris Square 將會是同一個星座嗎？那麼，這兩項計畫對於吉拉特來說有哪些潛在機會呢？

So we -- based on the discussion we had with Eutelsat in the last several quarters, they want to integrate OneWeb Gen 2 and Iris Square together as the same as SES with their MO 100 and that OneWeb Gen 2 and Iris Square because Iris is going to be a multi-orbit constellation.

因此，根據我們在過去幾季與 Eutelsat 的討論，他們希望將 OneWeb Gen 2 和 Iris Square 整合在一起，就像 SES 與他們的 MO 100 以及 OneWeb Gen 2 和 Iris Square 整合在一起一樣，因為 Iris 將成為一個多軌道星座。

So they want to tie it together. And they won't take any decision on OneWeb Gen 2 before they will know exactly what is going on with Iris Square. As for Iris Square, we received the first RFI this quarter for the end user terminal. And additional RFIs will follow. And then RFPs, we do believe that awards will be granted not before midyear next year.

所以他們想將其聯繫在一起。在他們確切了解 Iris Square 的情況之前，他們不會對 OneWeb Gen 2 做出任何決定。至於 Iris Square，我們本季收到了針對最終用戶終端的第一份 RFI。隨後還將發出更多 RFI。然後是 RFP，我們確實相信獎項將在明年年中之前頒發。

Iris Square is, I think, is almost fully subsidized by the -- or financed by the EU regulator and the EUR 12 billion project, I think 40% or so comes from the operators from Eutelsat, SES and Hispasat, and the rest is coming from the European committee. All in all, we believe that Iris Square will be a bit delayed, but they will launch the constellation. And then OneWeb Gen 2 will follow.

我認為，Iris Square 幾乎完全由歐盟監管機構補貼或資助，而這個耗資 120 億歐元的項目，我認為 40% 左右來自 Eutelsat、SES 和 Hispasat 的營運商，其餘來自歐洲委員會。總而言之，我們相信 Iris Square 會稍微延遲，但他們會發射星座。隨後將推出 OneWeb Gen 2。

Thank you. And one final one. The Intelsat-SES merger recently closed, and I know it only closed a few weeks ago, but have you observed any changes in customer behavior as both SES and Intelsat are fairly large customers of yours? And how would you assess the impact of the deal?

謝謝。最後一個。Intelsat 和 SES 的合併最近才剛完成，我知道這才幾週前才完成，但是您是否觀察到客戶行為有任何變化，因為 SES 和 Intelsat 都是您的大客戶？您如何評價該協議的影響？

Yeah. So I'll just add one small thing about Iris Square. I think it's extremely important and very large opportunity for Gilat. We have a decent EU presence, which will give us the right qualification to participate in the program. And as such, we received the RFI.

是的。因此，我只想補充一點關於 Iris Square 的小事。我認為這對吉拉特來說是一個極其重要且巨大的機會。我們在歐盟有良好的存在，這將使我們有資格參與該計劃。因此，我們收到了 RFI。

So we do see this is a top priority for Gilat to get an award over there. As for Intelsat and SES merger, indeed, I think three or four weeks into the merger. But what we see today is that the people that we used to work on both sides are there.

因此，我們確實認為這是吉拉特在那裡獲得獎項的首要任務。至於 Intelsat 和 SES 的合併，事實上，我認為合併將持續三到四周。但我們今天看到的是，我們曾經在雙方工作過的人都還在那裡。

And from a customer perspective, the relationship are very strong. We keep on seeing a lot of interest on both sides, both from Intelsat and from SES for Gilat equipment on the terminals on the ISA side, on the SkyEdge IV side and also on the SkyEdge II-c for IFC side.

從客戶的角度來看，這種關係非常牢固。我們不斷看到雙方都表現出濃厚的興趣，Intelsat 和 SES 都對 ISA 端終端上的 Gilat 設備、SkyEdge IV 設備以及 IFC 端的 SkyEdge II-c 設備表現出濃厚的興趣。

So we do expect to see a significant business from the combined company in the next few months.

因此，我們確實預計合併後的公司將在未來幾個月內實現顯著的業務成長。

Fantastic. Thanks, everyone.

極好的。謝謝大家。

Thank you, Loiue. Talk to you soon.

謝謝你，Loiue。很快再和你聊。

Omri Efroni, Oppenheimer.

奧本海默的 Omri Efroni。

Hi guys, and congrats on the great quarter. I have a few questions about Stellar Blu as the other analysts. Last quarter, you said the guidance was for Stellar Blu from revenue between $120 million to $150 million and EBITDA positive in the second half of 2025. So to -- I only wanted to make sure that the guidance is still intact. That's the first one.

大家好，恭喜本季取得優異成績。我和其他分析師一樣，對 Stellar Blu 有一些疑問。上個季度，您曾表示，預計 Stellar Blu 的營收將在 1.2 億美元至 1.5 億美元之間，到 2025 年下半年 EBITDA 將為正值。所以——我只想確保指導仍然完好無損。這是第一個。

And for the follow-up, I was wondering about if you can give some more color about the Defense division. And what are you seeing here? So -- and what do you see from demand, especially from the Israeli Defense Ministry and Europe?

接下來，我想知道您是否可以提供一些有關國防部門的詳細資訊。你在這裡看到了什麼？那麼—您認為需求如何，尤其是來自以色列國防部和歐洲的需求？

So yes, the guidance for Stellar Blu still stay in place, $120 million to $150 million in revenues. We do expect them to significantly reduce the losses and to show a positive EBITDA. You saw in the announcement that in my script, I said that we reduced the losses from $3.5 million in the first quarter to $1.5 million this quarter, and we do expect them to progress quarter-over-quarter and show positive EBITDA on the second half of the year and even to be able to reach a 10% EBITDA ratio towards the end of the quarter. I'm not sure it will be a full quarter, but towards the end of the quarter once the cost reduction will be in place, and we will be able to start delivering the replacement for the component that is developed by another vendor, we will see a decent profitability from Stellar Blu.

所以是的，Stellar Blu 的預期收入仍然保持不變，即 1.2 億至 1.5 億美元的收入。我們確實希望他們能夠大幅減少損失並實現正的 EBITDA。大家在公告中看到，在我的腳本中，我說過我們將虧損從第一季的 350 萬美元減少到本季度的 150 萬美元，我們確實預計虧損將逐季增加，並在下半年呈現正的 EBITDA，甚至能夠在本季度末達到 10% 的 EBITDA 比率。我不確定這是否會是一個完整的季度，但在本季度末，一旦成本降低到位，我們將能夠開始提供由另一家供應商開發的組件的替代品，我們將看到 Stellar Blu 獲得可觀的盈利能力。

As for the Defense, we do see a lot of interest from several countries. It's mainly discussions on capabilities and things like that. We're having a lot of proof of concept and demo sessions, not only in Europe but worldwide. In parallel, we are building our sales force, investing a lot of money in that. You see the increase in our OpEx also in new product and solutions for the defense.

至於國防，我們確實看到一些國家對此很感興趣。主要討論的是能力之類的事情。我們正在進行大量的概念驗證和演示會議，不僅在歐洲，而且在世界各地。同時，我們正在建立我們的銷售隊伍，並為此投入了大量資金。您會看到，我們的營運支出在國防新產品和解決方案方面的成長也隨之增加。

One of them is our next-generation tactical model, which will be one of the most advanced and resilient model in the industry. And in Israel, we announced several awards, and we still have ongoing interest. Of course, I cannot get into specific. Sometimes I don't know all the specifics because in some cases, it's a secured project. but we are progressing very well in all fronts.

其中之一就是我們的下一代戰術模型，它將是業界最先進、最具彈性的模型之一。在以色列，我們宣布了多個獎項，並且我們仍然對此保持關注。當然，我無法具體說明。有時我並不清楚所有細節，因為在某些情況下，這是一個有保障的項目。但我們在各方面都進展順利。

Also in the US, we announced several large orders on the service side, on the product side. And there is a lot of business going on that we'll see in the next quarter or two.

在美國，我們也宣布了服務方面和產品的幾項大訂單。我們將在未來一兩個季度看到大量業務的開展。

Got it. So just if I may, just to be clear, even with the component change from the other vendor that is going to take place in the third -- and the end of the third quarter, still the guidance of the Stellar Blu acquisition is intact, even if -- with the new component.

知道了。因此，如果可以的話，我需要明確一點，即使第三季度和第三季末其他供應商的組件發生變化，即使使用了新的組件，Stellar Blu 收購的指導方針仍然是完整的。

Yeah. It still stays in place. Most of the information that I'm giving you today, we knew in advance when we gave the guidance at the beginning of the year. Development and ramp-up of production sometimes take time. But I think that we are progressing on a monthly basis, and we see the progress.

是的。它仍然留在原處。我今天向你們提供的大部分信息，我們在年初給出指導時就已經提前知道了。開發和提高產量有時需要時間。但我認為我們每個月都在進步，而且我們看到了進步。

You saw the significant reduction in the losses this quarter, and I'm sure we'll move to a positive EBITDA during the second half of the year.

您看到本季的虧損大幅減少，我相信我們的 EBITDA 將在下半年轉為正值。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Chris Quilty, Quilty Analytics.

Chris Quilty，Quilty Analytics。

Thanks guys. I just wanted to follow up on the Stellar Blu and the order front. I know that I think last quarter, you were certified by Panasonic, which is, I think, one of your big lead customers. So fair to expect we should see something this quarter in terms of announcements. And additionally, where should we look for large follow-on orders? Are these done more directly with the airlines? Or do you have other partners you're working with?

謝謝大家。我只是想跟進 Stellar Blu 和訂單情況。我知道上個季度你們獲得了松下的認證，我認為松下是你們的主要客戶之一。因此，我們可以預期本季會看到一些公告。另外，我們應該在哪裡尋找大量的後續訂單？這些是直接與航空公司進行的嗎？或是您有其他合作夥伴嗎？

Hi, Chris. So yes, indeed, we started to work on the certification with Panasonic last quarter. We are about to finish them. We already received from Panasonic prior to closing order of slightly below 100 aircraft. And we expect to see additional order. But Panasonic, Intelsat and other customers usually don't order in advance.

你好，克里斯。是的，我們確實從上個季度開始與松下合作進行認證。我們即將完成它們。在截止日期前我們已經收到了來自松下的略低於100架飛機的訂單。我們期望看到更多的訂單。但松下、國際通訊衛星組織和其他客戶通常不會提前訂購。

They usually order back-to-back, and there is about 9 months lead time. So -- and they have a delivery schedule that they are committing to the airline. So we do expect to get in the coming few months order from both Intelsat and Panasonic. In parallel, we are working with other players in the market, but it's in early stages. So it's too early to discuss.

他們通常連續訂購，交貨時間約為 9 個月。所以——他們有一個向航空公司承諾的交貨時間表。因此，我們確實希望在未來幾個月內獲得 Intelsat 和松下的訂單。同時，我們正在與市場上的其他參與者合作，但仍處於早期階段。所以現在討論還為時過早。

Got you. I think you also indicated that with the SES Intelsat acquisition, do you think there was in advance of the close, any activities hold up in orders as they process that may have created a little near-term backlog of potential orders going into the back half of the year? Or did you just see normal purchasing activity by both entities?

明白了。我想您也提到了，在收購 SES Intelsat 的過程中，您是否認為在交易完成之前，在處理訂單時是否存在任何阻礙，這可能導致下半年潛在訂單出現一些短期積壓？或者您只是看到兩個實體的正常採購活動？

No, I think we saw normal purchasing activity. In some cases, we work together with our partners, helping them promoting their services and our equipment. And in relatively large number of cases, the order comes back-to-back when they get the orders from their customers. So we know the situation and business is continuing as usual. We do expect to have a strong second half with the merged company.

不，我認為我們看到了正常的購買活動。在某些情況下，我們與合作夥伴一起，幫助他們推廣他們的服務和我們的設備。在相當多的情況下，當他們收到客戶的訂單時，訂單是連續的。所以我們知道情況，業務照常進行。我們確實期望合併後的公司下半年能夠表現強勁。

A follow-up question on the SkyEdge IV platform and maybe a specific end market in cellular backhaul, which seems to have slowed down in the last year to 1.5 years. Are there any specific dynamics that you're seeing there? And how does the new virtualized platform help, if at all, in that particular market?

關於 SkyEdge IV 平台的後續問題以及蜂窩回程的特定終端市場，該市場似乎在去年到一年半內已經放緩。您在那裡看到了什麼具體的動態嗎？那麼，新的虛擬化平台對該特定市場有何幫助？

So in general, I agree that there is a bit of a slowness in the cellular backhaul market, coupled by the promise of the direct-to-device and the LEO players that are also aiming this market. What we see right now is significantly less new RFPs and customer extensions customers waiting for the 5G NTN and to see how it's going to be integrated with the 5G network that they have today.

因此，總的來說，我同意蜂窩回程市場存在一些緩慢的跡象，再加上直接到設備的前景以及瞄準這一市場的 LEO 參與者。我們現在看到的是，等待 5G NTN 的新 RFP 和客戶擴充功能明顯減少，客戶正在等待了解它將如何與他們現有的 5G 網路整合。

Direct-to-device cannot provide the speed that standard cellular backhaul can provide. We do have -- with existing customers, we do get follow-on orders, not in the same magnitude that we saw in the past. We believe that it will take another, I would say, several few quarters until the market will return to normal on the cellular backhaul.

直接到設備無法提供標準蜂巢回程所能提供的速度。我們確實有——對於現有客戶，我們確實獲得了後續訂單，但數量不如過去那麼多。我們認為，還需要幾個季度的時間，蜂窩回程市場才能恢復正常。

SkyEdge IV, the virtuous platform is just running the SkyEdge IV software over cloud commercial the shelf, sorry, equipment. It's not going to add at least not in this space, additional features. But we will allow operators to have the agility and flexibility that they need and also will allow us to sell in more compelling business models.

SkyEdge IV，良性平台只是在雲端商用貨架（抱歉，是設備）上運行 SkyEdge IV 軟體。它不會添加（至少不會在這個領域添加）額外的功能。但我們將允許營運商擁有他們所需的敏捷性和靈活性，同時也允許我們以更具吸引力的商業模式進行銷售。

Understand. Did I hear you say that customers -- so Gil, I was going to say, you mentioned that on those SkyEdge for sales that customers are generally making a CapEx acquisition, are you selling at the same price for the software only as you would have software hosted on a piece of hardware?

理解。我是否聽到您說過客戶 - 所以 Gil，我想說，您提到在那些 SkyEdge 銷售中，客戶通常會進行資本支出收購，您是否以與在硬體上託管軟體相同的價格出售軟體？

Or is it something less than that? And how do we think about both revenue growth would slow if you're selling software only for less, but margins would change. Are we going to see that impact putting aside Stellar Blue in the model in '25? Or is that more out into a '26, '27 impact?

或者說，情況比這更糟？如果您僅以較低的價格銷售軟體，我們如何看待收入成長會放緩，但利潤率會改變。我們會在 25 年的模型中看到將 Stellar Blue 放在一邊的影響嗎？還是這更多的是 26、27 年的影響？

So with respect to pricing, there is no -- prices are similar between the CapEx hardware model and the software model. From our perspective, prices are the same. Can you repeat the second question, Chris?

因此就定價而言，CapEx 硬體模型和軟體模型之間的價格是相似的。從我們的角度來看，價格是一樣的。克里斯，你能重複第二個問題嗎？

The effect on the margins.

對利潤的影響。

So the yes, the effect on the margins is very positive because once we develop the software, it will be more like software kind of margins rather than hard ones.

所以是的，對利潤的影響非常積極，因為一旦我們開發了軟體，它將更像是軟體利潤，而不是硬利潤。

Chris, I want to add that even today with SkyEdge IV, the ratio between software and the hardware has changed significantly in comparison to SkyEdge II-c. Today, at the first day, we provide almost all the hardware the customer will need and all the expansions and the upgrades are almost entirely software.

克里斯，我想補充一點，即使是今天的 SkyEdge IV，與 SkyEdge II-c 相比，軟體和硬體之間的比例也發生了顯著變化。今天，第一天，我們就提供了客戶所需的幾乎所有硬件，而所有的擴展和升級幾乎都是軟體。

So -- and we are starting to see the effect in the commercial segment. But as you said, Stellar Blu takes it a bit down. I think we'll see a gradual progress in the next few years to increase the commercial business margins.

所以——我們開始看到商業領域的影響。但正如你所說，Stellar Blu 的表現略遜一籌。我認為未來幾年我們將看到商業利潤率逐步提高。

But the Virtu platform will be ready two years from today. So the real effect, I would say, we will start to see towards, let's say, the end of 2027.

但 Virtu 平台將在兩年後準備就緒。因此，我想說，真正的影響我們將在 2027 年底開始看到。

Got it. And final question on the amplifier Wavestream business. I know there's still a large NGSO order out there. Any progress on moving on that?

知道了。最後一個問題是關於放大器 Wavestream 業務的。我知道那裡還有大量 NGSO 訂單。這方面有進展嗎？

And yes, there is a lot of progress on this front. We already received more than $30 million. We are delivering -- in orders, we are delivering every quarter based on the customer needs. We do expect to get additional orders in the next few months. We see also around it also defense business that can be built.

是的，我們在這方面取得了很大進展。我們已經收到3000多萬美元。我們正在交付——按照訂單，我們根據客戶需求每季交付。我們確實希望在接下來的幾個月中獲得更多訂單。我們還看到在其周圍可以建立國防業務。

So we expect also defense order to this specific constellation. But it has its own pace. It's not everything at one day.

因此我們也期待這個特定星座的防禦秩序。但它有自己的節奏。這不是一天就能完成的所有事情。

Right, and I lied because I do have one final question for Gil. There were a number of gyrations on the balance sheet between contract assets, inventories, long-term receivables. Anything we should focus on there in terms of modeling?

是的，我說謊了，因為我還有最後一個問題要問吉爾。資產負債表上的合約資產、存貨、長期應收款之間存在多次波動。在建模方面我們應該關注什麼？

Yeah, I think that all the changes are mainly in the working capital related to deliveries. We had some reduction in the inventory due to timing of deliveries between Q1 and Q2. It also affected AR, of course. So the changes over there are relatively large. But more than that, I wouldn't say that there is something new to take into account when you model the company.

是的，我認為所有變更主要都與交付相關的營運資金有關。由於第一季和第二季之間的交貨時間，我們的庫存有所減少。當然，它也影響了 AR。所以那邊的變化還是比較大的。但更重要的是，我不會說在為公司建模時需要考慮一些新的東西。

So no material changes in either the need or cash generation from working capital as we go through the balance of the year?

那麼，當我們度過這一年餘時，營運資本的需求或現金產生都沒有重大變化嗎？

No, it always depends on the, I would say, POs that we get. Some of them like the Peruvian award that we just reported is usually associated with advanced payments. So I would expect this to positively affect the balance sheet in the next quarter or two. But this is something that we're used to see from time to time. So I wouldn't describe it as unique, but just a reflection of orders and its timing on the balance sheet.

不，我想說，這始終取決於我們收到的採購訂單。其中一些獎項，例如我們剛剛報導的秘魯獎項，通常與預付款有關。因此我預計這將對未來一兩個季度的資產負債表產生正面影響。但這是我們時常會看到的事情。因此，我不會將其描述為獨一無二的，而只是訂單及其在資產負債表上的時間的反映。

A great quarter guys, keep up the good work.

大家，這是一個很棒的季度，繼續努力吧。

Thank you, Chris.

謝謝你，克里斯。

Gunther Karger, Discovery Group.

岡瑟·卡格（Gunther Karger），探索集團。

Yes, thank you for taking the question. I have a comment rather than a question. First, I'm particularly pleased with your progress in the defense business, which a long time ago, thought was a big piece of growth business. And secondly, is to congratulate you on excellent performance. That's my comment.

是的，謝謝你回答這個問題。我有一條評論，而不是一個問題。首先，我對你們在國防業務方面取得的進展感到特別高興，很久以前，我認為這是你們業務成長的一個重要部分。其次，恭喜您出色的表現。這是我的評論。

The next question is from Sergey Glinyanov. Please go ahead.

下一個問題來自謝爾蓋·格林亞諾夫。請繼續。

Hi, gentlemen. My congratulations with your performance in second quarter. So we saw that operating margin has improved compared to first quarter of 2025. What is the primary reason your -- what is the primary effect for that improvement of operating margin if we exclude the effect from Stellar Blu, maybe you implemented some initiatives that may -- that could reduce the cost or something else?

嗨，先生們。我對你在第二季的表現表示祝賀。因此，我們看到營業利潤率與 2025 年第一季相比有所提高。您的主要原因是什麼？如果我們排除 Stellar Blu 的影響，那麼營業利潤率提高的主要影響是什麼？也許您實施了一些可能降低成本或其他影響的措施？

First of all, Stellar Blu has the most, I would say, substantial effect on the changes in the gross margin comparing this year and previous year. And we also got some improvement in the gross margin of Stellar Blu compared to Q1. So I would say that this is one major driver of the change. We also had some better gross margin in Peru this quarter that also improved the weighted gross margin. So both together created a better gross margin.

首先，我認為，與去年相比，Stellar Blu 對今年毛利率的變動影響最大。與第一季相比，Stellar Blu 的毛利率也有所提高。所以我想說這是改變的一個主要驅動力。本季我們在秘魯的毛利率也有所提高，這也提高了加權毛利率。因此兩者結合起來創造了更好的毛利率。

And of course, the revenue mix also affects the gross margin, although there are no other unique things to discuss, but it can vary in fluctuate between quarters.

當然，收入結構也會影響毛利率，雖然沒有其他獨特的因素需要討論，但它在不同季度之間可能會有所波動。

Yeah, thank you and continuing the topic about your backlog, you obtained probably more than $1.5 million of new orders for second quarter. I get that is pretty much than a year ago and only $27 million for Stellar Blu antennas. What is the backlog volume in commercial and defense segments now and average exercise period excluding Stellar Blu?

是的，謝謝您，繼續討論您的積壓訂單，您在第二季可能獲得了超過 150 萬美元的新訂單。我知道這比一年前多得多，當時 Stellar Blu 天線的價格僅為 2,700 萬美元。目前商業和國防領域的積壓訂單量是多少？不包括 Stellar Blu 的平均行使期是多少？

So I discussed Stellar Blu before about entering into the deal with about 1,000 antennas. The nature of deals there are not a monthly kind of deals. Usually, it comes in large batches. And as Adi mentioned, we're expecting to see some pretty soon. With respect to the backlog of the commercial and the defense, so this is a number that we don't share.

因此，我之前曾討論過與 Stellar Blu 達成約 1,000 根天線的交易。那裡的交易性質不是按月進行的。通常，它是大量生產的。正如阿迪所提到的，我們期待很快看到一些。關於商業和國防的積壓，這是我們不分享的數字。

I can share with you that we usually have visibility for a year that we enter of at least 50% for the upcoming year and then some of the backlog is also relevant for the years after. So without stating any numbers, we have a decent amount of backlog that allows us to see future growth.

我可以告訴你們，我們通常對進入下一年的訂單有至少 50% 的預見性，並且一些積壓訂單也與接下來的幾年相關。因此，無需說明任何數字，我們擁有相當數量的積壓訂單，這使我們能夠看到未來的成長。

Yeah, thank you. That's all from me.

是的，謝謝。我要說的就這些。

Thank you so much.

太感謝了。

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. Thank you. I would like 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. Thank you very much and have a great day.

是的。謝謝。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。非常感謝，祝您有愉快的一天。

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

吉拉特 2025 年第二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。