Viasat, Inc.

What they do

Viasat designs, builds and operates a multi-band satellite fleet (Ka-, L-, and S-band, plus GEO/MEO/LEO space system design) and sells communications services and terminals over it. The company reports two segments: communication services (aviation, government satcom, maritime, fixed services and other) and defense and advanced technologies (information security and cyber defense, space and mission systems, tactical networking). It acquired Inmarsat on May 30, 2023 for approximately $550.7 million in cash and 46.36 million shares, folding Inmarsat into the communication services segment. Offices are in 24 countries.

Revenue drivers

• Communication services — Aviation — In-flight connectivity (IFC) services, narrowband safety operational data services and complementary applications for commercial aircraft, business jets and unmanned aircraft; one of the primary business lines in the larger communication services segment.
• Communication services — Government satcom — Broadband and narrowband products and services for fixed and mobile military/government use, including secure real-time connectivity, tactical line-of-sight and beyond-line-of-sight communications, ISR services and LACE terminals.
• Communication services — Maritime and Fixed services & other — Maritime broadband/narrowband services for shipping fleets, offshore operators and fishing companies (including the managed NexusWave service); fixed broadband internet to businesses and residential users primarily in the U.S., Europe and Latin America, plus enterprise connectivity, IoT/narrowband L-band managed services and energy services.
• Defense and advanced technologies — Vertically integrated encryption, cyber security, tactical gateway, modem and waveform products, including Type 1 and HAIPE-compliant encryption, the MOJO expeditionary tactical gateway family, space and mission systems engineering for GEO/LEO/MEO satellites, and tactical networking for on-the-move operations.

Recent performance

Fiscal 2026 revenue was $4.64B, up from $4.52B in fiscal 2025, with net loss narrowing to $34.1M from $575.0M. Diluted EPS improved to -$0.25 from -$4.48. Operating cash flow rose to $1.59B in fiscal 2026 from $908.2M in fiscal 2025. Quarterly revenue has been steady in fiscal 2026 — $1.14B, $1.16B, $1.17B and $1.16B for the quarters ended September 30, December 31, March 31 and June 30, 2026. As of June 30, 2026, total assets were $15.11B, total liabilities $10.39B, shareholder equity $4.64B and cash and equivalents $1.74B.

Strategy

Viasat is investing in its next-generation satellite fleet, including the ViaSat-3 class (F2 launched November 2025; F3 launched April 2026 with commercial service expected by late summer 2026), three adaptive Ka-band GX satellites (GX7, GX8, GX9) and four Inmarsat-8 L-band safety service satellites, with eight GEO satellites under development or preparing for launch as of March 31, 2026. The strategy centers on a multi-orbit, multi-band platform spanning GEO, MEO and LEO, combining owned satellites with national operator partnerships and third-party capacity. Management highlights cross-deployment of technology between government and commercial segments and across geographies, and vertical integration in encryption, cyber, modems and waveforms. The company also references driving capital efficiency and improved resource utilization in its forward-looking statements.

Risks

• Satellite construction, launch and operation — Risks include anomalies, launch or deployment failure, or degradation in satellite performance, plus unexpected expenses and capacity constraints ahead of new satellite service launches.
• Dependence on U.S. Government contracts — Viasat relies on U.S. Government contracts, and a small number of contracts account for a significant percentage of revenues; budget delays, government shutdowns and defense spending cuts are cited risks.
• Competition and capital spending by customers — The company cites increasing competition in target markets and reduced demand from continued constraints on customer capital spending.
• Spectrum, regulatory and litigation exposure — Risks include adverse regulatory changes affecting spectrum availability or permitted uses, competing uses of the same spectrum or orbital locations, indebtedness and debt covenants, and litigation including the Ligado settlement dispute.

Outlook

ViaSat-3 F3 launched in April 2026 with commercial service expected by late summer 2026, and eight additional GEO satellites were under development or preparing for launch as of March 31, 2026. Management's forward-looking statements reference expected revenue from the Ligado settlement, anticipated subscriber growth, and introduction and integration of multi-orbit capabilities. No numeric guidance is disclosed in the excerpts provided. Management hosts an earnings call for first quarter fiscal year 2027 results on August 4, 2026.