ViaSat-3星座项目持续推进： 经济观察网根据公开信息，截至2026年2月14日，卫讯公司(VSAT)的卫星项目进展如下： 公司项目推进 ViaSat-3是由三颗地球静止轨道卫星组成的全球通信系统，旨在为美洲、欧洲-中东-非洲和亚太地区提 供高通量卫星服务。首颗卫星("美洲星")已于2023年5月发射，但因天线展开故障导致容量缩减至设计 指标的约10%(约100Gbps)。后续F2、F3卫星的顺利部署对实现系统原定全球覆盖目标至关重要。 战略推进 卫讯公司管理层曾表示，目标在2027财年实现自由现金流的持续转正，并持续评估政府业务与商用业务 潜在拆分的可能性，但具体时间表和方案尚未明确。 以上信息基于截至2026年2月14日的公开资料整理。具体项目时间表及技术细节请以公司官方公告为 准。 以上内容基于公开资料整理，不构成投资建议。 第二颗卫星(F2)：已于2025年11月发射，预计在2026年5月投入服务。该卫星将为网络增加每秒1太比特 的通信容量。 第三颗卫星(F3)：计划于2026年夏末前发射，以进一步扩展全球覆盖能力。 项目定位规划 ...

Core Viewpoint - VSAT is making significant progress with its satellite projects, aiming to enhance its network capacity and financial performance in the coming years [1] Group 1: Project Development - The second ViaSat-3 satellite (F2) is scheduled for launch in November 2025 and is expected to be operational by May 2026, adding 1 terabit per second of capacity to the network [1] - The third ViaSat-3 satellite (F3) is planned for launch by the end of summer 2026 to further expand global coverage capabilities [1] Group 2: Financial Status - The management has set a target to achieve sustained positive free cash flow by fiscal year 2027 (FY27) [1] - The company is continuously evaluating its asset portfolio, including the potential separation of government and commercial business segments, although no specific timeline or plan has been established yet [1]

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Core Viewpoint - Viasat Incorporated (NASDAQ:VSAT) is experiencing strong bullish sentiment among analysts, with a projected upside potential of around 8% based on a median price target of $48.50 [1]. Financial Performance - For the third quarter, Viasat reported revenue of $1.16 billion, slightly below the consensus estimate of $1.17 billion [2]. - The company achieved a net income of $25 million, a significant improvement from a net loss of $158 million in the previous year, primarily due to increased interest income from deferred Ligado payments [2]. Analyst Ratings - Following the third quarter results, Edison Yu from Deutsche Bank upgraded Viasat's rating from Hold to Buy and raised the price target from $36 to $48, indicating over 15% upside potential from the current level [3]. Company Overview - Viasat is a global provider of broadband and communication services, offering satellite-based broadband, narrowband communications, secure networking systems, and cybersecurity solutions. The company operates in two segments: Communication Services and Defense & Advanced Technologies [4].

Financial Performance - The company reported Q3 FY2026 revenue of $1.157 billion, a year-over-year increase of 2.96%, achieving profitability with a net profit of $24.968 million compared to a net loss of $158 million in the same period last year [1] - The net profit margin improved to 2.16%, driven by a one-time payment from partner Ligado and a 9% increase in defense and advanced technology revenue to $332 million [1] - Free cash flow, excluding one-time payments, was $24 million, and the net debt to adjusted EBITDA ratio decreased from 3.7x to 3.25x, indicating an optimized financial structure [1] Stock Performance - The company's stock exhibited significant volatility over the past seven trading days, with notable increases of 11.38% and 10.98% on February 6 and February 9, respectively, followed by a 3.85% pullback on February 10, closing at $45.00 [2] - The stock's trading range reached 24.32%, with a total trading volume of approximately $435 million, reflecting market sensitivity to the earnings report and satellite developments [2] - Year-to-date, the stock has risen by 30.59%, outperforming the communications sector, which has seen a decline of 0.34% during the same period [2] Recent Developments - The company has made progress on its satellite projects, with the second ViaSat-3 satellite (F2) launched in November 2025 and expected to enter service in May 2026, adding 1 terabit per second of capacity [3] - The third ViaSat-3 satellite (F3) is planned for launch before the end of summer, further expanding global coverage capabilities [3] - These advancements are anticipated to strengthen the company's long-term competitiveness in the satellite communications sector [3] Institutional Sentiment - Institutional sentiment towards the company is positive, with 67% of institutions rating it as "buy" or "hold" as of February 2026, an increase from previous periods [4] - The average target price is set at $45.14, slightly above the current stock price [4] - Analysts are shifting their focus from traditional business to the growth potential brought by the ViaSat-3 satellite network and the sustainability of defense contracts [4]

经济观察网 卫讯公司（VSAT）于2026年2月5日发布了2026财年第三季度（截至2025年12月31日）财 报。本季度营收为11.57亿美元，同比增长2.96%，实现扭亏为盈，归母净利润达2496.8万美元（去年同 期净亏损1.58亿美元），净利率提升至2.16%。业绩改善主要受益于合作伙伴Ligado的一次性付款，以 及国防与先进技术业务营收同比增长9%至3.32亿美元。此外，自由现金流（剔除一次性付款）为2400 万美元，净债务与调整后EBITDA比率从3.7倍降至3.25倍，财务结构优化。 股票近期走势 机构观点 机构对卫讯公司态度积极，2026年2月数据显示，67%的机构给予"买入或增持"评级（环比上升），目 标均价为45.14美元，略高于当前股价。分析师关注点从传统业务转向ViaSat-3卫星组网带来的长期增长 潜力，以及国防订单的持续性。 以上内容基于公开资料整理，不构成投资建议。 近7个交易日（2026年2月4日至10日），卫讯公司股价波动显著。2月6日及2月9日分别大幅上涨11.38% 和10.98%，但2月10日回调3.85%，收盘于44.50美元。区间振幅达24.32%，成交活跃（累计 ...

Core Insights - Viasat has announced the sale of two advanced S/X/Ka-band antennas to Astralintu, aimed at building an Equatorial Ground Station Network to enhance ground segment coverage in South America and the Caribbean [1][2] - The new antennas will support Viasat's Real-Time Earth (RTE) services, expanding its Ground Segment-as-a-Service (GSaaS) network and addressing coverage gaps in the Southern Caribbean, South America, and the Eastern Pacific [2][3] Group 1: Company Developments - The antennas will provide high-speed, multi-gigabit downlink capabilities for earth observation and scientific data, enhancing Viasat's ground segment coverage and timely access to satellite imagery for commercial and government users [2][3] - The strategic location of the antennas at 0° latitude in Ecuador will support regional security and environmental protection missions for government customers [3] - Viasat's unique position as the only antenna manufacturer with a global GSaaS service allows Astralintu to leverage existing RTE customer bases to accelerate revenue generation [2][4] Group 2: Market Context - The demand for global ground station services is increasing due to the rapid growth of LEO satellite constellations and multi-orbit satellite networks, with the market projected to reach $500 million in the next five years [4] - Viasat's ground antenna manufacturing and RTE network services are positioned for continued growth through new antenna sales and long-term partnerships, creating recurring service revenue [4][5] - The collaboration with Astralintu reinforces Viasat's role in providing end-to-end ground segment capabilities, enhancing coverage and connectivity for satellite operators globally [5]

Welcome back to Market on Close. I'm Sam Bis on the floor of the New York Stock Exch Exchange. It's now time for overlooked stocks.Shares of VSAT are rallying today after Deutsche Bank upgraded shares to buy. So I'm joined by George Silla, senior markets correspondent to talk about buyers. I suppose it's a bit of a giveaway in the name.But what's Deutsche Bank saying uh that's behind this call. >> Well, I think uh a few things are going on. I mean first off if you look at Vioad um this is a company that's r ...

Aircraft and Connectivity - As of December 31, 2025, the company had approximately 4,460 commercial aircraft equipped with in-flight connectivity (IFC) systems, with an expectation of adding 1,100 more under existing agreements[179] - The company provided Ka-band communication services to approximately 13,400 vessels as of December 31, 2025[179] - The company leverages its satellite fleet and partnerships to provide high-quality broadband and narrowband connectivity solutions across various sectors, including aviation, maritime, and government[177] Financial Performance - Total revenues for the three months ended December 31, 2025, increased by $33.3 million to $1,157.0 million, driven by a 2% increase in service revenues and a 6% increase in product revenues[214] - Total revenues for the nine months ended December 31, 2025, increased by $96.5 million to $3,469.0 million, with service revenues up by $42.3 million and product revenues up by $54.2 million[227] - Total revenues for the communication services segment increased by $15.8 million, or 1%, from $2,473.5 million in 2024 to $2,489.4 million in 2025, with service revenues up by $39.1 million[235] - The defense and advanced technologies segment revenues increased by $80.7 million, or 9%, from $899.0 million in 2024 to $979.6 million in 2025, driven by a $77.5 million increase in product revenues[237] Cost and Expenses - Cost of revenues for the three months ended December 31, 2025, rose by $16.3 million to $778.3 million, with a 2% increase in cost of service revenues and a 3% increase in cost of product revenues[215] - Total cost of revenues for the nine months ended December 31, 2025, increased by $48.0 million to $2,295.9 million, with a 7% increase in cost of product revenues[228] - Selling, general and administrative (SG&A) expenses decreased by $16.3 million, or 2%, from $761.6 million in 2024 to $745.3 million in 2025, primarily due to a $13.7 million decrease in selling costs[229] - Independent research and development (IR&D) expenses increased by $10.2 million, or 28%, to $46.9 million, supporting multi-orbit initiatives and next-generation encryption products[217] - Independent research and development (IR&D) expenses increased by $14.7 million, or 14%, from $108.7 million in 2024 to $123.4 million in 2025, driven by efforts supporting next-generation encryption products[230] Debt and Interest - Interest income surged by $147.9 million due to the recognition of $152.5 million from a lump sum payment received from Ligado[219] - Interest expense decreased by $7.0 million, reflecting a reduction in total outstanding indebtedness from $7.2 billion in 2024 to $6.4 billion in 2025[220] - Interest income rose by $128.0 million, primarily due to a $152.5 million recognition from a $420.0 million lump sum payment from Ligado, despite lower interest earned from reduced average invested balance[232] - Interest expense decreased by $34.3 million, attributed to a reduction in total outstanding indebtedness from $7.2 billion in 2024 to $6.4 billion in 2025[233] Taxation - The effective tax rate for the three months ended December 31, 2025, was 63%, compared to an effective tax rate of 7% in the prior year[221] - The company is subject to income taxes in the U.S. and various foreign jurisdictions, with potential changes in tax laws affecting the income tax provision[211] - Cash paid for income taxes during the first nine months of fiscal year 2026 was $79.2 million, down from $174.6 million in the prior year[253] Contracts and Revenue Recognition - Almost all revenues are derived from fixed-price contracts, with a small portion from cost-reimbursement contracts primarily in the defense segment[184] - The revenue recognition model applied is based on the five-step process under ASC 606, impacting how revenues are reported and recognized[189] - U.S. Government contracts typically involve performance-based payments (PBPs) or progress payments, with revenue recognized in excess of billings, leading to unbilled accounts receivable[192] - Revenue for long-term contracts is recognized over time based on the cost-to-cost measure of progress, which requires management estimates of total costs at completion[193] - A one percent variance in future cost estimates on open fixed-price contracts as of December 31, 2025, would change income (loss) before income taxes by an insignificant amount[193] - The evaluation of transaction price for performance obligations may require significant judgments, including estimating variable consideration based on performance metrics and customer discretion[194] - The purchase price for business combinations is allocated to the estimated fair values of acquired assets and liabilities, with goodwill recorded when consideration exceeds fair value[203] Cash Flow and Investments - Cash and cash equivalents stood at $1.3 billion as of December 31, 2025, with no outstanding borrowings and $594.8 million available under the revolving credit facility[245] - Cash provided by operating activities for the first nine months of fiscal year 2026 was $1.3 billion, a $657.8 million increase from $609.7 million in the prior year period[253] - Cash used in investing activities increased to approximately $663.7 million in the first nine months of fiscal year 2026, compared to $524.9 million in the prior year period, reflecting a $138.8 million increase[254] - Cash used in financing activities for the first nine months of fiscal year 2026 was approximately $867.5 million, an increase of $431.6 million from $435.9 million in the prior year period, primarily due to early repayment of debt[255] Strategic Changes and Future Outlook - The company completed the divestiture of its energy services system integration business in December 2024, which had minimal strategic synergies with core growth businesses[180] - The company anticipates future growth opportunities in markets prioritizing technology solutions, although predicting contract awards remains challenging[187] - The firm backlog as of December 31, 2025, totaled $3,967.3 million, with $2,790.8 million in communication services and $1,176.5 million in defense and advanced technologies[240] - Total new awards for the nine months ended December 31, 2025, were approximately $3.7 billion, compared to $3.5 billion for the same period in 2024[242] - The company expects to incur additional operating costs when launching new satellites, similar to the ramp-up period experienced with ViaSat-2[261] - The company anticipates continued investment in IR&D to support leadership in satellite and space technologies, with investment levels depending on various factors[258] Currency Risk Management - The company conducts its business primarily in U.S. dollars but is exposed to fluctuations in foreign currency exchange rates due to international operations[273] - A five percent variance in foreign currencies would result in an insignificant change in income (loss) before income taxes for the three and nine months ended December 31, 2025 and 2024[273] - The company's objective in managing foreign currency risk is to reduce earnings and cash flow volatility associated with exchange rate fluctuations[273] - The company may enter into foreign currency forward contracts to mitigate risks related to foreign currency denominated assets, liabilities, and transactions[273] Asset Valuation and Impairments - No material impairments were recorded for the three and nine months ended December 31, 2025 and 2024, indicating stable asset valuations[204] - The company assesses the realizability of deferred tax assets quarterly, establishing a valuation allowance if it is more likely than not that some deferred tax assets will not be realized[208] - Accruals for uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities[210] Indebtedness - As of December 31, 2025, total outstanding indebtedness was $6.4 billion, including various senior secured notes and term loan facilities[262] - The effective interest rates on outstanding borrowings as of December 31, 2025 were 8.87% for the 2022 Term Loan Facility, 9.34% for the 2023 Term Loan Facility, and 9.55% for the Inmarsat Term Loan Facility[272] - The company recorded a loss of $11.6 million and $11.9 million in (loss) gain on extinguishment of debt for the three and nine months ended December 31, 2025, respectively[251]

Core Insights - Viasat, Inc. (VSAT) reported mixed results for the third quarter of fiscal 2026, with net income exceeding estimates but revenue falling short of expectations [1][10] Financial Performance - The company achieved a net income of $25 million, or 18 cents per share, a significant recovery from a net loss of $158.4 million, or a loss of $1.23 per share, in the same quarter last year [2] - Excluding non-recurring items, Viasat's non-GAAP net income was $110.7 million, or 79 cents per share, compared to $14.7 million, or 11 cents per share, in the prior-year period, beating the Zacks Consensus Estimate by 74 cents [3] Revenue Breakdown - Total revenues increased to $1.15 billion from $1.12 billion year over year, although this figure missed the consensus estimate by $10 million [4] - Product revenues rose to $334.2 million from $314.3 million in the previous year, while net sales from services increased to $822.8 million from $809.4 million [4] - The Communication Services segment generated revenues of $825 million, up from $820 million, driven by growth in government satcom and aviation services, despite declines in maritime and U.S. fixed broadband [5] - The Defense and Advanced Technologies (DAT) segment reported revenues of $332 million, reflecting a 9% year-over-year increase, primarily due to growth in information security and cyber defense [6] Operational Metrics - Viasat's operating income for the quarter was $26.3 million, compared to $21.2 million in the prior-year quarter, while adjusted EBITDA was $387 million, down from $393 million [7] - The company generated an operating cash flow of $307 million, up from $219 million in the prior-year period, indicating improved operational performance [8] Future Outlook - For fiscal 2026, Viasat anticipates low single-digit revenue growth and flat adjusted EBITDA year over year, with the Communication Services segment expected to perform flat due to low double-digit growth in aviation services [11] - The DAT segment is projected to grow in the mid-teens, driven by strong growth in information security and cyber defense [11] - Capital expenditures are forecasted to be between $1 billion and $1.1 billion, including approximately $400 million for Inmarsat-related capital expenditures [11]