③ 【Q2业绩良好，网易有道涨超3%】北京时间8月14日，网易有道发布Q2财报，总净收入为14亿元，同比增长7.2%，高于市场预期的13.8亿元；经营利 润为2880万元，而去年同期录得经营亏损7260万元。截至发稿，网易有道上涨3.04%。 ④ 【加密货币交易所Bullish涨超14%】8月14日，加密货币交易所运营商及媒体CoinDesk的所有者Bullish延续上涨走势。前一日，Bullish正式登陆纽约证 券交易所，当天上涨83.78%。截至发稿，Bullish盘前上涨14.97%。 ⑤ 【柯达驳斥倒闭传闻】印刷和成像标志性公司柯达在近日发布的第二季度财务报告中表示，在公司成立145年后，"人们对公司能否继续经营存在重大 怀疑"。此言论被公众广泛认为是倒闭预警。柯达在报告中表示，公司二季度毛利润下降约12%，并且有即将到期的债务义务需要在明年内履行。然而， 当地时间8月13日，柯达发表声明称，"公司有信心在到期前偿还大部分定期贷款，并修改、延长或再融资剩余债务和/或优先股债务。" ⑥ 【特斯拉发布招聘信息，暗示将在纽约提供Robotaxi服务】当地时间8月13日，据媒体报道，特斯拉Autopilot运 ...

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Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [2] - Investing in bargain stocks with recent price momentum may be a safer approach [3] Group 2: Company Analysis - ViaSat (VSAT) - ViaSat (VSAT) has shown a significant price increase of 70.9% over the past four weeks, indicating growing investor interest [4] - Over the past 12 weeks, VSAT's stock gained 144.7%, demonstrating its ability to deliver positive returns over a longer timeframe [5] - VSAT has a beta of 1.2, suggesting it moves 20% higher than the market in either direction, indicating fast-paced momentum [5] - The stock has a Momentum Score of B, suggesting it is a favorable time to invest [6] - VSAT has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [7] - The stock is currently trading at a Price-to-Sales ratio of 0.76, indicating it is reasonably valued at 76 cents for each dollar of sales [7] Group 3: Investment Opportunities - In addition to VSAT, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies to help identify potential winning stocks based on various investing styles [9]

Viasat's modular portfolio of capabilities offers space-to-ground connectivity and relay solutions for resilient and responsive data transport CARLSBAD, Calif., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today unveiled its HaloNet™ portfolio, a modular set of capabilities with a next- generation connectivity architecture that unifies space and terrestrial connectivity into a cohesive service offering. Developed across global teams within Viasa ...

Company Overview - Viasat is a global communications and defense technology company operating in two segments: Communication Services and Defense and Advanced Technologies (DAT) [1] - The Communications Services segment includes fixed broadband, government, maritime, and inflight communications, while the DAT segment focuses on defense-technology platforms for information security, cyber defense, and tactical networking [1] Activist Involvement - Carronade Capital Management LP, an activist investment firm, owns 2.60% of Viasat and has called for the separation of the DAT business through a spin-off or IPO [2][3] Financial Performance - Viasat's revenue breakdown shows Communications contributing 73% of revenue and 80% of EBITDA, while DAT accounts for 27% of revenue and 20% of EBITDA [4] - The Communications segment is experiencing a decline in broadband revenue, down over 27% year over year, but other areas like Government and Inflight Communications (IFC) are growing at approximately 25% and 22% respectively [5] - Viasat's share price has significantly underperformed, down 21.12%, 51.56%, and 57.98% over the past 1, 3, and 5 years [4] Market Perception and Misunderstanding - Carronade argues that Viasat is misunderstood by the market, perceived as a small-cap legacy satellite company overshadowed by competitors like Starlink [5] - The DAT business is highlighted as a hidden gem with best-in-class EBITDA margins of 28% and significant growth potential in next-generation defense technologies [6][7] Valuation Analysis - Carronade estimates the DAT business could be valued between $6.3 billion to $16.2 billion based on a 20-times to 51-times EBITDA multiple, while the entire company has an enterprise value of approximately $8 billion [8] - The Communications segment is valued at $4.9 billion, with an additional $1 billion from a legal settlement, leading to a total valuation range for Viasat of $48.93 to $112.49 per share, representing a potential return of 76% to 304% [8] Strategic Direction - Carronade's proposal to spin-off or IPO the DAT business aims to unlock intrinsic value and mitigate negative market sentiment surrounding the satellite business [8] - Viasat management has indicated consideration of selling parts of the DAT business, suggesting alignment with Carronade's value proposition [9]

Core Viewpoint - Viasat's recent stock surge of over 22% is attributed to a strong first-quarter earnings report that exceeded expectations, challenging the prevailing bearish sentiment surrounding the company [2][3][4] Financial Performance - Viasat reported a non-GAAP EPS of $0.17, surpassing analyst estimates of a $0.15 loss, and generated revenue of $1.17 billion, exceeding forecasts [4] - The company achieved $60 million in positive free cash flow, a $210 million improvement year-over-year, indicating a significant shift in financial health [5][6] - Capital expenditures (CapEx) decreased by 34% year-over-year, with full-year guidance lowered to approximately $1.2 billion, reflecting improved capital discipline [6] Debt Management - Viasat's $6.7 billion debt load is being addressed through increased cash flow generation, presenting a credible path for deleveraging and achieving financial stability [7] - The company plans to utilize its growing free cash flow to pay down debt, which will reduce interest expenses and free up additional cash for growth [15] Business Segments - The Defense and Advanced Technologies (DAT) segment is highlighted as a key growth driver, providing secure communications for government and military clients, with a stable revenue base from long-term contracts [9] - Viasat's commercial aviation business saw a 14% increase in service revenue, benefiting from the recovery of the travel sector and securing major airline contracts [10][14] Future Catalysts - The upcoming launch of the ViaSat-3 F2 satellite is expected to enhance Viasat's bandwidth and revenue opportunities in various markets [12] - A potential settlement with Ligado Networks could provide a new revenue stream of approximately $16 million per quarter, which has not yet been included in financial guidance [13] - The backlog of contracted future revenue surged by 49% to $1.1 billion, indicating strong demand for Viasat's services [14] Overall Outlook - The recent financial performance and strategic initiatives suggest a fundamental shift in Viasat's trajectory, moving towards cash generation and operational stability [16][17]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents Viasat, Inc.'s unaudited condensed consolidated financial statements for Q1 FY2026 and Q1 FY2025, including Balance Sheets, Statements of Operations, Cash Flows, and Equity [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,177,492 | $1,612,105 | | Total current assets | $2,455,805 | $2,887,943 | | Property, equipment and satellites, net | $7,339,470 | $7,405,664 | | Goodwill | $1,626,221 | $1,622,132 | | **Total assets** | **$14,895,806** | **$15,448,784** | | **Liabilities & Equity** | | | | Total current liabilities | $1,161,343 | $1,676,654 | | Total long-term debt (Senior notes & Other) | $6,532,615 | $6,532,284 | | **Total liabilities** | **$10,293,834** | **$10,804,224** | | **Total equity** | **$4,601,972** | **$4,644,560** | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues | $1,171,054 | $1,126,460 | | Income (loss) from operations | $46,672 | $59,735 | | Net income (loss) | $(47,724) | $(21,687) | | Net income (loss) attributable to Viasat, Inc. | $(56,434) | $(32,912) | | Diluted net income (loss) per share | $(0.43) | $(0.26) | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Three Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $258,460 | $151,096 | | Net cash used in investing activities | $(175,950) | $(221,519) | | Net cash used in financing activities | $(513,819) | $(22,453) | | **Net decrease in cash and cash equivalents** | **$(434,613)** | **$(89,434)** | | Cash and cash equivalents at end of period | $1,177,492 | $1,811,599 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) - As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations (backlog) was **$3.5 billion**. The company expects to recognize **approximately half of this over the next 12 months**[31](index=31&type=chunk) - Revenues from the U.S. Government comprised **15% of total revenues** for the three months ended June 30, 2025, **down from 16%** in the prior year period[33](index=33&type=chunk) - On May 2, 2025, the company redeemed in full its remaining **$442.6 million** in principal amount of **5.625% Senior Notes due 2025**[93](index=93&type=chunk)[114](index=114&type=chunk) - In June 2025, Inmarsat agreed to a binding term sheet with Ligado Networks, under which Viasat anticipates receiving **$568 million** in **fiscal year 2026**, subject to bankruptcy court approval[140](index=140&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Discusses Viasat's financial condition, results of operations, and liquidity, including segment overview, performance trends, and capital resources [Company and Segment Overview](index=35&type=section&id=Company%20and%20Segment%20Overview) - Viasat operates through two reportable segments: Communication Services and Defense and Advanced Technologies[158](index=158&type=chunk) - As of June 30, 2025, the Communication Services segment had in-flight connectivity (IFC) systems installed on **approximately 4,230 commercial aircraft** and **2,050 business jets**[160](index=160&type=chunk) - The U.S. fixed broadband business had **approximately 172,000 subscribers** with an average monthly revenue per user (ARPU) of **$115** as of June 30, 2025[160](index=160&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Consolidated Results of Operations (in millions) | Metric | Q1 FY2026 (3 mo ended Jun 30, 2025) | Q1 FY2025 (3 mo ended Jun 30, 2024) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,171.1 | $1,126.5 | $44.6 | 4% | | Cost of Revenues | $761.6 | $710.8 | $50.8 | 7% | | SG&A | $262.8 | $251.1 | $11.7 | 5% | - Total revenue increased by **4% YoY**, driven by a **13% increase** in product revenues, primarily from the Defense and Advanced Technologies segment[194](index=194&type=chunk) - Cost of product revenues increased **20% YoY**, outpacing product revenue growth, partly because the prior period included higher-margin intellectual property licensing revenues[195](index=195&type=chunk) - SG&A expenses increased by **5% YoY**, mainly due to higher support costs, including legal expenses related to the Ligado settlement[196](index=196&type=chunk) [Segment Results](index=44&type=section&id=Segment%20Results) Communication Services Segment Results (in millions) | Metric | Q1 FY2026 | Q1 FY2025 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $827.4 | $826.8 | $0.6 | 0% | | Operating Profit | $40.9 | $41.9 | $(1.1) | (3)% | - Communication Services revenue was **flat YoY**, as growth in aviation services was offset by an expected decrease in fixed services due to bandwidth reallocation to the IFC business[203](index=203&type=chunk) Defense and Advanced Technologies Segment Results (in millions) | Metric | Q1 FY2026 | Q1 FY2025 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $343.7 | $299.7 | $44.0 | 15% | | Operating Profit | $71.5 | $84.0 | $(12.5) | (15)% | - Defense and Advanced Technologies revenue grew **15% YoY**, driven by a **20% increase** in product revenues from information security and space systems. Operating profit decreased due to higher SG&A, R&D costs, and a less favorable product mix compared to the prior year[206](index=206&type=chunk)[207](index=207&type=chunk) [Backlog](index=46&type=section&id=Backlog) Firm and Funded Backlog as of June 30, 2025 (in millions) | Backlog Type | Communication Services | Defense & Advanced Tech | Total | | :--- | :--- | :--- | :--- | | Firm Backlog | $2,489.8 | $1,058.9 | $3,548.7 | | Funded Backlog | $2,469.5 | $823.0 | $3,292.5 | - Total new awards were **approximately $1.2 billion** for the quarter, consistent with the prior year period[210](index=210&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had **$1.2 billion in cash and cash equivalents** and **$1.3 billion in working capital**[213](index=213&type=chunk) - Total available liquidity under revolving credit facilities was **$1.15 billion** (**$595.6 million** from Viasat facility and **$550.0 million** from Inmarsat facility)[213](index=213&type=chunk) - Cash from operating activities increased to **$258.5 million** from **$151.1 million** in the prior year period, mainly due to favorable changes in working capital[219](index=219&type=chunk) - Cash used in financing activities was **$513.8 million**, primarily due to the redemption of the remaining **$442.6 million** of the 2025 Notes[222](index=222&type=chunk) Contractual Obligations Summary (in thousands) | Obligation | Next 12 months | Thereafter | | :--- | :--- | :--- | | Operating leases | $89,227 | $590,353 | | Senior notes and other long-term debt | $613,612 | $8,550,277 | | Purchase commitments | $1,147,018 | $1,246,605 | | **Total** | **$1,849,857** | **$10,387,235** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details the company's exposure to market risks, primarily interest rate risk from variable-rate credit facilities and foreign exchange risk from international business - The company's primary interest rate risk relates to its variable-rate Credit Facilities. A hypothetical **10% increase in interest rates** would increase annual interest expense by **approximately $25.4 million**, prior to capitalization effects[237](index=237&type=chunk) - Exposure to foreign currency risk is considered insignificant, with a hypothetical **5% variance** in foreign currency rates having a minimal impact on pre-tax income[238](index=238&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[240](index=240&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, such controls[241](index=241&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, but management believes their resolution will not materially adversely affect financial condition or operations - The company states that while litigation outcomes are uncertain, it believes the resolution of its current pending legal matters **will not have a material adverse effect** on its business, financial condition, or liquidity[242](index=242&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2025 - There have been **no material changes** to the risk factors described in the Annual Report on Form 10-K for the fiscal year ended March 31, 2025[243](index=243&type=chunk) [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) Reports no director or officer adopted or terminated a Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement during the quarter - During the three months ended June 30, 2025, **no director or officer adopted or terminated a Rule 10b5-1 trading plan**[244](index=244&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including stockholder agreements and CEO/CFO certifications

Core Insights - ViaSat reported revenue of $1.17 billion for the quarter ended June 2025, marking a 4% increase year-over-year and a surprise of +3.71% over the Zacks Consensus Estimate of $1.13 billion [1] - The company's EPS was $0.17, a significant improvement from -$0.26 in the same quarter last year, resulting in an EPS surprise of +440% compared to the consensus estimate of -$0.05 [1] Revenue Breakdown - Product revenues reached $344.68 million, exceeding the estimated $320.18 million, reflecting a year-over-year increase of +12.7% [4] - Service revenues totaled $826.37 million, slightly above the estimated $815.37 million, with a year-over-year change of +0.7% [4] - Communication Services revenue was $827.37 million, surpassing the two-analyst average estimate of $804.49 million [4] - Defense and Advanced Technologies revenue was $343.68 million, slightly below the two-analyst average estimate of $345.17 million [4] Stock Performance - ViaSat shares have returned +27.3% over the past month, significantly outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Company Performance - ViaSat reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of a loss of $0.05 per share, and improved from a loss of $0.26 per share a year ago [1] - The earnings surprise was +440.00%, contrasting with a previous quarter where a loss of $0.02 was reported against an expectation of $0.03, resulting in a surprise of -166.67% [2] - Revenues for the quarter ended June 2025 were $1.17 billion, surpassing the Zacks Consensus Estimate by 3.71%, and up from $1.13 billion year-over-year [3] Stock Performance - ViaSat shares have increased approximately 138.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.6% [4] - The current consensus EPS estimate for the upcoming quarter is -$0.09 on revenues of $1.15 billion, and for the current fiscal year, it is $0.06 on revenues of $4.64 billion [8] Industry Outlook - The Wireless Equipment industry, to which ViaSat belongs, is currently ranked in the bottom 38% of over 250 Zacks industries, indicating potential challenges ahead [9] - Ubiquiti Inc., another company in the same industry, is expected to report quarterly earnings of $1.94 per share, reflecting a year-over-year change of +11.5%, with revenues anticipated to be $615.07 million, up 21.2% from the previous year [10]

Financial Data and Key Metrics Changes - The company reported a net loss of $56 million for Q1 fiscal 2026, compared to a net loss of $33 million in the same period of 2025, primarily due to increased depreciation and amortization and a higher income tax provision [6][20][21] - Revenue grew by 4% year over year, driven largely by double-digit growth in the defense and advanced technology segment [6][20] - Adjusted EBITDA increased by 1% year over year, reaching $408 million, primarily from double-digit growth in information security and cyber defense [6][20][21] Business Line Data and Key Metrics Changes - Communication services revenue was $827 million, flat compared to the prior year, reflecting growth in aviation and government SATCOM, offset by the sale of the energy system integration business and declines in maritime and U.S. fixed broadband [22][24] - Aviation revenue grew by 14%, driven by a 9% year-over-year increase in commercial aircraft and service [22] - The defense and advanced technologies segment saw awards of $428 million, a 22% increase year over year, with revenue of $344 million, up 15% compared to the previous year [26][27] Market Data and Key Metrics Changes - The maritime revenue declined by 5% year over year, while the fixed services and other revenue decreased by 13% due to a decline in U.S. fixed broadband subscribers [24][25] - The company ended the quarter with 172,000 fixed broadband subscribers and an average revenue per user of $115 [25] - The government SATCOM revenue grew by 4% year over year, primarily reflecting airtime services for U.S. government satellite services [22] Company Strategy and Development Direction - The company aims to optimize the integration of ViaSat and Inmarsat resources and establish growth opportunities to yield attractive cash conversion [10][11] - The focus remains on reducing capital intensity while investing for growth in target markets, with plans to exit fiscal 2026 with a solid foundation for accelerated growth and cash generation [11][30] - The company is working to deliver commitments and position franchises for sustained and profitable growth, particularly through the rollout of NexusWave and the deployment of ViaSat-three satellites [33][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the operating environment, including pressures in fixed broadband and OEM aircraft delivery rates, but expressed confidence in the company's ability to navigate these challenges [13][14] - The outlook for fiscal 2026 includes expectations for low single-digit revenue growth and flattish year-over-year adjusted EBITDA growth, with a focus on cash flow generation [29][30] - Management emphasized the importance of improving operational and capital productivity while capturing share in large and growing markets [33][34] Other Important Information - The company generated $60 million of positive free cash flow in the quarter, bringing the trailing twelve months total to $88 million [21] - The company is focused on reducing leverage, with a goal to achieve a long-term leverage ratio below three times EBITDA [32] Q&A Session Summary Question: How does Trellisware compare with mobile ad hoc networking peers? - Trellisware operates in the mobile ad hoc networking space with a proprietary networking waveform, while competitors may use WiFi-based systems. The U.S. government and allies have adopted Trellisware's waveforms as standards, driving growth [40][41] Question: Can Trellisware's technology be used for aerial platforms and weapon systems? - Yes, Trellisware's technology can extend to unmanned aerial vehicles and other platforms, although initial focus has been on specific military applications [44][45] Question: What is the general penetration of next-generation encryption products? - There is a significant upgrade cycle driven by the need for national security encryption systems to be robust against quantum computing, leading to increased sales for encryption products [46][47] Question: How does the company view the potential for spin-offs? - The company evaluates its portfolio based on synergy and capital needs, considering whether keeping businesses together provides benefits or if separating them could enhance value [59][62] Question: What is the company's approach to shared infrastructure among satellite operators? - The company believes in creating shared infrastructure to reduce capital intensity and improve efficiency, allowing multiple operators to benefit from shared resources [66][67] Question: What is the company's strategy regarding spectrum holders? - The company aims to work with spectrum holders to create a shared infrastructure model that reduces capital investments and provides a utility-like service, ensuring fair treatment among all operators [100][101]