Q4 FY2025 Earnings Results May 20, 2025 40+ years Enduring value 76 Countries around the world $4.5B FY25 Revenue 23 Operational satellites in space ~7K Global employees 8 Satellites under development Continuing to serve customers who rely on our services while innovating new generations of technology Global team working closely with our customers and partners Greater capacity and seamless connectivity solutions High-capacity network that delivers a consistent, high-quality connectivity experience on land, ...

[Shareholder Letter](index=2&type=section&id=Shareholder%20Letter) The Chairman's letter frames FY2025 as a foundational year for growth and outlines key strategic priorities for FY2026 - FY2025 was a foundational year for **multi-year accelerated growth and sustained cash flow** by increasing earnings and decreasing capital intensity[3](index=3&type=chunk) - The company **met or exceeded its guidance metrics**, achieved record new contract awards, and made significant progress on its capital structure and satellite roadmap[4](index=4&type=chunk) - A major focus is innovating L-band spectrum rights for the Mobile Satellite Service (MSS) market to support **future 5G and 6G Non-Terrestrial Networks (NTN)**[5](index=5&type=chunk)[9](index=9&type=chunk) - A high priority is getting **VS-3 F2 and F3 into service**, with VS-3 F2 planned to ship to the launch site in summer[5](index=5&type=chunk) - The company is judiciously integrating LEO networks to optimize latency-sensitive traffic, with the **NexusWave maritime service showing a good start**[7](index=7&type=chunk) - FY2026 is viewed as a year to reposition for growth, with a plan to deliver **sustainable operating and free cash flow** and drive shareholder value[11](index=11&type=chunk) [FY2025 Year in Review](index=4&type=section&id=FY2025%20Year%20in%20Review) The company achieved record revenue and awards in FY2025, with significant free cash flow improvement despite a net loss FY2025 Full-Year Financial Highlights (vs. Prior Years) | Metric | FY23 | FY24 | FY25 | | :--- | :--- | :--- | :--- | | **Awards** | $2.8B | $4.2B | $4.7B | | **Backlog** | $1.7B | $3.7B | $3.6B | | **Revenue** | $2.6B | $4.3B | $4.5B | | **Net Loss** | ($217.6M) | ($1,058.5M) | ($575.0M) | | **Adj. EBITDA** | $501M | $1,410M | $1,547M | - Achieved record awards of **$4.7 billion**, driven by a **57% YoY increase** in the Defense and Advanced Technologies segment[21](index=21&type=chunk) - Generated $908 million in operating cash flow, and **free cash flow improved by $729 million** compared to FY2024[21](index=21&type=chunk) - Repurchased **$359 million of senior notes** and redeemed the remaining $442.6 million of notes due in 2025 after year-end[21](index=21&type=chunk) - Key operational milestones included launching the NexusWave service and surpassing **6,000 commercial and business aircraft in service**[21](index=21&type=chunk) [Q4 FY2025 Financial Results](index=5&type=section&id=Q4%20FY2025%20Financial%20Results) Quarterly revenue was flat YoY as strong Defense growth was offset by a decline in Communication Services and a higher net loss Q4 FY2025 Key Financial Metrics (YoY) | Metric | Q4 FY2024 | Q4 FY2025 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,150M | $1,147M | 0% | | **Net Loss** | ($90M) | ($246M) | 162% increase in loss | | **Adj. EBITDA** | $358M | $375M | +5% | | **Awards** | $1,122M | $1,169M | +4% | - The net loss of $246 million was primarily driven by a **$169 million write-down charge** related to the ViaSat-3 EMEA ground network[24](index=24&type=chunk) - Defense and Advanced Technologies revenue **grew 11% YoY**, while Communication Services revenue **decreased 4% YoY**[24](index=24&type=chunk) - Total awards for the quarter increased by 5% YoY to $1.2 billion, largely due to a **58% YoY growth in Defense awards**[24](index=24&type=chunk) [Segment Performance](index=6&type=section&id=Segment%20Performance) [Communication Services](index=6&type=section&id=Communication%20Services) Segment revenue declined due to lower product sales, though Adjusted EBITDA grew slightly from strength in government satcom Communication Services Q4 Performance (YoY) | Metric ($ in millions) | Q4 FY24 | Q4 FY25 | Change | | :--- | :--- | :--- | :--- | | **Awards** | $864 | $774 | -10% | | **Revenue** | $860 | $825 | -4% | | **Adj. EBITDA** | $300 | $306 | +2% | - The revenue decline was driven by a **23% drop in product revenues** and service decreases, partially offset by growth in government satcom (+16%) and aviation (+5%)[31](index=31&type=chunk) - The number of commercial and business aviation aircraft in service grew to approximately **4,030 and 2,000**, respectively[31](index=31&type=chunk)[28](index=28&type=chunk) - Key business developments include the Amara multi-orbit IFC solution and new contracts with **STARLUX, Aeromexico, Riyadh Air, and Maersk**[33](index=33&type=chunk) [Defense and Advanced Technologies](index=7&type=section&id=Defense%20and%20Advanced%20Technologies) The Defense segment delivered strong growth in revenue, awards, and Adjusted EBITDA, driven by tactical networking products Defense and Advanced Technologies Q4 Performance (YoY) | Metric ($ in millions) | Q4 FY24 | Q4 FY25 | Change | | :--- | :--- | :--- | :--- | | **Awards** | $250 | $395 | +58% | | **Revenue** | $290 | $322 | +11% | | **Adj. EBITDA** | $58 | $69 | +19% | - The segment's backlog **increased 50% YoY to $984 million**[41](index=41&type=chunk)[39](index=39&type=chunk) - Revenue growth was primarily driven by increased product revenues in **tactical networking and information security**[42](index=42&type=chunk) - Key achievements include leading the communications portion of the **ESA's Moonlight Program** and delivering the 100,000th Type 1 encryption device[44](index=44&type=chunk) [Balance Sheet, Cash Flows and Liquidity](index=8&type=section&id=Balance%20Sheet,%20Cash%20Flows%20and%20Liquidity) The company improved operating cash flow and reduced capital expenditures, ending the quarter with a strong liquidity position - Operating cash flow for Q4 FY25 was **$298 million, an increase of $66 million YoY**, due to improved operating performance[49](index=49&type=chunk)[45](index=45&type=chunk) - Capital expenditures in Q4 FY25 **decreased 34% YoY to $248 million**, mainly due to the timing of satellite and ground payments[50](index=50&type=chunk)[47](index=47&type=chunk) - The company ended Q4 FY25 with **$2.8 billion in available liquidity**, comprising $1.61 billion in cash and $1.14 billion in undrawn credit[51](index=51&type=chunk) - Net debt decreased sequentially to $5.6 billion; the company subsequently redeemed the remaining **$442.6 million of its 2025 senior notes**[51](index=51&type=chunk)[52](index=52&type=chunk)[48](index=48&type=chunk) [Outlook](index=9&type=section&id=Outlook) Viasat projects low single-digit revenue growth for FY2026 and targets an inflection to positive free cash flow in the second half - For FY2026, Viasat expects **low single-digit YoY revenue growth** and **flattish YoY Adjusted EBITDA**[55](index=55&type=chunk) - The company expects an inflection to **positive free cash flow in the second half of FY2026**[58](index=58&type=chunk) - FY2026 capital expenditures are projected to be approximately **$1.3 billion**[58](index=58&type=chunk) - Segment revenue outlook for FY2026 includes **mid-teens growth in Defense** and **low-double-digit growth in aviation**[58](index=58&type=chunk) - Net debt relative to LTM Adjusted EBITDA is expected to **increase modestly** by the end of FY2026[58](index=58&type=chunk) [Viasat Satellite Roadmap](index=10&type=section&id=Viasat%20Satellite%20Roadmap) The satellite roadmap confirms ViaSat-3 F2 and F3 are anticipated for service in early 2026, with further fleet expansion planned Satellite Service Entry Projections | Satellite | Partner(s) | Anticipated Service Entry | | :--- | :--- | :--- | | **ViaSat-3 F1** | Boeing | In service | | **ViaSat-3 F2** | Boeing | Early 2026 | | **ViaSat-3 F3** | Boeing, L3Harris | Early 2026 | | **GX-10A/B** | Undisclosed | In service | | **GX-7/8/9** | Airbus | 2027 | | **Inmarsat-8** | Swissto12 | 2028 | [Financial Statements and Reconciliations](index=14&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed unaudited financial statements and reconciliations of GAAP to non-GAAP measures for FY2025 [Financial Results](index=14&type=section&id=Financial%20Results) For FY2025, Viasat reported 6% revenue growth and a 10% increase in Adjusted EBITDA, with a significantly reduced net loss FY2025 vs FY2024 Financial Results (In millions, except per share data) | Metric | FY25 | FY24 | Year-Over-Year Change | | :--- | :--- | :--- | :--- | | **Revenues** | $4,519.6 | $4,283.8 | 6% | | **Net income (loss)** | ($575.0) | ($1,068.9) | (46)% | | **Adjusted EBITDA** | $1,547.0 | $1,410.4 | 10% | | **New contract awards** | $4,684.4 | $4,155.0 | 13% | | **Backlog** | $3,552.8 | $3,696.0 | (4)% | [Segment Results](index=14&type=section&id=Segment%20Results) Both segments reported revenue and Adjusted EBITDA growth in FY2025, with the Defense segment seeing a 57% surge in new awards FY2025 Segment Performance (In millions) | Segment / Metric | FY25 | FY24 | Year-Over-Year Change | | :--- | :--- | :--- | :--- | | **Communication Services** | | | | | New contract awards | $3,100.8 | $3,147.5 | (1)% | | Revenues | $3,298.5 | $3,141.5 | 5% | | Adjusted EBITDA | $1,261.7 | $1,138.5 | 11% | | **Defense and Advanced Technologies** | | | | | New contract awards | $1,583.7 | $1,007.5 | 57% | | Revenues | $1,221.1 | $1,142.2 | 7% | | Adjusted EBITDA | $285.3 | $271.9 | 5% | [Condensed Consolidated Statements of Operations](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's FY2025 operating loss improved significantly to $97.5 million, with a net loss of $575.0 million FY2025 Statement of Operations Highlights (In thousands) | Line Item | Twelve months ended March 31, 2025 | Twelve months ended March 31, 2024 | | :--- | :--- | :--- | | **Total revenues** | $4,519,571 | $4,283,758 | | **Income (loss) from operations** | ($97,480) | ($889,806) | | **Net income (loss) attributable to Viasat, Inc.** | ($574,962) | ($1,068,904) | | **Diluted net income (loss) per share** | ($4.48) | ($9.12) | [Condensed Consolidated Balance Sheets](index=18&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Viasat's balance sheet showed total assets of $15.45 billion and cash of $1.61 billion Balance Sheet Summary (In thousands) | Account | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $2,887,943 | $3,478,904 | | **Total assets** | $15,448,784 | $16,329,364 | | **Total current liabilities** | $1,676,654 | $1,295,881 | | **Total liabilities** | $10,804,224 | $11,256,860 | | **Total equity** | $4,644,560 | $5,072,504 | [Non-GAAP Financial Reconciliation](index=15&type=section&id=Non-GAAP%20Financial%20Reconciliation) This section details the reconciliation of GAAP net loss to non-GAAP metrics like Adjusted EBITDA, Net Debt, and Free Cash Flow GAAP Net Loss to Adjusted EBITDA Reconciliation - Q4 FY25 (In thousands) | Line Item | Amount | | :--- | :--- | | **GAAP net income (loss) attributable to Viasat, Inc.** | ($246,053) | | Provision for (benefit from) income taxes | $3,758 | | Interest expense (income), net | $86,828 | | Depreciation and amortization | $337,182 | | Ground network impairment and related charges, net | $169,400 | | Other adjustments (Stock comp, acquisition costs, etc.) | $23,678 | | **Adjusted EBITDA** | **$374,793** | Free Cash Flow Reconciliation - Q4 FY25 (In thousands) | Line Item | Amount | | :--- | :--- | | Net cash provided by operating activities | $298,443 | | Purchase of property, equipment and satellites (capex) | ($247,723) | | **Free cash flow** | **$50,720** | Net Debt Reconciliation - As of March 31, 2025 (In thousands) | Line Item | Amount | | :--- | :--- | | Total debt | $7,204,275 | | Less: cash and cash equivalents | ($1,612,105) | | **Net debt** | **$5,592,170** | [Disclosures and Endnotes](index=11&type=section&id=Disclosures%20and%20Endnotes) This section provides definitions for non-GAAP financial measures and includes the safe harbor statement for forward-looking information - Defines **Adjusted EBITDA** as earnings before interest, taxes, depreciation, and amortization, adjusted for non-recurring items[62](index=62&type=chunk) - Defines **Net Debt** as total debt less cash, cash equivalents, and short-term investments[62](index=62&type=chunk) - Defines **Free Cash Flow** as net cash from operating activities minus capital expenditures[62](index=62&type=chunk) - Includes a **safe harbor statement** for forward-looking statements, cautioning that predictions are subject to risks detailed in SEC filings[63](index=63&type=chunk)

CARLSBAD, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today published its fourth quarter and fiscal year 2025 financial results in a letter to shareholders, which, along with webcast slides, is now posted to the Investor Relations section of Viasat’s website. As previously announced, Viasat will host a conference call today, Tuesday, May 20, 2025 at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time. The dial in numbers for the conference a ...

Satellite and telecom equipment specialist Viasat's (VSAT 7.75%) stock was ascending sharply this week, thanks to its involvement with a top name in private-sector space exploration. By the time the stock market had closed shop on Thursday, Viasat's share price had risen by 17%, according to data compiled by S&P Global Market Intelligence.A future colored BlueWednesday morning, Viasat announced that it will team with Blue Origin to demonstrate the former company's InRange launch telemetry relay service. On ...

Core Viewpoint - Viasat, Inc. is collaborating with Blue Origin to demonstrate its InRange launch telemetry relay service, which aims to enhance launch communication capabilities and support NASA's transition to commercial satellite communications solutions [1][4]. Group 1: Collaboration and Technology - Viasat is partnering with Blue Origin to showcase its InRange launch telemetry relay service using the Glenn rocket [1]. - The InRange solution is designed to provide continuous relay connections between launch vehicles and ground systems via Viasat's global L-band satellite network, enabling real-time data transmission during flight [3]. - This technology addresses limitations of traditional ground-based telemetry systems, which require direct line of sight and can lead to communication gaps during launches [2][3]. Group 2: Strategic Alignment with NASA - The partnership aligns with NASA's Communications Services Project, which seeks to develop commercial alternatives to the existing Tracking and Data Relay Satellite (TDRS) system [4]. - Viasat's efforts will support NASA's Launch Services Program, which has historically managed telemetry data reception and distribution [4]. Group 3: Future Launch Plans - Viasat's Space and Mission Systems team will collaborate with Blue Origin on two planned launches using the New Glenn vehicle, with the first launch expected later this year [5]. - The second mission, a full demonstration of the InRange service, is currently scheduled for 2026 [5]. Group 4: Market Position and Financial Outlook - Viasat has faced soft demand trends in some markets and intense competition in its communication service business [6]. - As NASA phases out the TDRS system, the demand for commercial alternatives is expected to rise, potentially providing Viasat with a competitive edge and leading to increased revenues [7]. - Viasat's stock has declined by 41.6% over the past year, contrasting with the industry's growth of 42.2% [8].

"It is a privilege to work with Viasat on this mission. By demonstrating Viasat's InRange launch telemetry relay service with New Glenn, we are taking a significant step towards enhancing the reliability and efficiency of launch communications," said Jarrett Jones, Senior Vice President, New Glenn. "This collaboration not only supports NASA's transition to commercial SATCOM solutions, but also showcases the innovative capabilities of our New Glenn launch vehicle." Viasat's first New Glenn launch will be the ...

CARLSBAD, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced it will release its fourth quarter and fiscal year 2025 financial results on Tuesday, May 20, 2025 after the market closes, via a letter to shareholders posted to the Investor Relations section of its website. The Company will also host a conference call and webcast on Tuesday, May 20, 2025 at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time. To participate on the live ...

Core Viewpoint - ViaSat (VSAT) is anticipated to report a year-over-year increase in earnings despite a decrease in revenues for the quarter ending March 2025, with actual results being crucial for stock price movement [1][3]. Earnings Expectations - The consensus estimate for ViaSat's quarterly earnings is $0.03 per share, reflecting a year-over-year increase of +104.2%, while revenues are projected to be $1.13 billion, down 1.4% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their initial projections [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate for ViaSat is lower than the consensus estimate, resulting in an Earnings ESP of -660%, indicating a bearish outlook from analysts [10]. Historical Performance - In the last reported quarter, ViaSat was expected to post a loss of $0.91 per share but actually reported a loss of $1.23, leading to a surprise of -35.16%. Over the last four quarters, the company has only beaten consensus EPS estimates once [12][13]. Stock Movement Factors - An earnings beat or miss is not the sole determinant of stock price movement, as other factors can influence investor sentiment and stock performance [14].

Viasat will continue development and testing of a new space optical terminal for crosslink communications between orbits CARLSBAD, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced it was selected by the U.S. Space Force's (USSF) Space Systems Command (SSC) for the second phase of its Enterprise Space Terminal (EST) program, which is focused on the prototyping and development of a new optical laser communications terminal that ...

Core Insights - Viasat, Inc. has appointed Dr. William "Bill" LaPlante and Michael Paull to its Board of Directors, effective immediately, enhancing the board's expertise in defense and digital streaming sectors [1][2] Group 1: Board Appointments - Dr. LaPlante brings extensive experience in defense and national security, having served as the former Under Secretary of Defense for Acquisition and Sustainment, where he was responsible for acquisition, logistics, and security assistance, particularly focusing on Ukraine [2][3] - Michael Paull has over 20 years of experience in consumer product development and media, currently serving as CEO of RBmedia and previously leading Disney's direct-to-consumer initiatives, including the launches of ESPN+ and Disney+ [3] Group 2: Board Changes - James "Jim" Bridenstine has resigned from the Viasat Board, effective immediately, after contributing significantly to the board's governance and finance committees [4] - The company expressed gratitude for Bridenstine's contributions and plans to engage his services through his firm, The Artemis Group, in the future [4] Group 3: Company Overview - Viasat is a global communications company focused on connecting consumers, businesses, governments, and militaries, with a mission to develop a comprehensive global communications network [5] - The company completed its acquisition of Inmarsat in May 2023, combining resources to enhance its global communications capabilities [5]