Core Insights - ViaSat (VSAT) reported $1.15 billion in revenue for the quarter ended March 2025, reflecting a year-over-year decline of 0.3% and an EPS of -$0.02 compared to -$0.72 a year ago, indicating a significant improvement in earnings despite the revenue decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.13 billion by 1.18%, while the EPS fell short of the consensus estimate of $0.03 by 166.67% [1] Revenue Breakdown - Product revenues reached $349.71 million, surpassing the average estimate of $326.36 million by 3.5% year-over-year [4] - Service revenues totaled $797.37 million, slightly below the estimated $809.34 million, marking a year-over-year decline of 1.8% [4] - Defense and Advanced Technologies revenue was $322.12 million, exceeding the average estimate of $310.21 million [4] - Communication Services revenue amounted to $824.97 million, slightly above the estimated $819.27 million [4] Performance Metrics - ViaSat's shares have returned +28.6% over the past month, outperforming the Zacks S&P 500 composite's +13.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - In Q4, the company reported revenue of $1.15 billion, GAAP net income of $246 million, and adjusted EBITDA of $375 million, reflecting a 32.7% adjusted EBITDA margin [19] - For fiscal year 2025, total revenue was $4.5 billion, with a GAAP net loss of $575 million and adjusted EBITDA of $1.55 billion, resulting in a 34.2% adjusted EBITDA margin, which grew 4% year-over-year [23][24] - The company generated over $900 million in operating cash flow, marking a more than 30% increase from fiscal year 2024 [28] Business Line Data and Key Metrics Changes - Communications services revenue declined by 4%, primarily due to a drop in fixed services, while government SATCOM and aviation service revenue showed strength [20] - The commercial aviation business grew, serving 4,030 aircraft, a 10% increase, with a backlog of 1,600 aircraft, up 18% [20] - Government SATCOM revenue increased by 16%, while maritime revenue decreased by 8% as expected [21] Market Data and Key Metrics Changes - The company is experiencing challenges in U.S. fixed broadband revenue due to capacity constraints, with fixed services and other revenue down 19% year-over-year [22] - The Direct Access Technology (DAT) business saw revenue growth of 11% for the quarter and 17% for the year, including a one-time revenue impact of $95 million from a legal settlement [22] Company Strategy and Development Direction - The company aims to reduce capital intensity and generate sustainable cash flow while reinforcing competitive positions and unlocking portfolio value [15] - The focus is on enhancing financial transparency with new reporting segments and disclosures, and developing an open architecture standards-based ecosystem for non-terrestrial networks [7][9] - The company is committed to integrating third-party capacity and optimizing its satellite fleet to improve service quality and reliability [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained free cash flow generation by the second half of fiscal year 2026, despite facing macroeconomic headwinds [27][38] - The company anticipates modest revenue growth with flattish adjusted EBITDA for fiscal year 2026, while emphasizing the importance of launching flights two and three of the ViaSat-three constellation [25][27] - Management highlighted the importance of understanding demand patterns to effectively compete in the mobility markets [70] Other Important Information - The company is actively pursuing claims related to the Legato bankruptcy, with potential cash payments excluded from financial outlooks [12][35] - The company has a healthy backlog and is focused on reducing leverage, aiming for a target of around three times debt to EBITDA [57] Q&A Session Summary Question: Update on the strategic review process for the Defense and Advanced Technology segment - Management confirmed that the strategic review is ongoing and that the business is performing well, with evaluations of future cash flows being conducted [44] Question: Confidence in the satellite launch schedule for Flight 2 - Management indicated that the corrective actions for the satellite anomaly are nearing completion and that the satellite is still on track for delivery to the launch site this summer, though there is a possibility of a delay into early 2026 [46] Question: Timeline and magnitude regarding Legato - Management stated that the amount owed from Legato is in excess of $500 million, and while specifics on timing are difficult to provide, they are actively monitoring the situation [54] Question: Competitive landscape for in-flight connectivity solutions - Management emphasized that their performance metrics for both narrow and wide-body aircraft are strong, and they are confident in their ability to meet customer demands with their ViaSat-three architecture [61][62] Question: Long-term vision for the company - Management articulated that growth is the primary focus, with an emphasis on maintaining market share in commercial aviation and maritime sectors while delivering high-quality service [67][68]

Financial Data and Key Metrics Changes - In Q4, the company reported revenue of $1.15 billion, GAAP net income of $246 million, and adjusted EBITDA of $375 million, reflecting a 32.7% adjusted EBITDA margin [19] - For fiscal year 2025, total revenue was $4.5 billion, with a GAAP net loss of $575 million and adjusted EBITDA of $1.55 billion, representing a 34.2% adjusted EBITDA margin, which grew 4% year-over-year [23][24] - The company generated over $900 million in operating cash flow, marking more than 30% growth from fiscal year 2024 [28] Business Line Data and Key Metrics Changes - Communications services revenue declined by 4%, primarily due to a drop in fixed services, while government SATCOM and aviation service revenue showed strength [20][21] - The commercial aviation business grew, with service aircraft increasing by 10% to 4,030, and backlog up 18% to 1,600 [20] - Government SATCOM revenue increased by 16%, while maritime revenue decreased by 8% as expected [21] Market Data and Key Metrics Changes - The company is experiencing challenges in U.S. fixed broadband revenue due to capacity constraints, with fixed services and other revenue down 19% year-over-year [22] - The DAT business saw revenue growth of 11% for the quarter and 17% for the year, including a one-time revenue impact of $95 million from a legal settlement [22] Company Strategy and Development Direction - The company aims to reduce capital and operating costs for mobile satellite services and enhance government maritime and aeronautical safety services [9] - A focus on integrating ViaSat-three satellites into the global network is expected to improve user experience and network efficiency [6] - The company is pursuing a strategic review of its Defense and Advanced Technology segment to enhance value and competitiveness [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained free cash flow generation by the second half of fiscal year 2026, despite facing macroeconomic headwinds [27] - The company anticipates modest revenue growth in fiscal year 2026, with flattish adjusted EBITDA expected to be within 1% of the previous year [24][25] - Management highlighted the importance of launching flights two and three of the ViaSat-three constellation to support future growth [27] Other Important Information - The company is actively addressing its debt structure, with plans to use available cash to redeem near-term maturities and leverage momentum for long-term debt management [35] - The company has a healthy backlog and is focused on capital efficiency to reduce capital intensity in its business model [28] Q&A Session Summary Question: Update on the strategic review process for the Defense and Advanced Technology segment - The strategic review is ongoing, with the business performing well and evaluations of future cash flows being conducted [43] Question: Confidence in the satellite launch schedule for Flight 2 - Management is optimistic about the schedule, with corrective actions nearing completion and the satellite expected to be delivered to the launch site this summer [45] Question: Timeline and magnitude regarding Legato litigation - The company is owed over $500 million, and while specifics are difficult to disclose, the public record provides insights into the ongoing litigation [52] Question: Competitive landscape for in-flight connectivity solutions - The company emphasizes performance metrics for both narrow and wide-body aircraft, asserting that their service meets customer expectations [60] Question: Long-term vision for the company - The focus is on growth, with an emphasis on delivering high-quality service and maintaining competitive pricing in mobility markets [66]

Core Viewpoint - ViaSat reported a quarterly loss of $0.02 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.03, marking an earnings surprise of -166.67% [1] - The company has shown mixed performance in surpassing consensus EPS estimates over the last four quarters, achieving this only once [2] Financial Performance - ViaSat posted revenues of $1.15 billion for the quarter ended March 2025, which met the year-ago revenues and surpassed the Zacks Consensus Estimate by 1.18% [2] - The company has exceeded consensus revenue estimates three times in the last four quarters [2] Stock Performance - ViaSat shares have increased approximately 25.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] Future Outlook - The company's earnings outlook will be crucial for determining the sustainability of its stock price movement, with current consensus EPS estimates at $0.20 for the coming quarter and $0.28 for the current fiscal year [4][7] - The estimate revisions trend for ViaSat is currently mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Wireless Equipment industry, to which ViaSat belongs, is currently ranked in the top 8% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - FY25 revenue reached $4.5 billion[5] - Q4 FY25 revenue was $1.147 billion, a slight decrease compared to $1.150 billion in Q4 FY24[14, 17] - Adjusted EBITDA for Q4 FY25 was $375 million, a 5% increase from $358 million in Q4 FY24[15, 17] - Operating cash flow increased to $298 million in Q4 FY25, compared to $232 million in Q4 FY24[17] - Capex decreased by 34% YoY, from $378 million in Q4 FY24 to $248 million in Q4 FY25[17] Segment Highlights - Defense and Advanced Technologies segment revenue increased by 11% YoY in Q4 FY25[17] - Defense and Advanced Technologies segment awards grew 58% YoY in Q4 FY25[17] - Communication Services segment revenue was $825 million in Q4 FY25, compared to $860 million in Q4 FY24[20] - Defense and Advanced Technologies backlog increased to $984 million, up 50% YoY[36] Forward Looking Statements - FY2026 capital expenditures are expected to be approximately $1.3 billion[53]

[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 ...

Core Viewpoint - Viasat's stock has seen a significant increase of 17% due to its partnership with Blue Origin for space exploration initiatives [1] Group 1: Partnership and Collaboration - Viasat announced a collaboration with Blue Origin to demonstrate its InRange launch telemetry relay service [2] - The partnership includes plans for two future launches that will integrate InRange with Blue Origin's New Glenn heavy-lift rocket [2] Group 2: Technology and Services - The InRange launch telemetry relay service enables real-time data transmission and communication between launch vehicles and mission control, which is crucial for successful launches [4] - This demonstration is part of Viasat's work with NASA, aimed at developing advanced networking solutions through its Communications Services Project [4] Group 3: Market Impact and Reputation - Blue Origin, founded by Jeff Bezos, attracts significant media attention, and Viasat's involvement is expected to generate positive publicity [5] - Although no specific date has been set for the New Glenn launches, Viasat's association with Blue Origin and NASA is likely to enhance its reputation in the industry [6]

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].

Core Points - Viasat has partnered with Blue Origin to demonstrate its InRange launch telemetry relay solution on the New Glenn rocket for two upcoming missions [1][2] - The collaboration aims to support NASA's transition from the TDRS system to commercial SATCOM solutions, as NASA will not onboard new missions to TDRS services [2][3] - InRange technology will provide real-time telemetry data during launches, enhancing communication capabilities beyond line-of-sight and reducing reliance on ground communications [3][4] Company Overview - Viasat is a global leader in satellite communications, focusing on high-quality, reliable, and secure connections for various sectors, including government and military [6] - The company completed its acquisition of Inmarsat in May 2023, enhancing its capabilities and resources in global communications [6] Industry Context - The shift from TDRS to commercial SATCOM solutions reflects a broader trend in the space industry, where providers are seeking alternative telemetry relay services for launch missions [2][4] - Viasat's InRange service is part of a portfolio of multi-band space-relay communications services aimed at supporting low-Earth orbit missions and constellation operations [4]