Core Insights - Viasat, Inc. has released its first quarter fiscal year 2026 financial results, which are available on the Investor Relations section of its website [1] Group 1: Financial Results - The financial results for the first quarter of fiscal year 2026 were published in a letter to shareholders [1] Group 2: Conference Call - Viasat will host a conference call on August 5, 2025, at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time, with specific dial-in numbers provided for participants [2] - A live webcast of the conference call will be available, and the call will be archived for approximately one month [3] Group 3: Company Overview - Viasat is a global communications company focused on connecting people and devices worldwide, with operations in 24 countries [4] - The company aims to develop a comprehensive global communications network to provide high-quality, reliable, and secure connections [4] - In May 2023, Viasat completed the acquisition of Inmarsat, enhancing its capabilities and resources [4]

Core Viewpoint - ViaSat's stock experienced a significant increase of 24% following an upgrade to "outperform" by analyst Louie DiPalma, who predicts the stock could more than double in the next 12 months [1][3]. Group 1: Analyst Insights - DiPalma utilized a sum-of-the-parts valuation method to assess ViaSat, which operates in commercial broadband, narrowband communications, and has a defense technology division [3]. - The defense technology segment contributes approximately 27% of ViaSat's revenue and is responsible for all of the company's profits [4]. - There is speculation that ViaSat may spin off or conduct an IPO for its defense technology business, which raises concerns about the remaining value of the company post-IPO [4][5]. Group 2: Financial Projections - ViaSat is projected to become free cash flow positive later this year, with an anticipated $568 million payment expected in 2026 [5]. - The completion and launch of the final two ViaSat-3 satellites are expected to enhance the likelihood of achieving positive free cash flow [5]. - Despite the optimistic outlook, there are doubts regarding the feasibility of these projections, as ViaSat has not generated positive free cash flow since 2008, with some analysts predicting it may not occur until 2027 [6]. Group 3: Investment Sentiment - The overall sentiment towards ViaSat stock remains cautious, with some analysts still considering it a sell based on historical performance and cash flow challenges [6][7].

Core Viewpoint - Viasat, Inc. is committed to maximizing shareholder value and is open to constructive input from shareholders, including Carronade Capital Management, while focusing on its strategic goals in the satellite communications industry [2][3][4]. Group 1: Company Strategy and Positioning - Viasat is a leader in satellite infrastructure and connectivity, in-flight connectivity, and critical military and government communication, positioning itself well for global competition [2]. - The company aims to strengthen its earnings power, deliver sustainable operating and free cash flow, and reduce leverage while reviewing its portfolio to maximize long-term shareholder value [3]. Group 2: Shareholder Engagement - The Board of Directors and management team are dedicated to acting in the best interests of all shareholders and will carefully evaluate the ideas presented by Carronade Capital Management [3][4]. - Viasat emphasizes the importance of ongoing dialogue with stakeholders to foster a collaborative environment [4]. Group 3: Recent Developments - In May 2023, Viasat completed its acquisition of Inmarsat, which combined the teams, technologies, and resources of both companies to enhance its global communications capabilities [4].

Core Viewpoint - Carronade Capital Management advocates for the separation of Viasat's Defense and Advanced Technologies (DAT) segment through a spin-off or IPO, suggesting this could unlock significant shareholder value, potentially raising the stock price to between $50 and $100+ per share [4][23]. Summary by Sections Strategic Review and Separation Proposal - Carronade emphasizes that the current valuation of Viasat does not reflect the true value of its DAT segment, which is seen as a high-growth, high-margin defense technology platform [2][4]. - The firm believes that separating DAT would allow both DAT and the Communications Services segments to pursue focused growth strategies and improve financial flexibility [2][22]. Financial Performance and Valuation - DAT has shown strong financial performance, with a nearly 17% revenue growth over the last 12 months and an EBITDA margin of 28% [6]. - The backlog for DAT grew by 50% year-over-year, indicating robust demand and a favorable book-to-bill ratio of 1.2x [6][15]. - Carronade's analysis suggests that Viasat's stock could be valued at over $50 per share based on a conservative EBITDA multiple compared to its peers in the defense technology sector [10][19]. Market Position and Growth Potential - The DAT segment is positioned in critical growth areas such as tactical networking, advanced encryption, and drone technology, which are expected to drive future growth [7][11]. - Carronade notes that despite the strong performance of DAT, the market undervalues it due to broader concerns regarding the Communications Services segment, which has a nearly 20% short interest [8][9]. Communications Services Segment - The Communications Services segment is expected to generate consistent positive free cash flow, supported by long-term contracts in the in-flight connectivity business and growth in government and maritime sectors [18][20]. - Carronade believes that the market has misunderstood the potential of the Communications Services segment, which could benefit from the deployment of new satellites and a shift towards higher-margin services [17][19]. Conclusion and Call to Action - Carronade urges Viasat's management to prioritize the separation of DAT as a key outcome of the strategic review, asserting that this move would be well-received by investors and would enhance the visibility and valuation of both segments [3][22][23].

As a key provider to cloud data centers today, Viasat will develop a next-generation high-assurance, high-speed Ethernet Data Encryptor (EDE) for protecting classified data across government cloud data centers and transport networks CARLSBAD, Calif., July 30, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced it was selected by the U.S. Government to build a next-generation Ethernet Data Encryptor (EDE) solution as part of a sole-source multi-m ...

Core Viewpoint - Viasat, Inc. will release its first quarter fiscal year 2026 financial results on August 5, 2025, after market close, and will host a conference call and webcast on the same day [1][2]. Company Overview - Viasat is a global communications company with a mission to connect everyone and everything in the world, operating in 24 countries [3]. - The company aims to develop a global communications network that provides high-quality, reliable, secure, affordable, and fast connections, impacting lives positively [3]. - In May 2023, Viasat completed the acquisition of Inmarsat, enhancing its capabilities and resources [3].

Core Insights - AST SpaceMobile and Viasat are leading providers in satellite broadband access, with AST SpaceMobile focusing on a global cellular broadband network in space, while Viasat operates GEO satellites for high-speed internet access [2][3] AST SpaceMobile - AST SpaceMobile has launched its first five commercial satellites, known as Bluebird, which feature the largest commercial communications arrays at 693 square feet, providing non-continuous service across the U.S. [5] - The company has a patent portfolio of over 3,650 patents related to direct-to-cell satellite technology, enhancing its competitive position [5][6] - Partnerships with major carriers like AT&T and Verizon have been established to expand cellular coverage and eliminate dead zones in the U.S. [6] - Despite advancements, AST SpaceMobile faces challenges from macroeconomic conditions and competition from companies like SpaceX's Starlink and Globalstar, which may pressure its financial performance [7] Viasat - Viasat is investing in the ViaSat-3 broadband communications platform, which will have nearly 10 times the bandwidth capacity of its predecessor, ViaSat-2, and aims to cover one-third of the world [8][9] - The company has shown strong growth in key metrics such as ARPU and revenues, driven by a solid retail distribution network and increasing adoption of in-flight Wi-Fi services [10] - Viasat's competitive advantages include bandwidth economics, global coverage, and flexibility, positioning it well in the market [10] - However, Viasat also faces challenges from competition, price reductions, and operational risks associated with complex technology [11] Financial Performance - AST SpaceMobile has seen a significant stock price increase of 325.1% over the past year, while Viasat's stock has declined by 4.2% [8][15] - The Zacks Consensus Estimate for AST SpaceMobile's 2025 sales indicates a year-over-year growth of 1314.6%, while Viasat's sales growth is projected at 2.7% [12][14] - Viasat's shares trade at a price/sales ratio of 0.43, significantly lower than AST SpaceMobile's 76.3, indicating a more attractive valuation for Viasat [15] Market Position - AST SpaceMobile is ranked 4 (Sell) by Zacks, while Viasat is ranked 5 (Strong Sell), reflecting differing market perceptions [19] - Despite AST SpaceMobile's higher growth expectations, Viasat has demonstrated steady revenue growth over the years, indicating a more stable business model [20]

Core Insights - Viasat is collaborating with Surrey Satellite Technology (SSTL) and MDA Space UK to develop a lunar orbiting communications satellite system, aiming for completion by 2030 [1][5] - The European Space Agency's Moonlight program seeks to enhance navigation and communication services for lunar missions, with initial capabilities expected by 2028 [2][3] - The Moonlight system will serve as a data highway for communication between Earth and the Moon, facilitating scientific missions, space tourism, and lunar resource utilization [3][6] Company Involvement - Viasat is responsible for the design and development of the communication network and infrastructure for the Moonlight program, working alongside Telespazio [4][9] - The UK Space Agency is a significant contributor to the Moonlight initiative, with Viasat leading the UK space ecosystem to deliver lunar communication capabilities [5][6] - Viasat's engineering and technology operations will be based in London, leveraging its International Business Headquarters [9] Industry Impact - The Moonlight program is expected to create a robust lunar communications infrastructure, positioning the UK space sector at the forefront of the emerging lunar economy, projected to generate tens of billions in global revenue [6][7] - The collaboration among Viasat, SSTL, and MDA Space highlights the strength and ambition of the UK space sector in supporting future lunar exploration [6][8] - The initiative aims to enhance mission capabilities while reducing complexity and costs, making lunar exploration more accessible for scientific and commercial activities [6][7]

Core Viewpoint - The Viasat: Space for Good Challenge 2025 is an initiative aimed at fostering sustainable space technology innovation among students in the US, UK, and India, with a focus on enhancing life on Earth [1][2]. Group 1: Challenge Overview - The challenge includes three distinct tracks across the US, UK, and India, emphasizing the development of sustainable space technology [2]. - It consists of three stages: initial concept articulation, refinement through a digital entry, and a 30-minute pitch to industry leaders for evaluation [3]. Group 2: Event Details - The UK finals will occur in London during the week of July 7, the US finals for university students will take place the week of August 11, and India's finals will be held the week of September 23 [4]. - Winners will receive university scholarships to support their education in space technology [4]. Group 3: Industry Support - Lockheed Martin and Astroscale are key sponsors, highlighting the importance of nurturing talent for the future of the space industry [5]. - Viasat's initiative aims to inspire students to consider careers in space and to develop solutions that leverage sustainable space technology for global benefits [5][6].

Core Insights - Inmarsat Maritime has surpassed 1,000 orders for its NexusWave service, indicating strong demand in the global shipping industry for a fully managed, high-speed connectivity solution [1][6] - The service integrates multiple network technologies, providing seamless connectivity and high performance for maritime operations [3][4] Group 1: Product Features and Performance - NexusWave combines Global Xpress (GX) Ka-band, low-Earth orbit (LEO), coastal LTE, and resilient L-band services into a single solution, utilizing network-bonding technology for enhanced speed and capacity [3] - Real-world tests have shown download speeds of up to 340 megabits per second (Mbps) and upload speeds of up to 80 Mbps, with network availability exceeding 99.9% [4] - Users benefit from unlimited data, global coverage, and a secure infrastructure, enabling a wide range of applications such as web browsing, streaming, and social media access [5] Group 2: Market Adoption and Customer Benefits - Early adopters like "K" Line and Mitsui O.S.K. Lines are transforming their vessels into floating offices, enhancing crew welfare and operational efficiency [2][7] - The service is designed to support shipowners' digitalization strategies, providing a comprehensive connectivity solution with the convenience of a single provider [6][7] Group 3: Company Background - Inmarsat Maritime, a subsidiary of Viasat, has over 40 years of experience in the maritime industry, focusing on reliable and innovative connectivity solutions [7][9] - Viasat aims to create a global communications network to enhance connectivity across various sectors, including maritime [8]