Financial Data and Key Metrics Changes - For Q2 FY2026, the company reported a net loss of $61 million, an improvement from a net loss of $138 million in Q2 FY2025, primarily due to a favorable service revenue mix, lower depreciation and amortization, and reduced SG&A expenses [5][17] - Revenue grew by 2% year-over-year to $1.1 billion, with adjusted EBITDA increasing by 3% to $385 million, resulting in a 34% adjusted EBITDA margin [15][17] - Free cash flow for the quarter was $69 million, contributing to a trailing 12-month total of $147 million, marking three consecutive quarters of positive free cash flow [13][17] Business Line Data and Key Metrics Changes - In the communication services segment, awards increased by 35% to $1.03 billion, while revenue was $837 million, up 1% year-over-year [18][20] - The defense and advanced technologies (DAT) segment saw awards decline by 9% to $467 million, but revenue grew by 3% to $304 million, driven by growth in InfoSec and cyber [21][22] - The aviation revenue grew by 15%, supported by an increase in commercial aircraft in service and higher average revenue per aircraft [18][19] Market Data and Key Metrics Changes - The backlog increased to $3.9 billion, up approximately $140 million year-over-year, despite the sale of the energy system integration business [17][18] - The company noted a significant uptick in interest for commercial mobile space networks, indicating a growing market for direct-to-consumer device non-terrestrial network connectivity [9][10] Company Strategy and Development Direction - The company is focused on launching Viasat 3 Flight 2 and Flight 3, which are expected to significantly enhance bandwidth capacity and drive growth in communication services [7][8] - The strategic review committee is evaluating capital allocation priorities, including the potential separation of government and commercial businesses to enhance competitive positioning [10][29] - The company aims to optimize its capital structure and reduce leverage, targeting a leverage ratio of three times net debt adjusted EBITDA or lower [14][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth trajectory supported by increased reliance on space-based assets for national security and growing demand for resilient communications [8][24] - The company anticipates fiscal 2026 revenue growth in low single digits year-over-year, with flattish adjusted EBITDA and variability quarter to quarter [23][24] - Management is closely monitoring the potential impacts of the U.S. government shutdown, estimating delays in DAT awards and adjusted EBITDA [25][26] Other Important Information - The company expects capital expenditures for the year to be about $1.2 billion, with significant investments related to the completion of Viasat 3 [26][27] - The company has moved $175 million in cash from Inmarsat to Viasat, with plans to transfer a total of $400-$500 million over time [28] Q&A Session Summary Question: Update on evaluating the possibility of a split and vertical integration opportunities - Management is continuously evaluating options for vertical integration and dual-use systems, with no set end date for this process [33][34] Question: Details on international spectrum ownership and monetization - The company holds a substantial amount of global spectrum and is exploring ways to maximize its value through operational investments and potential partnerships [36][39] Question: Insights on the Equitus project and ideal customers - Equitus aims to modernize infrastructure for spectrum allocations, with discussions ongoing with regional operators and the European Space Agency [40][43] Question: Clarification on backlog growth and recognition cadence - Management indicated that backlog growth is strong, with a focus on converting efforts into future growth, particularly with the upcoming capacity from Flight 2 [51][53] Question: Demand signals for defense bookings beyond the U.S. - Management noted healthy performance in the U.S. and increasing demand signals in Europe, particularly related to national security [89]

Financial Performance - Viasat reported Q2 FY2026 revenue of $1.141 billion, a 2% increase compared to $1.122 billion in Q2 FY2025[20, 23] - Adjusted EBITDA for Q2 FY2026 was $385 million, a 3% increase compared to $375 million in Q2 FY2025[21, 23] - The company generated $69 million in free cash flow during the quarter, a $58 million improvement year-over-year[22] - For the twelve months ended September 30, 2025, Viasat generated $147 million in free cash flow[22] - Operating cash flow increased by 18% YoY, from $239 million to $282 million[23] Segment Performance - Communication Services (CS) revenue grew 1% YoY, reaching $837 million in Q2 FY26[23, 27] - Defense and Advanced Technologies (DAT) segment revenues grew 3% YoY, reaching $304 million in Q2 FY26[23, 39] - CS segment Adjusted EBITDA increased 6% YoY to $337 million[23, 29] - DAT segment Adjusted EBITDA declined 15% YoY to $48 million[23, 41] Awards and Backlog - Total awards increased 17% YoY to $1.498 billion[19, 23] - CS segment awards increased 35% YoY to $1.031 billion[23, 26] - DAT awards declined 9% YoY to $467 million[23, 37] - DAT segment backlog grew 31% to a record $1.2 billion[23, 36, 45]

CARLSBAD, Calif., Nov. 07, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today published its second quarter fiscal year 2026 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, Friday, November 7, 2025 at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time. To participate on the live conference ca ...

Core Viewpoint - Vodafone and AST SpaceMobile are collaborating to create a satellite constellation that will provide satellite-to-smartphone connectivity for both commercial and government applications throughout Europe [1] Company Summary - Vodafone is partnering with AST SpaceMobile to enhance connectivity solutions [1] - The initiative aims to bridge connectivity gaps in Europe, potentially transforming communication capabilities [1] Industry Summary - The project represents a significant advancement in satellite communication technology, focusing on direct smartphone connectivity [1] - This development could lead to increased competition in the telecommunications sector, particularly in satellite communication services [1]

Core Insights - Vodafone Group and AST SpaceMobile have chosen Germany for their main Satellite Operations Centre to enhance mobile broadband connectivity across Europe, particularly in underserved areas and for emergency services [1][5][7] Group 1: Satellite Operations Centre - The Satellite Operations Centre will manage satellite connectivity for mobile network operators (MNOs) in Europe, ensuring widespread mobile broadband access [1][2] - The centre's location will be finalized near Munich or Hannover, depending on negotiations [1] - The establishment of the centre is part of a joint venture, SatCo, aimed at providing a sovereign satellite solution for Europe [7] Group 2: Satellite Network and Services - AST SpaceMobile is developing the first space-based cellular broadband network that can be accessed directly by smartphones, targeting both commercial and government applications [2] - The planned satellite constellation will include a 'command switch' feature for European oversight and security, allowing for the management of encryption keys and satellite beam direction [3][9] - The constellation will support public protection and disaster relief (PPDR) by providing reliable connectivity to emergency responders [4][5] Group 3: Infrastructure and Operations - The Operations Centre will monitor extraterrestrial events and manage terrestrial issues, housing ground-based gateway stations for secure links between the satellite constellation and terrestrial networks [6] - The strategic location in Germany will facilitate the integration of satellite services with existing mobile telecom networks, enhancing connectivity across Europe [9] - The planned satellite system aims to support frequency bands suitable for PPDR communications, aligning with the EU Critical Communication System vision [5][9]

Core Insights - AST SpaceMobile Inc. is developing the first and only space-based cellular broadband network that can be accessed directly by everyday smartphones, targeting both commercial and government applications [1] - Vodafone Group Plc has partnered with AST SpaceMobile to establish a Satellite Operations Center in Germany [1] Company Overview - AST SpaceMobile Inc. is listed on NASDAQ under the ticker ASTS and focuses on creating a satellite network for mobile connectivity [1] - Vodafone Group Plc is a prominent telecommunications company operating in Europe and Africa, listed on the London Stock Exchange under the ticker VOD [1] Strategic Developments - The selection of Germany as the location for the main Satellite Operations Center signifies a strategic move to enhance operational capabilities for the satellite network [1]

Core Viewpoint - The article discusses stocks that have reached their 52-week lows, presenting a dilemma for investors regarding whether they represent a bargain opportunity or a value trap. It emphasizes the importance of evaluating underlying fundamentals to distinguish between temporary setbacks and structural declines. Group 1: Stock to Sell - Iridium Communications (IRDM) has a one-month return of -13.7% and operates a global satellite network with 66 low-earth orbit satellites providing coverage to remote areas [2][3] - Iridium is currently trading at $17.28 per share, with a forward P/E ratio of 15x [4] Group 2: Stocks to Watch - Chipotle (CMG) has a one-month return of -25.9% and is known for its healthy, Mexican-inspired fast-food offerings [5] - Chipotle is trading at $30.86 per share, with a forward P/E ratio of 27.3x [7] Group 3: Deckers Performance - Deckers (DECK) has a one-month return of -21.9% and is a footwear and apparel conglomerate [8] - Estimated sales growth for Deckers is projected at 1.4% for the next 12 months, indicating a slowdown in demand compared to the previous two years [9] - Deckers has experienced a 4.8 percentage point decline in free cash flow margin over the last five years due to increased investments [9] - Deckers has shown below-average returns on capital, suggesting management has struggled to find compelling investment opportunities [9] Group 4: Chipotle's Strengths - Chipotle's aggressive strategy of opening new restaurants is supported by an average same-store sales growth of 4.2% over the past two years [10] - The company has a significant revenue scale of $11.79 billion, providing advantageous pricing and terms with suppliers [10] Group 5: Deckers' Competitive Edge - Deckers has achieved an above-market annual sales growth of 18.8% over the last five years, indicating strong brand resonance with consumers [11] - Share buybacks have contributed to faster earnings per share growth compared to revenue growth [11] - Rising returns on capital suggest that management is finding more attractive investment opportunities [11]

Key Takeaways AST SpaceMobile reports Q3 2025 results on Nov 10, with revenues estimated at $20.74 million.The company acquired global S-Band spectrum rights for $64.5 million to boost network reach.High operating costs and macro pressures could weigh on AST SpaceMobile's near-term margins.AST SpaceMobile (ASTS) is scheduled to report third-quarter 2025 earnings on Nov 10, 2025, after market closes. The Zacks Consensus Estimate for revenues and earnings is pegged at $20.74 million and a loss of 18 cents per ...

Financial Data and Key Metrics Changes - The company announced major transactions with AT&T and SpaceX valued at approximately $23 billion and $19 billion respectively, which are expected to enhance capital and operational flexibility [5][6] - An amended agreement with SpaceX involves selling EchoStar's unpaired AWS-3 spectrum license for approximately $2.6 billion in SpaceX stock, further strengthening the company's financial position [6][7] Business Line Data and Key Metrics Changes - The creation of EchoStar Capital will focus on capital management and M&A, indicating a strategic shift towards optimizing capital deployment and exploring new growth avenues [7][8] - The company plans to leverage its institutional knowledge across various sectors including telco, space, and defense to maximize shareholder value [19] Market Data and Key Metrics Changes - The AWS-3 spectrum is highlighted as a valuable asset, with the paired spectrum being more valuable due to its established presence in devices and usage by major carriers [17][18] - The upcoming auction for spectrum is anticipated to provide further opportunities for monetization and strategic positioning in the market [18][76] Company Strategy and Development Direction - The company is pivoting towards a capital-rich, asset-light model, focusing on long-term strategic thinking rather than short-term operational pressures [66][68] - The hybrid MNO model is emphasized as a differentiator, allowing the company to provide competitive services without the burden of maintaining physical infrastructure [68][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of SpaceX, viewing it as a strategic investment that aligns with future trends in space and technology [27][30] - The company is committed to being proactive in managing its capital and exploring opportunities for value creation through both organic and inorganic means [91] Other Important Information - The company is aware of the potential tax implications related to spectrum sales and is actively working to mitigate tax exposure [44][90] - Management indicated that the capital structure is designed to ensure that proceeds from spectrum sales are utilized effectively, with a focus on strategic investments rather than passive holdings [55][57] Q&A Session Summary Question: How will EchoStar Capital be capitalized and what areas will it invest in? - Management confirmed that all proceeds from spectrum sales will go into EchoStar Capital, which will focus on maximizing value through strategic investments [13][19] Question: Any updates on negotiations with tower companies? - Management acknowledged ongoing litigation affecting negotiations but expressed willingness to work with vendors to resolve issues [21][23] Question: Thoughts on the valuation of SpaceX and tax implications? - Management believes that SpaceX's valuation is supported by its market position and growth potential, while tax implications from asset sales are being carefully managed [39][43] Question: What is the strategic vision for the Boost business? - The strategy involves leveraging technology to differentiate from competitors and focusing on long-term profitability through a hybrid MVNO model [78][84]

Financial Data and Key Metrics Changes - The company announced major transactions with AT&T and SpaceX valued at approximately $23 billion and $19 billion respectively, which are expected to enhance capital runway for future operations [5][6] - An amended agreement with SpaceX involves selling EchoStar's unpaired AWS-3 spectrum license for approximately $2.6 billion in SpaceX stock, indicating a strategic shift towards capital management [6] Business Line Data and Key Metrics Changes - The creation of a new division, EchoStar Capital, will focus on capital management and M&A, with Hamid Akhavan leading this division while continuing to manage Hughes Network Systems [6][7] - The company aims to leverage its institutional knowledge and experience to create lasting value through innovation and strategic investments [7] Market Data and Key Metrics Changes - The sale of unpaired AWS-3 spectrum to SpaceX is seen as a timely move, providing SpaceX with flexibility in spectrum utilization, while the paired AWS-3 spectrum remains valuable due to its established presence in devices [15][16] - The company is optimistic about the upcoming auction for AWS-3 spectrum, viewing it as a valuable asset that could yield significant returns [18] Company Strategy and Development Direction - EchoStar is pivoting towards being a capital-rich, asset-light company, focusing on long-term strategic thinking rather than short-term operational pressures [61][62] - The company plans to explore various industries for investment opportunities, leveraging its 45 years of experience to maximize shareholder value [19][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of SpaceX, viewing it as a strategic investment that aligns with future trends in space and technology [25][28] - The company is committed to being great stewards of capital, with plans to optimize the use of proceeds from spectrum sales for strategic investments [19][51] Other Important Information - The company is navigating ongoing litigation related to tower payments, which has complicated negotiations with vendors [20][32] - Management emphasized the importance of long-term thinking in their operational strategy, aiming to enhance competitiveness in the market [62][63] Q&A Session Summary Question: How will EchoStar Capital be capitalized? - Management indicated that all proceeds from spectrum sales will be directed to EchoStar Capital, which will focus on maximizing value through strategic investments [13][19] Question: What is the status of AWS-3 spectrum sales? - Management noted that the unpaired AWS-3 spectrum was sold to SpaceX, while the paired spectrum remains valuable and will be considered for future transactions [15][16] Question: What are the tax implications of the asset sales? - Management confirmed that the impairment charge will not provide a tax benefit, and the estimated tax liabilities remain in the range of $7 billion to $10 billion [40][81] Question: What is the strategic vision for the Boost business? - Management outlined a strategy focused on leveraging technology to differentiate from competitors and emphasized the importance of partnerships, such as with SpaceX, to enhance service offerings [72][74] Question: Any updates on potential mergers, particularly with DirecTV? - Management acknowledged that while a merger with DirecTV has been considered, no predictions can be made at this time regarding its feasibility [84]