Core Insights - Viasat reported an unexpected quarterly loss of $0.02 per share for its fiscal fourth quarter, with revenue of $1.15 billion, contrasting with Wall Street's expectation of a $0.04 profit on slightly lower revenue [3][4] - The company experienced a net loss of $246 million, which included a $169 million noncash write-down related to its Europe and Middle Eastern ground network [3][4] - Despite the loss, Viasat generated a positive free cash flow of $51 million, significantly better than the anticipated negative free cash flow of $75 million [4] Financial Performance - Defense sales increased by 11% in the quarter, while communications services sales declined by 4% [4] - Viasat has a substantial debt of $5 billion, balanced by $1.61 billion in cash and $1.14 billion in borrowing capacity [6] Strategic Developments - The deployment of Viasat's latest generation of satellites has been slightly delayed, with the second VS3 satellite now expected to launch in early 2026 instead of late 2025 [5] - The company anticipates approximately $1.3 billion in capital expenditures for the new fiscal year, indicating a potential cash burn in 2026 [6] Future Outlook - The bullish perspective suggests that Viasat could leverage the current fiscal year to enhance its business and manage its debt, aiming for positive free cash flow by 2027 [7] - If successful, this could lead to an increase in stock value, although investors are advised to maintain a diversified portfolio due to inherent risks [8]