VIASAT INC

Viasat, Inc.

Overview

Viasat is a global provider of communications technologies and services focused on making connectivity accessible, available, and secure for aviation, maritime, enterprise, residential, government, and military users. The company operates two reportable segments:

• Communication Services: broadband and narrowband services for ground, air, and sea, related hardware (terminals, gateways, etc.), and space-enabled products.
• Defense and Advanced Technologies: encryption, cybersecurity, tactical gateways, modems, and space/mission systems for government and commercial customers.

Viasat’s strategy centers on a vertically integrated, multi-orbit, multi-band satellite platform (GEO, MEO, and some LEO elements), supported by ground networks and user devices, with cross-deployment across government and commercial markets.

Key segments and offerings

Communication Services

• Aviation: in-flight connectivity (IFC) systems and services, narrowband safety/operational data services, W-IFE, encryption, and cockpit/safety software.
• Government satcom: secure, real-time broadband and ISR-related services and L-band elements, including gateways and terminals.
• Maritime: satellite broadband and narrowband for vessels, including NexusWave managed connectivity for merchant shipping.
• Fixed services and other: residential fixed broadband, enterprise connectivity, IoT/narrowband (L-band), and energy-related services.
• Multi-orbit capability: using owned, leased, and partner satellites with capacity-flexing across GEO footprints.

Defense and Advanced Technologies

• Information security and cyber defense: high-speed IP encryption (Type 1, HAIPE), cryptographic devices, and MOJO gateways.
• Space and mission systems: satellite network architecture, terminals, Ka-band GEO satellites, small satellite platforms, and multi-band antennas.
• Tactical networking: resilient communications for mobile and mission-focused environments, including TrellisWare offerings.
• Advanced technologies and other: commercial satellite product development, space-to-space work, NDIs, and licensing income.

Recent acquisition and satellite fleet

• Inmarsat acquisition: Completed May 30, 2023 (Connect Topco Limited, Inmarsat) for about $550.7 million in cash and 46.36 million Viasat shares. Inmarsat’s assets and results are included in the Communication Services segment after closing.
• Satellite fleet (as of March 31, 2026):
  • 23 satellites in service or operational across Ka-, L-, and S-bands.
  • 13 Ka-band GEO satellites; 8 L-band satellites (3 contingency L-band operational but not in commercial service); 1 S-band satellite supporting the European Aviation Network for IFC; 1 hybrid Ka-/L-band satellite.
  • ViaSat-3 class: ViaSat-3 F2 launched November 2025; ViaSat-3 F3 launched April 2026 with commercial service expected by late summer 2026.
  • Eight additional GEO satellites under development or preparation for launch as of March 31, 2026, including ViaSat-3 F3, GX7, GX8, GX9, and four Inmarsat-8 L-band GEOs.

Operational scale

• Aviation IFC: approximately 4,580 commercial aircraft installed with Ka-band systems (about 130 aircraft inactive at quarter end for maintenance), and approximately 2,100 business jets using Ka-band connectivity.
• Maritime: Ka-band service to approximately 13,200 vessels.
• Fixed broadband (U.S.): about 130,000 subscribers with average monthly revenue per user (ARPU) of about $113.
• Global reach: near-global coverage with strong oceanic coverage and polar reach via the satellite fleet.

Financial and business mix

• Government revenue mix: U.S. Government contracts accounted for approximately 16% of total revenues in fiscal year 2026, 18% in 2025, and 17% in 2024.
• Research and development:
  • Independent R&D (IR&D) spending: $164.9 million in 2026, $142.4 million in 2025, and $150.7 million in 2024.

Employment and human capital

• Approximately 7,000 employees worldwide as of March 31, 2026 (about 66% in the United States).
• Engineering workforce of roughly 3,400 engineers globally.
• The company emphasizes culture, inclusion, safety, and employee development and provides broad benefits and programs.

Contracts and awards

• Defense and advanced technology awards totaled about $1.6 billion in fiscal year 2026 (up from about $0.6 billion in 2018), reflecting growing government demand for the segment.
• CAF program support: Viasat was awarded about $122.5 million in CAF funding to serve portions of the United States.

Customers and market focus

• Customer base spans commercial airlines and business jets, maritime operators, residential and enterprise fixed broadband customers, and government and military customers (DoD, DHS, foreign governments, NATO/European partners).
• U.S. Government contracts represent a material portion of revenue. No other customer accounted for 10% or more of revenues in 2024–2026.
• Competitive landscape includes major satellite and telecom players across aviation, maritime, fixed broadband, and defense markets; Viasat positions its end-to-end capability, multi-orbit flexibility, security features, and bundled solutions as differentiators.

Regulatory and other considerations

• The business operates in a heavily regulated environment for spectrum (ITU coordination, FCC licensing in the U.S., international spectrum allocations).
• Regulatory changes can affect operations, spectrum access, subsidies, and interoperability across markets.
• Government contracting is subject to audits (DCMA, DCAA) and compliance costs and penalties; security classifications and export controls are relevant to product design and sales.

Summary

Viasat is a diversified satellite communications company with two main lines of business: Communication Services (commercial and government broadband, IFC, secure networking, and related hardware) and Defense and Advanced Technologies (encryption, cyber defense, space/mission systems, and military-grade solutions). The company supports a broad user base across aviation, maritime, fixed broadband, and government sectors, operates a large and growing satellite fleet, and expanded its network through the Inmarsat acquisition. It reports a meaningful government revenue share, substantial defense-related awards, sustained R&D investment, and a global workforce of roughly 7,000 employees.