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• Imagine a company that's part Starlink (for global satellite internet) and part a defense contractor (for secure government communications and technology).
• Like a satellite internet provider similar to Starlink, but also a major supplier of advanced communication systems for airlines and the military.

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• Broadband Internet Services: Satellite-based fixed and mobile internet access for consumers, businesses, airlines, and maritime vessels.
• Voice over Internet Protocol (VoIP) Services: Voice communication provided over satellite broadband connections.
• In-flight Entertainment & Connectivity: Services delivering entertainment and internet access to commercial airline passengers.
• Advanced Communication Software: Solutions for secure IP connectivity, optimized applications, IoT enablement, and machine learning analytics.
• Satellite System Design & Development: Engineering services for the analysis, design, and development of satellite and ground systems.
• Cybersecurity & Information Assurance: Services and products safeguarding communication systems and data, primarily for government clients.
• Network Function Virtualization Services: Services that virtualize network functions for enhanced flexibility and efficiency.
• ASIC & MMIC Chips: Specialized integrated circuit chips for communication systems.
• Antenna Systems: A range of antennas for terrestrial, satellite, and mobile communication applications.
• Communication Hardware: Modems, terminals, and network access control systems for broadband and tactical applications.
• Satellite Communication Systems: Infrastructure and ground terminals for fixed and mobile satellite networks.
• Tactical Radio Systems: Secure and jam-resistant systems for government voice, video, and data transmission.

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Viasat (VSAT) serves a diverse range of customers, encompassing individuals, commercial enterprises, and government entities. Given its significant direct-to-consumer satellite broadband subscriber base alongside its robust business-to-business and government operations, its major customers can be categorized as follows:

• Individual Consumers: Viasat provides satellite-based fixed broadband internet access and Voice over Internet Protocol (VoIP) services directly to approximately 590,000 residential consumers and small businesses globally. This includes broadband internet access and voice services in unserved and underserved areas.

• Commercial Enterprises and Service Providers: This broad category includes a variety of businesses across different sectors:

  • Commercial Airlines: Viasat offers in-flight entertainment, internet connectivity, and aviation software services to commercial airlines for their passengers and operational needs.
  • Maritime Operators: This includes companies operating energy offshore vessels, cruise ships, and consumer ferries, which utilize Viasat's mobile broadband services for their operations and customer connectivity.
  • Other Businesses: Viasat provides advanced software and communication infrastructure services, including ultra-secure solutions IP connectivity, bandwidth-optimized over-the-top applications, industrial Internet-of-Things (IoT) big data enablement, and machine learning analytics.
  • Telecommunication and Satellite Companies, and Aerospace Manufacturers: These entities purchase Viasat's fixed and mobile satellite communication systems, satellite network infrastructure, ground terminals, antenna systems for various applications, and specialized application-specific integrated circuit and monolithic microwave integrated circuit chips.

• Government and Defense Agencies: Viasat supplies various specialized products and services to government clients globally, including mobile and fixed broadband modems, terminals, network access control systems, antenna systems, cybersecurity and information assurance products and services, and tactical radio and information distribution systems for secure and jam-resistant communications.

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• SpaceX
• Arianespace

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Mark Dankberg, Chairman of the Board and Chief Executive Officer
Mark Dankberg co-founded Viasat in 1986 and has served as its Chairman of the Board and CEO since. Prior to founding Viasat, he was Assistant Vice President of M/A-COM Linkabit and a Communications Engineer for Rockwell International Corporation.

Gary Chase, Chief Financial Officer
Gary Chase was appointed Chief Financial Officer of Viasat, effective September 16, 2024. He joined Viasat from Delta Air Lines, where he held the positions of Senior Vice President of Operational Finance and Chief Strategy Officer. Before his tenure at Delta, Mr. Chase was an Institutional Investor ranked analyst and Managing Director in equity research at Barclays Capital and Lehman Brothers.

Kevin Harkenrider, Chief Operating Officer
Kevin Harkenrider was appointed Chief Operating Officer of Viasat in November 2021. He joined Viasat in October 2006 and has held various senior leadership roles, including Executive Vice President, Global Operations and Chief Operations Officer, and President of Viasat Commercial Networks and Viasat Broadband Services. Before joining Viasat, he served in management positions at Computer Sciences Corporation, BAE Systems, Mission Solutions, and General Dynamics Corporation.

Jason Smith, President, Viasat Global Services
Jason Smith leads Viasat's Global Services team. Prior to joining Viasat, he was the Chief Operations Officer of Inmarsat from 2016. He has held several senior roles with defense, commercial, and international responsibilities throughout his career.

Evan Dixon, President, Global Fixed Broadband business
Evan Dixon was promoted to President of Viasat's Global Fixed Broadband business in May 2021. He joined Viasat in 2015 as Deputy CEO and Chief Marketing Officer of Euro Broadband Infrastructure Sàrl, a Viasat subsidiary. Mr. Dixon previously held senior management positions at DIRECTV and AT&T Inc.

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The key risks to Viasat's business include its substantial debt load, intense competition from new satellite technologies, and the inherent risks associated with satellite operations and the need for continuous technological innovation.

The most significant risk for Viasat is its **high debt load and financial leverage**. The company carries a substantial amount of debt, totaling around $6.43 billion as of June 2025, largely due to the massive infrastructure costs for its satellite constellations and the acquisition of Inmarsat. This level of indebtedness significantly restricts Viasat's financial flexibility, with a weak interest coverage ratio suggesting that earnings barely cover interest expenses. The company's Altman Z-Score, as low as 0.62 in November 2025, also indicates a potential risk of financial distress. While Viasat aims to reduce leverage through increasing earnings from new satellite capacity, the success of this strategy is crucial for its long-term financial stability.

Viasat also faces **intense competition and market disruption**, particularly from the emergence of Low Earth Orbit (LEO) satellite constellations like SpaceX's Starlink and potentially Amazon's Project Kuiper. These LEO systems offer significantly lower latency compared to Viasat's geostationary (GEO) satellites, which can be a competitive disadvantage for latency-sensitive applications such as videoconferencing and online gaming. Beyond LEOs, Viasat also competes with traditional satellite providers like HughesNet and other major players in the in-flight connectivity and government services markets.

Finally, **risks associated with satellite operations and the need for continuous technological innovation** represent a critical threat. The company's business relies on the successful construction, launch, and ongoing operation of its satellite fleet. A notable incident includes the failure of one of its ViaSat-3 satellites (ViaSat-3 F1) in 2023, which limited its usable capacity and delayed expected cash flow benefits. Furthermore, Viasat operates in a rapidly evolving technology sector, requiring continuous investment in research and development to keep pace with advancements and prevent technological obsolescence. The ability to successfully develop, introduce, and realize the anticipated benefits of new technologies and future satellite generations, such as ViaSat-3 and ViaSat-4, is essential for its competitive position.

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The primary clear emerging threat to Viasat is the rapid expansion and adoption of Low Earth Orbit (LEO) satellite broadband constellations, such as Starlink, OneWeb, and Amazon Kuiper. These LEO systems offer significantly lower latency and often higher speeds compared to Viasat's traditional Geostationary Earth Orbit (GEO) satellite services, which are critical performance factors for modern internet applications. This directly threatens Viasat's core Satellite Services segment, including fixed broadband for consumers and businesses, in-flight connectivity, and mobile broadband for vessels, by offering a technologically superior alternative for satellite-based internet access.

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Addressable Markets for Viasat's Main Products and Services:

• Satellite-based Fixed Broadband Services (Consumer and Business): The global satellite internet market, which includes fixed broadband services, was estimated at USD 11.93 billion in 2025 and is projected to surpass USD 37.64 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 13.90%. North America dominated the satellite internet market in 2024.
• In-flight Entertainment, Internet, and Aviation Software Services (Commercial Airlines): The global commercial aircraft in-flight entertainment and connectivity (IFEC) system market was valued at USD 7.05 billion in 2025 and is estimated to reach USD 11.09 billion by 2031, with a CAGR of 7.85%. Separately, the global in-flight internet market size was estimated at USD 1.79 billion in 2024 and is projected to reach USD 2.99 billion by 2033, growing at a CAGR of 5.9%. North America held the largest revenue share in the in-flight internet market in 2024.
• Mobile Broadband Services (Maritime - vessels, cruise ships, ferries, yachts): The global maritime satellite communication market was valued at USD 4.5 billion in 2025 and is projected to grow to USD 11.8 billion by 2034, at a CAGR of 11.42%. North America dominated this market with a 40% share in 2025. The Very Small Aperture Terminal (VSAT) segment held a significant market share in 2025 due to rising data demands.
• Fixed and Mobile Broadband Satellite Communication Systems (Overall Satellite Communication Market): The global satellite communication (SATCOM) market was valued at USD 25.2 billion in 2025 and is expected to grow to USD 83 billion in 2035, at a CAGR of 13%. Another estimate places the global satellite communication market size at USD 98.28 billion in 2025, projected to reach USD 223.06 billion by 2033, with an 11.0% CAGR. North America held the largest market share in 2025.
• Antenna Systems (Terrestrial and Satellite Applications): The global satellite antenna market size was estimated at USD 5.37 billion in 2025 and is projected to grow to USD 113.97 billion by 2034, exhibiting a CAGR of 11.14%. North America dominated this market with a 37.84% share in 2025. Another report indicates a market size of USD 3.95 billion in 2025, reaching USD 6.43 billion by 2034 (CAGR of 5.56%).
• Cybersecurity and Information Assurance Products and Services (Government Systems): The global government and defense cybersecurity market size was valued at approximately USD 35.87 billion in 2025 and is estimated to grow to USD 80.70 billion by 2033, with a CAGR of 10.8%. Another source estimates the cybersecurity in government market to reach USD 356.7 billion by 2030, growing at a CAGR of 14.0%. North America was the largest revenue-generating market in 2025.
• Tactical Radio and Information Distribution Systems (Government Systems): The global tactical radios market size was valued at USD 19.58 billion in 2025 and is expected to reach USD 52.80 billion by 2033, at a CAGR of 13.20%. North America dominated the tactical radios market with over 40% revenue share in 2025. Another report states the military tactical radio market size was valued at USD 7.90 billion in 2025 and is projected to reach USD 13.80 billion by 2033, growing at a CAGR of 7.20%.

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Expected Drivers of Future Revenue Growth for Viasat (VSAT)

• Expansion of Satellite Capacity with ViaSat-3 Constellation: The ViaSat-3 satellite constellation is a significant driver, with the ViaSat-3 F1 satellite expected to enter commercial service in the first quarter of fiscal year 2025 (ended June 2024). Subsequent launches of ViaSat-3 F2 and F3, anticipated by May 2026 and late summer 2026 respectively, are projected to drive growth in bandwidth, aviation, maritime, and government SATCOM lines. While the F1 satellite initially experienced an anomaly affecting its full capacity, the overall constellation is expected to unlock substantial future revenue.
• Continued Growth in In-Flight Connectivity (IFC) Services: Viasat anticipates robust revenue growth from its commercial In-Flight Connectivity (IFC) segment. This growth is fueled by an increasing number of aircraft equipped with Viasat's systems and a substantial existing backlog of installations.
• Strong Performance and Strategic Focus in Government Systems / Defense and Advanced Technologies (DAT): The Government Systems segment, also referred to as Defense and Advanced Technologies (DAT), is a consistent area of growth for Viasat. The company has reported strong product growth, significant contract awards, and a healthy backlog in this segment. Specific areas like Information Security (InfoSec) and cyber defense, along with tactical networking, are highlighted as contributors to this segment's expansion. Viasat is also strategically focusing on higher-margin defense opportunities.
• Realization of Synergies from Inmarsat Acquisition: The full integration of Inmarsat continues to be a key revenue driver. This acquisition has significantly reshaped Viasat's revenue mix and is expected to generate ongoing synergies through cost reduction and the expansion of the company's product and service offerings, contributing to overall scale and growth.

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Share Repurchases

• Viasat made minimal share repurchases over the last three to five years, with a reported $8.50 million in December 2025.

Share Issuance

• Viasat's shares outstanding significantly increased by 54.37% in fiscal year 2024 to 0.117 billion, primarily due to the acquisition of Inmarsat.
• The number of shares outstanding grew by 9.63% in fiscal year 2025, reaching 0.128 billion.
• Additional paid-in capital increased by 88.82% in fiscal year 2024 from 2023, and by 2.69% in fiscal year 2025 from 2024, reflecting equity issuance primarily related to the Inmarsat transaction.

Outbound Investments

• Viasat completed the acquisition of Inmarsat for approximately $7.3 billion on May 31, 2023. This transaction involved $850 million in cash, approximately 46 million shares of Viasat stock, and the assumption of $3.4 billion in debt.

Capital Expenditures

• Viasat's capital expenditures were $885 million in fiscal year 2021, $990 million in fiscal year 2022, $1,164 million in fiscal year 2023, $1,539 million in fiscal year 2024, and $1,030 million in fiscal year 2025.
• Capital expenditures in fiscal year 2023 were focused on the launch of the ViaSat-3 Americas and ViaSat-3 EMEA satellites, along with continued investment in expanding its global network, satellite fleet, earth station infrastructure, and ground network for international growth.
• For fiscal year 2026, Viasat anticipates slightly higher capital expenditures, projecting approximately $1,779 million, as it continues to optimize these investments as part of its Inmarsat integration strategy.