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• The Comcast or AT&T of satellite internet, providing high-speed connectivity to remote homes, businesses, and especially to airplanes.
• Like SpaceX's Starlink, but with a much broader portfolio of high-speed satellite internet and secure communications for governments, airlines, and businesses, not just consumers.
• A Verizon that operates its own global satellite network instead of cell towers, providing secure, high-speed connectivity for a wide range of uses from consumer internet to military communications.

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• Satellite Internet Services: Provides high-speed, reliable broadband internet connectivity for residential, business, and government customers, especially in remote or underserved regions.
• In-Flight Connectivity (IFC): Offers advanced Wi-Fi and entertainment solutions for commercial and business aircraft, enabling passengers and crew to stay connected globally.
• Government and Defense Solutions: Delivers secure and resilient satellite communication systems, tactical networking, and cybersecurity solutions primarily to military and government agencies worldwide.
• Satellite and Ground Infrastructure: Develops and supplies advanced satellite payloads, ground segment components, modems, and networking equipment, both for its own networks and for external customers.

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Major Customers of Viasat (VSAT)

Viasat (VSAT) sells primarily to other companies and governmental entities across its various segments, including satellite services (especially in-flight connectivity), government systems, and commercial networks. While Viasat also offers residential internet services directly to individuals, its most significant and strategic customer relationships, in terms of contract value and strategic importance, are typically with institutional clients.

Major Customer Companies (Public):

• Southwest Airlines Co. (NYSE: LUV) - A long-standing major customer for Viasat's in-flight connectivity (IFC) services, deploying it across a significant portion of its fleet.
• American Airlines Group Inc. (NASDAQ: AAL) - Utilizes Viasat for in-flight connectivity on many of its aircraft, enhancing passenger experience.
• United Airlines Holdings, Inc. (NASDAQ: UAL) - Employs Viasat's in-flight connectivity solutions on a portion of its fleet, providing internet access to travelers.

Major Governmental/Military Customers:

These entities are not public companies, but they represent a substantial and critical customer base for Viasat, particularly within its Government Systems segment, which is its largest by revenue:

• U.S. Department of Defense (DoD) - Including branches like the U.S. Air Force, Army, and Navy. Viasat is a key provider of secure satellite communications, tactical data links, cybersecurity, and advanced networking solutions for defense and national security missions.
• Other U.S. Government Agencies - Various federal agencies rely on Viasat for secure and reliable communication technologies in critical operations.
• International Governments and Militaries - Viasat provides secure communication and networking solutions, including satcom products and services, to allied nations globally.

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• Boeing (BA)

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Mark Dankberg, Chairman of the Board, Chief Executive Officer, and Co-Founder

Mark Dankberg co-founded Viasat in 1986. He served as CEO until November 2020, becoming Executive Chairman, and then resumed the CEO role in 2022. Prior to founding Viasat, Mr. Dankberg was Assistant Vice President of M/A-COM Linkabit from 1979 to 1986 and a Communications Engineer for Rockwell International Corporation from 1977 to 1979. He holds B.S. EE and M.S. EE degrees from Rice University.

Gary Chase, Chief Financial Officer

Gary Chase was appointed Chief Financial Officer of Viasat in September 2024. Before joining Viasat, he spent over 12 years at Delta Air Lines, where he most recently served as Senior Vice President of Operational Finance and was a member of the Delta Leadership Committee. During his tenure at Delta, he oversaw various financial functions including Financial Planning & Analysis, Investor Relations, Corporate Planning, and Operational Finance, and also served as interim Co-CFO and Chief Strategy Officer. Prior to Delta, Mr. Chase was an Institutional Investor ranked analyst and Managing Director in equity research at Barclays Capital and Lehman Brothers for 12 years, specializing in the airline and transportation industries.

Shawn Duffy, Senior Vice President, Chief Accounting Officer

Shawn Duffy became Senior Vice President and Chief Accounting Officer in September 2024. She previously served as Chief Financial Officer and Senior Vice President of Viasat. Her prior roles at the company also include Chief Accounting Officer, Vice President, and Corporate Controller. Earlier in her career, Ms. Duffy was a Senior Manager at Ernst and Young LLP.

Girish Chandran, Corporate Chief Technology Officer and President, Global Space Networks

Girish Chandran joined Viasat in October 2007 and serves as Corporate Chief Technology Officer and President, Global Space Networks. He has held numerous engineering roles at Viasat, including principal engineer where he led efforts to build the ground segment for geostationary satellites. Before Viasat, he was Vice President of Engineering at Newtec America, where he designed end-to-end IP networks for multimedia exchange.

Mark Miller, Executive Vice President, Chief Technical Officer and Co-Founder

Mark Miller co-founded Viasat in May 1986. He has been Executive Vice President and Chief Technical Officer since 2014, and previously served as Vice President and Chief Technical Officer from 1993 to 2014. Mr. Miller was an Engineering Manager at Viasat from 1986 to 1993 and a Staff Engineer at M/A-COM Linkabit from 1983 to 1986.

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The public company Viasat (VSAT) faces several significant risks to its business:

1. High Debt Load and Profitability Challenges: Viasat carries a substantial debt load, which significantly impacts its financial health. As of Q3 Fiscal Year 2025, the company's net debt was approximately $5.66 billion, with total debt around $6.43 billion as of June 2025. This high leverage is largely due to the capital-intensive nature of satellite operations and the acquisition of Inmarsat. Viasat has reported net losses, and despite revenue growth, profitability remains a challenge, with a weak interest coverage ratio and a low Altman Z-Score indicating financial distress risk.
2. Intense Competition from LEO Satellite Constellations: The satellite internet market is highly competitive, with significant threats from Low Earth Orbit (LEO) satellite constellations such as SpaceX's Starlink, Eutelsat's OneWeb, and Amazon's Project Kuiper. These competitors offer low-latency, high-speed internet services that directly compete with Viasat's geostationary satellite offerings, potentially impacting Viasat's market share, pricing, and overall profitability.
3. Satellite-Related Risks and Operational Failures: Viasat faces inherent risks associated with the construction, launch, and operation of its satellites. Past incidents, such as the ViaSat-3 F1 satellite's reflector deployment issue and the I-6 F2 satellite's power subsystem anomaly, have materially impacted the company's planned capacity and revenue-generating capabilities. The successful deployment and operation of its satellite constellations, particularly the ViaSat-3, are critical for the company's future growth, and any further anomalies, operational failures, or deployment delays could severely affect its business.

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Clear Emerging Threats to Viasat (VSAT)

• **Low Earth Orbit (LEO) Satellite Constellations:** Services like Starlink (SpaceX), OneWeb, and Amazon's Project Kuiper represent a significant emerging threat. These LEO systems offer substantially lower latency and often higher speeds compared to Viasat's Geostationary Earth Orbit (GEO) satellites. This directly threatens Viasat's core businesses, including:
  • **Residential Internet:** Starlink is actively acquiring customers in rural and suburban areas, directly competing with Viasat's consumer broadband service.
  • **In-Flight Connectivity (IFC):** Starlink Aviation is rapidly entering the aviation market, securing partnerships (e.g., with Delta Airlines), and offering a high-performance alternative to Viasat's dominant position in commercial aviation connectivity (especially post-Inmarsat acquisition).
  • **Maritime and Enterprise Connectivity:** LEO providers are also targeting these markets with solutions that boast lower latency, which can be critical for certain business applications.
  **Evidence:** Starlink's rapid deployment and global customer acquisition, OneWeb's growing constellation and enterprise partnerships, and Amazon's significant investment in Project Kuiper all demonstrate the aggressive emergence and expansion of this competitive technology.
• **Expansion of 5G Fixed Wireless Access (FWA):** The continued and aggressive rollout of 5G terrestrial networks, particularly Fixed Wireless Access (FWA) services by major telecom carriers, poses a threat to Viasat's residential internet business.
  • **Residential Internet Competition:** In many rural and semi-rural areas where Viasat traditionally served underserved populations, 5G FWA can offer a competitive broadband alternative with lower latency and often attractive pricing, drawing away potential and existing Viasat customers.
  **Evidence:** T-Mobile, Verizon, and AT&T are actively expanding their 5G FWA footprints and marketing these services as a viable alternative to traditional satellite or DSL internet in targeted regions.

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Viasat (VSAT) participates in several significant addressable markets for its main products and services. The market sizes vary depending on the specific service and the geographic region:

• In-flight Connectivity (IFC) / Aviation: The global in-flight connectivity market was valued at approximately USD 1.9 billion in 2024 and is projected to reach USD 4.2 billion by 2034, growing at a CAGR of 6.6%. North America accounts for over 60% of this market. Another estimate places the global in-flight entertainment and connectivity market size at USD 5.57 billion in 2024, with a projection to reach USD 11.09 billion by 2033 at a CAGR of 7.55%. North America held a 39.8% market share in 2024, with the U.S. specifically accounting for 85% of the North American market. The broader "Mobile Premium Services" market, which includes commercial airlines, business aviation, maritime, connected cars, and connected trains and buses, is estimated to grow globally from USD 36 billion in 2020 to approximately USD 108 billion by 2030, at a CAGR of about 12%.
• Government Satcom / Government Systems: The global market for Government and Military Satellite Communications was valued at USD 51.79 billion in 2024 and is projected to reach USD 68.8 billion by 2031, with a CAGR of 4.2%. The "Government Premium Services" market, encompassing areas such as U.S. DoD, U.S. Cyber, and International MILCOM, is estimated to grow globally from USD 81 billion in 2020 to about USD 130 billion by 2030, at a CAGR of approximately 5%. The global military communication market was valued at USD 33.12 billion in 2023 and is projected to grow at a CAGR of 7.2% during the forecast period.
• Fixed & Residential Broadband (Satellite Internet): The global broadband internet services market was valued at USD 406.19 billion in 2024 and is expected to grow to USD 425.78 billion in 2025, at a CAGR of 4.8%. The "Consumer Services" segment, which includes residential internet, community internet, smart home, and small and medium-sized enterprise (SME) services, is expected to grow globally from approximately USD 650 billion in 2020 to an estimated USD 900 billion by 2030, at a 3% CAGR.
• Maritime: While specifically mentioned as a Viasat business line, a separate addressable market size solely for maritime satellite services was not found, but it is included within the broader "Mobile Premium Services" market mentioned above.
• Defense and Advanced Technologies (Information Security, Cyber Defense, Space and Mission Systems, Tactical Networking): These are key business lines for Viasat. Specific addressable market sizes for these individual sub-segments were not available separately from the broader "Government Satcom" or "Government Premium Services" markets.

The overall global satellite communication market, which includes many of Viasat's offerings, was valued at USD 92.3 billion in 2024 and is projected to reach USD 214.6 billion by 2034, growing at a CAGR of 8.8%.

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• ViaSat-3 Satellite Launches and Capacity Expansion: The upcoming launches and operationalization of the ViaSat-3 Flight 2 (F2) and F3 satellites are anticipated to be significant growth drivers. These satellites are expected to effectively triple Viasat's global bandwidth capacity, enhancing its ability to serve more customers and deliver improved services across various segments.
• Growth in Defense and Advanced Technologies (DAT) Segment: The Defense and Advanced Technologies segment is projected to experience strong revenue growth, particularly in areas like information security, cyber defense, and space and mission systems. This segment boasts a substantial backlog, signaling future revenue potential.
• Expansion of Aviation Services: Viasat anticipates low double-digit growth in its aviation services within the Communication Services segment. This includes in-flight broadband services for commercial and business jets, with new developments like the JetXP in-flight broadband service and the Global Aero Terminal 5510 connecting to ViaSat-3 satellites paving the way for faster and more reliable connectivity.
• Growth in Government Satellite Communications (SATCOM): The government SATCOM sector is identified as another key area contributing to revenue growth within the Communication Services segment. Viasat has secured new contracts, such as being selected by the U.S. Government to develop next-generation Ethernet Data Encryptors.
• Synergies from Inmarsat Integration: The successful integration of the Inmarsat acquisition, which significantly boosted Viasat's revenue in fiscal year 2024, is crucial for realizing anticipated synergies and cost savings. This integration is expected to reinforce Viasat's competitive position and contribute to overall financial health and sustained growth.

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Share Repurchases

• Viasat repurchased common stock to satisfy minimum statutory employee tax withholding requirements related to share-based awards, amounting to $2.8 million and $8.7 million during the three months ended December 31, 2024 and 2023, respectively.
• For the nine months ended December 31, 2024 and 2023, the company repurchased 520,538 and shares of common stock, respectively, for tax withholdings.

Share Issuance

• On May 30, 2023, Viasat completed the acquisition of Inmarsat Holdings, issuing 46.36 million shares of its common stock as part of the consideration.
• Viasat's shares outstanding increased by 54.37% in 2024 to 0.117 billion, primarily due to the Inmarsat acquisition, and further increased by 9.63% in 2025 to 0.128 billion.
• The company issued 1,103,337 and 1,284,326 shares of common stock during the three months ended December 31, 2024 and 2023, respectively, based on the vesting terms of restricted stock unit agreements.

Inbound Investments

• Viasat upsized its Senior Secured Notes to $1,975 million as of April 14, 2025, providing capital for debt refinancing and new projects.
• The company secured $252 million in new investment capital from investors as of August 25, 2025, to bolster growth initiatives and expand global infrastructure.
• A settlement agreement with Ligado Networks in June 2025 is expected to provide Viasat with $568 million in fiscal year 2026, including lump sum payments of $420 million by October 31, 2025, and $100 million by March 31, 2026.

Outbound Investments

• Viasat acquired Inmarsat Holdings on May 30, 2023, for approximately $550.7 million in cash and 46.36 million shares of its common stock.
• In 2022, Viasat sold its Link 16 business to L3Harris, which freed up capital and allowed for a focus on higher-margin defense contracts.

Capital Expenditures

• Viasat's capital expenditures averaged $1.11 billion for fiscal years ending March 2021 to 2025, peaking at $1.539 billion in March 2024 and decreasing to $1.03 billion in March 2025.
• Expected capital expenditures for fiscal year 2026 are approximately $1.2 billion, which includes about $400 million for Inmarsat-related capital expenditures.
• The primary focus of capital expenditures includes investments in the ViaSat-3 class satellites and related ground infrastructure, with an estimated $250 million for the completion of the ViaSat-3 constellation in fiscal year 2026.