Viasat (VSAT) investor relations material

Executive summary

• Achieved record new awards and backlog in Defense & Advanced Technologies (DAT), with notable wins such as the next phase of the Protected Tactical SATCOM-Global (PTSG) program.

• Aviation segment saw continued growth, with 4,630 commercial aircraft in service and higher average revenue per aircraft.

• Successfully completed deployments of ViaSat-3 Flights 2 and 3, entering in-orbit test phases ahead of expected service entry.

• Positive free cash flow of $72 million, up 19% year-over-year, and operating cash flow of $291 million, up 13%.

• Ongoing strategic review of DAT segment and spectrum assets, with emphasis on maximizing shareholder value.

Financial highlights

• Company-wide awards reached $1.3 billion, up 10% year-over-year; backlog at $4.2 billion, up 19%.

• Revenue was $1.16 billion, down 1% year-over-year; service revenues up 1% to $832.4 million, product revenues down 6% to $324.1 million.

• Net loss of $51.7 million, improved from $56.4 million prior year; net loss per share was $(0.38).

• Adjusted EBITDA was $381 million, down 7% year-over-year.

• Capital expenditures were $219 million, up 11% year-over-year.

Outlook and guidance

• Fiscal 2027 revenue expected to grow mid-single digits; Communication Services to grow low single digits, DAT mid-teens.

• Adjusted EBITDA for fiscal year expected to be flat to up slightly year-over-year; CapEx guidance for fiscal 2027 is $950 million–$1 billion.

• Free cash flow expected to remain positive at ~$180 million; net leverage ratio expected to decrease slightly.

• Approximately half of the $4.2 billion firm backlog is expected to be delivered in the next 12 months.

• Continued investment in satellite fleet expansion and multi-orbit capabilities is planned.