Viasat (VSAT) investor relations material

Executive summary

• DAT growth and new ViaSat-3 capacity supported Q2 results, while Communication Services remained under pressure and operating income declined.

• With ViaSat-3 Flights 2 and 3 in service, the focus is shifting from deployment toward network utilization and monetization.

Financial highlights

• Q2 revenue was $1.180B, up 3% YoY; Adjusted EBITDA was $370M, down 4%.

• Operating income fell to $7.1M from $35.8M; net loss attributable to common stockholders widened to $128.7M from $61.4M, with diluted EPS of $(0.93).

• Free cash flow was $78M, up 14% YoY; operating cash flow was $285M, up 1%, and CapEx was $207M, down 3%.

• Awards were $1.14B, down 24% YoY; backlog reached $4.166B, up 7%, with funded backlog of $3.770B.

• H1 revenue rose 1% to $2.337B; operating income fell to $54.5M from $82.4M and attributable net loss widened to $180.4M.

Outlook and guidance

• FY27 revenue growth guidance was revised to low single digits from mid-single digits; Communication Services is expected to be ~flat and DAT growth mid-to-high teens.

• Updated FY27 guidance calls for operating cash flow of $950M–$1.0B, CapEx of $850M–$900M, and free cash flow of ~$180M; cash flow guidance excludes non-recurring items.

• Firm backlog was $4.166B at September 30, 2026, with ~half expected to be delivered in the next 12 months.

• ViaSat-3 ramp-up is expected to add operating costs, with later revenue growth and efficiencies as services scale.

• Equatys formation with Space42 was anticipated in Q3 FY27, subject to closing conditions, regulatory approvals, and appointment of a prime technology contractor.