Viasat reported revenue of $1.18 billion and a Non-GAAP net loss of $0.32 per share, both missing analyst expectations for the period. While the Communication Services segment faced pressure from legacy business declines, the company reached a critical milestone as both ViaSat-3 Flight 2 and Flight 3 successfully entered service and began generating revenue capacity.
Key Highlights
- Defense and Advanced Technologies (DAT) revenue surged 20% year-over-year to $365 million, supported by record segment backlog of $1.4 billion.
- Successfully transitioned both ViaSat-3 F2 and F3 satellites into service, marking the end of a high-intensity capital investment phase.
- Net leverage ratio improved to 3.2x, meeting the company's previously stated target through free cash flow generation and debt reduction.
- Generated $78 million in free cash flow for the quarter, a 14% increase year-over-year driven by a 3% reduction in capital expenditures.