Viasat Inc (NASDAQ: VSAT) is a satellite communications company that provides broadband services and technology products across commercial, government, and military markets. It makes money through two primary segments: communication services, which generated $3.30B in total revenue for FY2025 (ended March 31, 2025), and defense and advanced technologies, which generated $1.22B in total revenue for FY2025. Service revenues account for 71% of total revenues in FY2025, with product revenues making up the remaining 29%. Viasat operates its own satellite fleet, including the ViaSat-1, ViaSat-2, and third-generation ViaSat-3 class satellites, giving it vertical integration across spacecraft, ground infrastructure, user terminals, and network operations. The communication services segment posted an operating loss of $50.2M in FY2025, improved from an $817.1M operating loss in FY2024. The company is capital-intensive with sustained net losses from continuing operations, reporting a net loss of 12% of revenues in FY2025.

Revenue model

Subscription and recurring service revenues from in-flight connectivity (IFC), maritime broadband, residential fixed broadband, and business internet services, plus product revenues from satellite hardware, cybersecurity products, and government-contracted development programs. Service revenues were 71% of total revenues in FY2025; product revenues were 29%. Defense segment revenues are partly contract-based, including cost-plus development contracts with the U.S. Government.

Products and services

In-flight connectivity systems and services for commercial, private, and military aircraft; maritime broadband systems and services; residential fixed broadband under the Viasat Internet brand; business internet services; community internet services with centralized satellite-powered terminals; expeditionary tactical gateways; cybersecurity and information assurance products; small satellite development; fixed and mobile satellite broadband systems for government and military users. Satellites include ViaSat-1, ViaSat-2, and the ViaSat-3 constellation.

Customers and end markets

Commercial airlines (IFC sold direct); business aviation customers (sold direct and via value-added resellers); maritime commercial operators (sold via direct and indirect reseller partners); U.S. residential broadband subscribers (sold direct via website, call centers, and retail dealers); enterprise business internet customers; U.S. Government agencies, military, and international government and defense users. Defense and advanced technologies segment new awards grew from approximately $0.6B in FY2018 to $1.6B in FY2025 (excluding the Link-16 TDL Business sold to L3Harris in January 2023).

Value-chain role

Vertically integrated satellite operator and technology developer. Viasat designs and owns its satellites, develops ground infrastructure and user terminals, operates the network, and delivers end services directly to subscribers and government customers. It also partners with content providers including Apple, Facebook, and DirecTV to support end-user application delivery over its network.

Geographic exposure

Primary operations in the United States for residential broadband. International presence across commercial aviation, maritime, and government markets, with near-global satellite coverage including oceanic and polar regions. Community internet services offered in unserved and underserved international markets through local distribution partnerships. Exact revenue breakdown by geography not specified in the filing excerpts.

Source: SEC 10-K, filed 2025-05-27

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