Viasat Stock Earnings Reports

Viasat reported a modestly stronger-than-expected Q1 FY2026 with 4% revenue growth and 1% adjusted EBITDA growth driven by double-digit strength in Defense & Advanced Technologies (DAT) and solid aviation performance. Net loss widened to $56M mainly from higher depreciation/amortization and taxes. The company generated $60M of positive free cash flow in the quarter and trailing 12-month free cash flow of $88M, with net leverage ~3.6x. Key priorities are bringing ViaSat-3 Flights 2 and 3 into service (Flight 2 expected to ship to the launch site by end of September 2025), accelerating NexusWave maritime deployments (1,000 orders, ramping installs), growing aviation (LATAM Amara win) and DAT (strong infosec/cyber awards, 225% YoY awards growth). Management reiterated FY26 guidance of low single-digit revenue growth and roughly flat adjusted EBITDA year-over-year, expects total CapEx of about $1.2B (improved $100M vs prior quarter) and a sustainable free cash flow inflection in H2 as ViaSat-3 deployments complete. The company is pursuing a portfolio review and capital-structure actions focused first on repaying a $300M Inmarsat 2026 term loan to reduce interest expense and delever over time. Management is also pursuing shared, standards-based non-terrestrial network (NTN) approaches with other spectrum holders to lower capital intensity for D2D and multi-orbit services. Uncertainties noted include patent/IP revenue variability (TrellisWare), Ligado settlement timing, launch/manifest schedule risk and macro impacts on aircraft deliveries and U.S. fixed broadband.