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Viasat Inc: How Will the High-Stakes ViaSat-3 Launch Rewrite Its Growth Story?

Viasat Inc reported a quarter showing gradual financial improvement, healthy commercial and government demand, and steady execution on its capital-intensive satellite roadmap, offset by continued fixed broadband weakness, uneven segment results, and ongoing leverage management. Net loss narrowed to USD 61 million from USD 138 million due to a better service revenue mix, lower depreciation and amortization, and reduced SG&A. Revenue rose 2% year over year to USD 1.1 billion, with Communications Services up 1% and Defense and Advanced Technologies up 3%. Adjusted EBITDA increased 3% to USD 385 million at a ~34% margin. Operating cash flow grew 18% to USD 282 million, capex was USD 214 million, and free cash flow of USD 69 million marked the third consecutive positive quarter, bringing trailing-twelve-month free cash flow to USD 147 million. Demand indicators were notably strong. Total awards climbed 17% to about USD 1.5 billion, and backlog reached USD 3.