Viasat's Q4 2025: Navigating Contradictions in Spectrum Strategy, Connectivity Contracts, and Financial Goals

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Financial Performance and Cash Flow:
- Viasat reported revenue of $1.15 billion in Q4, with a 32.7% adjusted EBITDA margin and produced about $50 million of free cash flow.
- The growth was driven by solid business performance, despite challenges in specific segments and the impact of foreign exchange losses and non-cash write-offs.

Satellite and Network Expansion:
- The company achieved significant milestones with the integration of the first ViaSat-3 Flight 1 satellite, demonstrating improved user experience and network efficiency.
- The expansion is part of the company's strategy to create a multi-year accelerated growth trajectory by increasing earnings and decreasing capital intensity.

Strategic Focus and Market Positioning:
- Viasat is enhancing financial transparency with new reporting segments and is working to capitalize on its unique spectrum rights in mobile satellite services.
- The company is positioning itself to compete effectively in the mobility markets by optimizing capacity usage and leveraging partnerships to reduce latency and enhance capital efficiency.

Aviation and Maritime Market Growth:
- The aviation business showed continued growth with 4,030 service aircraft, up 10%, and the maritime business is expected to stabilize and grow with over 100 ships in active service and nearly 500 more orders.
- Growth in these segments is driven by increased usage, improved productivity, and the integration of third-party capacity to meet demands.