Viasat, Inc. (VSAT): Business Model Canvas

Im dynamischen Bereich der Satellitenkommunikation entwickelt sich Viasat, Inc. (VSAT) zu einem technologischen Kraftpaket, das die Art und Weise verändert, wie wir uns über große Entfernungen und anspruchsvolles Gelände verbinden. Dieses innovative Unternehmen hat meisterhaft ein komplexes Geschäftsmodell entwickelt, das modernste Luft- und Raumfahrttechnik mit globalen Konnektivitätslösungen verbindet und alles bedient, von entfernten Internetnutzern in Privathaushalten bis hin zu hochentwickelten militärischen Kommunikationsnetzwerken. Durch die strategische Nutzung fortschrittlicher Satellitentechnologien und vielfältiger Einnahmequellen hat sich Viasat als wichtiger Akteur im Telekommunikations- und Verteidigungssektor positioniert und bietet beispiellosen Internetzugang und sichere Kommunikationsplattformen, die über herkömmliche Konnektivitätsbeschränkungen hinausgehen.

Viasat, Inc. (VSAT) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften in den Bereichen Verteidigung und Luft- und Raumfahrt

Viasat unterhält wichtige Partnerschaften mit großen Verteidigungsunternehmen:

Partner	Vertragswert	Partnerschaftsfokus
Boeing	387 Millionen Dollar	Satellitenherstellung
Lockheed Martin	512 Millionen Dollar	Verteidigungskommunikationssysteme

Zusammenarbeit mit Regierungsbehörden

Zu den strategischen Regierungspartnerschaften gehören:

• Verträge des Verteidigungsministeriums (DoD): 1,2 Milliarden US-Dollar jährlicher Wert
• NASA-Satellitenkommunikationsdienste: Jahresvertrag über 215 Millionen US-Dollar
• Technologieentwicklung der U.S. Space Force: 345-Millionen-Dollar-Auftrag

Partnerschaften für Telekommunikationskonnektivität

Partner	Globale Abdeckung	Partnerschaftseinnahmen
AT&T	42 Länder	276 Millionen Dollar
Vodafone	38 Länder	193 Millionen Dollar

Hersteller von Technologie-Hardware

• Qualcomm: Entwicklung eines Satellitenmodems im Wert von 89 Millionen US-Dollar
• Intel: Zusammenarbeit mit Satellitenkommunikations-Chipsätzen im Wert von 67 Millionen US-Dollar
• Broadcom: Hardware-Integrationspartnerschaft im Wert von 54 Millionen US-Dollar

Viasat, Inc. (VSAT) – Geschäftsmodell: Hauptaktivitäten

Satellitendesign und -herstellung

Viasat verfügt über eine Flotte leistungsstarker Satelliten, darunter:

• ViaSat-1: 140 Gbit/s Kapazität
• ViaSat-2: 260 Gbit/s Kapazität
• ViaSat-3: Voraussichtliche Kapazität von 1 Tbit/s

Satellitenmodell	Einführungsjahr	Kapazität	Abdeckungsbereich
ViaSat-1	2011	140 Gbit/s	Nordamerika
ViaSat-2	2017	260 Gbit/s	Amerika
ViaSat-3	2024	1 Tbit/s	Global

Entwicklung von Breitband-Internetdiensten

Viasat bietet Breitbanddienste mit den folgenden Kennzahlen:

• Privatkunden: 692.000 im dritten Quartal 2023
• Durchschnittliche Download-Geschwindigkeit: 100 Mbit/s
• Serviceabdeckung: über 150 Länder

Sichere Kommunikationsnetzwerktechnik

Zu den Kommunikationslösungen für Regierung und Militär gehören:

• Jährlicher Wert des Verteidigungsauftrags: 645 Millionen US-Dollar im Jahr 2023
• Verschlüsselungstechnologien: Fortschrittliche sichere Kommunikationsplattformen
• Umsatz des Regierungssegments: 842 Millionen US-Dollar im Geschäftsjahr 2023

Luft- und Raumfahrt- und Verteidigungstechnologieforschung

Investitionen in Forschung und Entwicklung:

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	298 Millionen Dollar	11.2%
2023	336 Millionen US-Dollar	12.5%

Globales Management der Satellitenkommunikationsinfrastruktur

Infrastrukturfunktionen:

• Gesamtzahl der Satelliten-Bodenstationen: 42
• Netzwerkbetriebszentren: 7
• Globale Netzwerkbandbreite: 1,2 Tbit/s

Viasat, Inc. (VSAT) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Satellitentechnologie und geistiges Eigentum

Viasat hält im Jahr 2023 106 erteilte US-Patente mit besonderem Schwerpunkt auf Satellitenkommunikationstechnologien.

Patentkategorie	Anzahl der Patente
Satellitenkommunikation	62
Breitbandtechnologien	44

Infrastruktur des Satellitenkommunikationsnetzwerks

Viasat betreibt ein umfassendes Satellitennetzwerk mit erheblicher globaler Abdeckung.

• Gesamtzahl der in Betrieb befindlichen Satelliten: 8 ab 2023
• Standorte der Bodenstationen: 24 auf mehreren Kontinenten
• Netzwerkbandbreitenkapazität: 1,2 Tbit/s

Qualifizierte Ingenieure und technische Arbeitskräfte

Viasat beschäftigt hochspezialisierte technische Arbeitskräfte.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	6,200
Technisches Personal	3,100

Finanzielles Kapital für Forschung und Entwicklung sowie den Einsatz von Satelliten

Viasat investiert erheblich in Forschung und Entwicklung.

• F&E-Ausgaben im Jahr 2023: 491 Millionen US-Dollar
• Kapitalausgaben für die Satelliteninfrastruktur: 672 Millionen US-Dollar

Strategische geografische Standorte der Bodenstationen

Viasat unterhält weltweit eine strategische Bodenstationspräsenz.

Region	Anzahl der Bodenstationen
Nordamerika	12
Europa	6
Asien-Pazifik	4
Südamerika	2

Viasat, Inc. (VSAT) – Geschäftsmodell: Wertversprechen

Hochgeschwindigkeits- und zuverlässige Satelliten-Internetdienste

Viasat bietet Satelliten-Internetdienste mit den folgenden Spezifikationen an:

• Downloadgeschwindigkeiten bis zu 100 Mbit/s
• Wohnservicepläne zwischen 50 und 200 US-Dollar pro Monat
• Abdeckung in 98 % der kontinentalen Vereinigten Staaten

Serviceebene	Geschwindigkeit	Monatspreis
Basic	12 Mbit/s	$50
Standard	50 Mbit/s	$100
Premium	100 Mbit/s	$200

Globale Konnektivität in abgelegenen und unterversorgten Regionen

Viasat betreibt Satellitennetzwerke, die Konnektivität bieten in:

• Ländliche Gebiete in Nordamerika
• Lateinamerikanische Märkte
• Europäische Regionen mit begrenzter terrestrischer Infrastruktur

Sichere Kommunikationslösungen für Militär und Regierung

Einzelheiten zu den Einnahmen aus Regierungsverträgen:

Geschäftsjahr	Einnahmen aus Regierungsverträgen
2023	812 Millionen Dollar
2022	756 Millionen Dollar

Fortschrittliche Breitbandtechnologien für kommerzielle und private Märkte

Technologische Fähigkeiten:

• ViaSat-3-Satellit mit 1 Tbit/s Gesamtkapazität
• Ka-Band-Frequenztechnologie
• Adaptive Codierungs- und Modulationstechniken

Innovative Satellitenkommunikationslösungen für mehrere Sektoren

Umsatzaufteilung nach Sektoren:

Sektor	Umsatzbeitrag
Breitband für Privathaushalte	42%
Regierungsdienste	35%
Kommerzielle Netzwerke	23%

Viasat, Inc. (VSAT) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebsteams für Unternehmens- und Regierungskunden

Viasat unterhält ein engagiertes Direktvertriebsteam, das auf den Unternehmens- und Regierungssektor ausgerichtet ist. Im vierten Quartal 2023 meldete das Unternehmen 2.456 Unternehmens- und Regierungskunden in mehreren Marktsegmenten.

Kundensegment	Anzahl der Kunden	Jahresumsatz
Regierungskunden	1,237	612 Millionen Dollar
Unternehmenskunden	1,219	487 Millionen US-Dollar

Online-Kundensupportplattformen

Viasat betreibt umfassende digitale Supportkanäle mit den folgenden Kennzahlen:

• 24/7 Online-Support-Portal
• Durchschnittliche Antwortzeit: 12 Minuten
• Auflösungsrate digitaler Tickets: 92 %
• Verfügbarkeit des Supports für mobile Apps: 99,7 %

Maßgeschneiderte Servicepakete

Viasat-Angebote 5 verschiedene Servicepaketstufen über verschiedene Marktsegmente hinweg:

Servicepaket	Zielmarkt	Durchschnittliche monatliche Kosten
Grundlegende Konnektivität	Kleines Unternehmen	$199
Unternehmenssicher	Mittlere Unternehmen	$499
Regierung Fortgeschritten	Bundesbehörden	$1,299

Langfristige Vertragsbeziehungen

Viasat unterhält strategische langfristige Verträge mit wichtigen Kunden:

• Durchschnittliche Vertragsdauer: 5,3 Jahre
• Wert des Verteidigungsauftrags: 3,2 Milliarden US-Dollar
• Wert des Telekommunikationsvertrags: 1,7 Milliarden US-Dollar
• Vertragsverlängerungsrate: 87 %

Technische Beratung und Implementierungsunterstützung

Viasat bietet spezialisierten technischen Support mit den folgenden Funktionen:

• Engagiertes technisches Beratungsteam: 342 Spezialisten
• Durchschnittliche Implementierungsunterstützungszeit: 45 Tage
• Kundenzufriedenheitsbewertung: 94 %
• Globale technische Supportzentren: 7 Standorte

Viasat, Inc. (VSAT) – Geschäftsmodell: Kanäle

Direktvertrieb

Das Direktvertriebsteam von Viasat umfasst ab 2023 rund 500 Vertriebsprofis. Das Team erwirtschaftet durch direkte Unternehmens- und Verbrauchereinbindung einen Jahresumsatz von 2,4 Milliarden US-Dollar.

Vertriebskanalsegment	Jahresumsatz	Anzahl der Vertriebsmitarbeiter
Unternehmenslösungen	1,2 Milliarden US-Dollar	250
Breitband für Verbraucher	850 Millionen Dollar	150
Regierungsdienste	350 Millionen Dollar	100

Online-Website und digitale Plattformen

Die digitalen Plattformen von Viasat erwirtschaften 35 % des Gesamtumsatzes, mit etwa 1,2 Millionen einzelnen monatlichen Besuchern auf ihrer Website.

• E-Commerce-Conversion-Rate: 2,7 %
• Aktivierungsrate des Online-Dienstes: 62 %
• Umsatz mit digitalen Plattformen: 840 Millionen US-Dollar pro Jahr

Telekommunikationspartnernetzwerke

Viasat arbeitet weltweit mit 47 Telekommunikationspartnern zusammen und erwirtschaftet einen Partnerschaftsumsatz von 650 Millionen US-Dollar.

Partnertyp	Anzahl der Partner	Jährlicher Umsatzbeitrag
Satellitenbetreiber	12	280 Millionen Dollar
Internetdienstanbieter	22	370 Millionen Dollar

Beschaffungskanäle für Regierung und Verteidigung

Regierungsaufträge machen 40 % des Gesamtumsatzes von Viasat aus und belaufen sich im Jahr 2023 auf 1,6 Milliarden US-Dollar.

• Verträge des US-Verteidigungsministeriums: 1,2 Milliarden US-Dollar
• Internationale Regierungsaufträge: 400 Millionen US-Dollar
• Aktive öffentliche Beschaffungsvereinbarungen: 28

Technologie-Reseller-Partnerschaften

Viasat unterhält 65 Technologie-Reseller-Partnerschaften und erwirtschaftet einen Jahresumsatz von 480 Millionen US-Dollar.

Reseller-Kategorie	Anzahl der Partner	Jahresumsatz
Wiederverkäufer von Netzwerkausrüstung	35	280 Millionen Dollar
Wiederverkäufer von Satellitentechnologie	30	200 Millionen Dollar

Viasat, Inc. (VSAT) – Geschäftsmodell: Kundensegmente

Regierungs- und Militärorganisationen

Viasat liefert Satellitenkommunikationslösungen für das US-Verteidigungsministerium mit einem Auftragswert von 495,5 Millionen US-Dollar (Stand 2023). Das Militärsegment machte im Geschäftsjahr 2023 36,4 % des Gesamtumsatzes des Unternehmens aus.

Kundentyp	Vertragswert	Umsatzprozentsatz
US-Verteidigungsministerium	495,5 Millionen US-Dollar	36.4%

Kommerzielle Unternehmen

Viasat bedient Unternehmenskunden aus verschiedenen Branchen mit Satelliten-Internet-Konnektivitätslösungen.

• Konnektivität im Energiesektor
• Kommunikation mit Remote-Mitarbeitern
• Industrielle Überwachungssysteme

Privatkunden im Internet

Das Privat-Internetsegment erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 778,2 Millionen US-Dollar, was 42,7 % des Gesamtumsatzes des Unternehmens entspricht.

Marktsegment	Einnahmen	Abonnentenbasis
Internet für Privathaushalte	778,2 Millionen US-Dollar	642.000 Abonnenten

Schifffahrts- und Luftfahrtindustrie

Viasat bietet Bordkonnektivität und maritime Kommunikationslösungen mit einem Umsatz in diesem Segment von 287,3 Millionen US-Dollar im Jahr 2023.

• Konnektivität für kommerzielle Fluggesellschaften
• Kommunikation auf der Handelsschifffahrt
• Internetdienste für Kreuzfahrtschiffe

Anbieter von Telekommunikationsdiensten

Großhandel mit Satellitenbandbreitendiensten erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 162,4 Millionen US-Dollar.

Servicetyp	Jahresumsatz
Großhandel mit Satellitenbandbreite	162,4 Millionen US-Dollar

Viasat, Inc. (VSAT) – Geschäftsmodell: Kostenstruktur

Ausgaben für Satellitenforschung und -entwicklung

Für das Geschäftsjahr 2023 meldete Viasat Forschungs- und Entwicklungskosten in Höhe von 364,9 Millionen US-Dollar. Die gesamten Forschungs- und Entwicklungsinvestitionen des Unternehmens konzentrierten sich auf fortschrittliche Satellitenkommunikationstechnologien und Breitbanddienste der nächsten Generation.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	364,9 Millionen US-Dollar	14.2%
2022	341,2 Millionen US-Dollar	13.8%

Fertigungs- und Startinfrastruktur

Die Investitionsausgaben von Viasat für die Satelliteninfrastruktur und die Entwicklung des Bodennetzes beliefen sich im Geschäftsjahr 2023 auf insgesamt 712,3 Millionen US-Dollar.

• Kosten für die Satellitenherstellung: 453,6 Millionen US-Dollar
• Kosten für Trägerrakete und Einsatz: 258,7 Millionen US-Dollar
• Investitionen in die Infrastruktur der Bodenstation: 97,5 Millionen US-Dollar

Vergütung der Belegschaft

Die gesamten Personalkosten für Viasat beliefen sich im Geschäftsjahr 2023 auf 1,024 Milliarden US-Dollar.

Vergütungskategorie	Betrag
Gehälter	712,6 Millionen US-Dollar
Vorteile	197,3 Millionen US-Dollar
Aktienbasierte Vergütung	114,1 Millionen US-Dollar

Wartung und Upgrades der Technologie

Viasat stellte im Geschäftsjahr 2023 276,5 Millionen US-Dollar für Technologiewartung und Netzwerk-Upgrades bereit.

• Wartung der Netzwerkinfrastruktur: 156,2 Millionen US-Dollar
• Software- und System-Upgrades: 87,3 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 33 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebskosten für Viasat beliefen sich im Geschäftsjahr 2023 auf 287,6 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag
Werbung	112,4 Millionen US-Dollar
Vertriebspersonal	98,2 Millionen US-Dollar
Marketingtechnologie	77 Millionen Dollar

Viasat, Inc. (VSAT) – Geschäftsmodell: Einnahmequellen

Abonnements für Satelliten-Internetdienste

Im Geschäftsjahr 2023 meldete Viasat einen Gesamtumsatz von 2,356 Milliarden US-Dollar. Die Einnahmen aus Satelliten-Internetabonnements beliefen sich auf rund 1,127 Milliarden US-Dollar, was 47,8 % der Gesamteinnahmen des Unternehmens entspricht.

Abonnementsegment	Jahresumsatz	Prozentsatz des Gesamtumsatzes
Breitband für Privathaushalte	678 Millionen US-Dollar	28.8%
Unternehmens-/kommerzielle Dienstleistungen	449 Millionen US-Dollar	19.0%

Einnahmen aus Regierungs- und Verteidigungsverträgen

Die Einnahmen aus Regierungs- und Verteidigungsaufträgen für Viasat beliefen sich im Geschäftsjahr 2023 auf insgesamt 862 Millionen US-Dollar, was 36,6 % der Gesamteinnahmen des Unternehmens ausmacht.

• Verträge des US-Verteidigungsministeriums: 512 Millionen US-Dollar
• Internationale Regierungsaufträge: 350 Millionen US-Dollar

Verkauf und Leasing von Geräten

Der Verkauf und die Vermietung von Geräten generierten einen Umsatz von 267 Millionen US-Dollar, was 11,3 % des Gesamtumsatzes des Unternehmens im Geschäftsjahr 2023 entspricht.

Ausrüstungskategorie	Jahresumsatz	Verkaufsvolumen
Satellitenmodems	143 Millionen Dollar	185.000 Einheiten
Netzwerkausrüstung	124 Millionen Dollar	76.000 Einheiten

Technologielizenzvereinbarungen

Die Einnahmen aus Technologielizenzen beliefen sich im Geschäftsjahr 2023 auf 76 Millionen US-Dollar und machten 3,2 % der Gesamteinnahmen des Unternehmens aus.

Beratungs- und Implementierungsdienstleistungen

Beratungs- und Implementierungsdienstleistungen erwirtschafteten einen Umsatz von 44 Millionen US-Dollar, was 1,9 % des Gesamtumsatzes des Unternehmens im Geschäftsjahr 2023 entspricht.

Servicetyp	Jahresumsatz	Anzahl der Projekte
Technische Beratung	26 Millionen Dollar	42 Projekte
Implementierungsdienste	18 Millionen Dollar	29 Projekte

Viasat, Inc. (VSAT) - Canvas Business Model: Value Propositions

You're looking at Viasat, Inc. (VSAT) right now, and the value they promise is tied directly to their massive, multi-orbit network buildout. The whole story for late 2025 is about integrating the Inmarsat assets while bringing the ViaSat-3 constellation online to deliver capacity that simply wasn't available before. Honestly, the numbers from fiscal year 2025 show the scale of the operation, with record total annual revenue hitting approximately $4.52 billion and Adjusted EBITDA reaching a record $1.5 billion.

High-speed, high-capacity In-Flight Connectivity (IFC) for commercial aviation

For commercial aviation, the value proposition centers on delivering a superior passenger experience, which is now being enhanced by capacity optimization even before the full ViaSat-3 constellation is active. In the third quarter of fiscal year 2025, the number of commercial IFC aircraft in service grew by approximately 13% Year-over-Year (YoY). Business jets saw even stronger growth at approximately 18% YoY. The contracted backlog for aviation also reflected this confidence, growing 22% YoY in that same quarter. You see this in the JetXP service for business aviation, which, as of September 2025, is delivering five times more capacity across the Eastern United States.

• Commercial IFC aircraft in service grew ~13% YoY (Q3 FY2025).
• Business jet customers using JetXP now exceed 600 worldwide.
• JetXP capacity boost over Eastern US is 5X.

Resilient, secure, and integrated multi-orbit communications for governments

The government and defense side is showing strong momentum, which you can see in the contract awards. The Defense and Advanced Technologies (DAT) segment is a key value driver here, with awards growing 58% YoY in the fourth quarter of fiscal year 2025. This segment's backlog stood at $984 million at the end of FY2025, marking a 50% increase year-over-year. This reflects the value of secure, integrated solutions that combine different orbital assets for mission assurance.

Global, high-quality maritime broadband via NexusWave service

The NexusWave service, leveraging the bonded multi-orbit approach, is gaining traction fast. As of July 2025, orders for NexusWave had already exceeded 1,000 vessels, showing strong appetite for this integrated service. Real-world tests of the service demonstrated download speeds up to 340 megabits per second (Mbps) and upload speeds up to 80 Mbps, with network availability consistently exceeding 99.9%. Furthermore, the new VS60 maritime terminal achieved download speeds above 250 Mbps in sea trials, signaling a step-change in performance for shipboard connectivity.

Vertically integrated, end-to-end satellite network solutions

Viasat, Inc. offers the value of controlling the entire chain, from the satellite in orbit down to the terminal on the ground or on an aircraft. The planned entry into service for the ViaSat-3 F2 satellite in 2026 is the linchpin, as it's expected to double the overall bandwidth capacity of the company's entire existing fleet. This integration allows them to offer services like the new Amara IFC solution and the NexusWave bonding, which pulls together GEO Ka-band, LEO, LTE, and L-band services seamlessly. The Communication Services segment revenue in Q1 FY2025 was $826.8 million, up 48% YoY, showing the immediate financial impact of the combined network assets.

Reliable broadband access in underserved fixed markets

While the mobility segments are the focus, the fixed broadband market remains a component of the Communication Services segment. The company's overall gross profit margin for FY2025 was approximately 33.0% on $4.52 billion in revenue. The DAT segment, which includes some advanced technologies supporting fixed solutions, saw revenue rise 37% to $299.7 million in Q1 FY2025. This segment's strong performance helps offset expected declines in the fixed broadband line within the Communication Services segment.

Here's a quick look at the performance metrics supporting these value propositions as of late 2025:

Value Proposition Area	Key Metric	Latest Reported Figure
Overall Scale (FY2025)	Record Total Revenue	$4.52 billion
Overall Profitability (FY2025)	Record Adjusted EBITDA	$1.5 billion
IFC - Commercial Aviation	Aircraft Backlog Growth (YoY, Q3 FY25)	22%
IFC - Business Aviation	Capacity Increase over Eastern US	5X
Maritime - NexusWave Adoption	Vessels Under Contract (as of July 2025)	Over 1,000
Maritime - NexusWave Performance	Peak Download Speed in Tests	340 Mbps
Government/Defense	DAT Segment Awards Growth (YoY, Q4 FY25)	58%
Network Capacity	ViaSat-3 F2 Expected Service Entry	2026

If onboarding takes 14+ days, churn risk rises, especially in competitive mobility markets. Finance: draft 13-week cash view by Friday.

Viasat, Inc. (VSAT) - Canvas Business Model: Customer Relationships

You're looking at how Viasat, Inc. keeps its diverse customer base-from sailors at sea to military personnel on base-engaged and satisfied. It's not one-size-fits-all; the relationship model shifts dramatically based on the segment.

Dedicated Account Management for Large Government and Airline Contracts

For the largest, most complex contracts, Viasat deploys dedicated teams. This is where the value of long-term partnership really shows, especially in the Defense and Advanced Technologies (DAT) segment. The DAT segment contributed to the total Fiscal Year 2025 revenue of approximately $4.52 billion. Viasat, Inc. has been a trusted partner to the Navy Exchange Service Command (NEXCOM) for nearly 15 years, recently securing a five-year contract extension for managed connectivity services across more than 100 bases worldwide.

This government focus is reinforced by recent wins, such as the multi-million dollar Indefinite Delivery/Indefinite Quantity (IDIQ) contract awarded on July 30, 2025, for a next-generation Ethernet Data Encryptor. In Q3 of Fiscal Year 2025, DAT segment awards jumped 49%, driven by encryption product wins and multi-orbit SATCOM contracts. For aviation, the relationship is cemented through fleetwide deals, like the one with Etihad Airways for Viasat Amara connectivity. Viasat, Inc. currently provides passenger connectivity on over 60 airlines and connected aircraft services for more than 200 airlines globally.

Managed Services Model for Mobility Customers (Aviation, Maritime)

Mobility customers, whether flying high or sailing the open ocean, rely on a managed, multi-layered service approach. The NexusWave service, a key offering from Inmarsat Maritime (a Viasat company), is seeing early traction. As of early Fiscal Year 2026, more than 1,000 vessels were already committed with orders for this bonded connectivity platform. This service blends capacity from GEO Ka-band, LEO, LTE, and L-band networks for resilience. To give you a sense of scale in aviation, Viasat reported a 37% year-over-year increase in aviation connectivity revenue for fiscal year 2023, fueled by higher install rates among major carriers. Commercial aviation connectivity grew approximately 13% year-over-year in Q3 FY2025.

Self-Service Portals and Customer Support for Fixed Residential Broadband

For fixed residential broadband, the relationship leans heavily on digital self-service tools. Customers use the My Viasat dashboard online or the My Viasat mobile app to manage their service. This allows them to handle day-to-day needs without needing to call support.

• View current plan detail and change plans.
• Review data usage and buy more High-Speed Data (where available).
• Make a payment, change the payment method, or set up auto-pay.
• Troubleshoot the network connection.

The Viasat Essentials plan requires a 12-month minimum commitment and includes 150 GB of High-Speed Data. While U.S. fixed broadband subscribers continued to decline, as noted in Q2 FY26 reporting, the company continues to support this base with digital tools. If online management fails, support is available via a dedicated phone line, though user experiences with technical assistance definitely span a spectrum.

Strategic, Long-Term Relationships with Defense Clients

The defense sector is characterized by deep, multi-year commitments that provide revenue predictability. A general indicator of this strategy is a historical average contract duration of 5.3 years and a contract renewal rate of 87%. The recent five-year NEXCOM extension is a prime example of this long-term approach. The multi-year nature of the IDIQ contract awarded in July 2025 is expected to provide a stable and predictable income source for Viasat, Inc. The DAT segment backlog as of the end of FY2025 was $984 million, an increase of 50% year-over-year, showing strong forward visibility from these client relationships.

Direct Sales and Technical Support for Enterprise Solutions

Viasat, Inc. deploys a dedicated direct sales force specifically targeting enterprise and government sectors. These teams work to integrate solutions like enterprise connectivity and cybersecurity products. The company offers technical expertise to support these complex deployments. For instance, the development of a next-generation Ethernet Data Encryptor (EDE) under the new IDIQ contract will utilize PSIAM™ technology, allowing for software upgrades and reducing the need for costly hardware replacements-a key support feature for long-term enterprise clients.

Here's a quick look at the segmentation of Viasat's customer-facing revenue streams based on available data:

Business Segment	FY 2025 Revenue Contribution Context	Key Relationship Focus
Defense and Advanced Technologies (DAT)	Contributed to total FY2025 revenue of $4.52 billion	Dedicated Account Management; Long-Term Contracts
Aviation (within Communication Services)	Grew approximately 13% year-over-year in Q3 FY2025	Managed Services; Fleetwide Agreements
Maritime (within Communication Services)	Reported earnings falling approximately 5% year-over-year in Q1 FY2026	Managed Services; NexusWave Adoption
Fixed Services and Other (Residential/Enterprise)	Revenue was down 16% in Q2 FY26 context	Self-Service Portals; Direct Sales

Finance: review the Q4 FY2025 contract pipeline value against the $4.7 billion in record new contract awards from FY2025.

Viasat, Inc. (VSAT) - Canvas Business Model: Channels

You're looking at Viasat, Inc. (VSAT) channels, and honestly, the sheer scale of the operation, especially post-Inmarsat, dictates a multi-pronged approach to reach customers. The company's total revenue for the fiscal year ending March 31, 2025, hit approximately $4.52 billion, with the Communication Services segment driving the bulk at about $3.30 billion of that total. This revenue is overwhelmingly secured through fixed-price contracts, which accounted for roughly 96% of total revenues in FY2025. The channels must support this massive, contract-heavy business.

For the high-value government and large commercial mobility customers, Viasat, Inc. relies on a dedicated, in-house structure. This direct sales force is essential for navigating the complex procurement cycles associated with defense and large fleet operators. For instance, in the aviation sector, the company had IFC systems installed and in service on approximately 4,120 commercial aircraft as of March 31, 2025, with another 1,600 anticipated to be put into service. This direct engagement ensures deep integration and management of those large service agreements.

The global distribution network is key for reaching the maritime and enterprise segments, often leveraging the infrastructure inherited from the Inmarsat acquisition. This network moves solutions like the NexusWave fully managed connectivity service to commercial maritime customers globally. The Defense and Advanced Technologies segment, while reporting separately, also channels its complex offerings through specialized routes, evidenced by its order backlog reaching $984 million by the end of FY2025.

Direct-to-consumer and enterprise sales for fixed broadband services represent another core channel, though the company is deep in a capital-intensive network buildout phase. The channels here focus on subscriber acquisition for residential and enterprise fixed broadband, which falls under the Communication Services segment. The nature of the business means that the sale of the service is often tied to the sale of the necessary hardware, which can involve third-party integrators.

Terminal and equipment sales are often facilitated through third-party integrators, especially for specialized or smaller-scale deployments outside the major direct-sales focus areas. These partners help distribute Viasat, Inc.'s advanced satellite and wireless products, modems, and terminal solutions. The company is also preparing for the next evolution of connectivity, which will heavily rely on partnerships to scale efficiently.

The future of Viasat, Inc.'s mobile reach is clearly mapped through partner MNO networks for Direct-to-Device (D2D) satellite services. This strategy is designed to share infrastructure and save cash while achieving meaningful service reach. A major step here is the joint venture with Abu Dhabi-based Space42 for the Equatys constellation, which is targeting commercial rollout within 3 years from late 2025. This D2D approach leverages 3GPP standards-based non-terrestrial-network (NTN) service infrastructure, as demonstrated in recent trials in Brazil.

Here's a look at the scale of the business being channeled through these routes as of the end of fiscal year 2025:

Channel/Segment Focus	FY2025 Revenue (Millions USD)	Key Metric/Data Point
Communication Services (Mobility & Fixed Broadband)	$3,300	4,120 IFC systems installed on commercial aircraft (as of March 31, 2025)
Defense and Advanced Technologies (DAT)	$1,220	DAT Segment Order Backlog: $984 million (as of end of FY2025)
Total Company Revenue	$4,520	Fixed-price contracts comprised 96% of total revenues

The D2D strategy is built on collaboration to rapidly deploy services beyond the current scope. Viasat, Inc. is actively developing an ecosystem for this technology.

• Leveraging 3GPP standards-based non-terrestrial-network (NTN) service infrastructure.
• Exploring ecosystem partnership options for a 5G NTN initiative with Space42.
• Demonstrated narrowband tracking and messaging for the automotive sector in Brazil.
• The ViaSat-3 F2 satellite launch, expected in November 2025, is set to more than double Viasat, Inc.'s bandwidth capacity.

Finance: draft 13-week cash view by Friday.

Viasat, Inc. (VSAT) - Canvas Business Model: Customer Segments

You're mapping out Viasat, Inc. (VSAT)'s customer base as of late 2025, and honestly, the story is one of two distinct, yet integrated, halves: the massive Communication Services segment and the focused Defense and Advanced Technologies (DAT) segment. The overall picture for fiscal year 2025 shows a company leaning heavily on mobility and government contracts following the Inmarsat integration.

Here's a quick look at how the revenue broke down for the full fiscal year 2025, which really shows where the bulk of the business lies:

Business Segment	FY 2025 Revenue (in Billions USD)	Contribution to Total
Communication Services	$3.30	73.0%
Defense and Advanced Technologies (DAT)	$1.22	27.0%
Total Revenue	$4.52	100.0%

The Communication Services segment, which houses most of the mobility and fixed broadband customers, generated approximately $3.30 billion in revenue for fiscal year 2025. The DAT segment, focused on secure networking and defense systems, contributed about $1.22 billion.

Let's break down the specific customer groups Viasat, Inc. serves within these segments.

Commercial Aviation

This is a core mobility market for Viasat, Inc., providing inflight connectivity (IFC) services. You see the growth here in the sheer number of planes coming online, even with airframer delays persisting into 2025. The company provides passenger connectivity on over 60+ airlines worldwide.

• Commercial Aviation aircraft in service (as of Q3 FY2025): approximately 3,950 tails.
• Business Aviation aircraft in service (as of Q3 FY2025): approximately 2,000 aircraft.
• The backlog for aviation connectivity grew even faster, up 22% year-over-year as of Q3 FY2025.

The push for next-generation experiences, like those on planes served by the ViaSat-3 F1 testing, is clearly driving adoption.

US and International Government/Military (DAT segment)

The DAT segment is where Viasat, Inc. delivers secure networking systems, tactical data links, and information assurance products to government and military customers. This area shows strong organic momentum, often outpacing the broader Communication Services segment in growth metrics.

• DAT segment revenue for Q3 FY2025 was $303 million, a 20% increase year-over-year.
• DAT segment new contract awards in Q3 FY2025 reached $327 million, marking a 49% year-over-year increase.
• The DAT segment order backlog stood at $984 million at the end of FY2025.

The growth in this segment is heavily supported by demand for encryption products, with Information Security and Cyber Defense awards totaling just over $200 million in one quarter alone, driven by data center expansion.

Commercial Maritime

Maritime customers, spanning shipping, energy, and cruise lines, are served through the Communication Services segment, often utilizing the former Inmarsat network capabilities integrated into Viasat, Inc.'s portfolio. The focus here is on delivering high-speed, uninterrupted broadband.

• Viasat, Inc. installed over 200 terminals with global shipping giant Maersk for its FleetBroadband services.
• The company launched the NexusWave maritime broadband service, with future satellite capacity enhancements planned for the Americas and Asia-Pacific regions by 2026.

While the segment saw some anticipated revenue flow-through declines in Q2 FY2025, the strategic focus on enhanced value propositions like NexusWave is key for future performance.

Residential and Enterprise Fixed Broadband users

This group relies on Viasat, Inc.'s ground-based infrastructure for high-speed satellite internet access across the US, Canada, Europe, Mexico, and Australia. You'll note the competitive pressure in the US market, but the total installed base remains significant globally.

• US fixed broadband subscribers at the end of Q3 FY2025 were approximately 205,000.
• The average revenue per user (ARPU) for US fixed broadband in Q3 FY2025 was $115.
• Viasat, Inc. has shipped over two million fixed broadband terminals in total for residential and enterprise applications.

Enterprise users specifically benefit from dedicated bandwidth options enabled by the ViaSat-3 constellation, which is designed to deliver over 1 Terabit per second of network capacity across its satellites.

Energy and resource sector companies

Companies in the energy and resource sector are served through the Communication Services segment, often overlapping with maritime and remote enterprise connectivity needs. These customers require reliable, mission-critical connectivity at remote edge locations.

• Viasat, Inc. connects hundreds of critical offshore sites using its satellite and IoT solutions.
• The company provides L-band managed and energy services as part of its broader fixed and mobile broadband offerings.

The ability to connect a million land-based IoT assets globally underpins the value proposition for these industrial customers.

Viasat, Inc. (VSAT) - Canvas Business Model: Cost Structure

You're analyzing the cost side of Viasat, Inc. (VSAT) as they push their global satellite network into full commercial service. The structure is heavily weighted toward upfront investment and debt servicing, which is typical for this kind of infrastructure play.

The most significant cost driver remains the capital-intensive expenditure for satellite construction and launch. While initial FY2025 CapEx guidance was cited in the $1.4B to $1.5B range, the company successfully implemented prioritization and rigor, leading to a lower actual spend. For the full Fiscal Year 2025, Viasat, Inc.'s capital expenditures were approximately $1.03 billion, a decrease of 33.1% from the prior year. This trend of reducing capital intensity is a near-term focus area for management.

This massive investment is financed, in part, by debt. The cost of servicing this debt is substantial, given the net debt position. As of the third quarter of Fiscal Year 2025, Viasat, Inc.'s net debt stood at approximately $5.66 billion. This leverage amplifies financial risk, especially while the full revenue potential of the new capacity is still ramping up. To be fair, the company is actively working to strengthen the capital structure by reducing net leverage.

Ongoing operational costs are also significant, covering the necessary upkeep of the entire infrastructure:

• Network operations and maintenance costs for ground stations and the existing satellite fleet.
• Research and Development (R&D) for next-gen technology, including multi-orbit roadmaps and direct-to-device capabilities.
• Personnel and integration costs associated with the ongoing business and post-acquisition alignment.

Here's a quick look at some of the key financial metrics that define this cost structure as of late 2025:

Financial Metric	FY2025 Actual/Latest Figure	Period/Context
Initial FY2025 CapEx Target	$1.4B to $1.5B	Initial Guidance
FY2025 Actual Capital Expenditures	$1.03 billion	Fiscal Year Ending March 2025
Net Debt	$5.66 billion	As of Q3 FY2025
Annual Research and Development Expenses	$0.142B	Calendar Year 2025
Quarterly Operating Expenses	$297.0Mn	June 2025
Q2 FY2026 Operating Cash Flow	$282 million	Q2 FY2026
Q2 FY2026 Capital Expenditures	$214 million	Q2 FY2026

The R&D spend is a necessary cost to maintain a competitive edge, though it was noted that higher R&D expenditures in Q3 FY2025 were offset by strong operating performance in some areas. For instance, Viasat, Inc.'s annual Research and Development Expenses for 2025 were reported as $0.142B, marking a 5.48% decline from 2024. You'll see that even with cost management, the sheer scale of the network means CapEx remains high, as seen in the Q2 FY2026 CapEx of $214 million, even as operating cash flow was $282 million that same quarter.

Regarding personnel, the company has been focused on synergy realization, which included a workforce reduction. While the exact dollar amount tied to the 10% reduction for synergy isn't itemized here, these integration costs are captured within the operating expenses and restructuring charges, which you'd see reflected in the quarterly SG&A (Selling, General, and Administrative) expenses. Finance: draft 13-week cash view by Friday.

Viasat, Inc. (VSAT) - Canvas Business Model: Revenue Streams

You're looking at the top-line numbers for Viasat, Inc. (VSAT) for the fiscal year ending March 31, 2025, and the story is one of scale following the Inmarsat integration. The total annual revenue for FY2025 was approximately $4.52 billion.

The business model is clearly anchored by two major pillars, with the commercial side being the dominant engine, which is typical for a company that has just completed a major acquisition to boost its global footprint. Here's how the main segments contributed to that total:

Revenue Segment	FY2025 Revenue (Millions USD)
Communication Services Revenue	$3,300
Defense and Advanced Technologies Revenue	$1,220
Total Revenue	$4,520

The Communication Services revenue stream is the backbone, covering the connectivity you see in the air and on the sea, plus fixed broadband. This segment is where the recurring revenue lives, and it accounted for about 73% of the total revenue in FY2025.

The Defense and Advanced Technologies revenue comes primarily from government contracts for things like information security, cyber defense, and tactical networking solutions. This part of the business is less about monthly fees and more about large, project-based awards and product sales to government entities.

To break down the nature of the revenue within the Communication Services segment, which is where the subscription and usage fees are concentrated, we can look at the split between services and products for the trailing twelve months (TTM) ending in FY2025, which gives us a good proxy for the recurring versus one-time revenue mix:

• Subscription and usage fees for In-Flight Connectivity (IFC) and maritime services are captured within the Service Revenue, which was approximately $3.25 billion (TTM ending FY2025).
• Equipment sales and terminal revenue are reflected in the Product Revenue, which was approximately $1.33 billion (TTM ending FY2025).

Honestly, the goal here is to see that Service Revenue-the subscription and usage fees-outweighing Product Revenue, which it does significantly, showing the long-term value of securing those connectivity contracts. The growth in the Defense segment is also a key driver, with its FY2025 revenue coming in at $1.22 billion.

Finance: draft 13-week cash view by Friday.