Viasat, Inc. (VSAT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el ámbito dinámico de las comunicaciones satelitales, Viasat, Inc. (VSAT) emerge como una potencia tecnológica, transformando la forma en que nos conectamos a través de grandes distancias y terrenos desafiantes. Esta empresa innovadora ha tejido magistralmente un modelo de negocio complejo que une la ingeniería aeroespacial de vanguardia con soluciones de conectividad global, que sirve de todo, desde usuarios residenciales remotos de Internet hasta sofisticadas redes de comunicación militar. Al aprovechar estratégicamente las tecnologías satelitales avanzadas y las diversas fuentes de ingresos, Viasat se ha posicionado como un jugador crítico en los sectores de telecomunicaciones y defensa, ofreciendo acceso a Internet sin precedentes y plataformas de comunicación seguras que trascienden las limitaciones de conectividad tradicionales.

Viasat, Inc. (VSAT) - Modelo de negocio: asociaciones clave

Asociaciones aeroespaciales y de defensa

Viasat mantiene asociaciones críticas con los principales contratistas de defensa:

Pareja	Valor de contrato	Enfoque de asociación
Boeing	$ 387 millones	Fabricación satélite
Lockheed Martin	$ 512 millones	Sistemas de comunicación de defensa

Colaboraciones de agencias gubernamentales

Las asociaciones del gobierno estratégico incluyen:

• Contratos del Departamento de Defensa (DOD): valor anual de $ 1.2 mil millones
• Servicios de comunicación por satélite de la NASA: acuerdo anual de $ 215 millones
• Desarrollo de la tecnología de la Fuerza Espacial de EE. UU.: Contrato de $ 345 millones

Asociaciones de conectividad de telecomunicaciones

Pareja	Cobertura global	Ingresos de la asociación
AT&T	42 países	$ 276 millones
Vodafone	38 países	$ 193 millones

Fabricantes de hardware de tecnología

• Qualcomm: Desarrollo de módem satelital de $ 89 millones
• Intel: $ 67 millones en la colaboración del chipset de comunicación por satélite
• Broadcom: Asociación de integración de hardware de $ 54 millones

Viasat, Inc. (VSAT) - Modelo de negocio: actividades clave

Diseño y fabricación de satélite

Viasat opera con una flota de satélites de alta capacidad, que incluyen:

• VIASAT-1: 140 GBPS CAPACIDAD
• VIASAT-2: 260 GBPS CAPACIDAD
• VIASAT-3: Capacidad proyectada de 1 TBPS

Modelo satelital	Año de lanzamiento	Capacidad	Área de cobertura
Viasat-1	2011	140 Gbps	América del norte
Viasat-2	2017	260 Gbps	América
Viasat-3	2024	1 TBPS	Global

Desarrollo de servicios de Internet de banda ancha

Viasat proporciona servicios de banda ancha con las siguientes métricas:

• Suscriptores residenciales: 692,000 a partir del tercer trimestre de 2023
• Velocidades de descarga promedio: 100 Mbps
• Cobertura de servicio: más de 150 países

Ingeniería de red de comunicación segura

Las soluciones de comunicación gubernamental y militar incluyen:

• Valor de contrato de defensa anual: $ 645 millones en 2023
• Tecnologías de cifrado: plataformas de comunicación seguras avanzadas
• Ingresos del segmento gubernamental: $ 842 millones en el año fiscal 2023

Investigación en tecnología aeroespacial y de defensa

Inversiones de investigación y desarrollo:

Año fiscal	Gasto de I + D	Porcentaje de ingresos
2022	$ 298 millones	11.2%
2023	$ 336 millones	12.5%

Gestión de infraestructura de comunicación satelital global

Capacidades de infraestructura:

• Estaciones terrestres satelitales totales: 42
• Centros de operaciones de red: 7
• Ancho de banda de la red global: 1.2 tbps

Viasat, Inc. (VSAT) - Modelo de negocio: recursos clave

Tecnología satelital avanzada y propiedad intelectual

Viasat posee 106 patentes estadounidenses emitidas a partir de 2023, con un enfoque específico en las tecnologías de comunicación por satélite.

Categoría de patente	Número de patentes
Comunicación por satélite	62
Tecnologías de banda ancha	44

Infraestructura de red de comunicación por satélite

Viasat opera una red satelital integral con una cobertura global significativa.

• Satélites totales en funcionamiento: 8 a partir de 2023
• Ubicaciones de la estación terrestre: 24 en múltiples continentes
• Capacidad de ancho de banda de red: 1.2 TBPS

Ingeniería especializada y fuerza laboral técnica

Viasat emplea una fuerza laboral técnica altamente especializada.

Categoría de empleado	Número de empleados
Total de empleados	6,200
Personal de ingeniería	3,100

Capital financiero para la I + D y el despliegue de satélite

Viasat invierte significativamente en investigación y desarrollo.

• Gastos de I + D en 2023: $ 491 millones
• Gasto de capital por infraestructura satelital: $ 672 millones

Ubicaciones estratégicas de la estación terrestre geográfica

Viasat mantiene la presencia estratégica de la estación terrestre a nivel mundial.

Región	Número de estaciones terrestres
América del norte	12
Europa	6
Asia-Pacífico	4
Sudamerica	2

Viasat, Inc. (VSAT) - Modelo de negocio: propuestas de valor

Servicios de Internet satelitales de alta velocidad y confiables

Viasat proporciona servicios de Internet satelital con las siguientes especificaciones:

• Descargar velocidades de hasta 100 Mbps
• Planes de servicio residencial que van desde $ 50 a $ 200 por mes
• Cobertura en el 98% de los Estados Unidos continentales

Nivel de servicio	Velocidad	Precio mensual
Basic	12 Mbps	$50
Estándar	50 Mbps	$100
De primera calidad	100 Mbps	$200

Conectividad global en regiones remotas y desatendidas

Viasat opera redes satelitales que proporcionan conectividad en:

• Áreas rurales en América del Norte
• Mercados latinoamericanos
• Regiones europeas con infraestructura terrestre limitada

Soluciones de comunicación seguras para militar y gobierno

Detalles del ingreso del contrato gubernamental:

Año fiscal	Ingresos del contrato gubernamental
2023	$ 812 millones
2022	$ 756 millones

Tecnologías avanzadas de banda ancha para mercados comerciales y residenciales

Capacidades tecnológicas:

• Satélite VIASAT-3 con 1 Tbps de capacidad total
• Tecnología de frecuencia de banda KA
• Técnicas de codificación adaptativa y modulación

Soluciones innovadoras de comunicación por satélite en múltiples sectores

Desglose de ingresos por sector:

Sector	Contribución de ingresos
Banda ancha residencial	42%
Servicios gubernamentales	35%
Redes comerciales	23%

Viasat, Inc. (VSAT) - Modelo de negocio: relaciones con los clientes

Equipos de ventas directos para clientes empresariales y gubernamentales

Viasat mantiene una fuerza de ventas directa dedicada dirigida a los sectores empresarial y gubernamental. A partir del cuarto trimestre de 2023, la compañía reportó 2,456 clientes empresariales y gubernamentales en múltiples segmentos de mercado.

Segmento de clientes	Número de clientes	Ingresos anuales
Clientes gubernamentales	1,237	$ 612 millones
Clientes empresariales	1,219	$ 487 millones

Plataformas de atención al cliente en línea

Viasat opera canales de soporte digital integrales con las siguientes métricas:

• Portal de soporte en línea 24/7
• Tiempo de respuesta promedio: 12 minutos
• Tasa de resolución de boletos digitales: 92%
• Disponibilidad de soporte de aplicaciones móviles: 99.7%

Paquetes de servicio personalizados

Ofertas de Viasat 5 niveles distintos de paquetes de servicio En diferentes segmentos de mercado:

Paquete de servicio	Mercado objetivo	Costo mensual promedio
Conectividad básica	Pequeño negocio	$199
Enterprise seguro	Empresas medianas	$499
Gobierno avanzado	Agencias federales	$1,299

Relaciones por contrato a largo plazo

Viasat mantiene contratos estratégicos a largo plazo con clientes clave:

• Duración promedio del contrato: 5.3 años
• Valor del contrato de defensa: $ 3.2 mil millones
• Valor del contrato de telecomunicaciones: $ 1.7 mil millones
• Tasa de renovación del contrato: 87%

Soporte de consulta técnica e implementación

Viasat proporciona soporte técnico especializado con las siguientes capacidades:

• Equipo de consulta técnica dedicada: 342 especialistas
• Tiempo de soporte de implementación promedio: 45 días
• Calificación de satisfacción del cliente: 94%
• Centros de soporte técnico global: 7 ubicaciones

Viasat, Inc. (VSAT) - Modelo de negocio: canales

Fuerza de ventas directa

La fuerza de ventas directas de Viasat comprende aproximadamente 500 profesionales de ventas a partir de 2023. El equipo genera $ 2.4 mil millones en ingresos anuales a través de la empresa directa y la participación del consumidor.

Segmento de canales de ventas	Ingresos anuales	Número de representantes de ventas
Soluciones empresariales	$ 1.2 mil millones	250
Banda ancha del consumidor	$ 850 millones	150
Servicios gubernamentales	$ 350 millones	100

Sitio web en línea y plataformas digitales

Las plataformas digitales de Viasat generan el 35% de las ventas totales, con aproximadamente 1,2 millones de visitantes mensuales únicos a su sitio web.

• Tasa de conversión de comercio electrónico: 2.7%
• Tasa de activación del servicio en línea: 62%
• Ingresos de la plataforma digital: $ 840 millones anuales

Redes de socios de telecomunicaciones

Viasat colabora con 47 socios de telecomunicaciones a nivel mundial, generando $ 650 millones en ingresos por asociación.

Tipo de socio	Número de socios	Contribución anual de ingresos
Operadores satelitales	12	$ 280 millones
Proveedores de servicios de Internet	22	$ 370 millones

Canales de adquisición del gobierno y de defensa

Los contratos gubernamentales representan el 40% de los ingresos totales de Viasat, por un total de $ 1.6 mil millones en 2023.

• Contratos del Departamento de Defensa de los Estados Unidos: $ 1.2 mil millones
• Contratos del gobierno internacional: $ 400 millones
• Acuerdos activos de adquisición del gobierno: 28

Asociaciones de revendedor de tecnología

Viasat mantiene 65 asociaciones de revendedores de tecnología, generando $ 480 millones en ingresos anuales.

Categoría de revendedor	Número de socios	Ingresos anuales
Revendedores de equipos de red	35	$ 280 millones
Revendedores de tecnología satelital	30	$ 200 millones

Viasat, Inc. (VSAT) - Modelo de negocio: segmentos de clientes

Organizaciones gubernamentales y militares

Viasat proporciona soluciones de comunicación por satélite para el Departamento de Defensa de los EE. UU. Con un valor de contrato de $ 495.5 millones a partir de 2023. El segmento militar representaba el 36.4% de los ingresos totales de la compañía en el año fiscal 2023.

Tipo de cliente	Valor de contrato	Porcentaje de ingresos
Departamento de Defensa de los Estados Unidos	$ 495.5 millones	36.4%

Empresas comerciales

Viasat sirve a clientes empresariales en múltiples sectores con soluciones de conectividad de Internet satelital.

• Conectividad del sector energético
• Comunicación de fuerza laboral remota
• Sistemas de monitoreo industrial

Consumidores residenciales de Internet

El segmento de Internet residencial generó $ 778.2 millones en ingresos para el año fiscal 2023, lo que representa el 42.7% de los ingresos totales de la compañía.

Segmento de mercado	Ganancia	Base de suscriptores
Internet residencial	$ 778.2 millones	642,000 suscriptores

Industrias marítimas y de aviación

Viasat proporciona soluciones de conectividad en vuelo y comunicación marítima con $ 287.3 millones en ingresos de segmento dedicados para 2023.

• Conectividad de las aerolíneas comerciales
• Comunicación marina comercial
• Servicios de Internet de cruceros

Proveedores de servicios de telecomunicaciones

Los servicios al por mayor de ancho de banda satelital generaron $ 162.4 millones en ingresos para el año fiscal 2023.

Tipo de servicio	Ingresos anuales
Ancho de banda satelital mayorista	$ 162.4 millones

Viasat, Inc. (VSAT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo de satélite

Para el año fiscal 2023, Viasat reportó gastos de I + D de $ 364.9 millones. Las inversiones totales de investigación y desarrollo de la compañía se centraron en tecnologías avanzadas de comunicación por satélite y servicios de banda ancha de próxima generación.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 364.9 millones	14.2%
2022	$ 341.2 millones	13.8%

Infraestructura de fabricación y lanzamiento

Los gastos de capital de Viasat para la infraestructura satelital y el desarrollo de la red de tierra totalizaron $ 712.3 millones en el año fiscal 2023.

• Costos de fabricación de satélite: $ 453.6 millones
• Lanzamiento del vehículo y gastos de implementación: $ 258.7 millones
• Inversiones de infraestructura de la estación terrestre: $ 97.5 millones

Compensación de la fuerza laboral

Los gastos totales de personal para Viasat en el año fiscal 2023 alcanzaron los $ 1.024 mil millones.

Categoría de compensación	Cantidad
Salarios	$ 712.6 millones
Beneficios	$ 197.3 millones
Compensación basada en acciones	$ 114.1 millones

Mantenimiento y actualizaciones de tecnología

Viasat asignó $ 276.5 millones para el mantenimiento de la tecnología y las actualizaciones de la red en el año fiscal 2023.

• Mantenimiento de la infraestructura de red: $ 156.2 millones
• Actualizaciones de software y sistema: $ 87.3 millones
• Mejoras de ciberseguridad: $ 33 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas para Viasat en el año fiscal 2023 fueron de $ 287.6 millones.

Categoría de gastos de marketing	Cantidad
Publicidad	$ 112.4 millones
Personal de ventas	$ 98.2 millones
Tecnología de marketing	$ 77 millones

Viasat, Inc. (VSAT) - Modelo de negocios: flujos de ingresos

Suscripciones de servicios de Internet satelital

En el año fiscal 2023, Viasat reportó ingresos totales de $ 2.356 mil millones. Los ingresos por suscripción de Internet por satélite representaron aproximadamente $ 1.127 mil millones, lo que representa el 47.8% de los ingresos totales de la compañía.

Segmento de suscripción	Ingresos anuales	Porcentaje de ingresos totales
Banda ancha residencial	$ 678 millones	28.8%
Servicios empresariales/comerciales	$ 449 millones	19.0%

Ingresos de los contratos gubernamentales y de defensa

Los ingresos por el gobierno y el contrato de defensa para Viasat en el año fiscal 2023 totalizaron $ 862 millones, constituyendo el 36.6% de los ingresos totales de la compañía.

• Contratos del Departamento de Defensa de los Estados Unidos: $ 512 millones
• Contratos del gobierno internacional: $ 350 millones

Venta de equipos y arrendamiento

Las ventas y el arrendamiento de equipos generaron $ 267 millones en ingresos, lo que representa el 11.3% de los ingresos totales de la compañía en el año fiscal 2023.

Categoría de equipo	Ingresos anuales	Volumen de ventas
Módems satelitales	$ 143 millones	185,000 unidades
Equipo de redes	$ 124 millones	76,000 unidades

Acuerdos de licencia de tecnología

Los ingresos por licencias de tecnología ascendieron a $ 76 millones en el año fiscal 2023, lo que representa el 3.2% de los ingresos totales de la compañía.

Servicios de consultoría e implementación

Los servicios de consultoría e implementación generaron $ 44 millones en ingresos, lo que representa el 1.9% de los ingresos totales de la compañía en el año fiscal 2023.

Tipo de servicio	Ingresos anuales	Número de proyectos
Consultoría técnica	$ 26 millones	42 proyectos
Servicios de implementación	$ 18 millones	29 proyectos

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.