Viasat, Inc. (VSAT): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le domaine dynamique des communications par satellite, Viasat, Inc. (VSAT) émerge comme une puissance technologique, transformant la façon dont nous nous connectons sur de vastes distances et des terrains difficiles. Cette entreprise innovante a magistralement tissé un modèle commercial complexe qui poit la conduite de l'ingénierie aérospatiale de pointe avec des solutions mondiales de connectivité, servant tout, des utilisateurs d'Internet résidentiels distants aux réseaux de communication militaire sophistiqués. En tirant stratégiquement les technologies satellites avancées et divers sources de revenus, Viasat s'est positionné comme un acteur critique dans les secteurs de télécommunications et de défense, offrant un accès Internet sans précédent et des plateformes de communication sécurisées qui transcendent les limitations de connectivité traditionnelles.

Viasat, Inc. (VSAT) - Modèle d'entreprise: partenariats clés

Partenariats de défense et aérospatiale

Viasat maintient des partenariats critiques avec les principaux entrepreneurs de la défense:

Partenaire	Valeur du contrat	Focus de partenariat
Boeing	387 millions de dollars	Fabrication de satellites
Lockheed Martin	512 millions de dollars	Systèmes de communication de défense

Collaborations d'agence gouvernementale

Les partenariats gouvernementaux stratégiques comprennent:

• Contrats du ministère de la Défense (DoD): 1,2 milliard de dollars Valeur annuelle
• Services de communication par satellite de la NASA: accord annuel de 215 millions de dollars
• US Space Force Technology Development: 345 millions de dollars contrat

Partenariats de connectivité des télécommunications

Partenaire	Couverture mondiale	Revenus de partenariat
AT&T	42 pays	276 millions de dollars
Vodafone	38 pays	193 millions de dollars

Fabricants de matériel technologique

• Qualcomm: 89 millions de dollars de développement du modem satellite
• Intel: 67 millions de dollars de communication par satellite Collaboration de chipset
• Broadcom: 54 millions de dollars de partenariat d'intégration matérielle

Viasat, Inc. (VSAT) - Modèle d'entreprise: Activités clés

Conception et fabrication de satellites

Viasat fonctionne avec une flotte de satellites de grande capacité, notamment:

• Viasat-1: 140 Gbps Capacité
• Viasat-2: 260 Gbps Capacité
• Viasat-3: Capacité projetée de 1 tbps

Modèle satellite	Année de lancement	Capacité	Zone de couverture
Viasat-1	2011	140 Gbps	Amérique du Nord
Viasat-2	2017	260 Gbps	Amériques
Viasat-3	2024	1 tbps	Mondial

Développement de services Internet à large bande

Viasat fournit des services à large bande avec les mesures suivantes:

• Abonnés résidentiels: 692 000 au troisième trimestre 2023
• Vitesses de téléchargement moyen: 100 Mbps
• Couverture des services: 150+ pays

Ingénierie de réseau de communication sécurisé

Les solutions de communication gouvernementales et militaires comprennent:

• Valeur du contrat de défense annuel: 645 millions de dollars en 2023
• Technologies de chiffrement: plateformes de communication sécurisées avancées
• Revenus de segment du gouvernement: 842 millions de dollars au cours de l'exercice 2023

Recherche sur la technologie de l'aérospatiale et de la défense

Investissements de recherche et développement:

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	298 millions de dollars	11.2%
2023	336 millions de dollars	12.5%

Gestion mondiale des infrastructures de communication par satellite

Capacités d'infrastructure:

• Stations au sol total des satellites: 42
• Centres des opérations du réseau: 7
• Bande passante du réseau mondial: 1,2 tbps

Viasat, Inc. (VSAT) - Modèle d'entreprise: Ressources clés

Technologie satellite avancée et propriété intellectuelle

Viasat détient 106 brevets américains délivrés en 2023, avec un accent spécifique sur les technologies de communication par satellite.

Catégorie de brevet	Nombre de brevets
Communication par satellite	62
Technologies à large bande	44

Infrastructure de réseau de communication par satellite

Viasat exploite un réseau satellite complet avec une couverture globale importante.

• Satellites totaux en fonctionnement: 8 en 2023
• Emplacements de la station sol: 24 sur plusieurs continents
• Capacité de bande passante du réseau: 1,2 tbps

Ingénierie qualifiée et main-d'œuvre technique

Viasat utilise une main-d'œuvre technique hautement spécialisée.

Catégorie des employés	Nombre d'employés
Total des employés	6,200
Personnel d'ingénierie	3,100

Capital financier pour le déploiement de la R&D et des satellites

Viasat investit considérablement dans la recherche et le développement.

• Dépenses de R&D en 2023: 491 millions de dollars
• Dépenses en capital pour les infrastructures satellites: 672 millions de dollars

Emplacements stratégiques de la station terrestre géographique

Viasat maintient la présence stratégique de la station terrestre à l'échelle mondiale.

Région	Nombre de stations au sol
Amérique du Nord	12
Europe	6
Asie-Pacifique	4
Amérique du Sud	2

Viasat, Inc. (VSAT) - Modèle d'entreprise: propositions de valeur

Services Internet satellite à grande vitesse et fiables

Viasat fournit des services Internet par satellite avec les spécifications suivantes:

• Télécharger des vitesses jusqu'à 100 Mbps
• Des plans de services résidentiels allant de 50 $ à 200 $ par mois
• Couverture sur 98% des États-Unis continentaux

Niveau de service	Vitesse	Prix ​​mensuel
Basic	12 Mbps	$50
Standard	50 Mbps	$100
Prime	100 Mbps	$200

Connectivité globale dans les régions éloignées et mal desservies

Viasat exploite des réseaux satellites fournissant une connectivité dans:

• Zones rurales en Amérique du Nord
• Marchés latino-américains
• Régions européennes avec des infrastructures terrestres limitées

Solution de communication sécurisée pour les militaires et le gouvernement

Détails des revenus du contrat du gouvernement:

Exercice fiscal	Revenus contractuels du gouvernement
2023	812 millions de dollars
2022	756 millions de dollars

Technologies avancées à large bande pour les marchés commerciaux et résidentiels

Capacités technologiques:

• Satellite Viasat-3 avec une capacité totale de 1 tbps
• Technologie de fréquence de bande KA
• Techniques de codage et de modulation adaptatives

Solutions de communication par satellite innovantes sur plusieurs secteurs

Répartition des revenus par secteur:

Secteur	Contribution des revenus
Haut débit résidentiel	42%
Services gouvernementaux	35%
Réseaux commerciaux	23%

Viasat, Inc. (VSAT) - Modèle d'entreprise: relations avec les clients

Équipes de vente directes pour les entreprises et les clients gouvernementaux

Viasat maintient une force de vente directe dédiée ciblant les entreprises et les secteurs gouvernementaux. Au quatrième trimestre 2023, la société a signalé 2 456 clients d'entreprise et gouvernementaux dans plusieurs segments de marché.

Segment de clientèle	Nombre de clients	Revenus annuels
Clients du gouvernement	1,237	612 millions de dollars
Clients de l'entreprise	1,219	487 millions de dollars

Plateformes de support client en ligne

Viasat exploite des canaux de support numériques complets avec les mesures suivantes:

• Portail d'assistance en ligne 24/7
• Temps de réponse moyen: 12 minutes
• Taux de résolution des billets numériques: 92%
• Disponibilité du support des applications mobiles: 99,7%

Packages de services personnalisés

Offres Viasat 5 niveaux de forfait de service distinct Dans les différents segments de marché:

Forfait de service	Marché cible	Coût mensuel moyen
Connectivité de base	Petite entreprise	$199
Entreprise sécurisée	Entreprises moyennes	$499
Le gouvernement a avancé	Agences fédérales	$1,299

Relations contractuelles à long terme

Viasat maintient des contrats stratégiques à long terme avec des clients clés:

• Durée du contrat moyen: 5,3 ans
• Valeur du contrat de défense: 3,2 milliards de dollars
• Valeur du contrat de télécommunications: 1,7 milliard de dollars
• Taux de renouvellement des contrats: 87%

Consultation technique et support de mise en œuvre

Viasat fournit un support technique spécialisé avec les capacités suivantes:

• Équipe de consultation technique dédiée: 342 spécialistes
• Temps de soutien moyen de la mise en œuvre: 45 jours
• Évaluation de satisfaction du client: 94%
• Centres de soutien technique mondial: 7 emplacements

Viasat, Inc. (VSAT) - Modèle d'entreprise: canaux

Force de vente directe

La force de vente directe de Viasat comprend environ 500 professionnels de la vente à partir de 2023. L'équipe génère 2,4 milliards de dollars de revenus annuels grâce à l'engagement direct de l'entreprise et des consommateurs.

Segment du canal de vente	Revenus annuels	Nombre de représentants commerciaux
Solutions d'entreprise	1,2 milliard de dollars	250
Broadband grand public	850 millions de dollars	150
Services gouvernementaux	350 millions de dollars	100

Site Web en ligne et plateformes numériques

Les plates-formes numériques de Viasat génèrent 35% des ventes totales, avec environ 1,2 million de visiteurs mensuels uniques sur leur site Web.

• Taux de conversion du commerce électronique: 2,7%
• Taux d'activation du service en ligne: 62%
• Revenus de plate-forme numérique: 840 millions de dollars par an

Réseaux partenaires de télécommunications

Viasat collabore avec 47 partenaires de télécommunications dans le monde, générant 650 millions de dollars de revenus de partenariat.

Type de partenaire	Nombre de partenaires	Contribution annuelle des revenus
Opérateurs satellites	12	280 millions de dollars
Fournisseurs de services Internet	22	370 millions de dollars

Canaux d'approvisionnement du gouvernement et de la défense

Les contrats gouvernementaux représentent 40% des revenus totaux de Viasat, totalisant 1,6 milliard de dollars en 2023.

• Contrats du ministère américain de la Défense: 1,2 milliard de dollars
• Contrats du gouvernement international: 400 millions de dollars
• Accords d'approvisionnement du gouvernement actif: 28

Partenariats de revendeurs technologiques

Viasat maintient 65 partenariats de revendeurs technologiques, générant 480 millions de dollars de revenus annuels.

Catégorie de revendeur	Nombre de partenaires	Revenus annuels
Revendeurs d'équipement réseau	35	280 millions de dollars
Revendeurs de la technologie satellite	30	200 millions de dollars

Viasat, Inc. (VSAT) - Modèle d'entreprise: segments de clientèle

Organisations gouvernementales et militaires

Viasat fournit des solutions de communication par satellite pour le ministère américain de la Défense avec une valeur contractuelle de 495,5 millions de dollars en 2023. Le segment militaire représentait 36,4% du total des revenus de l'entreprise au cours de l'exercice 2023.

Type de client	Valeur du contrat	Pourcentage de revenus
Département américain de la défense	495,5 millions de dollars	36.4%

Entreprises commerciales

Viasat dessert les clients d'entreprise dans plusieurs secteurs avec des solutions de connectivité Internet satellite.

• Connectivité du secteur de l'énergie
• Communication à distance de la main-d'œuvre
• Systèmes de surveillance industrielle

Consommateurs d'Internet résidentiels

Le segment Internet résidentiel a généré 778,2 millions de dollars de revenus pour l'exercice 2023, ce qui représente 42,7% du total des revenus de l'entreprise.

Segment de marché	Revenu	Base d'abonné
Internet résidentiel	778,2 millions de dollars	642 000 abonnés

Industries maritimes et aéronautiques

Viasat fournit des solutions de connectivité en vol et de communication maritime avec 287,3 millions de dollars en revenus de segments dédiés pour 2023.

• Connectivité des compagnies aériennes commerciales
• Communication maritime marchand
• Services Internet de navires de croisière

Fournisseurs de services de télécommunications

Les services de bande passante par satellite en gros ont généré 162,4 millions de dollars de revenus pour l'exercice 2023.

Type de service	Revenus annuels
Bande passante satellite en gros	162,4 millions de dollars

Viasat, Inc. (VSAT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement par satellite

Pour l'exercice 2023, le viasat a déclaré des frais de R&D de 364,9 millions de dollars. Les investissements totaux de recherche et développement de l'entreprise se sont concentrés sur les technologies avancées de communication par satellite et les services à large bande de nouvelle génération.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	364,9 millions de dollars	14.2%
2022	341,2 millions de dollars	13.8%

Infrastructure de fabrication et de lancement

Les dépenses en capital de Viasat pour les infrastructures satellites et le développement du réseau terrestre ont totalisé 712,3 millions de dollars au cours de l'exercice 2023.

• Coûts de fabrication par satellite: 453,6 millions de dollars
• Lancez les frais de véhicule et de déploiement: 258,7 millions de dollars
• Investissements d'infrastructure de station sol: 97,5 millions de dollars

Compensation de la main-d'œuvre

Le total des dépenses de personnel pour le viasat au cours de l'exercice 2023 a atteint 1,024 milliard de dollars.

Catégorie de compensation	Montant
Salaires	712,6 millions de dollars
Avantages	197,3 millions de dollars
Compensation en stock	114,1 millions de dollars

Entretien et mises à niveau de la technologie

Viasat a alloué 276,5 millions de dollars pour la maintenance des technologies et les mises à niveau du réseau au cours de l'exercice 2023.

• Maintenance des infrastructures réseau: 156,2 millions de dollars
• Mises à niveau des logiciels et du système: 87,3 millions de dollars
• Améliorations de la cybersécurité: 33 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour Viasat au cours de l'exercice 2023 étaient de 287,6 millions de dollars.

Catégorie de dépenses de marketing	Montant
Publicité	112,4 millions de dollars
Personnel de vente	98,2 millions de dollars
Technologie marketing	77 millions de dollars

Viasat, Inc. (VSAT) - Modèle d'entreprise: Strots de revenus

Abonnements à service Internet satellite

Au cours de l'exercice 2023, le viasat a déclaré un chiffre d'affaires total de 2,356 milliards de dollars. Les revenus d'abonnement à Internet par satellite représentaient environ 1,127 milliard de dollars, ce qui représente 47,8% du total des revenus de l'entreprise.

Segment d'abonnement	Revenus annuels	Pourcentage du total des revenus
Haut débit résidentiel	678 millions de dollars	28.8%
Services d'entreprise / commerciaux	449 millions de dollars	19.0%

Revenus du gouvernement et des contrats de défense

Les revenus des contrats du gouvernement et de la défense pour Viasat au cours de l'exercice 2023 ont totalisé 862 millions de dollars, ce qui représente 36,6% du total des revenus de l'entreprise.

• Contrats du ministère américain de la Défense: 512 millions de dollars
• Contrats du gouvernement international: 350 millions de dollars

Ventes et location d'équipement

Les ventes d'équipements et la location ont généré 267 millions de dollars de revenus, ce qui représente 11,3% du total des revenus de l'entreprise au cours de l'exercice 2023.

Catégorie d'équipement	Revenus annuels	Volume des ventes
Modems satellites	143 millions de dollars	185 000 unités
Équipement de réseautage	124 millions de dollars	76 000 unités

Accords de licence de technologie

Les revenus des licences technologiques s'élevaient à 76 millions de dollars au cours de l'exercice 2023, représentant 3,2% du total des revenus de l'entreprise.

Services de conseil et de mise en œuvre

Les services de conseil et de mise en œuvre ont généré 44 millions de dollars de revenus, ce qui représente 1,9% du total des revenus de l'entreprise au cours de l'exercice 2023.

Type de service	Revenus annuels	Nombre de projets
Conseil technique	26 millions de dollars	42 projets
Services de mise en œuvre	18 millions de dollars	29 projets

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.