Viasat, Inc. (VSAT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No domínio dinâmico das comunicações de satélite, a Viasat, Inc. (VSAT) surge como uma potência tecnológica, transformando como nos conectamos em vastas distâncias e terrenos desafiadores. Esta empresa inovadora tecia com maestria um modelo de negócios complexo que preenche a engenharia aeroespacial de ponta com soluções globais de conectividade, servindo de tudo, desde usuários residenciais remotos da Internet a sofisticadas redes de comunicação militar. Ao alavancar estrategicamente tecnologias avançadas de satélite e diversos fluxos de receita, a VIASAT se posicionou como um participante crítico nos setores de telecomunicações e defesa, oferecendo acesso sem precedentes à Internet e plataformas de comunicação seguras que transcendem as limitações tradicionais de conectividade.

Viasat, Inc. (VSAT) - Modelo de negócios: Parcerias -chave

Parcerias de defesa e aeroespacial

Viasat mantém parcerias críticas com os principais contratados de defesa:

Parceiro	Valor do contrato	Foco em parceria
Boeing	US $ 387 milhões	Fabricação de satélite
Lockheed Martin	US $ 512 milhões	Sistemas de comunicação de defesa

Colaborações da agência governamental

Parcerias estratégicas do governo incluem:

• Contratos do Departamento de Defesa (DOD): valor anual de US $ 1,2 bilhão
• Serviços de comunicação por satélite da NASA: contrato anual de US $ 215 milhões
• Desenvolvimento de tecnologia da Força Espacial dos EUA: contrato de US $ 345 milhões

Parcerias de conectividade de telecomunicações

Parceiro	Cobertura global	Receita de parceria
AT&T	42 países	US $ 276 milhões
Vodafone	38 países	US $ 193 milhões

Fabricantes de hardware de tecnologia

• Qualcomm: Desenvolvimento de modem de satélite de US $ 89 milhões
• Intel: US $ 67 milhões de colaboração de chipset de comunicação por satélite
• Broadcom: parceria de integração de hardware de US $ 54 milhões

Viasat, Inc. (VSAT) - Modelo de negócios: Atividades -chave

Design e fabricação de satélite

Viasat opera com uma frota de satélites de alta capacidade, incluindo:

• Viasat-1: capacidade de 140 Gbps
• Viasat-2: capacidade de 260 Gbps
• Viasat-3: Capacidade projetada de 1 TBPS

Modelo de satélite	Ano de lançamento	Capacidade	Área de cobertura
Viasat-1	2011	140 Gbps	América do Norte
Viasat-2	2017	260 Gbps	Américas
Viasat-3	2024	1 Tbps	Global

Desenvolvimento de serviços de internet de banda larga

Viasat fornece serviços de banda larga com as seguintes métricas:

• Assinantes residenciais: 692.000 a partir do terceiro trimestre 2023
• Velocidade média de download: 100 Mbps
• Cobertura de serviço: mais de 150 países

Engenharia de rede de comunicação segura

As soluções de comunicação governamental e militar incluem:

• Valor anual do contrato de defesa: US $ 645 milhões em 2023
• Tecnologias de criptografia: plataformas avançadas de comunicação segura
• Receita do segmento do governo: US $ 842 milhões no ano fiscal de 2023

Pesquisa aeroespacial e de tecnologia de defesa

Investimentos de pesquisa e desenvolvimento:

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 298 milhões	11.2%
2023	US $ 336 milhões	12.5%

Gerenciamento global de infraestrutura de comunicação por satélite

Recursos de infraestrutura:

• Estações de terra total de satélite: 42
• Centros de operações de rede: 7
• Largura de banda de rede global: 1,2 TBPS

Viasat, Inc. (VSAT) - Modelo de negócios: Recursos -chave

Tecnologia Avançada de Satélite e Propriedade Intelectual

Viasat detém 106 patentes nos EUA em 2023, com foco específico nas tecnologias de comunicação por satélite.

Categoria de patentes	Número de patentes
Comunicação por satélite	62
Tecnologias de banda larga	44

Infraestrutura de rede de comunicação por satélite

O VIASAT opera uma rede de satélite abrangente com cobertura global significativa.

• Satélites totais em operação: 8 a partir de 2023
• Localização da estação terrestre: 24 em vários continentes
• Capacidade de largura de banda de rede: 1,2 TBPS

Engenharia qualificada e força de trabalho técnica

Viasat emprega uma força de trabalho técnica altamente especializada.

Categoria de funcionários	Número de funcionários
Total de funcionários	6,200
Equipe de engenharia	3,100

Capital financeiro para P&D e implantação de satélite

Viasat investe significativamente em pesquisa e desenvolvimento.

• Despesas de P&D em 2023: US $ 491 milhões
• Despesas de capital para infraestrutura de satélite: US $ 672 milhões

Locais estratégicos da estação fundamental geográfica

Viasat mantém a presença estratégica da estação terrestre globalmente.

Região	Número de estações de terra
América do Norte	12
Europa	6
Ásia-Pacífico	4
Ámérica do Sul	2

Viasat, Inc. (VSAT) - Modelo de negócios: proposições de valor

Serviços de Internet por satélite confiáveis ​​e de alta velocidade

Viasat fornece serviços de Internet via satélite com as seguintes especificações:

• Baixar velocidades de até 100 Mbps
• Planos de serviço residencial que variam de US $ 50 a US $ 200 por mês
• Cobertura em 98% dos Estados Unidos continentais

Nível de serviço	Velocidade	Preço mensal
Basic	12 Mbps	$50
Padrão	50 Mbps	$100
Premium	100 Mbps	$200

Conectividade global em regiões remotas e carentes

Viasat opera redes de satélite que fornecem conectividade em:

• Áreas rurais na América do Norte
• Mercados latino -americanos
• Regiões européias com infraestrutura terrestre limitada

Soluções de comunicação segura para militar e governo

Detalhes da receita do contrato do governo:

Ano fiscal	Receita do contrato do governo
2023	US $ 812 milhões
2022	US $ 756 milhões

Tecnologias avançadas de banda larga para mercados comerciais e residenciais

Capacidades tecnológicas:

• Satélite VIASAT-3 com 1 TBPS Capacidade total
• Tecnologia de frequência da banda ka
• Técnicas de codificação e modulação adaptáveis

Soluções inovadoras de comunicação por satélite em vários setores

Receita de receita pelo setor:

Setor	Contribuição da receita
Banda larga residencial	42%
Serviços do governo	35%
Redes comerciais	23%

Viasat, Inc. (VSAT) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de vendas diretas para clientes corporativos e governamentais

Viasat mantém uma força de vendas direta dedicada, direcionada aos setores corporativos e governamentais. A partir do quarto trimestre de 2023, a empresa registrou 2.456 clientes corporativos e governamentais em vários segmentos de mercado.

Segmento de clientes	Número de clientes	Receita anual
Clientes do governo	1,237	US $ 612 milhões
Clientes corporativos	1,219	US $ 487 milhões

Plataformas de suporte ao cliente online

Viasat opera canais de suporte digital abrangentes com as seguintes métricas:

• Portal de suporte on -line 24/7
• Tempo médio de resposta: 12 minutos
• Taxa de resolução de ingressos digitais: 92%
• Disponibilidade de suporte a aplicativos móveis: 99,7%

Pacotes de serviço personalizados

Viasat oferece 5 níveis de pacote de serviço distintos Em diferentes segmentos de mercado:

Pacote de serviço	Mercado -alvo	Custo médio mensal
Conectividade básica	Pequenas empresas	$199
Enterprise Secure	Médias empresas	$499
Governo avançado	Agências federais	$1,299

Relações de contrato de longo prazo

Viasat mantém contratos estratégicos de longo prazo com os principais clientes:

• Duração média do contrato: 5,3 anos
• Valor do contrato de defesa: US $ 3,2 bilhões
• Valor do contrato de telecomunicações: US $ 1,7 bilhão
• Taxa de renovação do contrato: 87%

Consulta técnica e suporte de implementação

Viasat fornece suporte técnico especializado com os seguintes recursos:

• Equipe de consulta técnica dedicada: 342 especialistas
• Tempo médio de suporte de implementação: 45 dias
• Classificação de satisfação do cliente: 94%
• Centros de Suporte Técnico Global: 7 Locais

Viasat, Inc. (VSAT) - Modelo de Negócios: Canais

Força de vendas direta

A força de vendas direta da Viasat compreende aproximadamente 500 profissionais de vendas a partir de 2023. A equipe gera US $ 2,4 bilhões em receita anual por meio de empresas diretas e envolvimento do consumidor.

Segmento de canal de vendas	Receita anual	Número de representantes de vendas
Enterprise Solutions	US $ 1,2 bilhão	250
Banda larga do consumidor	US $ 850 milhões	150
Serviços do governo	US $ 350 milhões	100

Site online e plataformas digitais

As plataformas digitais da Viasat geram 35% do total de vendas, com aproximadamente 1,2 milhão de visitantes mensais exclusivos em seu site.

• Taxa de conversão de comércio eletrônico: 2,7%
• Taxa de ativação de serviço on -line: 62%
• Receita da plataforma digital: US $ 840 milhões anualmente

Redes de parceiros de telecomunicações

Viasat colabora com 47 parceiros de telecomunicações em todo o mundo, gerando US $ 650 milhões em receita de parceria.

Tipo de parceiro	Número de parceiros	Contribuição anual da receita
Operadores de satélite	12	US $ 280 milhões
Provedores de serviços de Internet	22	US $ 370 milhões

Canais de compras governamentais e de defesa

Os contratos governamentais representam 40% da receita total da Viasat, totalizando US $ 1,6 bilhão em 2023.

• Contratos do Departamento de Defesa dos EUA: US $ 1,2 bilhão
• Contratos do governo internacional: US $ 400 milhões
• Acordos ativos de compras governamentais: 28

Parcerias de revendedores de tecnologia

Viasat mantém 65 parcerias de revendedor de tecnologia, gerando US $ 480 milhões em receita anual.

Categoria de revendedor	Número de parceiros	Receita anual
Reseladores de equipamentos de rede	35	US $ 280 milhões
Revendedores de tecnologia de satélite	30	US $ 200 milhões

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

Organizações governamentais e militares

Viasat fornece soluções de comunicação por satélite para o Departamento de Defesa dos EUA com um valor de contrato de US $ 495,5 milhões em 2023. O segmento militar representou 36,4% da receita total da empresa no ano fiscal de 2023.

Tipo de cliente	Valor do contrato	Porcentagem de receita
Departamento de Defesa dos EUA	US $ 495,5 milhões	36.4%

Empresas comerciais

A Viasat atende clientes corporativos em vários setores com soluções de conectividade à Internet por satélite.

• Conectividade do setor energético
• Comunicação da força de trabalho remota
• Sistemas de monitoramento industrial

Consumidores residenciais da Internet

O segmento residencial da Internet gerou US $ 778,2 milhões em receita para o ano fiscal de 2023, representando 42,7% da receita total da empresa.

Segmento de mercado	Receita	Base de assinante
Internet residencial	US $ 778,2 milhões	642.000 assinantes

Indústrias marítimas e de aviação

O VIASAT fornece conectividade a bordo e soluções de comunicação marítima com US $ 287,3 milhões em receita de segmento dedicado para 2023.

• Conectividade Comercial Airlines
• Comunicação Marinha Mercante
• Serviços de Internet de navio de cruzeiro

Provedores de serviços de telecomunicações

Os serviços de largura de banda por satélite por atacado geraram US $ 162,4 milhões em receita para o ano fiscal de 2023.

Tipo de serviço	Receita anual
Largura de banda por satélite por atacado	US $ 162,4 milhões

Viasat, Inc. (VSAT) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento de satélite

Para o ano fiscal de 2023, Viasat registrou despesas de P&D de US $ 364,9 milhões. Os investimentos totais de pesquisa e desenvolvimento da Companhia focaram em tecnologias avançadas de comunicação por satélite e serviços de banda larga de próxima geração.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 364,9 milhões	14.2%
2022	US $ 341,2 milhões	13.8%

Infraestrutura de fabricação e lançamento

As despesas de capital da Viasat para infraestrutura de satélite e desenvolvimento de redes terrestres totalizaram US $ 712,3 milhões no ano fiscal de 2023.

• Custos de fabricação de satélite: US $ 453,6 milhões
• Lançar despesas com veículos e implantação: US $ 258,7 milhões
• Infraestrutura da estação fundamental Investimentos: US $ 97,5 milhões

Compensação da força de trabalho

O total de despesas de pessoal para Viasat no ano fiscal de 2023 atingiu US $ 1,024 bilhão.

Categoria de compensação	Quantia
Salários	US $ 712,6 milhões
Benefícios	US $ 197,3 milhões
Remuneração baseada em ações	US $ 114,1 milhões

Manutenção de tecnologia e atualizações

Viasat alocou US $ 276,5 milhões para atualizações de manutenção e rede de tecnologia no ano fiscal de 2023.

• Manutenção de infraestrutura de rede: US $ 156,2 milhões
• Atualizações de software e sistema: US $ 87,3 milhões
• Aprimoramentos de segurança cibernética: US $ 33 milhões

Operações de marketing e vendas

As despesas de marketing e vendas do Viasat no ano fiscal de 2023 foram de US $ 287,6 milhões.

Categoria de despesa de marketing	Quantia
Anúncio	US $ 112,4 milhões
Pessoal de vendas	US $ 98,2 milhões
Tecnologia de marketing	US $ 77 milhões

Viasat, Inc. (VSAT) - Modelo de negócios: fluxos de receita

Assinaturas de serviço de internet via satélite

No ano fiscal de 2023, Viasat registrou receitas totais de US $ 2,356 bilhões. As receitas de assinatura da Internet por satélite representaram aproximadamente US $ 1,127 bilhão, representando 47,8% da receita total da empresa.

Segmento de assinatura	Receita anual	Porcentagem da receita total
Banda larga residencial	US $ 678 milhões	28.8%
Serviços corporativos/comerciais	US $ 449 milhões	19.0%

Receita do contrato de governo e de defesa

As receitas do contrato governamental e de defesa do Viasat no ano fiscal de 2023 totalizaram US $ 862 milhões, constituindo 36,6% da receita total da empresa.

• Contratos do Departamento de Defesa dos EUA: US $ 512 milhões
• Contratos do governo internacional: US $ 350 milhões

Vendas e leasing de equipamentos

As vendas e leasing de equipamentos geraram US $ 267 milhões em receitas, representando 11,3% do total de receitas da empresa no ano fiscal de 2023.

Categoria de equipamento	Receita anual	Volume de vendas
Modems de satélite	US $ 143 milhões	185.000 unidades
Equipamento de rede	US $ 124 milhões	76.000 unidades

Acordos de licenciamento de tecnologia

As receitas de licenciamento de tecnologia totalizaram US $ 76 milhões no ano fiscal de 2023, representando 3,2% da receita total da empresa.

Serviços de consultoria e implementação

Os serviços de consultoria e implementação geraram US $ 44 milhões em receitas, representando 1,9% da receita total da empresa no ano fiscal de 2023.

Tipo de serviço	Receita anual	Número de projetos
Consultoria técnica	US $ 26 milhões	42 projetos
Serviços de implementação	US $ 18 milhões	29 projetos

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.