All articles tagged with #viasat
Viasat is expanding into the U.S. military satellite market by designing customized, maneuverable, dual-band geostationary satellites for secure communications, leveraging its commercial satellite technology and aiming to compete in programs like PTS-G and MGEO, while also exploring opportunities in missile defense and space-based relay systems.
Viasat has stated that it will not order a replacement for its ViaSat-3 Americas satellite, despite an antenna issue that has limited its planned throughput. The company expects to recover less than 10% of the satellite's capacity, which it believes is sufficient to meet current and future broadband customer needs. Viasat has insurance coverage of $420 million for ViaSat-3 Americas and $348 million for the Inmarsat-6 (I-6) F2 satellite, which it acquired earlier this year. The company is still investigating the root cause of the antenna issue and is in discussions regarding insurance coverage.
Viasat announced that it will not replace its damaged $750 million ViaSat-3 Americas satellite, stating that its current and upcoming satellite fleet, along with third-party support, will meet the needs of its key mobility market customers despite the lost bandwidth. The company expects to achieve its financial growth objectives earlier than expected and anticipates being free cash flow positive in the first half of 2025. Viasat also plans to finalize a $420 million insurance claim for the ViaSat-3 Americas satellite and a $348 million claim for the I6 F2 backup satellite, totaling $768 million.
Viasat reported a 36% increase in quarterly revenue, despite ongoing investigations into the malfunction of its $750 million ViaSat-3 Americas communications satellite. The company is working closely with its antenna supplier to assess the status of the antenna and expects to provide an update on "corrective actions" at the end of the second quarter. Viasat has approximately $420 million in insurance on the satellite. It is investigating the root cause of the problem to avoid similar issues with its upcoming ViaSat-3 EMEA satellite. Viasat plans to gain additional bandwidth from its existing in-orbit fleet and believes revenue will continue to grow in fiscal year 2025.
Delta Air Lines saw a 4% jump in premarket trading after reporting its highest-ever quarterly earnings and revenue, along with raising its 2023 earnings forecast. Furniture company MillerKnoll fell over 5% despite beating earnings expectations. PepsiCo rose 2% after beating earnings and revenue expectations and raising its full-year outlook. Walt Disney Company's shares increased by 1.5% following the extension of CEO Bob Iger's contract through 2026. ViaSat's stock tumbled over 22% after disclosing an issue with its recently launched communications satellite.
Viasat, a global leader in satellite communications, has disclosed that an unexpected event occurred during the deployment of the reflector for its ViaSat-3 Americas satellite, which may impact its performance. The company is working with the reflector's manufacturer to resolve the issue and is refining contingency plans to minimize the economic impact. Options include redeploying satellites from Viasat's fleet or reallocating a subsequent ViaSat-3 satellite. There is no disruption to customers, and the company will provide further updates during its earnings call in August.
Viasat has launched the first of its ViaSat-3 trio of satellites, which will provide over 1 Terabit per second of capacity, more than triple its ViaSat-2 predecessor. The new satellites will give Viasat "a lot of flexibility" in where it aims the bandwidth, particularly in the in-flight WiFi market, with multiple major commercial airlines already on Viasat's roster of clients. The launch brings a new punch to Viasat's network, helping it grow its share of the satellite communications market and bolster its existing position against the low Earth orbit challengers such as SpaceX's Starlink, OneWeb and Amazon's Kuiper.
Viasat is seeking a replacement for the Ariane 6 rocket to launch its third ViaSat 3 internet satellite, which is designed to serve the Asia-Pacific region. The first two ViaSat 3 satellites will provide internet service over the Americas, Europe, the Middle East, and Africa. Viasat had previously selected SpaceX, United Launch Alliance, and Arianespace to each launch one ViaSat 3 satellite, but the launch contract for the third satellite is now up for grabs. SpaceX and ULA's Vulcan rocket are the most likely contenders for the contract.
SpaceX is preparing for its sixth Falcon Heavy launch, set for April 18, which will send Viasat's new broadband satellite into geostationary orbit. The mission will require disposal of all three of the rocket's reusable boosters. The Falcon Heavy rocket's two side boosters will fire at full power for two-and-a-half minutes, then jettison to fall into the Atlantic Ocean a few hundred miles east of Cape Canaveral. The core stage will then throttle up to full power and burn for about a minute-and-a-half longer, then separate for its own destructive plunge into the sea.