FULLTEXT DEL 1 AV 4
10-K – 2026-05-29 – vsat-20260331.htm
10-K FY P1Y false P1Y 0000797721 P203D P730D P148D P362D P2Y P3Y http://www.viasat.com/20260331#AccruedAndOtherLiabilitiesCurrent http://www.viasat.com/20260331#AccruedAndOtherLiabilitiesCurrent P2Y P3Y P3Y http://www.viasat.com/20260331#LongTermDebtOtherThanLongTermCommercialPaperNoncurrent http://www.viasat.com/20260331#LongTermDebtOtherThanLongTermCommercialPaperNoncurrent 2024-06-30 2026-05-30 P1Y P3Y P1Y P1Y http://fasb.org/srt/2025#BoardOfDirectorsChairmanMember http://fasb.org/srt/2025#ChiefExecutiveOfficerMember 0000797721 vsat:MarketBasedPerformanceStockOptionsMember 2025-03-31 0000797721 vsat:TheresaWiseMember 2026-03-31 0000797721 vsat:ShareBasedPaymentArrangementBoardOfDirectorsMember srt:MinimumMember us-gaap:EmployeeStockOptionMember 2025-04-01 2026-03-31 0000797721 us-gaap:NonUsMember 2026-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2025-04-01 2026-03-31 0000797721 vsat:ViasatFourZeroOneKProfitSharePlanAndEmployeeStockPurchasePlanMember 2024-04-01 2025-03-31 0000797721 vsat:OneBigBeautifulBillActMember 2025-04-01 2026-03-31 0000797721 vsat:PerformanceStockOptionsMember 2025-04-01 2026-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2023-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember 2024-04-01 2025-03-31 0000797721 vsat:SatellitesMember 2023-04-01 2024-03-31 0000797721 vsat:NavarinoUkAndJsatMobileMember 2024-04-01 2025-03-31 0000797721 us-gaap:AccountingStandardsUpdate202309Member 2025-04-01 2026-03-31 0000797721 vsat:SatellitesMember 2026-03-31 0000797721 vsat:EuroBroadbandInfrastructureSarlStepAcquisitionMember srt:MaximumMember 2021-04-30 0000797721 us-gaap:LeaseholdImprovementsMember 2026-03-31 0000797721 vsat:EmployeeStockPurchasePlanMember 2025-04-01 2026-03-31 0000797721 vsat:EmployeeStockPurchasePlanMember 2025-03-31 0000797721 vsat:FormerExportImportCreditFacilityMember 2025-10-15 0000797721 vsat:CommunicationServicesMember 2023-04-01 2024-03-31 0000797721 2024-04-01 2025-03-31 0000797721 vsat:TwoThousandAndTwentyEightNotesMember vsat:DebtInstrumentRedemptionOtherPeriodOneMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndTwentyFiveNotesMember 2025-04-01 2026-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:MaritimeServicesMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2023-04-01 2024-03-31 0000797721 vsat:Viasat3F1SatelliteMember 2023-04-01 2024-03-31 0000797721 us-gaap:NonUsMember 2024-04-01 2025-03-31 0000797721 us-gaap:NonUsMember 2025-03-31 0000797721 2026-01-01 2026-03-31 0000797721 us-gaap:LineOfCreditMember us-gaap:LetterOfCreditMember 2026-03-31 0000797721 vsat:AccountingStandardsUpdate2025-10Member 2025-04-01 2026-03-31 0000797721 vsat:AdvancedTechnologiesAndOtherProductsMember us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2023-04-01 2024-03-31 0000797721 us-gaap:CorporateNonSegmentMember 2024-04-01 2025-03-31 0000797721 vsat:InmarsatHoldingsMember 2023-05-30 0000797721 vsat:CustomerPremiseEquipmentMember srt:MaximumMember 2026-03-31 0000797721 vsat:InmarsatHoldingsMember 2023-05-30 2023-05-30 0000797721 vsat:InmarsatRevolvingCreditFacilityMember 2024-03-27 0000797721 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0000797721 vsat:EquityParticipationPlanMember 2025-04-01 2026-03-31 0000797721 us-gaap:LineOfCreditMember 2025-04-01 2026-03-31 0000797721 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2025-04-01 2026-03-31 0000797721 vsat:FormerExportImportCreditFacilityMember 2025-04-01 2026-03-31 0000797721 vsat:SatellitesMember 2024-03-31 0000797721 vsat:TwoThousandAndTwentyEightNotesMember 2025-04-01 2026-03-31 0000797721 us-gaap:SalesRevenueNetMember vsat:USGovernmentAsAnIndividualCustomerMember us-gaap:GovernmentContractsConcentrationRiskMember 2023-04-01 2024-03-31 0000797721 us-gaap:AccountingStandardsUpdate202402Member 2025-04-01 2026-03-31 0000797721 vsat:DefenseAndAdvancedTechnologiesMember 2026-03-31 0000797721 vsat:SatellitesMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember vsat:OriginalInmarsatTermLoanFacilityMember 2024-03-28 2024-03-28 0000797721 vsat:InmarsatTermLoanFacilityMember 2025-11-30 2025-11-30 0000797721 vsat:SatellitesMember vsat:SatellitePerformanceIncentivesObligationMember 2025-04-01 2026-03-31 0000797721 us-gaap:DebtInstrumentRedemptionPeriodThreeMember vsat:TwoThousandAndThirtyOneNoteMember 2025-04-01 2026-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2024-04-01 2025-03-31 0000797721 vsat:TacticalNetworkingProductsMember us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2024-04-01 2025-03-31 0000797721 vsat:InmarsatMember 2025-04-01 2026-03-31 0000797721 vsat:JohnStenbitMember 2026-01-01 2026-03-31 0000797721 vsat:InmarsatRevolvingCreditFacilityMember 2025-04-01 2026-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2025-03-31 0000797721 us-gaap:TradeNamesMember 2025-03-31 0000797721 srt:MinimumMember us-gaap:BuildingMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyTwoTermLoanFacilityMember 2025-04-01 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2024-04-01 2025-03-31 0000797721 vsat:LigadoMember vsat:LumpSumPaymentMember 2025-10-31 2025-10-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember 2025-04-01 2026-03-31 0000797721 vsat:AdvancedTechnologiesAndOtherProductsMember us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember vsat:ChangeOfControlMember 2025-04-01 2026-03-31 0000797721 us-gaap:BuildingMember srt:MaximumMember 2026-03-31 0000797721 us-gaap:EarliestTaxYearMember us-gaap:ResearchMember us-gaap:StateAndLocalJurisdictionMember 2025-04-01 2026-03-31 0000797721 2024-03-31 0000797721 us-gaap:SellingGeneralAndAdministrativeExpensesMember vsat:InmarsatHoldingsMember 2023-04-01 2024-03-31 0000797721 vsat:ComputerEquipmentAndSoftwareMember 2026-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ProductMember 2025-04-01 2026-03-31 0000797721 2025-03-31 0000797721 vsat:EmployeeStockPurchasePlanMember 2024-03-31 0000797721 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2026-03-31 0000797721 us-gaap:LeaseholdImprovementsMember srt:MaximumMember 2026-03-31 0000797721 us-gaap:TradeNamesMember 2025-04-01 2026-03-31 0000797721 vsat:TacticalNetworkingProductsMember us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2023-04-01 2024-03-31 0000797721 us-gaap:TreasuryStockCommonMember 2024-04-01 2025-03-31 0000797721 vsat:TwoThousandAndTwentySevenNotesMember 2025-04-01 2026-03-31 0000797721 vsat:BridgeFacilityMember 2023-05-30 0000797721 us-gaap:FairValueInputsLevel2Member vsat:TwoThousandAndTwentyEightNotesMember us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0000797721 us-gaap:OperatingExpenseMember 2023-04-01 2024-03-31 0000797721 vsat:EquityParticipationPlanAndInducementPlanMember 2025-04-01 2026-03-31 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2026-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember 2024-03-28 2024-03-28 0000797721 vsat:AccountingStandardsUpdate2025-11Member 2025-04-01 2026-03-31 0000797721 vsat:ShareBasedPaymentArrangementBoardOfDirectorsMember us-gaap:EmployeeStockOptionMember srt:MinimumMember 2020-04-01 2021-03-31 0000797721 vsat:PerformanceStockOptionsAndMarketBasedPerformanceShareUnitsMember 2024-04-01 2025-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember us-gaap:DebtInstrumentRedemptionPeriodFourMember 2025-04-01 2026-03-31 0000797721 vsat:EuroBroadbandInfrastructureSarlStepAcquisitionMember 2021-04-30 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember vsat:InformationSecurityAndCyberDefenseProductsMember 2023-04-01 2024-03-31 0000797721 us-gaap:DebtInstrumentRedemptionPeriodThreeMember vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2024-04-01 2025-03-31 0000797721 vsat:TwoThousandAndTwentyTwoTermLoanFacilityMember 2026-03-31 0000797721 2024-04-01 2025-04-01 2026-03-31 0000797721 vsat:DefenseAndAdvancedTechnologiesMember 2024-04-01 2025-03-31 0000797721 vsat:SatellitesViasatOneAndViasatTwoMember vsat:SatellitePerformanceIncentivesObligationMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyFiveNotesMember 2017-09-30 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentySevenNotesMember 2019-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2025-04-01 2026-03-31 0000797721 srt:MaximumMember vsat:EquityParticipationPlanMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndTwentyThreeTermLoanFacilityMember 2023-05-30 0000797721 us-gaap:CommonStockMember 2024-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember vsat:ShareBasedPaymentArrangementBoardOfDirectorsMember 2025-04-01 2026-03-31 0000797721 country:US 2024-04-01 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ServiceMember 2023-04-01 2024-03-31 0000797721 vsat:LigadoMember 2025-07-01 2025-09-30 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2024-04-01 2025-03-31 0000797721 us-gaap:ServiceMember 2024-04-01 2025-03-31 0000797721 vsat:SatellitesViasatOneAndViasatTwoMember vsat:SatellitePerformanceIncentivesObligationMember 2025-04-01 2026-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2024-04-01 2025-03-31 0000797721 vsat:SatelliteCapacityAgreementsMember 2026-03-31 0000797721 vsat:NavarinoUkAndJsatMobileMember 2023-04-01 2024-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember vsat:InmarsatOriginalTermLoanFacilityMember 2024-03-28 0000797721 vsat:PerformanceSharesUnitsMember 2024-04-01 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ServiceMember 2025-04-01 2026-03-31 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-04-01 2024-03-31 0000797721 us-gaap:DomesticCountryMember 2026-03-31 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-03-31 0000797721 us-gaap:CommonStockMember 2025-04-01 2026-03-31 0000797721 vsat:ViasatFourZeroOneKProfitSharePlanAndEmployeeStockPurchasePlanMember 2025-04-01 2026-03-31 0000797721 us-gaap:RetainedEarningsMember 2026-03-31 0000797721 us-gaap:LetterOfCreditMember vsat:InmarsatRevolvingCreditFacilityMember 2026-03-31 0000797721 us-gaap:OtherNoncurrentAssetsMember 2025-03-31 0000797721 us-gaap:CommonStockMember 2026-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember 2024-03-28 0000797721 vsat:SatelliteKaBandCapacityObtainedUnderFinanceLeasesMember 2025-03-31 0000797721 vsat:ComputerEquipmentAndSoftwareMember srt:MinimumMember 2026-03-31 0000797721 us-gaap:TechnologyBasedIntangibleAssetsMember vsat:InmarsatHoldingsMember 2023-05-30 2023-05-30 0000797721 2023-03-31 0000797721 vsat:NavarinoUKMember 2025-04-01 2026-03-31 0000797721 us-gaap:SalesRevenueNetMember vsat:USGovernmentAsAnIndividualCustomerMember us-gaap:GovernmentContractsConcentrationRiskMember 2025-04-01 2026-03-31 0000797721 us-gaap:SalesRevenueNetMember vsat:FiveLargestCustomersMember us-gaap:CustomerConcentrationRiskMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndTwentyFiveNotesMember 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2025-03-31 0000797721 us-gaap:TreasuryStockCommonMember 2026-03-31 0000797721 vsat:AccountingStandardsUpdate2025-08Member 2025-04-01 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ProductMember 2024-04-01 2025-03-31 0000797721 vsat:CustomerPremiseEquipmentMember 2025-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2024-04-01 2025-03-31 0000797721 us-gaap:RetainedEarningsMember 2025-04-01 2026-03-31 0000797721 us-gaap:ServiceMember 2023-04-01 2024-03-31 0000797721 country:GB 2025-03-31 0000797721 vsat:CommunicationServicesMember vsat:InmarsatHoldingsMember 2023-05-30 0000797721 us-gaap:ForeignTaxJurisdictionOtherMember 2025-04-01 2026-03-31 0000797721 vsat:FundedResearchAndDevelopmentContractsMember 2025-04-01 2026-03-31 0000797721 us-gaap:IndemnificationGuaranteeMember 2026-03-31 0000797721 vsat:InmarsatRevolvingCreditFacilityMember 2026-03-31 0000797721 vsat:USGovernmentAsAnIndividualCustomerMember 2024-04-01 2025-03-31 0000797721 us-gaap:SalesRevenueNetMember vsat:FiveLargestCustomersMember us-gaap:CustomerConcentrationRiskMember 2023-04-01 2024-03-31 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2023-04-01 2024-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2025-04-01 2026-03-31 0000797721 us-gaap:ConstructionInProgressMember 2025-03-31 0000797721 vsat:DefenseAndAdvancedTechnologiesMember 2025-04-01 2026-03-31 0000797721 vsat:OrbitalSlotsAndSpectrumAssetsMember 2025-04-01 2026-03-31 0000797721 vsat:PerformanceSharesUnitsMember 2025-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember us-gaap:InterestRateCapMember 2023-05-30 0000797721 us-gaap:ServiceMember 2025-04-01 2026-03-31 0000797721 vsat:EmployeeStockPurchasePlanMember 2026-03-31 0000797721 vsat:DeferredCustomerContractAcquisitionCostMember 2026-03-31 0000797721 vsat:MarketBasedPerformanceStockOptionsMember 2025-04-01 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2025-03-31 0000797721 vsat:PerformanceSharesUnitsMember srt:MaximumMember 2025-04-01 2026-03-31 0000797721 2025-04-01 2026-03-31 0000797721 us-gaap:CommonStockMember 2025-03-31 0000797721 vsat:Link16TacticalDataLinkBusinessMember 2022-10-01 0000797721 us-gaap:ForeignCountryMember 2025-04-01 2026-03-31 0000797721 vsat:ComputerEquipmentAndSoftwareMember srt:MaximumMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyThreeTermLoanFacilityMember 2026-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2025-04-01 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000797721 vsat:EmployeeStockPurchasePlanMember 2024-04-01 2025-03-31 0000797721 us-gaap:TechnologyBasedIntangibleAssetsMember 2025-03-31 0000797721 us-gaap:CustomerRelationshipsMember vsat:InmarsatHoldingsMember 2023-05-30 2023-05-30 0000797721 vsat:TwoThousandAndTwentySevenNotesMember 2025-03-31 0000797721 vsat:SatellitesMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-04-01 2024-03-31 0000797721 us-gaap:AdditionalPaidInCapitalMember 2023-04-01 2024-03-31 0000797721 2026-10-01 2026-12-31 0000797721 vsat:SatellitesMember 2025-01-01 2025-03-31 0000797721 vsat:CommunicationServicesMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyEightNotesMember 2025-03-31 0000797721 vsat:TwoThousandAndTwentyFiveNotesMember 2025-03-31 0000797721 vsat:PerformanceSharesUnitsMember srt:MinimumMember 2025-04-01 2026-03-31 0000797721 us-gaap:ForeignCountryMember 2023-04-01 2024-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember vsat:DebtInstrumentRedemptionOtherPeriodOneMember 2025-04-01 2026-03-31 0000797721 vsat:AccountingStandardsUpdate2025-09Member 2025-04-01 2026-03-31 0000797721 country:BR 2025-04-01 2026-03-31 0000797721 vsat:InmarsatTwoThousandAndTwentyNineNotesMember 2025-03-31 0000797721 vsat:PerformanceBasedPerformanceStockUnitsMember 2025-04-01 2026-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:SpaceAndMissionSystemsProductsMember vsat:DefenseAndAdvancedTechnologiesMember 2024-04-01 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember vsat:InformationSecurityAndCyberDefenseProductsMember 2025-04-01 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember 2023-04-01 2024-03-31 0000797721 vsat:DefenseAndAdvancedTechnologiesMember 2025-03-31 0000797721 vsat:ContractsAndCustomerRelationshipsMember 2025-03-31 0000797721 us-gaap:SalesRevenueNetMember us-gaap:GovernmentContractsConcentrationRiskMember vsat:USGovernmentAsAnIndividualCustomerMember 2024-04-01 2025-03-31 0000797721 vsat:AccountingStandardsUpdate2025-04Member 2025-04-01 2026-03-31 0000797721 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2026-03-31 0000797721 vsat:ContractsAndCustomerRelationshipsMember 2026-03-31 0000797721 vsat:LigadoMember vsat:LumpSumPaymentMember 2025-04-01 2025-12-31 0000797721 us-gaap:DomesticCountryMember 2023-04-01 2024-03-31 0000797721 vsat:MarketBasedPerformanceStockOptionsMember 2024-04-01 2025-03-31 0000797721 vsat:CommunicationServicesMember 2025-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember vsat:GovernmentSatcomServicesMember us-gaap:OperatingSegmentsMember 2024-04-01 2025-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndTwentyFourEmploymentInducementIncentiveAwardPlanMember 2026-03-31 0000797721 us-gaap:EarliestTaxYearMember us-gaap:ResearchMember us-gaap:DomesticCountryMember 2025-04-01 2026-03-31 0000797721 vsat:TacticalNetworkingProductsMember us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2025-04-01 2026-03-31 0000797721 country:US 2025-04-01 2026-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ServiceMember 2024-04-01 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember 2024-04-01 2025-03-31 0000797721 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2026-03-31 0000797721 2025-06-01 2025-06-30 0000797721 vsat:OrbitalSlotsAndSpectrumAssetsMember 2025-03-31 0000797721 vsat:TwoThousandAndTwentySevenNotesMember us-gaap:DebtInstrumentRedemptionPeriodOneMember 2025-04-01 2026-03-31 0000797721 vsat:SatellitesMember srt:MinimumMember 2026-03-31 0000797721 srt:MinimumMember us-gaap:SoftwareDevelopmentMember 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-01 2024-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember 2025-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2024-03-31 0000797721 vsat:TwoThousandAndTwentyThreeTermLoanFacilityMember 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember vsat:SpaceAndMissionSystemsProductsMember 2023-04-01 2024-03-31 0000797721 vsat:ExportImportCreditFacilityMember 2025-04-01 2026-03-31 0000797721 srt:MinimumMember 2026-03-31 0000797721 vsat:ContractsAndCustomerRelationshipsMember 2025-04-01 2026-03-31 0000797721 vsat:FundedResearchAndDevelopmentContractsMember 2024-04-01 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember vsat:InformationSecurityAndCyberDefenseProductsMember 2024-04-01 2025-03-31 0000797721 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2023-04-01 2024-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember 2024-09-25 0000797721 us-gaap:StateAndLocalJurisdictionMember 2025-04-01 2026-03-31 0000797721 us-gaap:CommonStockMember 2023-03-31 0000797721 us-gaap:BuildingMember 2026-03-31 0000797721 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember vsat:ExportImportCreditFacilityMember 2025-03-31 0000797721 us-gaap:LetterOfCreditMember vsat:InmarsatRevolvingCreditFacilityMember 2024-03-28 0000797721 vsat:PerformanceStockOptionsAndMarketBasedPerformanceShareUnitsMember 2025-04-01 2026-03-31 0000797721 us-gaap:FairValueInputsLevel2Member vsat:TwoThousandAndTwentySevenNotesMember us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0000797721 us-gaap:LandMember 2026-03-31 0000797721 us-gaap:RetainedEarningsMember 2023-04-01 2024-03-31 0000797721 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember vsat:SatellitePerformanceIncentivesObligationMember 2026-03-31 0000797721 vsat:InmarsatTwoThousandAndTwentyNineNotesMember 2026-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2025-03-31 0000797721 us-gaap:RetainedEarningsMember 2024-04-01 2025-03-31 0000797721 country:US 2023-04-01 2024-03-31 0000797721 vsat:EmployeeStockPurchasePlanMember 2023-04-01 2024-03-31 0000797721 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2026-03-31 0000797721 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0000797721 vsat:LigadoMember 2025-10-01 2025-12-31 0000797721 vsat:MarketBasedPerformanceStockOptionsMember 2023-04-01 2024-03-31 0000797721 vsat:FundedResearchAndDevelopmentContractsMember 2023-04-01 2024-03-31 0000797721 us-gaap:ResearchMember us-gaap:StateAndLocalJurisdictionMember 2026-03-31 0000797721 vsat:CommunicationServicesMember vsat:GovernmentSatcomServicesMember us-gaap:OperatingSegmentsMember 2023-04-01 2024-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember vsat:AviationServicesMember us-gaap:OperatingSegmentsMember 2023-04-01 2024-03-31 0000797721 vsat:AccountingStandardsUpdate2025-06Member 2025-04-01 2026-03-31 0000797721 vsat:PerformanceStockOptionsAndMarketBasedPerformanceShareUnitsMember 2023-04-01 2024-03-31 0000797721 us-gaap:CreditConcentrationRiskMember vsat:USGovernmentAsAnIndividualCustomerMember us-gaap:AccountsReceivableMember 2024-04-01 2025-03-31 0000797721 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember vsat:TwoThousandAndTwentyFiveNotesMember 2025-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2025-04-01 2026-03-31 0000797721 vsat:MarketConditionPerformanceShareUnitsMember 2025-04-01 2026-03-31 0000797721 us-gaap:StateAndLocalJurisdictionMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:MaritimeServicesMember 2025-04-01 2026-03-31 0000797721 vsat:CommunicationServicesMember 2024-04-01 2025-03-31 0000797721 us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0000797721 vsat:SatellitesViasatOneAndViasatTwoMember 2026-03-31 0000797721 us-gaap:TechnologyBasedIntangibleAssetsMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember us-gaap:DebtInstrumentRedemptionPeriodOneMember 2025-04-01 2026-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2025-03-31 0000797721 vsat:NavarinoUkAndJsatMobileMember 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2024-04-01 2025-03-31 0000797721 vsat:AccountingStandardsUpdate2025-05Member 2025-04-01 2026-03-31 0000797721 us-gaap:OperatingSegmentsMember 2023-04-01 2024-03-31 0000797721 us-gaap:UnfavorableRegulatoryActionMember 2026-03-31 0000797721 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2025-03-31 0000797721 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyTwoTermLoanFacilityMember 2022-03-31 0000797721 vsat:EquityParticipationPlanAndInducementPlanMember 2024-04-01 2025-03-31 0000797721 vsat:OrbitalSlotsAndSpectrumAssetsMember vsat:InmarsatHoldingsMember 2023-05-30 2023-05-30 0000797721 us-gaap:ComputerSoftwareIntangibleAssetMember 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2025-04-01 2026-03-31 0000797721 us-gaap:DebtInstrumentRedemptionPeriodThreeMember vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember 2025-04-01 2026-03-31 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndTwentyEightNotesMember 2020-06-30 0000797721 vsat:LigadoMember 2026-01-01 2026-03-31 0000797721 vsat:InmarsatRevolvingCreditFacilityMember 2024-03-28 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2025-04-01 2026-03-31 0000797721 vsat:SatellitesMember 2024-04-01 2025-03-31 0000797721 vsat:FormerEx-ImCreditFacilityMember 2025-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2025-04-01 2026-03-31 0000797721 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember vsat:ExportImportCreditFacilityMember 2026-03-31 0000797721 vsat:DefenseAndAdvancedTechnologiesMember 2023-04-01 2024-03-31 0000797721 vsat:TheresaWiseMember 2026-01-01 2026-03-31 0000797721 us-gaap:LandMember 2025-03-31 0000797721 us-gaap:PositiveOutcomeOfLitigationMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:InterestIncomeMember 2023-04-01 2024-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember vsat:DebtInstrumentRedemptionOtherPeriodOneMember 2025-04-01 2026-03-31 0000797721 us-gaap:TechnologyBasedIntangibleAssetsMember 2026-03-31 0000797721 vsat:JsatMobileMember 2026-03-31 0000797721 vsat:LigadoMember vsat:LumpSumPaymentMember 2025-04-01 2026-03-31 0000797721 vsat:PerformanceBasedPerformanceStockUnitsMember 2024-04-01 2025-03-31 0000797721 us-gaap:InterestRateCapMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatOriginalTermLoanFacilityMember 2025-03-31 0000797721 2025-01-01 2025-03-31 0000797721 us-gaap:TreasuryStockCommonMember 2025-04-01 2026-03-31 0000797721 vsat:GarrettChaseMember 2026-03-31 0000797721 vsat:NavarinoUkAndJsatMobileMember 2025-04-01 2026-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:SpaceAndMissionSystemsProductsMember vsat:DefenseAndAdvancedTechnologiesMember 2025-04-01 2026-03-31 0000797721 us-gaap:RetainedEarningsMember 2025-03-31 0000797721 vsat:SatelliteKaBandCapacityObtainedUnderFinanceLeasesMember 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:FixedServicesAndOtherServicesMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatMember 2026-03-31 2026-03-31 0000797721 us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-04-01 2025-03-31 0000797721 vsat:FormerExportImportCreditFacilityMember 2025-10-15 2025-10-15 0000797721 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-03-31 0000797721 us-gaap:NonUsMember 2025-04-01 2026-03-31 0000797721 us-gaap:PositiveOutcomeOfLitigationMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ProductMember 2023-04-01 2024-03-31 0000797721 country:CA 2025-04-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember 2024-09-30 0000797721 us-gaap:StateAndLocalJurisdictionMember 2026-03-31 0000797721 vsat:SatelliteKaBandCapacityObtainedUnderFinanceLeasesMember srt:MinimumMember 2026-03-31 0000797721 vsat:ShareBasedPaymentArrangementBoardOfDirectorsMember us-gaap:EmployeeStockOptionMember srt:MaximumMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndTwentyEightNotesMember 2026-03-31 0000797721 us-gaap:DomesticCountryMember 2024-04-01 2025-03-31 0000797721 vsat:DeferredCustomerContractFulfillmentCostMember 2025-03-31 0000797721 us-gaap:OperatingSegmentsMember 2025-04-01 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:GroundNetworkAndSatelliteMember 2023-04-01 2024-03-31 0000797721 srt:MaximumMember vsat:EuroBroadbandInfrastructureSarlStepAcquisitionMember 2023-07-01 2023-09-30 0000797721 us-gaap:BuildingMember 2025-03-31 0000797721 country:GB 2026-03-31 0000797721 us-gaap:NoncontrollingInterestMember 2026-03-31 0000797721 us-gaap:AccountingStandardsUpdate202306Member 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember 2026-03-31 0000797721 us-gaap:PositiveOutcomeOfLitigationMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ProductMember 2024-04-01 2025-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember us-gaap:DebtInstrumentRedemptionPeriodFourMember 2025-04-01 2026-03-31 0000797721 us-gaap:TreasuryStockCommonMember 2023-04-01 2024-03-31 0000797721 vsat:TwoThousandAndTwentySevenNotesMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyTwoTermLoanFacilityMember 2025-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2024-04-01 2025-03-31 0000797721 us-gaap:FairValueInputsLevel2Member vsat:TwoThousandAndTwentyEightNotesMember us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0000797721 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0000797721 vsat:FormerExportImportCreditFacilityMember 2026-03-31 0000797721 vsat:SatellitesMember srt:MaximumMember 2026-03-31 0000797721 us-gaap:TradeNamesMember 2026-03-31 0000797721 vsat:USGovernmentAsAnIndividualCustomerMember 2023-04-01 2024-03-31 0000797721 vsat:SatelliteKaBandCapacityObtainedUnderFinanceLeasesMember srt:MaximumMember 2026-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember vsat:ShareBasedPaymentArrangementBoardOfDirectorsMember srt:MinimumMember 2020-04-01 2021-03-31 0000797721 us-gaap:LeaseholdImprovementsMember 2025-03-31 0000797721 vsat:EuroBroadbandInfrastructureSarlStepAcquisitionMember 2021-04-30 2021-04-30 0000797721 us-gaap:ProductMember 2023-04-01 2024-03-31 0000797721 vsat:ComputerEquipmentAndSoftwareMember 2025-03-31 0000797721 vsat:PerformanceSharesUnitsMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyEightNotesMember vsat:ChangeOfControlMember 2025-04-01 2026-03-31 0000797721 us-gaap:FurnitureAndFixturesMember 2026-03-31 0000797721 us-gaap:FairValueInputsLevel2Member vsat:TwoThousandAndTwentySevenNotesMember us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0000797721 us-gaap:ProductMember 2024-04-01 2025-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0000797721 srt:MaximumMember 2026-03-31 0000797721 us-gaap:ForeignCountryMember 2024-04-01 2025-03-31 0000797721 us-gaap:SalesRevenueNetMember vsat:FiveLargestCustomersMember us-gaap:CustomerConcentrationRiskMember 2024-04-01 2025-03-31 0000797721 us-gaap:LineOfCreditMember 2026-03-31 0000797721 vsat:ViasatFourZeroOneKProfitSharePlanAndEmployeeStockPurchasePlanMember 2023-04-01 2024-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0000797721 2026-03-31 0000797721 vsat:MarketBasedPerformanceStockOptionsAndTSRMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember 2025-04-01 2026-03-31 0000797721 vsat:CustomerPremiseEquipmentMember srt:MinimumMember 2026-03-31 0000797721 us-gaap:StateAndLocalJurisdictionMember 2024-04-01 2025-03-31 0000797721 us-gaap:OtherIntangibleAssetsMember 2025-03-31 0000797721 vsat:SatellitesConstructionInProgressMember 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0000797721 us-gaap:CreditConcentrationRiskMember vsat:USGovernmentAsAnIndividualCustomerMember us-gaap:AccountsReceivableMember 2025-04-01 2026-03-31 0000797721 vsat:PerformanceSharesUnitsMember 2025-04-01 2026-03-31 0000797721 us-gaap:InterestRateCapMember 2024-04-01 2025-03-31 0000797721 vsat:SatellitesMember 2025-03-31 0000797721 us-gaap:CorporateNonSegmentMember 2025-04-01 2026-03-31 0000797721 us-gaap:CorporateNonSegmentMember 2023-04-01 2024-03-31 0000797721 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember vsat:SatellitePerformanceIncentivesObligationMember 2025-03-31 0000797721 us-gaap:TradeNamesMember vsat:InmarsatHoldingsMember 2023-05-30 2023-05-30 0000797721 vsat:MarketBasedPerformanceStockOptionsMember 2026-03-31 0000797721 us-gaap:NonUsMember 2023-04-01 2024-03-31 0000797721 vsat:AccountingStandardsUpdate2025-07Member 2025-04-01 2026-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember vsat:ChangeOfControlMember 2025-04-01 2026-03-31 0000797721 vsat:AdvancedTechnologiesAndOtherProductsMember us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2024-04-01 2025-03-31 0000797721 vsat:InmarsatHoldingsMember 2023-04-01 2024-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember 2026-03-31 0000797721 us-gaap:DomesticCountryMember 2025-04-01 2026-03-31 0000797721 us-gaap:OtherIntangibleAssetsMember 2025-04-01 2026-03-31 0000797721 vsat:SatelliteConstructionAndOtherSatelliteRelatedAgreementsMember 2026-03-31 0000797721 vsat:EquityParticipationPlanAndInducementPlanMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember vsat:AviationServicesMember us-gaap:OperatingSegmentsMember 2025-04-01 2026-03-31 0000797721 us-gaap:RetainedEarningsMember 2023-03-31 0000797721 us-gaap:LeaseholdImprovementsMember srt:MinimumMember 2026-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember 2023-09-28 2023-09-28 0000797721 us-gaap:InterestRateCapMember 2023-04-01 2024-03-31 0000797721 us-gaap:RestrictedStockUnitsRSUMember 2023-04-01 2024-03-31 0000797721 vsat:PartialRepaymentMember vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2025-03-31 0000797721 us-gaap:CommonStockMember 2023-04-01 2024-03-31 0000797721 vsat:CommunicationServicesMember vsat:AviationServicesMember us-gaap:OperatingSegmentsMember 2024-04-01 2025-03-31 0000797721 us-gaap:AccountingStandardsUpdate202403Member 2025-04-01 2026-03-31 0000797721 vsat:MarkDankbergMember 2026-01-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2024-04-01 2025-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:FixedServicesAndOtherServicesMember 2023-04-01 2024-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember 2023-04-01 2024-03-31 0000797721 vsat:TwoThousandAndThirtyOneNoteMember 2023-09-28 0000797721 srt:MaximumMember us-gaap:SoftwareDevelopmentMember 2026-03-31 0000797721 vsat:LigadoMember vsat:LumpSumPaymentMember 2026-03-31 0000797721 vsat:DeferredCustomerContractFulfillmentCostMember 2026-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2026-03-31 0000797721 us-gaap:ConstructionInProgressMember 2026-03-31 0000797721 country:GB 2025-04-01 2026-03-31 0000797721 us-gaap:TreasuryStockCommonMember 2025-03-31 0000797721 us-gaap:UnfavorableRegulatoryActionMember 2025-03-31 0000797721 us-gaap:EmployeeStockOptionMember 2024-04-01 2025-03-31 0000797721 us-gaap:PositiveOutcomeOfLitigationMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ProductMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatHoldingsMember 2025-04-01 2026-03-31 0000797721 us-gaap:OtherNoncurrentAssetsMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentySevenNotesMember vsat:ChangeOfControlMember 2025-04-01 2026-03-31 0000797721 us-gaap:ComputerSoftwareIntangibleAssetMember srt:MaximumMember 2026-03-31 0000797721 vsat:TwoThousandAndTwentyThreeTermLoanFacilityMember 2025-04-01 2026-03-31 0000797721 us-gaap:ProductMember 2025-04-01 2026-03-31 0000797721 us-gaap:IndemnificationGuaranteeMember 2025-03-31 0000797721 us-gaap:FurnitureAndFixturesMember 2025-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:FixedServicesAndOtherServicesMember 2024-04-01 2025-03-31 0000797721 vsat:ExportImportCreditFacilityMember 2026-03-31 0000797721 2023-04-01 2024-03-31 0000797721 vsat:InmarsatMember 2024-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:GroundNetworkAndSatelliteMember 2024-04-01 2025-03-31 0000797721 us-gaap:ResearchMember us-gaap:DomesticCountryMember 2026-03-31 0000797721 vsat:AccountingStandardsUpdate2025-12Member 2025-04-01 2026-03-31 0000797721 us-gaap:RetainedEarningsMember 2024-03-31 0000797721 vsat:EquityParticipationPlanAndInducementPlanMember 2026-03-31 0000797721 us-gaap:FairValueInputsLevel2Member vsat:TwoThousandAndThirtyOneNoteMember us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0000797721 vsat:CustomerPremiseEquipmentMember 2026-03-31 0000797721 2026-05-08 0000797721 us-gaap:CommonStockMember 2024-04-01 2025-03-31 0000797721 2025-09-30 0000797721 vsat:EquityParticipationPlanMember 2026-03-31 0000797721 vsat:DeferredCustomerContractAcquisitionCostMember 2025-03-31 0000797721 vsat:PerformanceBasedPerformanceStockUnitsMember 2023-04-01 2024-03-31 0000797721 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2025-03-31 0000797721 vsat:JohnStenbitMember 2026-03-31 0000797721 vsat:USGovernmentAsAnIndividualCustomerMember 2025-04-01 2026-03-31 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember us-gaap:ProductMember 2023-04-01 2024-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember 2024-09-30 2024-09-30 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember us-gaap:DebtInstrumentRedemptionPeriodOneMember 2025-04-01 2026-03-31 0000797721 vsat:MarkDankbergMember 2026-03-31 0000797721 vsat:InmarsatTermLoanFacilityMember 2025-03-31 0000797721 vsat:InmarsatSecuredCreditFacilityMember 2024-03-28 2024-03-28 0000797721 us-gaap:OtherIntangibleAssetsMember 2026-03-31 0000797721 vsat:CommunicationServicesMember vsat:GovernmentSatcomServicesMember us-gaap:OperatingSegmentsMember 2025-04-01 2026-03-31 0000797721 country:GB 2025-04-01 2026-03-31 0000797721 vsat:CommunicationServicesMember 2025-04-01 2026-03-31 0000797721 us-gaap:DebtInstrumentRedemptionPeriodTwoMember vsat:TwoThousandAndTwentyEightNotesMember 2025-04-01 2026-03-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentySixMember 2019-10-31 0000797721 vsat:InmarsatSeniorSecuredNotesTwoThousandAndTwentyNineMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0000797721 vsat:MarketBasedPerformanceStockOptionsAndPriceHurdleMember 2025-04-01 2026-03-31 0000797721 vsat:CommunicationServicesMember us-gaap:OperatingSegmentsMember vsat:MaritimeServicesMember 2024-04-01 2025-03-31 0000797721 vsat:SatellitesConstructionInProgressMember 2025-03-31 0000797721 vsat:GarrettChaseMember 2026-01-01 2026-03-31 0000797721 vsat:OrbitalSlotsAndSpectrumAssetsMember 2026-03-31 0000797721 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2026-03-31 iso4217:USD xbrli:shares iso4217:EUR vsat:Installment xbrli:pure xbrli:shares iso4217:USD vsat:Segment UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31 , 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number ( 000-21767 ) VIASAT, INC. (Exact name of registrant as specified in its charter) Delaware 33-0174996 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6155 El Camino Real Carlsbad , California 92009 ( 760 ) 476-2200 (Address of principal executive offices and telephone number) Securities registered pursuant to Section 12(b) of the Act: (Title of Each Class) (Trading Symbol) (Name of Each Exchange on which Registered) Common Stock, par value $0.0001 per share VSAT The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933. ☒ Yes ☐ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No The aggregate market value of the common stock held by non-affiliates of the registrant as of September 30, 2025 was approximately $ 3,893,760,718 (b ased on the closing price on that date for shares of the registrant’s common stock as reported by the Nasdaq Global Select Market). The number of shares outstanding of the registrant’s common stock, $0.0001 par value, as of May 8, 2026 was 136,568,953 . DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K where indicated. Such Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended March 31, 2026 . VIASAT, INC. TABLE OF CONTENTS Page PART I Item 1. Business 2 Item 1A. Risk Factors 23 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2. Properties 40 Item 3. Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 41 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 60 Item 8. Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 61 Item 9A. Controls and Procedures 61 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 63 Item 11. Executive Compensation 63 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accounting Fees and Services 63 PART IV Item 15. Exhibits, Financial Statement Schedules 64 Item 16. Form 10-K Summary 68 Signatures 69 1 PART I FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. We use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” variations of such words and similar expressions to identify forward-looking statements. In addition, statements regarding projections of earnings, revenue, costs or other financial items; anticipated trends in our business or key markets; growth opportunities; the ability to successfully compete in our target markets and durability or strengthening of competitive advantages; the construction, completion, testing, launch, commencement of commercial service, expected performance and benefits of satellites and satellite payloads (including satellites planned or under construction) and the timing thereof; the expected capacity, coverage, service speeds and other features of our satellites, and the cost, economics and benefits associated therewith; anticipated subscriber growth; introduction and integration of multi-orbit capabilities; future economic conditions; the development, customer acceptance and anticipated performance of our technologies, products or services; plans, objectives and strategies for future operations; ability to drive capital efficiency and improved resource utilization; the number of additional aircraft or vessels anticipated to be put into service with our connectivity systems; expected revenue from the Ligado settlement; and other characterizations of future events or circumstances, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially include: our ability to realize the anticipated benefits of any existing or future satellite; unexpected expenses related to our satellite projects; risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, launch, operational or deployment failure or degradation in satellite performance; capacity constraints in our business in the lead-up to the launch of services on new satellites; increasing levels of competition in our target markets; our ability to successfully implement our business plan on our anticipated timeline or at all; our ability to successfully develop, introduce and sell new technologies, products and services; audits by the U.S. Government; changes in the global business environment and economic conditions (including U.S. Government shutdowns); delays in approving U.S. Government budgets and cuts in government defense expenditures; our reliance on U.S. Government contracts, and on a small number of contracts which account for a significant percentage of our revenues; reduced demand for products and services as a result of continued constraints on capital spending by customers; changes in relationships with, or the financial condition of, key customers or suppliers; our reliance on a limited number of third parties to manufacture and supply our products; introduction of new technologies and other factors affecting the communications and defense industries generally; the effect of adverse regulatory changes (including changes affecting spectrum availability or permitted uses) on our ability to sell or deploy our products and services; changes in the way others use spectrum; our inability to access additional spectrum, use spectrum for additional purposes, and/or operate satellites at additional orbital locations; competing uses of the same spectrum or orbital locations that we utilize or seek to utilize; the effect of changes to global tax laws; our level of indebtedness and ability to comply with applicable debt covenants; our involvement in litigation, including intellectual property claims and litigation to protect our proprietary technology; any dispute with Ligado regarding the terms of the Ligado settlement; our dependence on a limited number of key employees; and other factors identified under the heading “Risk Factors” in Part I, Item 1A of this report, elsewhere in this report and our other filings with the Securities and Exchange Commission (the SEC). Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. ITEM 1. B USINESS Corporate Information We were incorporated in California in 1986 under the name Viasat, Inc., and subsequently reincorporated in Delaware in 1996. The mailing address of our worldwide headquarters is 6155 El Camino Real, Carlsbad, California 92009, and our telephone number at that location is (760) 476-2200. Our website address is www.viasat.com. The information on our website does not constitute part of this report. 2 Company Overview We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy—anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites—our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies. We conduct our business through two reportable segments: communication services and defense and advanced technologies. Inmarsat Acquisition On May 30, 2023, we completed the acquisition of Connect Topco Limited, a private company limited by shares and incorporated in Guernsey (Inmarsat Holdings and, together with its subsidiaries, Inmarsat), in exchange for approximately $550.7 million in cash and 46.36 million shares of our common stock (the Inmarsat Acquisition). The assets and results of operations of Inmarsat are included in our communication services segment for the period following the closing of the Inmarsat Acquisition on May 30, 2023. Segments Communication Services Our communication services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility markets, as well as for residential and enterprise fixed broadband customers. In addition, this segment includes the development and sale of a wide array of advanced satellite and wireless products and terminals that support or enable the provision of fixed and mobile broadband and narrowband services. We design, develop and produce space system solutions for multiple orbital regimes, including geostationary earth orbit (GEO), medium earth orbit (MEO) and low earth orbit (LEO). As of March 31, 2026, our complementary fleet of 23 in service or operational satellites spanned the Ka-, L- and S- bands, with 13 Ka-band satellites, eight L-band satellites (three of which were contingency L-band satellites that were operational but not in commercial service), an S-band satellite that supported the European Aviation Network to provide IFC services to commercial airlines in Europe, and a hybrid Ka-/L-band satellite. Our second ViaSat-3 class satellite, ViaSat-3 F2, was launched into orbit in November 2025. Furthermore, as of March 31, 2026, we had eight additional GEO satellites under development or in preparation for launch: a high-capacity Ka-band GEO satellite (ViaSat-3 F3), three adaptive Ka-band GEO satellites (GX7, GX8 and GX9) and four Inmarsat-8 L-band GEO safety service satellites. Subsequent to fiscal year 2026, in April 2026, we launched the third ViaSat-3 class satellite, ViaSat-3 F3, into orbit with commercial service expected to commence by late summer 2026. Our extensive satellite fleet enables us to provide a wide array of high-quality broadband and narrowband services with near global coverage (including strong oceanic coverage) with greater redundancy and resiliency. 3 The following are the primary business lines in our communication services segment: • Aviation, which includes industry-leading IFC services, narrowband safety operational data services and other complementary services and applications for commercial aircraft, business jets and unmanned aircraft. As of March 31, 2026, we had our IFC systems installed and in service on approximately 4,580 commercial aircraft (of which approximately 130 were inactive at quarter end, mostly due to standard aircraft maintenance) and approximately 2,100 business jets with Ka-band communication services. We anticipate that approximately 1,000 additional commercial aircraft will be put into service with our IFC systems under existing customer agreements with commercial airlines. However, due to the nature of commercial airline contracts and other factors such as increased competition and original equipment manufacturer (OEM) delays, there can be no assurance that anticipated IFC services will be activated on all such additional commercial aircraft. • Government satcom, which includes various broadband and narrowband products and services for both fixed and mobile communications that provide military and government users with secure, high-speed, real-time broadband and multimedia connectivity in key regions of the world, as well as tactical line-of-sight and beyond-line-of-sight communications, Intelligence Surveillance and Reconnaissance (ISR) services and L-band Advanced Communications Element (LACE) terminals. • Maritime, which includes high-quality, resilient satellite-based broadband and narrowband communications services around the globe to commercial shipping fleets, offshore service vessel operators and commercial fishing companies, as well as NexusWave, a fully managed multi-layer connectivity service for merchant shipping companies. As of March 31, 2026, we provided Ka-band communication services to approximately 13,200 vessels. • Fixed services and other, which includes high-speed, high-quality, reliable fixed broadband internet services to businesses and residential users (primarily in the United States as well as in various countries in Europe and Latin America), enterprise connectivity solutions, Internet-of-Things (IoT) and other narrowband services (such as L-band managed services that enable real-time machine-to-machine (M2M) position or high-value asset tracking), and energy services. As of March 31, 2026, our U.S. fixed broadband business had approximately 130,000 subscribers with an average monthly revenue per user of $113. We believe that growth in our communication services business will be driven in the coming years by the continued demand for global mobility services (such as our aviation and maritime services), reflecting expected continued increases in the number of aircraft and maritime vessels in service, passenger volumes, internet users, applications and connected devices and platforms worldwide, as well as expansion in government satcom services. Commercial global mobility services continue to represent a very large and fast-growing addressable market, and are at the core of our growth strategy in our communication services business. We expect that, as the number of aircraft, maritime vessels and passengers around the globe continue to grow, global mobility bandwidth demands will be able to be effectively and reliably met by our fleet of owned, leased and partner satellites. Defense and Advanced Technologies Our defense and advanced technologies segment develops and offers a diverse array of resilient, vertically integrated solutions to government and commercial customers, leveraging our core technical competencies in encryption, cyber security, tactical gateways, modems and waveforms. The following are the primary business lines in our defense and advanced technologies segment: • Information security and cyber defense, which comprises a variety of high-quality networking, cybersecurity and information assurance products and services that provide advanced, high-speed IP-based “Type 1” and High Assurance Internet Protocol Encryption (HAIPE®)-compliant encryption solutions that enable military and government users to communicate information securely, and that protect the integrity of data stored on computers and storage devices. Information security and cyber defense also includes our Move Out/Jump Off (MOJO) expeditionary tactical gateway family of products. 4 • Space and mission systems, which includes specialized design and technology services covering all aspects of satellite communication system architecture, networks and technology, including state-of-the-art government satellite communication systems, mobile and fixed broadband modems, ground and airborne terminals, antennas and gateways for terrestrial and satellite customer applications, Ka-band earth stations and other multi-band/multi-function antennas, as well as products designed for manpacks, aircraft, unmanned aerial vehicles, seagoing vessels, ground-mobile vehicles, space-based systems and fixed applications. Space and mission systems also includes the design and development of the architecture of high-capacity Ka-band GEO satellites and the associated satellite payload and antenna technologies (both for our own satellite fleet as well as for third parties), and special purpose LEO and MEO satellites and other small satellite platforms. • Tactical networking, which provides resilient communications designed for on-the-move or on-the-pause operations in a multi-domain battlespace with friendly force tracking and narrowband solutions. Tactical networking includes the products and services offered by TrellisWare Technologies, Inc. (TrellisWare). • Advanced technologies and other, which includes commercial communication satellite product development, orchestration of sovereign and multi-orbit solutions, products focused on emerging growth markets (such as direct-to-device) and intellectual property licensing revenues. We believe that growth in our defense and advanced technologies business will be driven in the coming years by increasing reliance on space-based assets for military operations, continued increases in demand for resilient communications in multi-domain operations, growing demand for digitization of military infrastructure and increased integration of commercial and defense technologies. Our Strengths We believe the following strengths position our business to capitalize on attractive growth opportunities in our business: • Deep Satellite Fleet Spanning Multiple Frequency Bands. Our multi-band satellite platform, with 23 in service or operational satellites as of March 31, 2026 enables us to provide customers with the services they need to cost-efficiently and reliably meet their connectivity needs, including at peak times in the most congested areas. Customers in our target markets demand high-quality, reliable connectivity services that can meet mission-critical needs at the busiest places and times, backed by robust and measurable service level agreements. Our deep and capital-efficient satellite fleet, with multiple GEO satellites providing near-global broadband and narrowband coverage (including strong oceanic coverage and polar reach), is ideally suited to meet these customer needs – and will be further enhanced by our eight additional GEO satellites under development or in preparation for launch as of March 31, 2026. Demand for bandwidth is highly geographically concentrated, with 90% of total bandwidth demand estimated to be concentrated in just 15% of the Earth’s surface. Our GEO satellites, with their wide “field of view” and ability to flexibly and dynamically allocate capacity to meet constantly fluctuating bandwidth demands within each satellite’s footprint, enable our satellite platform to reliably and efficiently meet the peak capacity needs of our customers at the busiest times in areas of high congestion, such as airports, ports, major population centers and key transit routes. In addition, the high capacity of our satellites enables us to provide Terabits of capacity at attractive prices. In contrast, a satellite fleet comprised exclusively of LEO satellites typically suffers from a surplus of capacity in low-demand areas, and unreliable or insufficient capacity at times and places of high demand, given each satellite’s very narrow field of view. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Importantly, we have continued to innovate advanced multi-orbit resource management techniques to reduce costs and expand geographic coverage to better serve the unique needs of each mobility and defense customer. In forming key partnerships with multiple geostationary orbit (GSO) and non-geostationary orbit (NGSO) operators, we are well-positioned to support delivery of Viasat’s next-generation services, improve resource utilization, and drive capital efficiency. In parallel, we are working to ensure equitable access to finite space resources and support regulatory certainty in order to enable multi-orbit solutions and related infrastructure to thrive in a shared and sustainable way. 5 • Broad Array of Complex, Complementary Service Offerings, Tailored to Customer Needs . We offer a broad array of high-quality satellite-based broadband and narrowband services, combined with complementary software and encryption services with multiple applications. For example, in addition to IFC terminals and our award-winning IFC services, we offer aviation customers complementary service offerings such as wireless in-flight entertainment (W-IFE) and other digital services, encryption and monetization solutions and integrated cockpit and safety software services. Similarly, in addition to high-quality broadband connectivity services and terminals, we offer our maritime customers comprehensive software-defined managed services (such as critical safety communications capabilities, security, IoT integration and crew welfare solutions). Our ability to offer bundled complex and complementary services, products and solutions to our customers, tailored to individual customer needs and market opportunities and backed by contractual service level agreements, helps us to differentiate our offerings from our competitors and drive deeper customer engagement and “stickiness.” • Innovation of Next-Generation Satellite and Space Technologies. We have a long history of innovation in next-generation satellite and space technologies. Our first-generation, high-capacity Ka-band satellite, ViaSat-1, earned a Guinness World Records® title in 2013 as the highest-capacity communications satellite in the world at that time. Our second-generation ViaSat-2 satellite almost doubled the bandwidth capacity of ViaSat-1 and added expanded geographic reach, and in 2018 was selected as a winner in the ‘Space, Platforms’ category of Aviation Week’s 61st Annual Laureate Awards, honoring extraordinary achievements in the global aerospace arena. Our third-generation ViaSat-3 class satellites utilize a new satellite architecture with miniaturized electronics and more productive and efficient antenna designs. This new satellite design is expected to significantly expand the geographic coverage area and data capacity of each satellite and to further enhance our ability to flexibly and dynamically allocate capacity to match demand, resulting in greater speed, availability and cost-efficiency. We believe our history since inception of developing proprietary and innovative satellite technologies spanning spacecraft, ground infrastructure, user terminals and network design demonstrates that we possess the expertise and credibility required to serve the evolving technology needs of our customers whether on the ground, in the air or at sea. • Vertically Integrated End-to-End Platform of Leading Technologies . We believe our innovative ecosystem of satellites, ground infrastructure and user terminals creates significant synergies in our business and positions us to drive operational efficiencies and cost-effectively deliver a diverse portfolio of high-quality broadband and narrowband solutions and applications to enterprise, consumer, military and government users. Our product, system and service offerings are often linked through common underlying technologies, customer applications and market relationships. We believe that our comprehensive and predominately vertically integrated portfolio of satellites, products and services, combined with our ability to effectively cross-deploy technologies between government and commercial segments and across different geographic markets, provides us with a strong foundation to sustain and enhance our leadership in broadband technologies and services. • Diversification of Business Model . Our business is highly diversified across many different verticals. Our core business includes IFC systems and services for commercial, private and military aircraft around the globe, high-quality broadband and narrowband systems and services for maritime vessels and land mobile users, fixed broadband user terminals and services to consumers and enterprises, and a wide portfolio of broadband, narrowband and cybersecurity information assurance products and services for government and military users. This diversification in product and service offerings, customer base, geography and market segment helps to reduce our exposure to fluctuations in any of the individual markets we serve and to provide resilience in our business performance in times of economic or political disruption. For example, during fiscal year 2021, revenue impacts to our commercial aviation business in our communication services segment resulting from the global disruption in the airline industry caused by the COVID-19 pandemic were offset by strong demand in our fixed broadband services business and other parts of our business. 6 • Diverse Portfolio of Market-Leading Defense and Government Offerings. We are a leading provider of innovative communications, cybersecurity and information assurance products and solutions to the U.S. Government and other military and government users around the world. These products and services enable the transmission of secure real-time digital information and communications between fixed and mobile command centers, intelligence, defense and homeland security platforms and individuals. Our portfolio of government and military offerings leverages our technological investments in our commercial business, and includes expeditionary tactical gateways, small satellite development, fixed and mobile satellite broadband systems and services, cybersecurity and information assurance products and services. Total new awards in our defense and advanced technologies segment (excluding awards relating to our Link-16 Tactical Data Links business sold to L3Harris in January 2023 (the Link-16 TDL Sale)) grew from approximately $0.6 billion in fiscal year 2018 to $1.6 billion in fiscal year 2026, despite an uneven defense spending environment, reflecting the high demand for our diverse portfolio of products and services for military and government users. Our expeditionary tactical gateways bridge the gap between air and ground forces by providing secure, reliable access to air and ground data transmitted over disparate networks for improved situational awareness capabilities and support communications. Our small satellite development work is market leading and is designed to enable a new tactical space layer for our government customers, enabling increasingly advanced precision operations and maneuvering. Our mobile satellite broadband offerings leverage our innovative satellite technologies and proprietary Ka-band satellite platforms, allowing us to provide high-speed, high-quality internet services to government and military personnel, aircraft, ships and land vehicles. Our secure networking products and services include a broad portfolio of advanced, high-speed, high-assurance encryption solutions that are capable of operating at speeds of up to 200 Gbps, as well as advanced cybersecurity products to detect and mitigate malicious network effects. In February 2021, we received enhanced cybersecurity accreditation from the DHS through their Enhanced Cybersecurity Services (ECS) program. As an accredited ECS provider, we receive DHS-provided sensitive and classified cybersecurity threat indicators and information to defend U.S.-based public and private computer networks, including state and local governments, against unauthorized access, denial, degradation, exploitation and data exfiltration. • Blue-Chip Customer Base . Our blue-chip customer base includes customers such as the U.S. Government, leading aerospace and defense prime contractors, foreign governments, commercial airlines, civil agencies, satellite network integrators, large communications service providers and enterprises requiring complex communications and networking solutions and services. We believe that the credit strength of these key customers helps support more consistent financial performance. Moreover, our direct relationships with key customers such as commercial airlines and the DoD allow us to adapt our satellite designs and product and service offerings to better meet their desired outcomes. • Experienced Management Team and Diversified Board of Directors. Our core management team is comprised of seasoned executives with significant leadership experience in satellite communications, defense, aerospace, global mobility and integration. For example, our Chairman of the Board and Chief Executive Officer, Mark Dankberg, has been with Viasat since its inception in 1986. Mr. Dankberg is considered to be a leading expert in the field of satellite, wireless and defense communications. In addition, in recent years we undertook a conscious effort to diversify our Board of Directors, bringing in a wide variety of skills and experience aligned with our long-term goals. Our Board of Directors is comprised of a diverse range of high-profile corporate leaders with extensive experience in globalization, communications, space operations, and technology and business integration. Our Strategy Our business strategy is to be a leader in the market segments we choose to serve by relentlessly innovating technology and business models; and to maintain our leadership position in utilization and yield with cost-efficient, high-quality satellite-based communications products and services, focused on making connectivity accessible, available and secure for current and future customers worldwide in attractive growth markets. Our strategic purpose is to responsibly and efficiently serve our customers by matching their increasing demand for bandwidth in the right place, at the right time – even in the highest demand locations – with our high-capacity dynamic global satellite networks alongside hybrid multi-orbit, multi-band network service capabilities. By taking advantage of our fleet of owned, leased and partner satellites, and the dynamic beam-forming of our newest ones, we can derive and deliver substantially more value from already on-orbit resources. The principal elements of our strategy include: 7 • Drive Capital Efficiencies o Deliver the Most Productive Satellite Systems: We are hyper-focused on maximizing the useful bandwidth per total lifetime capital cost of each satellite. We refer to this as “bandwidth productivity” and see this metric as a key factor in determining our return on satellite investment for each satellite we design, develop and build. However, it is our focus to drive productivity and returns at the fleet level that we believe will give us the greatest competitive advantage in serving our customers globally across a diversity of attractive markets. o Drive Efficiencies of Scale and Operations: We intend to continue to drive efficiencies in our businesses through our vertical integration and other strategies and increasing scale as we move into new and adjacent geographic, product and service markets. We optimize our satellite systems through our development of an end-to-end platform of next-generation satellites, ground networking equipment and user terminals that enable the provision of a broad array of high-quality broadband and narrowband services. Our deep fleet of GEO satellites provide scale and operational efficiencies through their enhanced ability to efficiently and dynamically match supply and demand through the flexible allocation of capacity by service, time and geography within the satellite footprint, as well as through their near global geographic reach. • Focus on Relentless Execution o Maintain Focus on Technology Leadership: We continue to focus on strategic research and development (R&D) to bring more efficient, effective and customer-centric high-quality broadband and narrowband communications to the global market. Our continued innovation in satellite system product development has been one of our hallmarks. We intend to maintain our leadership position in satellite systems, technologies and services, while continuing to expand our efforts in wireless communications, cloud networking and security, as well as new and emerging technologies such as direct-to-device and space-to-space communications. Our R&D efforts are supported by a global employee base that includes approximately 3,400 engineers and a culture that deeply values and supports innovation. o Follow Our Path of Proven Performance: We have an enviable track record for identifying and bringing to market impactful communications technologies in space systems. For example, ViaSat-1 was the highest capacity communications satellite at the time of its launch; ViaSat-2 almost doubled the capacity of ViaSat-1; and the ViaSat-3 F2 and ViaSat-3 F3 satellites are individually anticipated to have significantly greater data capacity and geographic coverage than our ViaSat-2 satellite and to enable us to deliver affordable connectivity across a large geographic footprint spanning nearly one-third of the globe with a design that has an enhanced ability to flexibly and dynamically allocate capacity to markets where bandwidth usage demands and returns are highest. o Customer-Centricity Evolution: We are focused on continuing to increase our customer interactions and have incorporated new technologies, tools and learnings from artificial intelligence and machine learning to enhanced customer intimacy techniques and customer advisory councils. Our satellite systems have been designed to serve the specific requirements of our customers in the mobility and government sectors. We strive to continue to improve our ongoing customer engagements through proactive response, deeper customer insights and enhanced customer exchanges. This is an ongoing effort that will continue to be an investment and nurture opportunity for us. • Continue to Expand into New Markets and Geographies o Enter and Disrupt New and Adjacent Markets through Technology Innovation: We continue to create or address new and adjacent markets using our technological advancements to disrupt existing business models and drive shifts in target markets and user demand. For example, the technological innovations and power of our proprietary Ka-band satellite network enabled us to disrupt the IFC business model and successfully expand our broadband service offerings into the commercial air market. As the capacity of our satellite systems continues to increase as additional ViaSat-3 and GX satellites are brought into commercial service, we expect the addressable markets for our technologies, products and services to continue to expand. Higher capacity, more flexible satellites, and layers of GEO/highly-elliptical earth orbit satellites covering each region, will allow us to offer a broader array of cost-effective, reliable, high-quality broadband services that can be tailored to different geographic regions and bandwidth usage demands. 8 o Think Beyond Current Customer Requirements to Open New Markets: We actively seek to identify market or operational needs that are not currently served by existing communications and encryption products and services, with a view to developing unique or disruptive products and services and creating new addressable markets. In fact, a key component to the continued success of Viasat’s defense business is its expansive portfolio of non-developmental items (NDI), which are designed to rapidly deliver cutting-edge technology solutions well ahead of the traditional government procurement model. Our business model delivers advanced capabilities significantly faster, at lower lifecycle costs and with lower risk to the customer when compared to traditional defense acquisition programs and timelines. o Target International Expansion. We have placed tremendous effort in recent years on growing our operations, sales/distribution, customer/partner base and regulatory framework globally, including through the Inmarsat Acquisition, with the addition of Inmarsat's satellite fleet enabling us to provide high-quality broadband and narrowband services with near global coverage (including strong oceanic coverage and polar reach). We continue to believe that international markets provide attractive opportunities for the long-term growth of our business. As worldwide demand for broadband connectivity continues to grow, we expect that our comprehensive offering of next-generation broadband and narrowband satellites, advanced end-to-end communication systems and ground networking equipment and products, and their ability to enable a wide range of cost-effective, high-quality broadband and narrowband services, will be increasingly attractive internationally. Demand profile differs by geographic market, reflecting geographic, economic, political, regulatory and other factors. However, the flexibility, high bandwidth capacity and broad geographic coverage area of our multi-band satellite fleet allow us to tailor our service offerings for the opportunities and needs of different geographic markets. • Prioritize the End-User o Recognize Connectivity is a Means to an End, not an End in Itself. The value of a network is in the applications it enables. With this understanding, we have worked closely with leading edge and content providers (including companies such as Apple, Facebook, and DirecTV, among others) to enhance end-users’ experiences with their online and streaming media services over our network, helping them leverage the potential of making affordable broadband available in places where it has never been. We also work with U.S. Government agencies, major airlines and others on multiple continents to help ensure end-users have satisfying — and affordable — experiences on our network. Our expanded multi-band satellite fleet enables us to provide services with near global coverage (including strong oceanic coverage and polar reach) with greater redundancy and resiliency. In addition, we work with various international governments to help bring digital and social inclusion to their constituents through efficient satellite-enabled services such as our community internet services, which offer community hotspots, home broadband and mobile broadband in unserved and underserved areas using satellite-powered centralized terminals. By making broadband connectivity accessible to millions of people living in regions where traditional terrestrial and wireless internet services were either non-existent or cost prohibitive, we have been able to help generate positive socio-economic impacts — in education, e-commerce, finance, healthcare and more — at lower bandwidth costs. • Manage for the Long Term o Pursue Growth Through Strategic Alliances, Partnering Arrangements and Relationships . We actively seek strategic relationships and joint ventures with companies whose financial, marketing, operational or technological resources may accelerate the introduction of new technologies, service offerings and/or the penetration of new markets. For example, we have entered into strategic agreements with local partners in Brazil and Mexico to bring high-speed, affordable internet to unserved and underserved communities, which allows us to gain market insights and build brand awareness in those countries. We also regularly enter into teaming arrangements with other government contractors to more effectively capture complex government programs. We may continue to evaluate acquisitions of, or investments in, complementary companies, businesses, products or technologies to supplement our internal growth. o Encourage Safe Sustainable Access to Space. We strive to be a leader in bringing benefits of space technology to the world in a sustainable, responsible and inclusive way. We are focused on cooperating with a broad range of responsible nations and global partners to ensure safe, responsible and equitable access to space for all. 9 Our Customers Our customer base is highly diversified. Customers of our communication services segment reflect the diversity in our service offerings and include commercial airlines, business jet owners and operators, maritime commercial shipping fleets, offshore service vessel operators, commercial fishing companies, residential customers, small and medium-sized businesses, enterprises and government and military users. The customers of our defense and advanced technologies segment include the DoD, the DHS, select other U.S. federal, state and local government agencies, foreign governments, allied armed forces, public safety first-responders, remote government employees, commercial and defense contractors, satellite network integrators, large communications service providers and enterprises requiring complex communications and networking solutions, as well as various defense contractors, North Atlantic Treaty Organization (NATO), the European Space Agency, and privately held companies, international organizations and non-government entities that support government businesses worldwide. We enter into government contracts either directly with U.S. or foreign governments, or indirectly through domestic or international partners or resellers, and act as both a prime contractor and subcontractor for the sale of equipment and services to government and defense users. Revenues from the U.S. Government as an individual customer comprised approximately 16%, 18% and 17% of total revenues for fiscal years 2026, 2025 and 2024, respectively. None of our other customers comprised 10% or more of total revenues in fiscal years 2026, 2025 or 2024. U.S. Government Contracts Substantial portions of our revenues are generated from contracts and subcontracts with the DoD and other federal government agencies. Many of our contracts are subject to a competitive bid process and are awarded on the basis of technical merit, personnel qualifications, experience and price. We also receive some contract awards involving special technical capabilities on a negotiated, noncompetitive basis due to our unique mix of communication products, satellite services, engineering capabilities and technical expertise in specialized areas. The Federal Acquisition Streamlining Act of 1994 has encouraged the use of commercial type pricing, such as firm fixed-price contracts, on dual use products. Our future revenues and income could be materially affected by changes in government procurement policies and related oversight, a reduction in expenditures for the products and services we provide, and other risks generally associated with federal government contracts. We provide products and services under federal government contracts that usually require performance over a period of several months to multiple years. Long-term contracts may be impacted based on when the government appropriated funds are available and to what level, which may result in a delay, reduction or termination of these contracts. Our federal government contracts are performed under cost-reimbursement contracts, time-and-materials contracts and fixed-price contracts. Cost-reimbursement contracts provide for reimbursement of costs and payment of a fee. The fee may be either fixed by the contract or variable, based upon cost control, quality, delivery and the customer’s subjective evaluation of the work. Under time-and-materials contracts, we receive a fixed amount by labor category for services performed and are reimbursed for the cost of materials purchased to perform the contract. Under a fixed-price contract, we agree to perform specific work, which may include product R&D, for a fixed price and, accordingly, realize the benefit or detriment to the extent that the actual cost of performing the work differs from the contract price. In fiscal year 2026, substantially all of our government revenues were generated from fixed-price contracts with the federal government or our prime contractors. Our allowable federal government contract costs and fees are subject to audit and review by the Defense Contract Management Agency (DCMA) and the Defense Contract Audit Agency (DCAA), as discussed below under “Regulatory Environment — Other Regulations.” Our federal government contracts may be terminated, in whole or in part, at the convenience of the U.S. Government. If a termination for convenience occurs, the U.S. Government generally is obligated to pay for work completed or services rendered and/or the cost incurred by us under the contract, which may include a fee or allowance for profit. Contracts with prime contractors may have negotiated termination schedules that apply. When we participate as a subcontractor, we are at risk if the prime contractor does not perform its contract. Similarly, when we act as a prime contractor employing subcontractors, we are at risk if a subcontractor does not perform its subcontract. Some of our federal government contracts contain options that are exercisable at the discretion of the customer. An option may extend the period of performance for one or more years for additional consideration on terms and conditions similar to those contained in the original contract. An option may also increase the level of effort and assign new tasks to us. 10 Our eligibility to perform under our federal government contracts requires us to maintain adequate security measures. We have implemented security procedures that we believe adequately satisfy the requirements of our federal government contracts. Research and Development The industries in which we compete are subject to rapid technological developments, evolving standards, changes in customer requirements and continuing developments in the communications and networking environment. Our continuing ability to adapt to these changes, and to develop innovative satellite and communications technologies, and new and enhanced products and services, is a significant factor in maintaining or improving our competitive position and our prospects for growth. Therefore, we continue to make significant investments in next-generation satellite technologies and communications product and services development. We conduct the majority of our R&D activities in-house and have R&D and engineering staff, which includes approximately 3,400 engineers worldwide. Our product development activities focus on products that we consider viable revenue opportunities to support both of our segments. We incurred $164.9 million, $142.4 million and $150.7 million during fiscal years 2026, 2025 and 2024, respectively, on independent research and development (IR&D) expenses, which comprise R&D not directly funded by a third party. Funded R&D contains a profit component and is therefore not directly comparable to IR&D. As a U.S. Government contractor, we may also recover a portion of our IR&D expenses, consisting primarily of salaries and other personnel-related expenses, supplies and prototype materials related to R&D programs. Intellectual Property We seek to establish and maintain our proprietary rights in our technology and products through a combination of patents, copyrights, trademarks, trade secrets and contractual rights. We also seek to maintain our trade secrets and confidential information through nondisclosure policies, the use of appropriate confidentiality agreements and other security measures. We have registered a number of patents and trademarks in the United States and in other countries and have a substantial number of patent filings pending determination. There can be no assurance, however, that these rights can be successfully enforced in any particular jurisdiction. Although we believe the protection afforded by our patents, copyrights, trademarks, trade secrets and contractual provisions has value, the rapidly changing technology environment in the industries we work in (including the internet, networking, satellite and wireless communications industries) and uncertainties in the legal process make our future success dependent primarily on the innovative skills, technological expertise and management abilities of our employees rather than on the protections afforded by patent, copyright, trademark and trade secret laws and contractual rights. Accordingly, while these legal protections are important, they must be supported by other factors such as the expanding knowledge, ability and experience of our personnel, and the continued development of new products and product enhancements. Certain of our products and services include software or other intellectual property licensed from third parties. While it may be necessary in the future to seek or renew licenses relating to various aspects of our products and services, we believe, based upon past experience and standard industry practice, that such licenses generally could be obtained on commercially reasonable terms. Nonetheless, there can be no assurance that the necessary licenses would be available on acceptable terms, if at all. Our inability to obtain these licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results and financial condition. The industry in which we compete is characterized by rapidly changing technology, a large number of patents, and frequent claims and related litigation regarding patent and other intellectual property rights. We cannot assure you that our patents and other proprietary rights will not be challenged, invalidated or circumvented, that others will not assert intellectual property rights to technologies that are relevant to us, or that our rights will give us a competitive advantage. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as the laws of the United States. 11 Sales and Marketing We have a sales presence in various domestic and international locations, and we sell our products and services both directly and indirectly through partners, as described below: • Communication Services Sales Organization. Our communication services sales organization involves both direct and indirect channels and varies based on subscriber and service type. Our commercial aviation offerings are sold directly to airlines, and our business aviation offerings are sold through direct sales and business development personnel as well as through aviation-focused value-added resellers. Our maritime service offerings are sold through direct and indirect value-added reseller partners targeting a variety of maritime commercial prospects. In each case, our focus is to identify business opportunities and develop solutions for the unique needs of each customer segment. Our residential fixed broadband services are primarily sold directly to customers through our Viasat Internet website, sales call centers and active retail dealers, and we utilize extensive dealer networks across the United States, as well as in each country where residential fixed broadband services are offered, to sell such services. Our business internet offerings are sold through a mix of direct sales personnel who work with enterprises and a network of enterprise-focused master agents and wholesale distribution partners. Finally, our community internet services are sold through local distribution partnerships. In addition to our sales force, we maintain a highly-trained service staff to provide technical product and service support to our customers. • Defense and Advanced Technologies Sales Organization. Our defense and advanced technologies sales organization consists of direct sales personnel who sell our standard products and services, and business development personnel who work with engineers, program managers, marketing managers and contract managers to identify business opportunities, develop customer relationships, develop solutions for customers’ needs, prepare proposals and negotiate contractual arrangements, as well as sales managers and sales engineers, who act as the primary interface to establish account relationships and determine technical requirements for customer networks. The period of time from initial contact through the point of product sale is varied based on the products and services provided, and can take three years for more complex developments. Products in production can usually be delivered to a customer between 90 to 180 days from the point of product sale. • Strategic Partners. To augment our direct sales efforts, we seek to develop key strategic relationships to market and sell our products and services. We direct our sales and marketing efforts to our strategic partners, primarily through our senior management relationships. In some cases, a strategic ally may be the prime contractor for a system or network installation and will subcontract a portion of the project to us. In other cases, the strategic ally may recommend us as the prime contractor for the design and integration of the network. We seek strategic relationships and partners based on many factors, including financial resources, technical capability, geographic location and market presence. Our marketing team works closely with our corporate and segment leadership, customer account executives, and business development, sales and operations organizations to increase the awareness and value of the Viasat brand through a mix of positive program performance, agile, results-oriented multichannel marketing campaigns that reflect new and evolving customer journeys, public relations, paid and owned media, live and virtual events, and conference speaking engagements that keep the market current on our services, products and features. Viasat products and services, both in the U.S. and internationally, are typically sold under one unified master global brand, using a single logo and visual identity system. Our marketing team also helps identify and size new and adjacent target markets for our products and services, evaluate our customer experience, create awareness of our company and our portfolio of offerings, and generate contacts and leads within these targeted markets. Competition The markets in which we compete are highly competitive and competition is increasing. These markets are characterized by rapid change, converging technologies and a migration to solutions that offer higher capacity and speed and other superior advantages. These market factors represent both an opportunity and a competitive threat to us. In many cases our competitors can also be our customers or partners. Accordingly, maintaining an open and cooperative relationship is important. The overall number of our competitors may increase, and the identity and composition of competitors may change. As we continue to expand our business globally, we may see new competition in different geographic regions. 12 To compete, we emphasize: • the high-quality, resilience, reliability, security and broad geographic availability of our service offerings; • our deep understanding of our customers’ unique expectations and requirements and the factors and metrics that drive customer value in our target markets; • our extensive insights as to how, where, and when customer demand will intersect with our capacity supply; • our proven designs and network integration services for complex, customized network needs; • our demonstrated performance in uniquely challenging environments; • the increased bandwidth efficiency offered by our networks, products and services; • our safety certified L-band network enabling robust safety services for aviation, government and maritime customers; • our spectrum and market access; • our advanced security and information assurance capabilities; • the innovative and flexible features integrated into our products and services; • our network management experience; • our end-to-end network implementation capabilities; • the distinct advantages of satellite data networks; • the technical advantages and advanced features of our antenna systems as compared to our competitors’ offerings; • our holistic suite of offerings, including our ability to offer bundled complex and complementary services, products and solutions; and • the overall cost-effectiveness of our communications systems, products and services. While we believe we compete successfully on each of these factors, we expect to continue to face intense competition in each of our markets. In our communication service segment, our aviation service offerings compete against air-to-ground mobile services and other satellite-based services, such as the services offered by Amazon Leo, Anuvu, Gogo, Iridium, Panasonic Avionics Corporation, SES, SpaceX and Thales Group, among others. Our maritime service offerings compete against KVH, SES, SpaceX and Speedcast, among others. In our fixed broadband business, we compete with broadband service offerings from wireline and wireless telecommunications companies, including cable companies, fiber and DSL companies, satellite companies and fixed wireless companies. New entrants, some with significant financial resources and new emerging offerings (including terrestrial and space-based networks, such as LEO and MEO constellations) also compete with our satellite service offerings. In our defense and advanced technology segment, we compete with numerous other providers of satellite and terrestrial communications systems, products and equipment, including: CPI Antenna Systems Division, Comtech, EchoStar (Hughes Network Systems), General Dynamics, Gilat, iDirect Technologies, L3Harris, Maxar, Newtec, Panasonic Avionics Corporation, Safran Aerosystems, SpaceX and Thales Group. In addition, some of our customers continuously evaluate whether to develop and manufacture their own products and could elect to compete with us at any time. The government businesses in both of our segments compete with government communications service providers and manufacturers of defense electronics products, systems or subsystems, such as BAE Systems, Collins Aerospace, EchoStar (Hughes Network Systems), Eutelsat, General Dynamics, Iridium, L3Harris, OneWeb, SES, SpaceX, Telesat and similar companies. We may also compete directly with the largest defense prime contractors, including Boeing, Lockheed Martin, Northrop Grumman and Raytheon Technologies Corporation. In many cases, we partner with our competitors, and therefore maintaining an open and cooperative relationship is important. 13 Many of our competitors have significant competitive advantages, including strong customer relationships, greater financial and management resources and access to technologies not available to us. Many of our competitors are also substantially larger than we are, may have greater brand recognition, substantial capital resources or more extensive engineering, manufacturing and marketing capabilities than we do, may have access to spectrum or technologies not available to us, or may be able to offer bundled service offerings that we are not able to replicate. As a result, these competitors may be able to adapt more quickly to changing technology or market conditions or may be able to devote greater resources to the development, promotion and sale of their products. Manufacturing Our manufacturing objective is to produce high-quality products that conform to specifications at the lowest possible manufacturing cost. To achieve this objective, we primarily utilize a range of contract manufacturers that are selected based on the production volumes and complexity of the product. By employing contract manufacturers, we are able to reduce the costs of products and support rapid fluctuations in delivery rates when needed. As part of our manufacturing process, we conduct extensive testing and quality control procedures for all products before they are delivered to customers. Contract manufacturers produce products for many different customers and pass on the benefits of large-scale manufacturing to their customers. These manufacturers are able to produce high quality products at lower costs by: (1) exercising their high-volume purchasing power, (2) employing advanced and efficient production equipment and capital intensive systems whose costs are leveraged across their broad customer base, and (3) using a cost-effective skilled workforce. Our experienced management team facilitates an efficient contract manufacturing process through the development of strong relationships with a number of different domestic and offshore contract manufacturers. By negotiating beneficial contract provisions and purchasing some of the equipment needed to manufacture our products, we retain the ability to move the production of our products from one contract manufacturing source to another if required. Our operations management has experience in the successful transition from in-house production to contract manufacturing. The degree to which we employ contract manufacturing depends on the maturity of the product and the forecasted production life cycle. We intend to limit our internal manufacturing capacity to supporting new product development activities, building customized products that need to be manufactured in strict accordance with a customer’s specifications or delivery schedules, and building proprietary, highly sensitive Viasat-designed products and components for use in our proprietary technology platform. Therefore, our internal manufacturing capability for standard products has been, and is expected to continue to be, very limited and we intend to continue to rely on contract manufacturers for large-scale manufacturing. Our internal manufacturing capability is dependent on the availability of essential materials, parts and subassemblies from our suppliers and subcontractors. We use numerous sources for the wide array of raw materials required for our operations and our products, such as electronic components, printed circuit boards, metals and plastics. Although alternative sources generally exist for these raw materials, qualification of the sources could take a year or more. We also rely on outside vendors to manufacture specific components and subassemblies used in the production of our products. Some components, subassemblies, and services necessary for the manufacture of our products are obtained from a sole source supplier or a limited group of suppliers. Regulatory Environment We are required to comply with the laws and regulations of, and often obtain approvals from, national and local authorities in connection with the services that we provide. In particular, we provide a number of services that rely on the use of radio-frequency (RF) spectrum, and the provision of such services is highly regulated. National authorities generally require that the satellites they authorize be operated in a manner consistent with the regulations and procedures of the International Telecommunication Union (ITU), a specialized agency of the United Nations, which require the coordination of the operation of satellite networks and systems in certain circumstances, and more generally are intended to avoid the occurrence of harmful interference among different users of RF spectrum. We also produce a variety of communications systems and networking equipment, the design, manufacture, and marketing of which are subject to the laws and regulations of the jurisdictions in which we sell such equipment. We are subject to export control laws and regulations, and trade and economic sanctions laws and regulations, with respect to the export of such systems and equipment. As a government contractor, we are subject to procurement laws and regulations. 14 Radio-frequency and Communications Regulation International Telecommunication Union The orbital location and frequencies for our satellites are subject to the ITU’s regulations, including its frequency registration and coordination procedures, and its various provisions on spectrum usage. Those procedures are specified in the ITU Radio Regulations and seek to facilitate shared international use of limited spectrum and orbital resources in a manner that avoids harmful interference. Among other things, the ITU Radio Regulations set forth procedures for establishing international priority with respect to the use of such resources, deadlines for bringing satellite networks into use in order to maintain such priority, and coordination rights and obligations with respect to other networks, which vary depending on whether such networks have higher or lower ITU priority. The ITU Radio Regulations provide allocations or designations for how spectrum can be used for various purposes, and whether such uses operate on a primary or secondary basis with respect to one another. Secondary uses may not cause harmful interference to primary uses and may not claim interference protection from primary uses. On our behalf, various countries have made ITU filings, and may in the future make additional filings, for the frequency assignments at particular orbital locations that are used, or may in the future be used, by our current satellite networks and potential future satellite networks we may build or acquire. In the event that any international coordination process that is triggered by such an ITU filing is not successfully completed, or bringing into use deadlines or requirements are not satisfied, we may be compelled to accept more limited or suboptimal orbital and spectrum rights, to operate the applicable satellite(s) on a non-interference basis, or to cease operating such satellite(s) altogether. The orbital arc is becoming increasingly congested with respect to such ITU filings and the satellite networks operated under those filings. In addition, the ITU Radio Regulations are subject to change at periodic ITU World Radiocommunication Conferences (WRCs), and their application is determined by various governing bodies within the ITU. WRCs typically are convened approximately every four years, with the next one scheduled to occur at the end of calendar year 2027. The next WRC is expected to consider various changes to the ITU Radio Regulations that address the terms and conditions under which spectrum is used for satellite and terrestrial purposes, and future WRCs are likely to do the same. Spectrum The space stations and ground networks we use to provide our broadband, VoIP, and other services rely on access to spectrum within each country in which we do business. Use of such spectrum is authorized by regulatory authorities within each country (or a regional authority whose jurisdiction over spectrum rights encompasses that country), which determine the terms and conditions for access to and use of that spectrum in that particular country. The terms and conditions for access can and do vary by country, may differ from the ITU Radio Regulations, and may change over time. In particular, the growing demand for both satellite and terrestrial communications services is causing many countries to evaluate how spectrum is used within their borders, and to consider changes in the local terms and conditions for access to and use of spectrum. Those terms and conditions affect, among other things, the extent to which, and how, we must share spectrum with other spectrum users, including terrestrial and satellite users, and whether we must operate on a secondary basis in some cases. Most of the spectrum on which we rely is shared with other satellite networks, including those operating in different orbits that could cross our orbital location and result in interference conditions. In many countries, portions of the spectrum on which we rely also are shared with terrestrial wireless services. If the deployment of new terrestrial or satellite networks results in harmful interference into our satellite operations, or if the implementation of those networks under newly adopted terms and conditions constrains or prohibits the types of spectrum uses for which we have planned in a manner that we do not anticipate, such developments could have a material adverse effect on our business, financial condition, and results of operations. 15 Broadband Services We provide high-speed broadband internet access, VoIP, and other services to customers in the United States, as well as in Europe and Latin America, and on aircraft and seagoing vessels travelling around the world. Our provision of these services is subject to a number of legal obligations, including requirements to obtain licenses, authorizations, and/or registrations to provide service in or to a given jurisdiction, implementation of certain network capabilities to assist law enforcement, and open internet requirements. Legislators and regulators often consider changes to existing statutes, rules, and requirements, or prescribe new ones, which could significantly impact the ability to comply, or the costs of complying with, these types of obligations, or that otherwise could materially and adversely affect our ability to provide service in a given jurisdiction. US Regulation The commercial use of RF spectrum in the United States is subject to the jurisdiction of the Federal Communications Commission (FCC) under the Communications Act of 1934, as amended (Communications Act). The FCC is responsible for licensing the operation of satellite earth stations and spacecraft, regulating the technical and other aspects of the operation of these facilities, and regulating certain aspects of the provision of services to customers. Earth Stations. The Communications Act requires a license for the operation of transmitting satellite earth station facilities and certain receiving satellite earth station facilities in the United States. We currently hold licenses authorizing us to operate various earth stations within the United States, including, but not limited to, user terminals and facilities that aggregate traffic and interconnect with the internet backbone and network hubs. These licenses typically are granted for 15-year terms, and typically are renewed in the ordinary course. Material changes in earth station operations would require prior approval by the FCC. The operation of our earth stations is subject to various license conditions, as well as the technical and operational requirements of the FCC’s rules and regulations. Space Stations. In the United States, the FCC authorizes the launch and operation of commercial spacecraft, and also authorizes non-U.S.-licensed spacecraft to be used to serve the United States. The FCC has authorized the use of our satellites that provide coverage to the United States. The use of these spacecraft in our business is subject to various conditions in the underlying authorizations, as well as the technical and operational requirements of the FCC’s rules and regulations. Universal Service and Other Broadband Subsidies. Certain of our services may constitute the provision of telecommunications to, from, or within the United States, and we are required to contribute a percentage of our revenues from such services to universal service support mechanisms that subsidize the provision of services to low-income consumers, high-cost areas, schools, libraries, and rural health care providers. This percentage is set each calendar quarter by the FCC, and currently is 37.0%. Current FCC rules permit us to pass this universal service contribution through to our customers. The FCC has established universal service funding mechanisms to support the provision of voice and broadband services in certain high-cost areas of the United States. These supporting mechanisms include the Connect America Fund (CAF) and the Rural Digital Opportunity Fund (RDOF). In addition, under the Broadband Equity, Access, and Deployment (BEAD) program, funding for broadband service is being distributed by U.S. states and territories under the oversight and administration of the National Telecommunications and Information Administration (NTIA). Among other things, certain mechanisms provide, or will likely provide, support to terrestrial service providers under terms and conditions that are not available to satellite-based service providers. Support mechanisms could provide other service providers a competitive advantage in providing broadband services in supported areas, which could have a material adverse effect on our business, financial condition, and results of operations. Additionally, Viasat has been awarded $122.5 million in support under the CAF program to serve certain portions of the country, and must comply with federal and state obligations imposed in connection with such support. In June 2025, the U.S. Supreme Court upheld the FCC’s universal service fund program against challenges that it violated the non-delegation doctrine under Article I of the U.S. Constitution. CALEA. We are obligated to comply with the requirements of the Communications Assistance for Law Enforcement Act (CALEA), which requires telecommunications providers and broadband internet access providers to ensure that law enforcement agencies are able to conduct lawfully authorized surveillance of users of their services. 16 Net Neutrality. Over the years, the FCC has considered measures intended to preserve the openness of the internet, a concept generally referred to as “net neutrality” or “open internet.” For instance, in 2015 and again in 2024, the FCC adopted rules that, among other things, prohibited all ISPs from: (i) blocking access to legal content, applications, services, or non-harmful devices (subject to an exception for “reasonable network management”); (ii) impairing or degrading lawful internet traffic on the basis of content, applications, services, or non-harmful devices (subject to the same exception); (iii) favoring some lawful internet traffic over other lawful traffic in exchange for consideration of any kind whatsoever; and (iv) unreasonably interfering with or unreasonably disadvantaging the ability of end users to access content or the ability of content providers to access end users (again subject to the exception for reasonable network management). ISPs also are obligated to make certain disclosures to consumers with respect to their network management policies. The FCC repealed the 2015 version of its net neutrality rules in 2018, and its 2024 rules were struck down by the Sixth Circuit, in a ruling that likely complicates efforts to reinstate such regulations going forward. In addition, legislative proposals that would impose net neutrality requirements have been considered in Congress, and some states have adopted versions of the net neutrality requirements. These efforts have also been challenged in courts on federal preemption and other grounds. We cannot predict the outcome of these federal and state regulatory and legislative efforts, or any resulting impact on ISPs. Privacy and Data Security . We are subject to federal and state laws concerning the privacy, security, and processing of personal information about consumers, as well as our employees and business contacts. Certain of these laws provide privacy protections for certain types of personal information related to our voice services (referred to by such laws as customer proprietary network information). The Federal Trade Commission also oversees consumer privacy and data security issues more broadly through its authority to take enforcement action for unfair or deceptive practices, and state consumer protection laws can prompt review of privacy practices by state attorneys general. In addition, certain states have adopted or modified consumer privacy and data security laws, regulations and other requirements, including the California Consumer Privacy Act (CCPA), which gives California residents, among other things, the right to receive certain disclosures regarding the collection, use, and disclosure of personal information, as well as rights to access, delete, correct, and restrict the sale and certain sharing of personal information collected about them by us. State laws similar to the CCPA continue to multiply and evolve, and as various states pass their own comprehensive privacy laws and create a patchwork of overlapping but different state laws, we and our business customers and partners could be exposed to additional regulatory complexities and obligations. All states also have enacted security breach notification laws requiring notice to consumers and government agencies upon disclosure of certain information to an unauthorized party resulting from a security breach. In addition, the SEC has issued enhanced requirements related to the reporting of material cybersecurity incidents, and the FCC likewise has issued data breach notification rules for providers of telecommunications services. Foreign Regulation Our operation of spacecraft and ground network and our provision of services to customers outside of the United States are subject to legal requirements of the jurisdictions issuing the satellite authorizations and in which Viasat provides services. These include obtaining the market access, spectrum access and licenses, authorizations and/or registrations that are necessary to operate or provide service in or to a given jurisdiction, and in many cases licenses for the operation of transmitting satellite earth station facilities and certain receiving satellite earth station facilities. In particular, we must obtain authority to operate various earth stations outside the United States, including but not limited to user terminals and facilities that aggregate traffic and interconnect with the internet backbone and network hubs. This authority is subject to conditions and limitations that vary from jurisdiction to jurisdiction. 17 The spacecraft we use in our business are subject to the regulatory authority of, and conditions imposed by, foreign governments, as well as contractual arrangements with third parties and the rules and procedures of the ITU. Our ViaSat-1 satellite operates under authority granted to ManSat Limited by the governments of the Isle of Man and the United Kingdom (as well as authority from the FCC), and pursuant to contractual arrangements we have with ManSat Limited that extend past the expected useful life of ViaSat-1. ViaSat-2 and various Inmarsat satellites operate, and ViaSat-3 F2 and ViaSat-3 F3 will operate, under the authority of the United Kingdom. ViaSat-3 F1 operates under the authority of the United Kingdom and the FCC. We also use Ka-band capacity on the Anik F2 satellite to provide our broadband services under an agreement with Telesat Canada, and we may do so until the end of the useful life of that satellite. Telesat Canada operates that satellite under authority granted to it by the government of Canada. We also currently use the WildBlue-1 satellite, which we own, and which is co-located with Anik F2 under authority granted to Telesat Canada by the government of Canada, and pursuant to an agreement we have with Telesat Canada that expires upon the end of the useful life of Anik F2. Accordingly, we are reliant upon ManSat Limited and Telesat Canada maintaining their respective governmental rights on which our operating rights are based. The use of these spacecraft in our business is subject to various conditions in the underlying authorizations held by us, ManSat Limited and Telesat Canada, as well as the technical and operational requirements of the rules and regulations of those jurisdictions. We are also subject to certain other forms of foreign regulation in connection with our provision of communications services. In the area of data protection, encompassing both privacy, cybersecurity, and the processing of personal information, we are subject to existing, new, and evolving laws, regulations, and other requirements in the markets in which we operate. For instance, certain of our business units are subject to the European Union’s (EU) General Data Protection Regulation and the United Kingdom (UK) General Data Protection Regulation and Data Protection Act 2018 (collectively referred to as the GDPR), which imposes transparency, accountability, data security, cross-border data transfer, and other obligations on Viasat both as a data controller and a data processor of the personal data of individuals in the EU. Data protection laws and regulations can be subject to differing interpretations and may be inconsistent among jurisdictions. Certain foreign jurisdictions in which we operate also impose requirements related to network management practices, cooperation with local law enforcement agencies, and other matters. A smaller number of foreign jurisdictions in which we operate have adopted laws enabling the government to suspend ISP services in the country. Equipment Design, Manufacture, and Marketing We must comply with the applicable laws and regulations and, where required, obtain the approval of the regulatory authority of each country in which we design, manufacture, or market our communications systems and networking equipment. Applicable laws and regulatory requirements vary from country to country, and jurisdiction to jurisdiction. The increasing demand for wireless communications has exerted pressure on regulatory bodies worldwide to adopt new standards for these products, generally following extensive investigation and deliberation over competing technologies. The delays inherent in this government approval process have in the past caused and may in the future cause the cancellation, postponement or rescheduling of the installation of communication systems by our customers, which in turn may have a material adverse impact on the sale of our products to the customers. Equipment Testing and Verification. Certain equipment that we manufacture must comply with applicable technical requirements intended to minimize radio interference to other communications services and ensure product safety. In the United States, the FCC is responsible for ensuring that communications devices comply with technical requirements for minimizing radio interference and human exposure to radio emissions. Other regulators perform similar functions around the world. These types of requirements typically provide for equipment to be tested either by the manufacturer or by a private testing organization to ensure compliance with the applicable technical requirements. In some cases, the regulator requires submission of an application, which must be approved by the regulator or a private testing organization accredited by the regulator. Export Controls. Due to the nature and sophistication of our communications products, we must comply with applicable U.S. Government and other agency regulations regarding the handling and export of certain of our products. This often requires extra or special handling of these products and could increase our costs. Failure to comply with these regulations could result in substantial harm to us, including fines, penalties and the forfeiture of future rights to sell or export these products. 18 Aviation-Related Regulation Aircraft Modification . The Federal Aviation Administration (FAA) is responsible for the regulation and oversight of civil aviation within the United States. The FAA develops and enforces airworthiness standards and regulations that certify the industry’s ability to manufacture aircraft and aircraft components, perform modification and maintenance activities on aircraft, and repair equipment previously installed on aircraft. We interact with the FAA regarding aircraft modification through two main activities: (1) supporting Type Certificate (TC) activity with an aircraft OEM to obtain linefit installation certification of our IFC and W-IFE equipment and (2) obtaining a Supplemental Type Certificate (STC) to enable the retrofit installation of our IFC and W-IFE equipment. With respect to TC activity, the OEM is responsible for full certification and FAA regulatory compliance and we are responsible for providing certified equipment to the OEM. With respect to STC activity, we typically use Organization Designation Authorization (ODA) to support holding and maintaining our STCs to ensure FAA regulatory compliance. We also work with OEMs and airlines internationally who are not subject to the FAA's jurisdiction. In those situations, we adhere to the regulations and oversight of comparable foreign agencies in the applicable jurisdictions. Our commercial aviation business depends on our ability to interact with the FAA, comparable foreign agencies and ODAs, as well as certified engineering professionals, in order to access data and obtain authorizations and approvals. Parts Manufacturing Approval . We have a wide range of products supporting both commercial and business aviation customers. The FAA, under its Part Manufacturing Approval (PMA) program, provides authorization to entities like us and our vendors to manufacture and deliver IFC and W-IFE equipment. These approvals are provided through assigned FAA Manufacturing Inspection District Offices and are subject to strict rules and ongoing oversight. We have been able to obtain PMA on all of our current IFC and W-IFE product offerings due to multiple agreements with both major OEMs for linefit installations and ODAs for retrofit installations. FAA Part 145 Repair Stations . The FAA has approved several of our locations as 14 CFR Part 145 repair stations, which enables us to provide ongoing support to customers with respect to our IFC and W-IFE systems. These repair stations support both line-replaceable unit (LRU) and line maintenance activities associated with our IFC and W-IFE products. These approvals are provided and overseen by FAA Flight Standards District Offices. We have also obtained European Aviation Safety Agency (EASA) approval for our repair stations dedicated to LRU repair and maintenance for our IFC and W-IFE products. Environmental Regulations We are subject to a variety of U.S. and international regulations relating to the storage, discharge, handling, emission, generation, manufacture and disposal of toxic or other hazardous substances used to manufacture our products. In addition, we could be affected by future U.S. or international laws or regulations imposed in response to concerns over climate change, and we monitor developments in environmental and climate-related laws and regulations and their potential impact to our business and financial condition. The failure to comply with current or future laws or regulations could result in the imposition of substantial fines on us, suspension of production, alteration of our manufacturing processes or cessation of operations. To date, the current regulations have not had a material effect on our business, as we have neither incurred significant costs to maintain compliance nor to remedy past noncompliance, and we do not expect such regulations to have a material effect on our business in the current fiscal year. 19 Other Regulations As a government contractor, we are routinely subject to audit and review by the DCMA, the DCAA and other U.S. Government agencies of our performance on government contracts, indirect rates and pricing practices, accounting and management internal control business systems, and compliance with applicable contracting and procurement laws, regulations and standards. Both contractors and the U.S. Government agencies conducting these audits and reviews have come under increased scrutiny. In particular, audits and reviews have become more rigorous and the standards to which we are held are being more strictly interpreted, increasing the likelihood of an audit or review resulting in an adverse outcome. Increases in congressional scrutiny and investigations into business practices and major programs supported by contractors may lead to increased legal costs and may harm our reputation and profitability if we are among the targeted companies. An adverse outcome to a review or audit or other failure to comply with applicable contracting and procurement laws, regulations and standards could result in material civil and criminal penalties and administrative sanctions being imposed on us, which may include termination of contracts, forfeiture of profits, triggering of price reduction clauses, suspension of payments, significant customer refunds, fines and suspension, or a prohibition on doing business with U.S. Government agencies. In addition, if we fail to obtain an “adequate” determination of our various accounting and management internal control business systems from applicable U.S. Government agencies or if allegations of impropriety are made against us, we could suffer serious harm to our business or our reputation, including our ability to bid on new contracts or receive contract renewals or our competitive position in the bidding process. Any of these outcomes could have a material adverse effect on our business, financial condition and results of operations. Seasonality In our communication services segment, we typically see increased demand for our IFC services from airline passengers during peak holiday and summer travel periods, and historically subscriber activity for our fixed broadband services has been influenced by seasonal effects related to traditional retail selling periods (with new sales activity generally anticipated to be higher in the second half of the calendar year). However, IFC service uptake, sales activity and churn can be strongly affected by other factors which may either offset or magnify any anticipated seasonal effects, including the grounding of aircraft, flight disruptions, availability of capacity, promotional and subscriber retention efforts, changes in our resellers, distributors and wholesalers, changes in the competitive landscape, economic conditions, and other factors affecting customer demand. Results of our government business lines in both of our segments are impacted by various factors including the timing of contract awards (with the second quarter of our fiscal year, for example, typically receiving a greater number of government contract awards) and the timing and availability of U.S. Government funding, as well as the timing of product deliveries and customer acceptance. Availability of Public Reports Through a link on the Investor Relations section of our website at www.viasat.com, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. All such filings are available free of charge. They are also available free of charge on the SEC’s website at www.sec.gov . We webcast our earnings calls and post the materials used in meetings with members of the investment community on the Investor Relations section of our website. Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases and other supplemental information about our business on the Investor Relations section of our website. We also use the Investor Relations section of our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information relating to our corporate governance, including our certificate of incorporation, bylaws, corporate governance guidelines, board committee charters and guide to business conduct, is also included on the Investor Relations section of our website. The information contained on, or that may be accessed through, our website is neither incorporated by reference into nor made a part of this report. 20 Human Capital Employees. As of March 31, 2026, we employed approximately 7,000 individuals worldwide, with 66% of our workforce located in the United States. We consistently engage with our employees and generally consider the relationships with our employees to be positive, with a significant majority stating that they are proud to work at Viasat. Competition for technical personnel in our industry is intense. We believe our future success depends in part on our continued ability to attract, hire, engage and retain qualified personnel. Human Capital Resources. Viasat has a long history of putting people first. We believe that one of the most important investments we make is in our people. Our mission to harness connectivity to create real-world impact depends on our ability to come together as one team. As a global team, we take pride in our culture of teamwork, trust and collaboration. We prioritize our employees’ health and well-being to ensure we are all able to do our best work. For example, we have a dedicated global environmental, health, and safety (EHS) team which reinforces the importance of our safety programs and encourages a culture of safe work practices in all of our locations. All employees are trained with our EHS Essentials course, with additional courses such as "Working with hazardous material" provided annually for relevant employees. We provide a comprehensive benefits package to all of our employees, which includes for eligible employees medical, dental, vision care, disability insurance, life insurance benefits, flexible spending plan, a 401(k) savings plan, educational reimbursement program, employee assistance program, employee stock purchase plan, holidays and personal time off which includes vacation and sick days as needed. Our key pillars of human capital management are ensuring the health and safety of our employees, developing talented people, and fostering inclusive and engaging communities. We believe that our long-term success is in large part dependent on our success across these dimensions, and we will continue to invest in and prioritize these areas in the future. Culture and Values. The broad range of perspectives of our employees is one of our most treasured assets. We view inclusion and belonging as a competitive advantage that drives innovation and success, and are dedicated to creating a welcoming workplace where everyone has the opportunity to thrive. These principles are embedded in everything we do, from how we approach talent to our overall business strategy. We understand that an authentic commitment to these principles starts with recruitment and talent development practices. In fiscal year 2022, we began applying hiring attribute lenses to recruitment practices to enable a more effective assessment of candidates to the talent needs of Viasat. To date, we have ten active employee resource groups designed to build meaningful connections among employees around shared experiences, cultures and interests. Executive Officers Set forth below is information concerning our executive officers and their ages: Name Age Position Mark Dankberg 71 Chairman of the Board and Chief Executive Officer Robert Blair 52 Senior Vice President, General Counsel and Secretary Girish Chandran 61 Chief Technology Officer and Senior Vice President, Engineering Garrett Chase 54 Senior Vice President and Chief Financial Officer Lisa Curran 55 Chief Enterprise and Strategy Officer Camellia E. FitzGerald 49 Chief Accounting Officer Craig Miller 54 Senior Vice President and President, Government Ben Palmer 54 President, Commercial Mark Dankberg is a founder of Viasat and has served as Chairman of the Board and Chief Executive Officer since its inception in May 1986, except for the period from November 2020 to June 2022 when he served as Executive Chairman. Mr. Dankberg provides Viasat with significant operational, business and technological expertise in the satellite and communications industry, and intimate knowledge of the issues facing our management. Mr. Dankberg also has significant expertise and perspective as a former member of the boards of directors of companies in various industries, including communications. Prior to founding Viasat, he was Assistant Vice President of M/A-COM Linkabit, a manufacturer of satellite telecommunications equipment, from 1979 to 1986, and Communications Engineer for Rockwell International Corporation from 1977 to 1979. Mr. Dankberg holds B.S.E.E. and M.E.E. degrees from Rice University. 21 Robert Blair joined Viasat in May 2008 as Assistant General Counsel. In April 2009, Mr. Blair was appointed Associate General Counsel and in 2014 was appointed Vice President and Deputy General Counsel. Mr. Blair served as Vice President, General Counsel and Secretary beginning in May 2017 and assumed his current position as Senior Vice President, General Counsel and Secretary in December 2021. In addition, Mr. Blair has served as a director of the San Diego Regional Economic Development Corporation since 2015. Prior to joining Viasat, Mr. Blair was an associate at the law firm of Latham & Watkins LLP. Mr. Blair holds a J.D. degree from Stanford University and A.B. degrees in Broadcast Journalism and Policy Studies from Syracuse University. Girish Chandran joined Viasat in October 2007 as a Principal Engineer. In September 2013, Mr. Chandran was appointed Chief Technology Officer — Commercial Networks. In May 2017, he assumed the role of Chief Technical Officer and in January 2025, he assumed his current position of Chief Technology Officer and Senior Vice President, Engineering. Mr. Chandran has extensive experience building multimedia networks. Prior to joining Viasat, from 2001 to 2007, Mr. Chandran served as Vice President of Engineering at Newtec America Inc., a satellite communications equipment provider. From 1995 to 2001, he held several roles, including Vice President of Systems Engineering, at Tiernan Communications Inc. (acquired by Radyne Comstream Inc.), a provider of video compression and transmission solutions. Mr. Chandran earned a Ph.D. degree in Electrical Engineering from the University of California, San Diego, an M.S. degree in Electrical Communication Engineering from the Indian Institute of Science and a BSc. degree in Physics from the University of Kerala. Garrett Chase joined Viasat in August 2024 as our Senior Vice President and Chief Financial Officer. Prior to joining Viasat, Mr. Chase worked for more than 12 years in various roles with Delta Air Lines, most recently as Senior Vice President of Operational Finance and a member of the Delta Leadership Committee, a group of top executives reporting directly to the Chief Executive Officer. Mr. Chase also served as Delta’s Interim Co-Chief Financial Officer between November 2020 and July 2021, and as Delta’s Chief Strategy Officer between May 2018 and September 2020. Prior to joining Delta Air Lines, Mr. Chase was an Institutional Investor ranked analyst and Managing Director in equity research at Barclays Capital and Lehman Brothers in New York, having followed the airline and transportation industries for 12 years. Mr. Chase earned an M.B.A. degree from The Tuck School of Business at Dartmouth College and a B.A. degree in Economics from Union College. Lisa Curran joined Viasat in February 2024 as Vice President, Investor Relations. In March 2025, she was appointed Senior Vice President, Strategic Finance and Investor Relations and in April 2026 she assumed her current role as Chief Enterprise and Strategy Officer. Before joining Viasat, Ms. Curran held senior roles at DuPont de Nemours, Inc., a chemical and materials company, Ecolab Inc., a safety and sustainability company, Danaher Corporation, a science and technology company, Fortive Corporation, an industrial technology company and, most recently, Vontier Corporation, a mobility technology company, serving as Vice President, Investor Relations from January 2020 to October 2022. Ms. Curran subsequently served as a consultant to Vontier prior to joining Viasat. Ms. Curran holds a B.S. degree in Grain Science (Engineering) from Kansas State University and is an alumna of the Program for Leadership Development at Harvard Business School. Camellia E. FitzGerald joined Viasat in 2014 as Vice President – Corporate Accounting and Finance. In January 2026, Ms. FitzGerald assumed her current role of Chief Accounting Officer. Previously, she worked as Senior Director — Finance and Accounting at Samsung Electronics America, a consumer electronics company, from 2009 to 2014, and as Assistant Controller at CryoCor, Inc., a medical technology company, from 2005 to 2008. She also served as a Senior Associate at PricewaterhouseCoopers from 2001 to 2005. Ms. FitzGerald is a Certified Public Accountant in California and earned a B.S. degree in Accounting from San Diego State University. Craig Miller joined Viasat in 1995 and has held numerous technology, business and strategic leadership roles. In January 2015, Mr. Miller was appointed Chief Technology Officer — Government Systems. In May 2021, he was appointed President, Government Systems, in August 2023, was appointed President — Global Space Networks and in January 2025, was appointed Senior Vice President, Strategic Initiatives. In June 2025, Mr. Miller assumed his current position of Senior Vice President and President, Government. Mr. Miller holds a B.S. degree in Electrical Engineering from the University of Arizona. Ben Palmer has served as President, Commercial since November 2025. Mr. Palmer previously served as the President of Viasat Maritime since August 2023, and as the President of Inmarsat Maritime since November 2021. Mr. Palmer previously held various roles at Northrop Grumman, including Group Managing Director, Mission Systems Europe, from February 2019 to November 2021 and European Strategy and Business Development Director from May 2014 to February 2019. Prior to Northrop Grumman, he also held leadership positions at AlixPartners, a consulting firm, and BAE Systems, an aerospace and defense company. Mr. Palmer holds a B.A. degree from the University of Oxford and an MS degree from the London Business School. 22 ITEM 1A. RIS K FACTORS You should consider each of the following factors as well as the other information in this Annual Report in evaluating our business and prospects. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently consider immaterial may also impair our business operations. If any of the following risks actually occur, our business and financial results could be harmed. In that case, the trading price of our common stock could decline. You should also refer to the other information set forth in this Annual Report, including our financial statements and the related notes. Risks Related to Our Satellites and Business Our Operating Results Are Difficult to Predict Our operating results have varied significantly from quarter to quarter in the past and may continue to do so in the future. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Factors and Trends Affecting our Results of Operations” in Part II, Item 7 of this report for a discussion of various factors that may cause our quarter-to-quarter operating results to be unpredictable. Any of these or other factors discussed elsewhere in this report could have a material adverse effect on our business, financial condition and results of operations that could adversely affect our stock price. Satellite Failures, Degradations in Satellite Performance or Shortened Satellite Useful Life Could Affect Our Business, Financial Condition and Results of Operations Satellites utilize highly complex technology, operate in the harsh environment of space and are subject to significant operational risks while in orbit. These risks include malfunctions (commonly referred to as anomalies), such as malfunctions in the deployment of subsystems or components, interference from electrostatic storms, and collisions with meteoroids or other space debris. Anomalies can occur as a result of various factors, including satellite manufacturer error, problems with the power or control sub-system of a satellite or general failures caused by the harsh space environment. Our satellites have experienced various anomalies in the past and we will likely experience anomalies in the future on the satellites we own or use. Any single anomaly or other operational failure or degradation could have a material adverse effect on our business, financial condition and results of operations. Anomalies may also cause temporary outage of service or reduce the expected useful life of a satellite, resulting in a need for replacement or backup capacity, which may not be available on reasonable economic terms, a reasonable schedule or at all. In addition, anomalies or satellite failures or degradations may cause a reduction of the revenues generated by the applicable satellite or the recognition of an impairment loss, and could lead to claims from third parties for damages. Each satellite has a finite useful life, which may be shorter than its mission life. A number of factors affect the useful life of a satellite, including the quality of design and construction, durability of component parts and back-up units, the ability to continue to maintain proper orbit and control over the satellite’s functions, the efficiency of the launch vehicle used, consumption of on-board fuel, degradation and durability of solar panels, the actual space environment experienced and the occurrence of anomalies or other in-orbit risks affecting the satellite. Finally, anomalies may adversely affect our ability to insure our satellites at commercially reasonable premiums or terms, if at all. While some anomalies are covered by insurance policies, others may not be covered or may be subject to large deductibles. Although our satellites have redundant or backup systems and components these are subject to risk of failure similar to those experienced by the primary systems and components. Moreover, in third-party satellites which we use to provide services we may not have control over the presence and implementation of redundant or backup systems and components. The occurrence of a failure of any of these redundant or backup systems and components could materially impair the useful life, capacity, coverage or operational capabilities of the satellite. New or Proposed Satellites Are Subject to Significant Risks Related to Construction, Launch and Orbit Raising that Could Limit Our Ability to Utilize these Satellites Satellite construction and launch are subject to significant risks, including construction delays, manufacturer error, cost overruns, regulatory conditions or delays, unavailability of launch opportunities, launch failure, damage or destruction during launch and improper orbital placement, any of which could result in significant additional cost or materially impair the useful life, capacity, coverage or operational capabilities of the satellite. The technologies in our satellite designs are also very complex, and there can be no assurance that the technologies will work as we expect or that we will realize any or all of their anticipated benefits. We have in the past identified construction-related issues in our satellites that reduced their output capabilities. Satellite construction and launch activities may be delayed by a number of factors, many of which may be outside of our control and a number of our satellite launches have in the past been delayed by factors such as civil unrest, supply chain disruptions and adverse weather events. If satellite construction schedules are not met or other events prevent satellite launch on schedule, a launch opportunity may not be available at the time the satellite is ready to be launched. In addition, delays in construction or launch could impact our ability to meet milestone conditions in our satellite authorizations and/or to 23 maintain the rights we may enjoy under various ITU filings. A launch failure may result in significant delays because of the need both to construct a replacement satellite and to obtain other launch opportunities. Launch vehicles may also underperform, in which case the satellite may still be able to be placed into service by using its onboard propulsion systems to reach the desired orbital location, but this would cause a reduction in its useful life. Moreover, even if launch is successful, there can be no assurance that the satellite will successfully reach its geostationary orbital slot and pass in-orbit testing prior to transfer of control of the satellite to us. We have in the past experienced issues during orbital placement and testing of our satellites, and there can be no assurance that the anticipated benefits of our satellite pipeline will be realized. The failure to implement our satellite deployment plan on schedule could have a material adverse effect on our business, financial condition and results of operations. Potential Satellite Losses May Not Be Fully Covered By Insurance, or at All We may not be able to obtain or renew pre-launch, launch or in-orbit insurance for our satellites on reasonable economic terms or at all. A failure to obtain or renew our satellite insurance may also result in a default under our debt instruments. In addition, the occurrence of anomalies on other satellites, or failures of a satellite using similar components or failures of a similar launch vehicle to any launch vehicle we intend to use, may materially adversely affect our ability to insure our satellites at commercially reasonable premiums or terms, if at all. The policies covering our insured satellites will not cover the full cost of constructing and launching or replacing a satellite nor fully cover our losses in the event of a satellite failure or significant degradation. Moreover, such policies do not cover lost profits, business interruptions, fixed operating expenses, loss of business or similar losses, including contractual payments that we may be required to make under our agreements with our customers for interruptions or degradations in service. Our insurance contains customary exclusions, material change and other conditions that could limit recovery under those policies, and may contain exclusions for past satellite anomalies. Further, any insurance proceeds may not be received on a timely basis in order to launch a replacement satellite or take other remedial measures. In addition, the policies are subject to limitations involving uninsured losses, large satellite performance deductibles and policy limits. The Markets in Which We Compete Are Highly Competitive and Our Competitors May Have Greater Resources than Us The markets in which we compete are highly competitive and competition is increasing. In addition, because the markets in which we operate are constantly evolving and characterized by rapid technological change, it is difficult for us to predict whether, when and by whom new competing technologies, products or services may be introduced into our markets. We face substantial competition in each of our segments. See “Business–Competition” in Part I, Item 1 of this report for a discussion of the competitive environment in each of our segments. Many of our competitors are larger and have significant competitive advantages, including more extensive engineering or marketing capabilities, strong customer relationships, greater financial and management resources and access to technologies not available to us. As a result, these competitors may be able to adapt more quickly to changing technology or market conditions or may be able to devote greater resources to the development, promotion and sale of their products. Additionally, we may be subject to competitive disadvantages to the extent that our competitors are able to secure business or advantageous regulatory treatment through connections with or influence over government officials. Our ability to compete in each of our segments may also be adversely affected by limits on our capital resources and our ability to invest in maintaining and expanding our market share. Our Success Depends on the Investment in, and Development and Market Acceptance of, New Broadband Technologies and Advanced Communications and Secure Networking Systems, Products and Services Broadband, advanced communications and secure networking markets are subject to rapid technological change, frequent new and enhanced product and service introductions, product obsolescence and changes in user requirements. For example, the traditional GEO satellite communications industry is experiencing significant disruption from customers' increasing adoption of LEO services, including Starlink, as well as increased reliance on other forms of data transmission, including Wi-Fi and cellular data services. Our ability to compete successfully in our target markets depends on our success in applying our expertise and technology to existing and emerging broadband, advanced communications and secure networking markets, as well as our ability to successfully develop, introduce and sell new products and services on a timely and cost-effective basis that respond to ever-changing customer requirements, which depends on numerous factors, including our ability to: continue to develop market-leading satellite technologies (including high-capacity Ka-band satellites and associated ground networks); continue to increase satellite capacity, bandwidth cost-efficiencies and service quality; develop and introduce competitive products, services and technologies with innovative features that differentiate our offerings from those 24 of our competitors; successfully integrate our complex technologies and system architectures; and implement manufacturing and assembly processes and cost reduction efforts. We cannot assure you that our new technology, product or service offerings will be successful or that any of our offerings will achieve market acceptance. Many of these risks are amplified in new and emerging markets where we do not currently operate or have limited operations. The time from conception through satellite launch for a new satellite design may be four years or longer, thereby delaying our ability to realize the benefits of our investments in new satellite designs and technologies. We may experience difficulties that could delay or prevent us from successfully selecting, developing, manufacturing or marketing new technologies, products or services, which could increase costs and divert our attention and resources from other projects. We cannot be sure that our efforts and expenditures will ultimately lead to the timely development of new offerings and technologies. In addition, defects may be found in our products after we begin deliveries that could degrade service quality, or result in the delay or loss of market acceptance. If we are unable to design, manufacture, integrate and market profitable new products and services for existing or emerging markets, it could materially harm our business, financial condition and results of operations, and impair the value of our common stock. In addition, we believe that significant investments in next-generation broadband satellites and associated infrastructure will continue to be required as demand for broadband services and satellite systems with higher capacity and higher speed continues to grow. The development of these capital-intensive next-generation systems may require us to undertake debt financing and/or the issuance of additional equity, which could expose us to increased risks and impair the value of our common stock. The Global Business Environment and Economic Conditions Could Negatively Affect Our Business, Financial Condition and Results of Operations Our business and operating results are affected by the global business environment and economic conditions, including changes in tariffs, interest rates, consumer credit conditions, consumer debt levels, consumer confidence, rates of inflation, unemployment rates, energy costs, geopolitical issues and other macro-economic factors. For example, high unemployment levels or energy costs may impact our residential customers in our communication services segment by reducing consumers’ discretionary income, and affecting their ability to subscribe for fixed broadband services. Our business and operating results similarly depend on the economic health and willingness of our customers and potential customers to make and adhere to capital and financial commitments to purchase our products and services. During periods of slowing global economic growth or recession, our customers or key suppliers may experience deterioration of their businesses, cash flow shortages and difficulty obtaining financing or insolvency. Existing or potential customers may reduce or postpone spending in response to tighter credit, reduced consumer demand, negative financial news or declines in income or asset values, which could have a material negative effect on the demand for our products and services. In addition, supply chain and labor market challenges and inflationary pressures have negatively affected and may in the future continue to negatively affect our performance as well as the performance of our suppliers and customers. Moreover, natural disasters (including those resulting from climate change), political instability, international trade policies, civil unrest, terrorist activity, acts of war, and public health issues could disrupt supplies and raise prices globally which, in turn, may have adverse effects on the world and U.S. economies. Any of these factors could result in reduced demand for, and pricing pressure on, our products and services, which could reduce our revenues and adversely affect our business, financial condition and results of operations. In addition, uncertainty or volatility in U.S. credit and capital markets may negatively impact our ability to access additional debt or equity financing or to refinance existing indebtedness in the future on favorable terms or at all. Any of these risks could impair our ability to fund our operations or limit our ability to expand our business, which could have a material adverse effect on our business, financial condition and results of operations. There remains significant geopolitical tensions across the world which have impacts on the global business environment which in turn can have an impact on our own business performance. Acquisitions, Joint Ventures and Other Strategic Alliances May Have an Adverse Effect on Our Business; We May Fail to Realize the Anticipated Benefits of Such Transactions In order to position ourselves to take advantage of growth opportunities, from time to time we make strategic acquisitions and enter into joint ventures and other strategic alliances that involve significant risks and uncertainties, such as the Inmarsat Acquisition completed in fiscal year 2024. Risks and uncertainties relating to these transactions and any other acquisitions, joint ventures and other strategic alliances we may undertake include: 25 • the difficulty in combining, integrating and managing newly acquired businesses or any businesses of a joint venture or strategic alliance in an efficient and effective manner; • the challenges in achieving expected objectives, cost savings, synergies and other benefits; • the risk of diverting resources and the attention of senior management from the operations of our business; • additional demands on management related to integration efforts or increased size and scope of our business, including challenges of coordinating geographically dispersed organizations and addressing differences in corporate cultures or management philosophies; • difficulties in the assimilation and retention of key employees and in maintaining relationships with present and potential customers, distributors and suppliers; • the lack of unilateral control over a joint venture or strategic alliance and the risk that joint venture or strategic partners have business goals and interests that are not aligned with ours; • costs and expenses associated with any undisclosed or contingent liabilities of an acquired business; • delays, difficulties or unexpected costs in the integration, assimilation, implementation or modification of platforms, systems, functions, technologies, infrastructure, and product and service offerings, or in the harmonization of standards, controls (including internal accounting controls), procedures and policies; • the risk that funding requirements may be significantly greater than anticipated; • the risks of entering markets in which we have less experience; and • the risks of disputes concerning indemnities and other obligations that could result in substantial costs. Mergers, acquisitions, joint ventures and strategic alliances are inherently risky and subject to many factors outside of our control, and we cannot be certain that our previous or future acquisitions, joint ventures and strategic alliances will be successful and will not materially adversely affect our business, operating results or financial condition. Anticipated growth, cost savings, synergies and other benefits of any such transactions may not be realized fully, or at all, or may take longer to realize than expected. Additionally, we may inherit legal, regulatory, and other risks of the acquired business, whether known or unknown to us, which may be material to the combined company. We may not be able to successfully integrate the businesses, products, technologies or personnel that we might acquire in the future, and any strategic investments we make may not meet our business objectives. Any failure to do so could seriously harm our business, financial condition and results of operations. Our Reliance on U.S. Government Contracts Exposes Us to Significant Risks Revenues derived from the U.S. Government represent a significant percentage of our total revenues. Therefore, any significant disruption or deterioration of our relationship with the U.S. Government would significantly reduce our revenues. U.S. Government business exposes us to various risks, including: • changes in governmental procurement legislation and regulations and other policies, which may reflect military and political developments; • unexpected contract or project terminations or suspensions, and unpredictable order placements, reductions or cancellations; • reductions or delays in government funds available for our projects due to policy changes, budget cuts or delays, changes in available funding, U.S. Government shutdowns, reductions in defense expenditures and contract adjustments; • the ability of competitors to protest contractual awards; • penalties arising from post-award contract audits; • the reduction in the value of our contracts as a result of the routine audit and investigation of our costs by U.S. Government agencies; • higher-than-expected final costs, particularly relating to software and hardware development, for work performed under contracts where we commit to specified deliveries for a fixed price; • limited profitability from cost-reimbursement contracts; 26 • unpredictable cash collections of unbilled receivables that may be subject to acceptance of deliverables by the customer and contract close-out procedures, including government approval of final indirect rates; • competition with programs managed by other government contractors for limited resources and for uncertain levels of funding; • significant changes in contract scheduling or program structure, which generally result in delays or reductions in deliveries; and • intense competition for available U.S. Government business necessitating increases in time and investment for design and development. We must comply with and are affected by laws and regulations relating to the award, administration and performance of U.S. Government contracts. Government contract laws and regulations affect how we do business with our customers and, in some instances, impose added costs on our business, including the establishment of compliance procedures. A violation of specific laws and regulations could result in the imposition of fines and penalties, the termination of our contracts or debarment from bidding on contracts. Substantially all of our U.S. Government backlog scheduled for delivery can be terminated at the convenience of the U.S. Government because our contracts with the U.S. Government typically provide that orders may be terminated with limited or no penalties. If we are unable to address any of the risks described above, or if we were to lose all or a substantial portion of our sales to the U.S. Government, it could materially harm our business and impair the value of our common stock. The funding of U.S. Government programs is subject to congressional appropriations. Congress generally appropriates funds on a fiscal year basis even though a program may extend over several fiscal years. Consequently, programs are often only partially funded initially and additional funds are committed only as Congress makes further appropriations. In the event that appropriations for one of our programs become unavailable, or are reduced or delayed, our contract or subcontract under such program may be terminated or adjusted by the government, which could have a negative impact on our future sales and results of operations. Budget cuts to defense spending can exacerbate these problems. From time to time, when a formal appropriation bill has not been signed into law before the end of the U.S. Government’s fiscal year, Congress may pass a continuing resolution that authorizes agencies of the U.S. Government to continue to operate, generally at the same funding levels from the prior year, but does not authorize new spending initiatives, during a certain period. During such period (or until the regular appropriation bills are passed), delays can occur in procurement of products and services due to lack of funding, and such delays can affect our results of operations during the period of delay. Because Our Products Are Complex and Are Deployed in Complex Environments, Our Products as well as Third Party Products on Which We Rely Are Likely to Have Vulnerabilities and Defects that We May Discover only After Full Deployment, which Could Seriously Harm Our Business We produce highly complex products that incorporate leading-edge technology, including both hardware and software, including hardware and software manufactured by third parties. Our products are designed to be deployed across complex networks, which in some cases may include over a million users, and are sometimes integrated with our customers' systems. Because of the nature of these products, there is no assurance that our pre-shipment testing programs will be adequate to detect all defects or vulnerabilities. As a result, our customers may discover errors or defects in our hardware or software, or our products may not operate as expected. If we are unable to cure a product defect, we could experience damage to our reputation, reduced customer satisfaction, loss of existing and potential customers, failure to achieve market acceptance, cancellation of orders, loss of revenues, reduction in backlog and market share, increased service and warranty costs, diversion of development resources, legal actions by our customers, product returns or recalls, issuance of credit to customers and increased insurance costs. Further, due to the high volume nature of our fixed broadband business, product defects in this business could significantly increase these risks. Defects, integration issues or other performance problems in our products could also result in financial or other damages to our customers, who could seek damages for related losses from us, which could seriously harm our business, financial condition and results of operations. A product liability claim brought against us, even if unsuccessful, would likely be time consuming and costly. In addition, given the complex nature of our systems and technologies, we regularly identify and track security vulnerabilities. We cannot guarantee comprehensively applied patches nor confirm that measures are in place to mitigate all such vulnerabilities or that patches will be applied before vulnerabilities are exploited. If a critical vulnerability is exploited, it could significantly compromise our and our customers’ systems and data, and could materially harm our business, financial condition and results of operations. 27 Our Reputation, Business, Results of Operations, and Financial Condition Could Be Materially Harmed as a Result of Data Breaches, Data Theft, Unauthorized Access, Hacking or Other Cybersecurity Incidents We rely heavily on computer systems, hardware, software, infrastructure and various connected sites and networks for both internal and external operations that are critical to our business (collectively, IT Systems). We own and manage some of these IT Systems but also rely on third parties for a range of IT Systems and related products and services, including but not limited to cloud computing services. In addition, in the ordinary course of our business, our IT Systems and those of our third-party business partners, including our distributors, business partners, supply chain and other vendors, store sensitive data, including information that is confidential, regulated, proprietary or otherwise sensitive in nature to our business. This information may include intellectual property and product information, personal information, financial information and other confidential business information relating to us and our employees, customers, suppliers and other business partners. We and our distributors, partners, vendors and customers face numerous and evolving cybersecurity threats to the confidentiality, integrity and availability of our respective IT Systems and information, including threats from a wide range of bad actors and malicious parties, such as computer programmers, hackers or sophisticated nation-state and nation-state supported actors, as well as incidents attributable to employee error or wrongful conduct, technological error, malfeasance (including by insiders), the exploitation of misconfigurations, "bugs" and other vulnerabilities in hardware or software that is integrated into our (or our suppliers’ or service providers’) IT systems, products, or services, or other disruptions caused by sophisticated social engineering/phishing and malware exploits (e.g., ransomware). Despite our security measures, and those of our third-party vendors, we and our third-party vendors have experienced cyberattacks, data breaches and other disruptive cybersecurity incidents, and we remain vulnerable to data breaches, and cybersecurity attacks, incidents and disruptions, in the future. For example, in fiscal year 2022, a cyberattack involving our KA-SAT network resulted in a partial interruption of consumer-oriented fixed broadband services in Europe and North Africa. While to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. Because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage IT Systems, change frequently and often are not recognized until launched against a target, we are unable to anticipate all threat actor techniques (such as those leveraging artificial intelligence), and are unable to implement absolute preventative measures, particularly given that attackers are increasingly using sophisticated techniques. Accordingly, we may be unable to detect, investigate, remediate, or recover from future attacks or incidents, or to avoid a material adverse impact to our IT systems, confidential information or business. Any integration of artificial intelligence in our or any third party’s operations, products or services is expected to pose new or unknown cybersecurity risks and challenges. We have also acquired and expect to continue to acquire companies that have cybersecurity vulnerabilities and/or unsophisticated security measures, and we face challenges in integrating acquired entities with our cybersecurity program, controls and tools, all of which exposes us to significant cybersecurity, operational, and financial risks. Additionally, outside parties regularly engage in phishing and other social engineering attacks against our employees or other users of our IT Systems and data. Given the nature of complex systems, software and services like ours, and the scanning tools we deploy in our environment, we regularly identify and track security vulnerabilities. We are unable to comprehensively apply patches or mitigating measures to all such vulnerabilities, or guarantee that patches or mitigation will be in place before vulnerabilities are exploited by a threat actor. The rapid proliferation of artificial intelligence has also enabled threat actors to identify vulnerabilities at an accelerated pace, thereby increasing the frequency and severity of cyber threats facing us and others. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT Systems and confidential information. We may be subject to legal claims or proceedings or regulatory investigations and enforcement actions that can result in significant liability, and suffer serious reputational and financial harm if a cyberattack or security incident materially disrupts our operations or materially compromises the availability, integrity or confidentiality of our IT Systems or our or our customers’ critical information. If an attack or breach results in material losses of existing and/or prospective customers, it could adversely affect our business relationships, financial condition and results of operations. We could also suffer other negative consequences, including significant incident response, system restoration or remediation costs, future compliance costs, significantly increased cybersecurity protection costs, loss of material revenues, and the unauthorized use of proprietary information or the failure to retain or attract customers following an attack. Any or all of the foregoing could materially adversely affect our business, results of operations, and financial condition. 28