FULLTEXT DEL 1 AV 2
10-Q – 2025-11-10 – vsat-20250930.htm
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2025-09-30 0000797721 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember vsat:ExportImportCreditFacilityMember 2025-03-31 0000797721 us-gaap:ConstructionInProgressMember 2025-03-31 0000797721 vsat:SatellitesMember srt:MaximumMember 2025-09-30 0000797721 us-gaap:OperatingSegmentsMember vsat:DefenseAndAdvancedTechnologiesMember vsat:InformationSecurityAndCyberDefenseProductsMember 2024-04-01 2024-09-30 0000797721 srt:ScenarioForecastMember vsat:InmarsatMember 2025-04-01 2026-03-31 iso4217:USD xbrli:shares xbrli:pure xbrli:shares iso4217:USD vsat:Segment UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 . 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 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Th e number of shares outstanding of the registrant’s common stock, $0.0001 par value, as of October 24, 2025 was 135,263,968 . VIASAT, INC. TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Equity 6 Notes to the Condensed Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3. Quantitative and Qualitative Disclosures About Market Risk 56 Item 4. Controls and Procedures 57 PART II. OTHER INFORMATION Item 1. Legal Proceedings 58 Item 1A. Risk Factors 58 Item 5. Other Information 59 Item 6. Exhibits 60 Signatures 61 2 PART I — FINANC IAL INFORMATION Item 1. Financial Sta tements (Unaudited) VIASAT, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (UNAUDITED) As of September 30, 2025 As of March 31, 2025 (In thousands) ASSETS Current assets: Cash and cash equivalents $ 1,230,074 $ 1,612,105 Accounts receivable, net 682,820 699,552 Inventories 278,658 293,943 Prepaid expenses and other current assets 243,823 282,343 Total current assets 2,435,375 2,887,943 Property, equipment and satellites, net 7,285,257 7,405,664 Operating lease right-of-use assets 424,811 416,490 Acquired intangible assets, net 2,126,896 2,270,777 Goodwill 1,626,078 1,622,132 Other assets 857,571 845,778 Total assets $ 14,755,988 $ 15,448,784 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 308,714 $ 264,300 Accrued and other liabilities 814,100 908,529 Current portion of long-term debt 49,503 503,825 Total current liabilities 1,172,317 1,676,654 Senior notes 3,658,865 3,652,882 Other long-term debt 2,875,867 2,879,402 Non-current operating lease liabilities 426,514 414,133 Other liabilities 2,049,390 2,181,153 Total liabilities 10,182,953 10,804,224 Commitments and contingencies (Note 8) Equity: Viasat, Inc. stockholders’ equity Common stock 14 13 Paid-in capital 4,994,269 4,926,259 Retained earnings (accumulated deficit) ( 443,408 ) ( 325,530 ) Accumulated other comprehensive income (loss) ( 27,115 ) ( 46,911 ) Total Viasat, Inc. stockholders’ equity 4,523,760 4,553,831 Noncontrolling interest in subsidiary 49,275 90,729 Total equity 4,573,035 4,644,560 Total liabilities and equity $ 14,755,988 $ 15,448,784 See accompanying notes to the condensed consolidated financial statements. 3 VIASAT, INC. CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended Six Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (In thousands, except per share data) Revenues: Service revenues $ 821,510 $ 798,314 $ 1,647,880 $ 1,619,035 Product revenues 319,383 323,948 664,067 629,687 Total revenues 1,140,893 1,122,262 2,311,947 2,248,722 Operating expenses: Cost of service revenues 514,893 531,593 1,043,127 1,048,260 Cost of product revenues 241,108 243,485 474,490 437,643 Selling, general and administrative 241,785 272,448 504,617 523,570 Independent research and development 42,263 33,390 76,456 71,953 Amortization of acquired intangible assets 65,069 66,024 130,810 132,239 Income (loss) from operations 35,775 ( 24,678 ) 82,447 35,057 Other income (expense): Interest income 12,525 23,896 26,815 46,688 Interest expense ( 93,487 ) ( 115,340 ) ( 193,844 ) ( 221,116 ) (Loss) gain on extinguishment of debt, net — ( 3,200 ) ( 288 ) ( 3,200 ) Other income (expense), net — — ( 5,164 ) — Income (loss) before income taxes ( 45,187 ) ( 119,322 ) ( 90,034 ) ( 142,571 ) (Provision for) benefit from income taxes ( 10,862 ) ( 5,915 ) ( 17,472 ) ( 7,099 ) Equity in income (loss) of unconsolidated affiliate, net 4,222 3,441 7,955 6,187 Net income (loss) ( 51,827 ) ( 121,796 ) ( 99,551 ) ( 143,483 ) Less: net income (loss) attributable to noncontrolling interest, net of tax 9,617 15,788 18,327 27,013 Net income (loss) attributable to Viasat, Inc. $ ( 61,444 ) $ ( 137,584 ) $ ( 117,878 ) $ ( 170,496 ) Basic net income (loss) per share attributable to Viasat, Inc. common stockholders: $ ( 0.45 ) $ ( 1.07 ) $ ( 0.88 ) $ ( 1.34 ) Diluted net income (loss) per share attributable to Viasat, Inc. common stockholders: $ ( 0.45 ) $ ( 1.07 ) $ ( 0.88 ) $ ( 1.34 ) Shares used in computing basic net income (loss) per share 135,119 128,376 133,356 127,490 Shares used in computing diluted net income (loss) per share 135,119 128,376 133,356 127,490 Comprehensive income (loss): Net income (loss) $ ( 51,827 ) $ ( 121,796 ) $ ( 99,551 ) $ ( 143,483 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of tax ( 5,463 ) 15,079 19,796 5,184 Unrealized gain (loss) on hedging, net of tax — ( 4,914 ) — ( 6,002 ) Other comprehensive income (loss), net of tax ( 5,463 ) 10,165 19,796 ( 818 ) Comprehensive income (loss) ( 57,290 ) ( 111,631 ) ( 79,755 ) ( 144,301 ) Less: comprehensive income (loss) attributable to noncontrolling interest, net of tax 9,617 15,788 18,327 27,013 Comprehensive income (loss) attributable to Viasat, Inc. $ ( 66,907 ) $ ( 127,419 ) $ ( 98,082 ) $ ( 171,314 ) See accompanying notes to the condensed consolidated financial statements. 4 VIASAT, INC. CONDENSED CONSOLIDATED STA TEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended September 30, 2025 September 30, 2024 (In thousands) Cash flows from operating activities: Net income (loss) $ ( 99,551 ) $ ( 143,483 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 510,371 522,601 Amortization of intangible assets 157,578 163,269 Stock-based compensation expense 34,829 41,965 Loss (gain) on extinguishment of debt, net 288 3,200 Deferred income taxes and other non-cash adjustments ( 67,461 ) 20,166 Loss on disposition of fixed assets 15,561 40,914 Increase (decrease) in cash resulting from changes in operating assets and liabilities: Accounts receivable 14,350 ( 46,934 ) Inventories 18,050 ( 8,688 ) Other assets 56,268 ( 88,851 ) Accounts payable 36,754 ( 6,012 ) Accrued liabilities ( 75,989 ) ( 33,314 ) Other liabilities ( 60,346 ) ( 74,548 ) Net cash provided by (used in) operating activities 540,702 390,285 Cash flows from investing activities: Purchase of property, equipment and satellites, and other assets ( 411,712 ) ( 529,827 ) Proceeds from insurance claims on satellites 10,000 197,500 Other investing activities 12,063 — Net cash provided by (used in) investing activities ( 389,649 ) ( 332,327 ) Cash flows from financing activities: Payments on debt borrowings ( 473,186 ) ( 383,528 ) Proceeds from debt borrowings — 1,975,000 Payments of debt issuance costs — ( 28,116 ) Distributions to minority shareholders ( 59,695 ) — Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation ( 6,624 ) ( 2,395 ) Proceeds from issuance of common stock under equity plans 7,805 9,657 Other financing activities ( 2,044 ) ( 1,612 ) Net cash provided by (used in) financing activities ( 533,744 ) 1,569,006 Effect of exchange rate changes on cash and cash equivalents 660 1,773 Net increase (decrease) in cash and cash equivalents ( 382,031 ) 1,628,737 Cash and cash equivalents at beginning of period 1,612,105 1,901,033 Cash and cash equivalents at end of period $ 1,230,074 $ 3,529,770 Non-cash investing and financing activities: Capital expenditures not paid for during the period $ 40,570 $ — Right-of-use assets obtained in exchange for operating lease liabilities 37,223 50,885 Issuance of common stock in satisfaction of certain accrued employee compensation liabilities 27,784 28,063 Debt issuance costs not paid for — 7,458 See accompanying notes to the condensed consolidated financial statements. 5 VIASAT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) Viasat, Inc. Stockholders Common Stock Number of Shares Issued Amount Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Subsidiary Total (In thousands, except share data) For the Three Months Ended September 30, 2025 Balance at June 30, 2025 134,184,592 $ 13 $ 4,965,831 $ ( 381,964 ) $ ( 21,652 ) $ 39,744 $ 4,601,972 Exercise of stock options 5,000 — 122 — — — 122 Issuance of stock under Employee Stock Purchase Plan 939,629 1 7,682 — — — 7,683 Stock-based compensation — — 22,590 — — — 22,590 RSU and PSU awards vesting, net of shares withheld for taxes which have been retired 126,601 — ( 1,956 ) — — — ( 1,956 ) Other noncontrolling interest activity — — — — — ( 86 ) ( 86 ) Net income (loss) — — — ( 61,444 ) — 9,617 ( 51,827 ) Other comprehensive income (loss), net of tax — — — — ( 5,463 ) — ( 5,463 ) Balance at September 30, 2025 135,255,822 $ 14 $ 4,994,269 $ ( 443,408 ) $ ( 27,115 ) $ 49,275 $ 4,573,035 For the Three Months Ended September 30, 2024 Balance at June 30, 2024 127,738,637 $ 13 $ 4,845,072 $ 216,520 $ ( 32,251 ) $ 58,299 $ 5,087,653 Issuance of stock under Employee Stock Purchase Plan 561,888 — 9,657 — — — 9,657 Stock-based compensation — — 24,866 — — — 24,866 RSU awards vesting, net of shares withheld for taxes which have been retired 93,802 — ( 980 ) — — — ( 980 ) Other noncontrolling interest activity — — — — — ( 85 ) ( 85 ) Net income (loss) — — — ( 137,584 ) — 15,788 ( 121,796 ) Other comprehensive income (loss), net of tax — — — — 10,165 — 10,165 Balance at September 30, 2024 128,394,327 $ 13 $ 4,878,615 $ 78,936 $ ( 22,086 ) $ 74,002 $ 5,009,480 See accompanying notes to the condensed consolidated financial statements. 6 VIASAT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) Viasat, Inc. Stockholders Common Stock Number of Shares Issued Amount Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Subsidiary Total (In thousands, except share data) For the Six Months Ended September 30, 2025 Balance at March 31, 2025 130,210,407 $ 13 $ 4,926,259 $ ( 325,530 ) $ ( 46,911 ) $ 90,729 $ 4,644,560 Exercise of stock options 5,000 — 122 — — — 122 Issuance of stock under Employee Stock Purchase Plan 939,629 1 7,682 — — — 7,683 Stock-based compensation — — 39,046 — — — 39,046 Shares issued in settlement of certain accrued employee compensation liabilities 3,125,378 — 27,784 — — — 27,784 RSU and PSU awards vesting, net of shares withheld for taxes which have been retired 975,408 — ( 6,624 ) — — — ( 6,624 ) Distributions declared to minority shareholders — — — — — ( 59,695 ) ( 59,695 ) Other noncontrolling interest activity — — — — — ( 86 ) ( 86 ) Net income (loss) — — — ( 117,878 ) — 18,327 ( 99,551 ) Other comprehensive income (loss), net of tax — — — — 19,796 — 19,796 Balance at September 30, 2025 135,255,822 $ 14 $ 4,994,269 $ ( 443,408 ) $ ( 27,115 ) $ 49,275 $ 4,573,035 For the Six Months Ended September 30, 2024 Balance at March 31, 2024 125,849,088 $ 13 $ 4,797,253 $ 249,432 $ ( 21,268 ) $ 47,074 $ 5,072,504 Issuance of stock under Employee Stock Purchase Plan 561,888 — 9,657 — — — 9,657 Stock-based compensation — — 46,037 — — — 46,037 Shares issued in settlement of certain accrued employee compensation liabilities 1,755,074 — 28,063 — — — 28,063 RSU awards vesting, net of shares withheld for taxes which have been retired 228,277 — ( 2,395 ) — — — ( 2,395 ) Other noncontrolling interest activity — — — — — ( 85 ) ( 85 ) Net income (loss) — — — ( 170,496 ) — 27,013 ( 143,483 ) Other comprehensive income (loss), net of tax — — — — ( 818 ) — ( 818 ) Balance at September 30, 2024 128,394,327 $ 13 $ 4,878,615 $ 78,936 $ ( 22,086 ) $ 74,002 $ 5,009,480 See accompanying notes to the condensed consolidated financial statements. 7 VIASAT, INC. NOTES TO THE CONDENSED CONSOL IDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1 — Basis of Presentation The accompanying condensed consolidated balance sheet at September 30, 2025, the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended September 30, 2025 and 2024, the condensed consolidated statements of cash flows for the six months ended September 30, 2025 and 2024 and the condensed consolidated statements of equity for the three and six months ended September 30, 2025 and 2024 have been prepared by the management of Viasat, Inc. (also referred to hereafter as the Company or Viasat), and have not been audited. These financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended March 31, 2025 and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the Company’s results for the periods presented. These financial statements should be read in conjunction with the financial statements and notes thereto for the fiscal year ended March 31, 2025 included in the Company’s Annual Report on Form 10-K. Interim operating results are not necessarily indicative of operating results for the full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). The Company’s condensed consolidated financial statements include the assets, liabilities and results of operations of Viasat, its wholly owned subsidiaries and its majority-owned subsidiary, TrellisWare Technologies, Inc. (TrellisWare). All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) in the condensed consolidated balance sheets. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, derivatives, contingencies and income taxes including the valuation allowance on deferred tax assets. Revenue recognition In accordance with the authoritative guidance for revenue from contracts with customers (Accounting Standards Codification (ASC) 606), the Company applies the five-step model to its contracts with its customers. Under this model the Company (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Taxes imposed by governmental authorities on the Company’s revenues, such as sales taxes and value added taxes, are excluded from net sales. 8 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Performance obligations The timing of satisfaction of performance obligations may require judgment. The Company derives a substantial portion of its revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. The Company’s obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). The Company evaluates whether broadband equipment provided to its customers as part of the delivery of connectivity services represents a lease in accordance with the authoritative guidance for leases (ASC 842). As discussed further below under “Leases - Lessor accounting”, for broadband equipment leased to customers in conjunction with the delivery of connectivity services, the Company accounts for the lease and non-lease components of connectivity service arrangements as a single performance obligation as the connectivity services represent the predominant component. The Company also derives a portion of its revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, the Company considers indicators that include, but are not limited to, whether (1) the Company has the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer. The Company’s contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of the Company’s U.S. Government fixed-price contracts, the customer pays the Company either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, the Company’s U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which the Company presents as unbilled accounts receivable on the balance sheet. Amounts billed and due from the Company’s customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For the Company’s U.S. Government cost-type contracts, the customer generally pays the Company for its actual costs incurred within a short period of time. For non-U.S. Government contracts, the Company typically receives interim payments as work progresses, although for some contracts, the Company may be entitled to receive an advance payment. The Company recognizes a liability for these advance payments in excess of revenue recognized and presents it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the Company from the other party failing to adequately complete some or all of its obligations under the contract. 9 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to the Company and the Company has an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress for its contracts because that best depicts the transfer of control to the customer, which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is determined. Contract costs on U.S. Government contracts are subject to audit and review by the Defense Contract Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. Government agencies, as well as negotiations with U.S. Government representatives. As of September 30, 2025, the DCMA had approved the Company’s incurred costs through fiscal year 2022. The DCAA is currently auditing the Company’s fiscal year 2024 recurring incurred cost submission. The Company's cost accounting practices are examined for compliance with the applicable Cost Accounting Standards (CAS). Although the Company has recorded contract revenues subsequent to fiscal year 2022 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. The Company had $ 15.1 million and $ 14.8 million as of September 30, 2025 and March 31, 2025, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. Government cost reimbursable contracts (see Note 8 — Commitments and Contingencies for more information). Evaluation of transaction price The evaluation of transaction price, including the amounts allocated to performance obligations, may require significant judgments. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue, and, where applicable, the cost at completion, is complex, subject to many variables and requires significant judgment. The Company’s contracts may contain award fees, incentive fees, or other provisions, including the potential for significant financing components, that can either increase or decrease the transaction price. These amounts, which are sometimes variable, can be dictated by performance metrics, program milestones or cost targets, the timing of payments, and customer discretion. The Company estimates variable consideration at the amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. In the event an agreement includes embedded financing components, the Company recognizes interest expense or interest income on the embedded financing components using the effective interest method. This methodology uses an implied interest rate which reflects the incremental borrowing rate which would be expected to be obtained in a separate financing transaction. The Company has elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Estimating standalone selling prices may require judgment. When available, the Company utilizes the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the standalone selling price by considering all information (including market conditions, specific factors, and information about the customer or class of customer) that is reasonably available. 10 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Transaction price allocated to remaining performance obligations The Company’s remaining performance obligations represent the transaction price of firm contracts and orders for which work has not been performed. The Company includes in its remaining performance obligations only those contracts and orders for which it has accepted purchase orders. Remaining performance obligations associated with the Company’s subscribers for fixed consumer and business broadband services in its communication services segment exclude month-to-month service contracts in accordance with a practical expedient and are estimated using a portfolio approach in which the Company reviews all relevant promotional activities and calculates the remaining performance obligation using the average service component for the portfolio and the average time remaining under the contract. The Company’s future recurring in-flight connectivity (IFC) service contracts in its communication services segment do not have minimum service purchase requirements and therefore are not included in the Company’s remaining performance obligations. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 3.9 billion, of which the Company exp ects to recognize approximately half over th e next 12 months, with the balance recognized thereafter . Disaggregation of revenue The Company operates and manages its business in two reportable segments: communication services and defense and advanced technologies. Revenue is disaggregated by products and services, customer type, contract type, business line and geographic area, as the Company believes this approach best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. See Note 10 — Segment Information for disaggregation of revenue by business line and additional disaggregated revenue disclosures. The following sets forth disaggregated reported revenue by segment and products and services for the three and six months ended September 30, 2025 and 2024: Three Months Ended September 30, 2025 Communication Services Defense and Advanced Technologies Total Revenues (In thousands) Service revenues $ 769,817 $ 51,693 $ 821,510 Product revenues 66,838 252,545 319,383 Total revenues $ 836,655 $ 304,238 $ 1,140,893 Six Months Ended September 30, 2025 Communication Services Defense and Advanced Technologies Total Revenues (In thousands) Service revenues $ 1,547,015 $ 100,865 $ 1,647,880 Product revenues 117,011 547,056 664,067 Total revenues $ 1,664,026 $ 647,921 $ 2,311,947 11 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Three Months Ended September 30, 2024 Communication Services Defense and Advanced Technologies Total Revenues (In thousands) Service revenues $ 747,894 $ 50,420 $ 798,314 Product revenues 78,491 245,457 323,948 Total revenues $ 826,385 $ 295,877 $ 1,122,262 Six Months Ended September 30, 2024 Communication Services Defense and Advanced Technologies Total Revenues (In thousands) Service revenues $ 1,514,505 $ 104,530 $ 1,619,035 Product revenues 138,667 491,020 629,687 Total revenues $ 1,653,172 $ 595,550 $ 2,248,722 Revenues from the U.S. Government as an individual customer comprised approxima tely 17 % and 16 % of total revenues for the three and six months ended September 30, 2025 , respectively, and approximately 18 % and 17 % of t otal revenues for the three and six months ended September 30, 2024, respectively. Revenues from the U.S. Government were attributable to each of the communication services segment and defense and advanced technologies segment, with higher revenues from the U.S. Government reported within the Company's communication services segment for each of the three and six months ended September 30, 2025 and 2024. Almost all of the Company's revenues are derived from fixed-price contracts (which require the Company to provide products and services under a contract at a specified price), which are reported in both of the Company's segments. The remainder of the Company's revenues is primarily from cost-reimbursement contracts (under which the Company is reimbursed for all actual costs incurred in performing the contract to the extent such costs are within the contract ceiling and allowable under the terms of the contract, plus a fee or profit), which are mainly reported within the Company's defense and advanced technologies segment. Historically, a portion of the Company’s revenues has been derived from customer contracts that include the development of products. The development efforts are conducted in direct response to the customer’s specific requirements and, accordingly, expenditures related to such efforts are included in cost of sales when incurred and the related funding (which includes a profit component) is included in revenues. Revenues for the Company’s funded development from its customer contracts were approximat ely 10 % of its total revenues for each of t he three and six months ended September 30, 2025 , and approximately 12 % of its total revenues for each of the three and six months ended September 30, 2024, mainly reported within the Company's defense and advanced technologies segment. Contract balances Contract balances consist of contract assets and contract liabilities. A contract asset, or with respect to the Company, an unbilled accounts receivable, is recorded when revenue is recognized in advance of the Company’s right to bill and receive consideration, typically resulting from sales under long-term contracts. Unbilled accounts receivable are generally expected to be billed and collected within one year. The unbilled accounts receivable will decrease as provided services or delivered products are billed. The Company receives payments from customers based on a billing schedule established in the Company’s contracts. When consideration is received in advance of the delivery of goods or services, a contract liability, or with respect to the Company, collections in excess of revenues and deferred revenues, is recorded. Reductions in the collections in excess of revenues and deferred revenues will be recorded as the Company satisfies the performance obligations. 12 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) The following table presents contract assets and liabilities as of September 30, 2025 and March 31, 2025: As of September 30, 2025 As of March 31, 2025 (In thousands) Unbilled accounts receivable $ 175,829 $ 180,871 Collections in excess of revenues and deferred revenues 288,357 294,034 Deferred revenues, long-term portion 777,631 786,710 Unbilled accounts receivable decreased by $ 5.0 million during the six months ended September 30, 2025, driven by an increase in billings, primarily attributable to the timing of milestone billings related to IFC systems installations and for certain larger development projects. Collections in excess of revenues and deferred revenues decreased by $ 5.7 million during the six months ended September 30, 2025, driven by revenue recognized in excess of advances on goods or services received, primarily attributable to the timing of advance payments in broadband services. During the three and six months ended September 30, 2025, the Company recognized revenue of $ 71.7 million and $ 177.8 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2025. During the three and six months ended September 30, 2024, the Comp any recognized revenue of $ 39.9 million and $ 146.2 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2024 . Cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase, with a significant portion held in U.S. government-backed securities and treasuries. Property, equipment and satellites Satellites and other property and equipment, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in commercial service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated useful lives are necessary. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Compa ny computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 38 years . L easehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets, which are approximately three to seven years . Capitalized costs for internal-use software are included in property, equipment and satellites, net in the Company’s condensed consolidated balance sheets. 13 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). With respect to the construction of satellites, gateway and networking equipment and other assets under construction, the Company capital ized $ 60.4 million and $ 115.6 million of interest expense for the three and six months ended September 30, 2025, respectively, and $ 48.6 million and $ 105.2 million for the three and six months ended September 30, 2024, respectively. The Company's complementary fleet of 23 in service or operational satellites spans the Ka-, L- and S- bands, with 13 Ka-band satellites, eight high-availability L-band satellites (three of which are contingency L-band satellites that are operational but not currently in commercial service), an S-band satellite that supports the European Aviation Network to provide IFC services to commercial airlines in Europe, and an Inmarsat-6 class hybrid Ka-/L-band satellite (the Inmarsat-6 F1 satellite). In late July 2024, the ViaSat-3 F1 satellite completed in-orbit testing and was integrated into the Company's existing satellite fleet covering the Americas. In May 2025, two Ka-band highly-elliptical earth orbit satellite payloads (GX10A and GX10B) were put in service to provide polar coverage for government customers, with commercial maritime and aviation services anticipated to follow in late fiscal year 2026. Furthermore, the Company has eight additional geostationary earth orbit (GEO) satellites under development or in preparation for launch: two additional high-capacity Ka-band GEO satellites (ViaSat-3 F2 and ViaSat-3 F3), three additional adaptive Ka-band GEO satellites (GX7, GX8 and GX9) and three Inmarsat-8 L-band GEO safety service satellites. In addition to the Company's satellite fleet, the Company has purchased capacity on and has access to additional regional partner satellites. In addition, the Company owns related earth stations and networking equipment for all of its satellites. The Company procures CPE units leased to customers in order to connect to the Company's satellite network as part of the Company’s communication services segment, which are reflected in investing activities and property, equipment and satellites, net in the accompanying condensed consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property, equipment and satellites, net, as of September 30, 2025 were $ 527.1 million and $ 343.6 million, respectively. The total cost and accumulated depreciation of CPE units included in property, equipment and satellites, net, as of March 31, 2025 were $ 526.0 million and $ 328.0 million, respectively. As a result of the anomalies that occurred with respect to the ViaSat-3 F1 and Inmarsat-6 F2 satellites in fiscal year 2024, the Company recorded a reduction to the carrying value of the satellites of approximately $ 1.67 billion in fiscal year 2024, which was partially offset by total insurance claim receivables of approximately $ 770.0 million, and for which the final payment was received in the first quarter of fiscal year 2026. Occasionally, the Company may enter into finance lease arrangements for various machinery, equipment, computer-related equipment, software, furniture, fixtures, or satellites. The Company records amortization of assets leased under finance lease arrangements (upon lease commencement) within depreciation expense. The Company’s finance leases consist primarily of satellite lifetime Ka-band capacity leases and have remaining terms from less than one year to 14 years. The Company reports assets obtained under finance leases in property, equipment and satellites, net and the current and non-current portions of its finance lease liabilities in current portion of long-term debt and other long-term debt, respectively, in the condensed consolidated balance sheets (see Note 1 — Basis of Presentation – Leases for more information) . Cloud computing arrangements The Company enters into certain cloud-based software hosting arrangements that are accounted for as service contracts. Costs incurred for these arrangements are capitalized for application development activities, if material, and immediately expensed for preliminary project activities and postimplementation activities. The Company amortizes the capitalized implementation costs straight-line over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. The capitalized costs are included in other current assets within the prepaid expenses and other current assets caption, and other assets (long-term) on the Company's condensed consolidated balance sheets. The Company has entered into several cloud computing arrangements that are hosted services contracts mainly as part of projects related to the continuous transformation of technology, integration and implementation of an ERP system. As of September 30, 2025 and March 31, 2025 , gross capitalized implementation costs incurred in cloud computing arrangements was $ 105.6 million and $ 88.7 million, respectively. As of September 30, 2025 and March 31, 2025 , the related accumulated amortization was $ 23.6 million and $ 18.4 million, respectively. The Company recognized amortization of capitalized implementation costs of $ 2.6 million and $ 5.1 million for three and six months ended September 30, 2025 , respectively, and $ 1.7 million and $ 3.2 million for the three and six months ended September 30, 2024 , respectively. 14 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Leases Lessee accounting In accordance with ASC 842, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, the Company determines that a lease exists when (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all economic benefits from use of the asset, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying leases. Lease payments included in the measurement of lease liabilities consist of (1) fixed lease payments for the noncancelable lease term, (2) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (3) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate established at lease commencement. Such payments and changes in payments based on a rate or index are recognized in operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease expense for finance leases consists of the depreciation of assets obtained under finance leases on a straight-line basis over the lease term and interest expense on the lease liability based on the discount rate at lease commencement. For both operating and finance leases, lease payments are allocated between a reduction of the lease liability and interest expense. The Company’s operating leases consist primarily of leases for office space, data centers and satellite ground facilities and have remaining terms that typically range from less than one year to 16 years, som e of which include renewal options, and some of which include options to terminate the leases within one year. Certain earth station leases have renewal terms that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognizes right-of-use assets and lease liabilities for such leases in accordance with ASC 842. The Company reports operating lease right-of-use assets in operating lease right-of-use assets and the current and non-current portions of its operating lease liabilities in accrued and other liabilities and non-current operating lease liabilities, respectively, in the condensed consolidated balance sheets. Lessor accounting For broadband equipment leased to customers in conjunction with the delivery of connectivity services, the Company has made an accounting policy election not to separate the broadband equipment from the related connectivity services. The connectivity services are the predominant component of these arrangements. The connectivity services are accounted for in accordance with ASC 606. The Company is also a lessor for certain insignificant communications equipment. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. 15 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Business combinations The authoritative guidance for business combinations (ASC 805) requires that all business combinations be accounted for using the purchase method. The purchase price for business combinations is allocated to the estimated fair values of acquired tangible and intangible assets, and assumed liabilities, where applicable. The Company recognizes technology, contracts and customer relationships, orbital slots and spectrum assets, trade names and other as identifiable intangible assets, which are recorded at fair value as of the transaction date. Goodwill is recorded when consideration transferred exceeds the fair value of identifiable assets and liabilities. Measurement-period adjustments to assets acquired and liabilities assumed with a corresponding offset to goodwill are recorded in the period they occur, which may include up to one year from the acquisition date. Contingent consideration is recorded at fair value at the acquisition date. Patents, orbital slots and other licenses The Company cap italizes the costs of obtaining or acquiring patents, orbital slots and other licenses. Amortization of intangible assets that have finite lives is provided for by the straight-line method over the shorter of the legal or estimated economic life. Total capitalized costs related to patents, orbital slots and other licenses of $ 142.7 million and $ 129.4 million were included in other assets as of September 30, 2025 and March 31, 2025 , respectively. Accumulated amortization related to these assets was $ 16.9 million and $ 10.2 million as of September 30, 2025 and March 31, 2025 , respectively. Amortization expense related to these assets was $ 3.5 million and $ 6.8 million for the three and six months ended September 30, 2025, respectively, and was an insignificant amount for each of the three and six months ended September 30, 2024. If a patent, orbital slot or other license is rejected, abandoned or otherwise invalidated, the unamortized cost is expensed in that period. During the three and six months ended September 30, 2025 and 2024 , the Company did not write off any significant costs due to abandonment or impairment. Debt issuance costs Debt issuance costs are amortized and recognized as interest expense using the effective interest rate method, or, when the results are not materially different, on a straight-line basis over the expected term of the related debt. The Company ca pitalized zero and $ 35.6 million of debt issuance costs during the six months ended September 30, 2025 and 2024, respectively. Unamortized debt issuance costs related to extinguished debt are expensed at the time the debt is extinguished and recorded in (loss) gain on extinguishment of debt, net in the condensed consolidated statements of operations and comprehensive income (loss). If the terms of a financing obligation are amended and accounted for as a debt modification by the Company, fees incurred directly with the lending institution are capitalized and amortized over the remaining contractual term using the effective interest method. Fees incurred with other parties are expensed as incurred. Debt issuance costs related to the Company’s revolving credit facilities (collectively, the Revolving Credit Facilities) are recorded in other long-term assets in the condensed consolidated balance sheets in accordance with the authoritative guidance for imputation of interest (ASC 835-30). Debt issuance costs related to the Company’s senior secured and senior unsecured notes (collectively, the Notes) and senior secured term loan credit facilities (together with the Revolving Credit Facilities, the Credit Facilities) are recorded as a direct deduction from the carrying amount of the related debt, consistent with debt discounts, in accordance with ASC 835-30. Software development Costs of developing software for sale are charged to independent research and development (IR&D) expense when incurred, until technological feasibility has been established. Software development costs incurred from the time technological feasibility is reached until the product is available for general release to customers are capitalized and reported at the lower of unamortized cost or net realizable value. Once the product is available for general release, the software development costs are amortized based on the ratio of current to future revenue for each product with an annual minimum equal to straight-line amortization over the remaining estimated economic life of the product, generally within five years . As of September 30, 2025 and March 31, 2025, the Company h ad $ 816.4 million a nd $ 780.3 million, respectively, of capitalized costs related to software developed for resale. Accumulated amortization related to these assets wa s $ 534.0 million and $ 515.8 million as of September 30, 2025 and March 31, 2025, respectively. The Company capitali zed $ 22.6 million and $ 46.1 million of costs related to software developed for resale for the three and six months ended September 30, 2025 , respectively, and $ 19.0 million and $ 37.8 million for the three and six months ended September 30, 2024, respectively. Amortization expense for capitalized software development costs wa s $ 4.9 million and $ 19.8 million fo r the three and six months ended September 30, 2025 , respectively, and $ 15.1 million and $ 29.4 million for the three and six months ended September 30, 2024 , respectively. 16 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Self-insurance and post-retirement medical benefit liabilities The Company has self-insurance plans to retain a portion of the exposure for losses related to employee medical benefits and workers’ compensation. The self-insurance plans include policies which provide for both specific and aggregate stop-loss limits. The Company utilizes actuarial methods as well as other historical information for the purpose of estimating ultimate costs for a particular plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company recorded self-insurance liability for its plans of $ 5.5 million an d $ 5.9 million as of September 30, 2025 and March 31, 2025, respectively. The Company’s estimate, which is subject to inherent variability, is based on average claims experience in the Company’s industry and its own experience in terms of frequency and severity of claims, including asserted and unasserted claims incurred but not reported, with no explicit provision for adverse fluctuation from year to year. This variability may lead to ultimate payments being either greater or less than the amounts presented above. Self-insurance liabilities have been classified as a current liability in accrued and other liabilities in the condensed consolidated balance sheets in accordance with the estimated timing of the projected payments. In fiscal year 2024, the Company 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, and such acquisition, the Inmarsat Acquisition). As a part of the Inmarsat Acquisition, the Company assumed a post-retirement medical benefit plan for retired employees (and their dependents) who were employed by Inmarsat before January 1, 1998. The plan is funded by the Company and there are no plan assets from which the costs are paid. The cost of providing these benefits is actuarially determined and accrued over the service period of the active employee groups. The annual increase in Inmarsat's contribution to post-retirement medical liability is capped at the United Kingdom Consumer Price Index +1%. Indemnification provisions In the ordinary course of business, the Company includes indemnification provisions in certain of its contracts, generally relating to parties with which the Company has commercial relations. Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, including but not limited to losses relating to third-party intellectual property claims. To date, there have not been any material costs incurred in connection with such indemnification clauses. The Company’s insurance policies do not necessarily cover the cost of defending indemnification claims or providing indemnification, so if a claim was filed against the Company by any party that the Company has agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be accrued when a loss is considered probable and the amount can be reasonably estimated. At September 30, 2025 and March 31, 2025 , no such amounts were accrued related to the aforementioned provisions. Noncontrolling interests A noncontrolling interest represents the equity interest in a subsidiary that is not attributable, either directly or indirectly, to the Company and is reported as equity of the Company, separate from the Company’s controlling interest. Revenues, expenses, gains, losses, net income (loss) and other comprehensive income (loss) are reported in the condensed consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the controlling and noncontrolling interest. In June 2025, TrellisWare declared a cash dividend for a total of $ 155.7 million. The Company's share of this dividend was $ 96.0 million. The remaining $ 59.7 million was recorded as a reduction to noncontrolling interest in subsidiary during the first quarter of fiscal year 2026. Of the portion attributable to noncontrolling interest, $ 13.8 million and $ 59.7 million was paid to minority shareholders during the three and six months ended September 30, 2025 , respectively. Common stock held in treasury As of September 30, 2025 and March 31, 2025, the Company ha d zero shares of common stock held in treasury. 17 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) During the three months ended September 30, 2025 and 2024, the Company issued 226,081 shares and 150,045 shares of common stock, respectively, and during the six months ended September 30, 2025 and 2024 , the Company issued 1,578,052 shares and 370,158 shares of common stock, respectively, based on the vesting terms of certain restricted stock unit (RSU) and performance-based RSU (PSU) agreements. In order for employees to satisfy minimum statutory employee tax withholding requirements related to the issuance of common stock underlying these RSU and PSU agreements, during the three months ended September 30, 2025 and 2024 , the Company repurchased 99,480 shares and 56,243 shares of common stock, respectively, at cost and with a total value of $ 2.0 million and $ 1.0 million, respectively. During the six months ended September 30, 2025 and 2024 , the Company repurchased 602,644 shares and 141,881 shares of common stock, respectively, at cost and with a total value of $ 6.6 million and $ 2.4 million, respectively. Although shares withheld for employee withholding taxes are technically not issued, they are treated as common stock repurchases for accounting purposes (with such shares deemed to be repurchased and then imm ediately retired), as they reduce the number of shares that otherwise would have been issued upon vesting of the RSUs and PSUs. These retired shares remain as authorized stock and are considered to be unissued. The retirement of treasury stock had no impact on the Company’s total consolidated stockholders’ equity. Derivatives As a result of the Inmarsat Acquisition, the Company assumed interest rate cap contracts to hedge the variable interest rate under Inmarsat's senior secured term loan facilities. The interest rate cap contracts provided protection from Compound SOFR rates over 2 %, covered the total nominal amount of Inmarsat's senior secured term loan facilities of $ 1.6 billion, and matured in February 2025. At the time of the acquisition, the Company continued to account for the interest rate cap contracts as cash-flow hedges. Upon amendment of Inmarsat's senior secured term loan facilities in March 2024 (see Note 6 — Senior Notes and Other Long-Term Debt for more information), the portion of the interest rate cap contracts related to Inmarsat's $1.3 billion senior secured term loan facility (the 2024 Inmarsat Term Loan Facility) continued to be accounted for as cash-flow hedges, as the interest rate cap contracts remained in place with their original maturity date . The Company did not use this instrument, or these types of instruments in general, for speculative or trading purposes. The Company’s objective was to reduce the risk to earnings and cash flows associated with changes in debt with variable interest rates. Derivative instruments are recognized as either assets or liabilities in the condensed consolidated balance sheets and are measured at fair value. The value of a hedging derivative is classified as a non-current asset or liability if the cash flows are due to be received in greater than 12 months, and as a current asset or liability if the cash flows are due to be received in less than 12 months. Gains and losses arising from changes in the fair value of derivative instruments which are designated as cash-flow hedging instruments are recorded in accumulated other comprehensive income (loss) as unrealized gains (losses) on derivative instruments until the underlying transaction affects the Company’s earnings, at which time they are then recorded in the same income statement line as the underlying transaction. The Company may designate a derivative with periodic cash settlements and a non-zero fair value at hedge inception as the hedging instrument in a qualifying cash flow hedging relationship. The non-zero fair value of cash flow hedges on the designation date is recognized into income under a systematic and rational method over the life of the hedging instrument and in the same line item in the condensed consolidated statements of operations and comprehensive income (loss) as the earnings of the hedge item, with the offset recorded to other comprehensive income (loss). During the three and six months ended September 30, 2024 , the Company recognized a loss of $ 3.1 million (and related tax benefit of an insignificant amount) and a gain of an insignificant amount (and related tax expense of an insignificant amount), respectively, in other comprehensive income arising from changes in the fair value of the interest rate cap contracts (designated as cash-flow hedging instruments) related to Inmarsat's senior secured term loan facilities. During the three and six months ended September 30, 2024 , the Company recorded a decrease of $ 3.4 million (and related tax benefit of an insignificant amount) and a decrease of $ 8.1 million (and related tax benefit of $ 2.0 million), respectively, to other comprehensive income and interest expense, net of the recognition into income of the non-zero hedge inception fair value (based on the nature of the underlying transaction). During the three and six months ended September 30, 2024 , the Company received $ 14.4 million and $ 28.5 million, respectively, as a result of periodic cash settlements, which was included in operating cash flows in the condensed consolidated statements of cash flows. 18 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Stock-based compensation In accordance with the authoritative guidance for share-based payments (ASC 718), the Company measures stock-based compensation cost at the grant date, based on the estimated fair value of the award. Expense for RSUs and stock options is recognized on a straight-line basis over the employee’s requisite service period. Expense for PSUs with a market condition (such as a stock price milestone) (market condition PSUs) that vest is recognized regardless of the actual outcome achieved and is recognized on a graded-vesting basis. Expense for PSUs with a performance condition (such as an operational milestone) (performance condition PSUs) that vest is recorded each period based on a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period and is recognized on a graded-vesting basis. The Company accounts for forfeitures as they occur. The Company recogniz ed $ 20.1 million and $ 34.8 million of s tock-based compensation expense for the three and six months ended September 30, 2025 , respectively. The Company recognized $ 22.8 million and $ 42.0 million of stock-based compensation expense for the three and six months ended September 30, 2024 , respectively. The Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows are classified within operating activities. Income taxes Accruals for uncertain tax positions are provided for in accordance with the authoritative guidance for accounting for uncertainty in income taxes (ASC 740). The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on derecognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. Ordinarily, the Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. A deferred income tax asset or liability is established for the expected future tax consequences resulting from differences in the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credit and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Recent authoritative guidance In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU amends certain disclosure and presentation requirements for a variety of topics within the FASB ASC. These amendments will also align the requirements in the ASC with the SEC's regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, and will not be effective if the SEC has not removed the applicable disclosure requirements by June 30, 2027. Early adoption is prohibited. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires public entities to enhance disclosures about their reportable segments' significant expenses on an interim and annual basis. The Company adopted the new guidance for annual disclosures in fiscal year 2025 and for interim disclosures in the first quarter of fiscal year 2026 on a retrospective basis. See Note 10 — Segment Information for additional information. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances annual income tax disclosures by requiring disclosure of specific categories in the income tax rate reconciliation table and disaggregation of income taxes paid. The new standard will become effective for the Company's annual disclosures beginning in fiscal year 2026. Early adoption is permitted and the new standard should be applied prospectively , however retrospective application is permitted . The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. 19 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) In March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements. This update contains amendments to the Codification that remove references to various Concepts Statements. The amendments in this update are not intended to result in significant accounting changes for most entities. The Company adopted the new guidance on a prospective basis in the first quarter of fiscal year 2026 and the guidance did not have an impact on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional disclosures about certain categories of costs and expenses in the notes to financial statements. As clarified in ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, the new standard will become effective for the Company’s annual disclosures beginning in fiscal year 2028 and for interim disclosures beginning in fiscal year 2029. Early adoption is permitted and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of the ASU or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In May 2025, the FASB issued ASU 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The purpose of this ASU is to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The new standard will become effective for the Company's interim and annual disclosures beginning in fiscal year 2028. Early adoption is permitted and the new guidance should be applied either on a modified retrospective or a retrospective basis. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The purpose of this ASU is to allow entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The new standard will become effective for the Company's interim and annual disclosures beginning in fiscal year 2027. Early adoption is permitted and the new guidance should be applied prospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In September 2025, FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The purpose of this ASU is to modernize the accounting guidance for the costs to develop software for internal use by removing all references to prescriptive and sequential software development project stages and providing further guidance on when an entity is required to start capitalizing eligible costs. The new standard will become effective for the Company's interim and annual disclosures beginning in fiscal year 2029. Early adoption is permitted and the new guidance should be applied either on prospective transition, modified transition or retrospective transition approach. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In September 2025, FASB issued ASU 2025-07, Derivative and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. This ASU expands the scope exception in Topic 815 and clarifies the guidance on share-based noncash consideration from a customer in Topic 606. The new standard will become effective for the Company's interim and annual disclosures beginning in fiscal year 2028. Early adoption is permitted and the new guidance should be applied either prospectively or on a modified retrospective basis. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. 20 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Note 2 — Composition of Certain Balance Sheet Captions As of September 30, 2025 As of March 31, 2025 (In thousands) Accounts receivable, net: Billed $ 528,343 $ 539,522 Unbilled 175,829 180,871 Allowance for doubtful accounts ( 21,352 ) ( 20,841 ) $ 682,820 $ 699,552 Inventories: Raw materials $ 99,904 $ 96,893 Work in process 16,495 19,761 Finished goods 162,259 177,289 $ 278,658 $ 293,943 Prepaid expenses and other current assets: Prepaid expenses $ 160,295 $ 176,694 Other 83,528 105,649 $ 243,823 $ 282,343 Property, equipment and satellites, net: Equipment and software (estimated useful life of 3 - 7 years ) $ 4,012,660 $ 3,837,083 CPE leased equipment (estimated useful life of 4 - 7 years ) 527,085 525,972 Furniture and fixtures (estimated useful life of 7 years) 56,449 58,153 Leasehold improvements (estimated useful life of 2 - 20 years ) 318,656 313,249 Buildings (estimated useful life of 12 - 38 years ) 15,388 15,388 Land 19,661 19,661 Construction in progress 730,119 722,194 Satellites (estimated useful life of 7 - 17 years ) 3,412,688 3,405,067 Satellite Ka-band capacity obtained under finance leases (estimated useful life of 7 - 15 years ) 338,201 338,201 Satellites under construction 2,380,377 2,205,305 11,811,284 11,440,273 Less: accumulated depreciation and amortization ( 4,526,027 ) ( 4,034,609 ) $ 7,285,257 $ 7,405,664 Acquired intangible assets, net: Contracts and customer relationships (weighted average useful life of 11 years) $ 1,433,184 $ 1,432,562 Orbital slots and spectrum assets (weighted average useful life of 12 years) 1,088,600 1,088,600 Technology (weighted average useful life of 7 years) 224,394 247,921 Trade names (weighted average useful life of 8 years) 114,587 116,949 Other (weighted average useful life of 9 years) 18,615 18,017 2,879,380 2,904,049 Less: accumulated amortization ( 752,484 ) ( 633,272 ) $ 2,126,896 $ 2,270,777 Other assets: Deferred income taxes $ 136,546 $ 160,452 Capitalized software costs, net 282,422 264,492 Patents, orbital slots and other licenses, net 125,832 119,193 Other 312,771 301,641 $ 857,571 $ 845,778 Accrued and other liabilities: Collections in excess of revenues and deferred revenues $ 288,357 $ 294,034 Accrued employee compensation 110,021 185,556 Accrued vacation 47,088 46,651 Operating lease liabilities 67,591 65,310 Interest payable 50,008 52,183 Other 251,035 264,795 $ 814,100 $ 908,529 Other liabilities: Deferred revenues, long-term portion $ 777,631 $ 786,710 Deferred income taxes 963,978 1,069,717 Other 307,781 324,726 $ 2,049,390 $ 2,181,153 21 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Note 3 — Fair Value Measurements In accordance with the authoritative guidance for financial assets and liabilities measured at fair value on a recurring basis (ASC 820), the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants, and prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The following tables present the Company's hierarchy for its assets measured at fair value on a recurring basis as of September 30, 2025 and March 31, 2025 . The Company had no liabilities measured at fair value on a recurring basis as of both September 30, 2025 and March 31, 2025. Fair Value as of September 30, 2025 Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 523,356 $ 523,356 $ — $ — Total assets measured at fair value on a recurring basis $ 523,356 $ 523,356 $ — $ — Fair Value as of March 31, 2025 Level 1 Level 2 Level 3 (In thousands) Assets: Cash equivalents $ 572,256 $ 572,256 $ — $ — Total assets measured at fair value on a recurring basis $ 572,256 $ 572,256 $ — $ — The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents — The Company’s cash equivalents consist of money market funds, with a significant portion held in U.S. government-backed securities and treasuries. 22 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Long-term debt — As of September 30, 2025, the Company’s long-term debt (including current portion) was comprised of (1) $600.0 million in aggregate principal amount of Viasat's 5.625% Senior Secured Notes due 2027 (the 2027 Notes), $400.0 million in aggregate principal amount of Viasat's 6.500% Senior Notes due 2028 (the 2028 Notes), $1.975 billion in aggregate principal amount of Inmarsat's 9.000% Senior Secured Notes due 2029 (the Inmarsat 2029 Notes), and $733.4 million in aggregate principal amount of Viasat’s 7.500% Senior Notes due 2031 (the 2031 Notes), (2) borrowings under Viasat’s $700.0 million senior secured term loan facility (the 2022 Term Loan Facility), borrowings under Viasat’s $616.7 million senior secured term loan facility (the 2023 Term Loan Facility), borrowings under the 2024 Inmarsat Term Loan Facility, borrowings under Inmarsat’s original senior secured term loan facility (the Original Inmarsat Term Loan Facility and, together with the 2024 Inmarsat Term Loan Facility, the Inmarsat Term Loan Facilities) and borrowings under Viasat’s direct loan facility with the Export-Import Bank of the United States (the Ex-Im Credit Facility), and (3) finance lease obligations reported at the present value of future minimum lease payments with current accrued interest. Long-term debt related to the Revolving Credit Facilities is reported at the outstanding principal amount of borrowings, while long-term debt related to the Company's other Credit Facilities and the Notes is reported at amortized cost. However, for disclosure purposes, the Company is required to measure the fair value of outstanding debt on a recurring basis. The fair value of the Company’s long-term debt related to the Company's variable rate Credit Facilities approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of September 30, 2025 and March 31, 2025, the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was Level 2 and was approximat ely $ 9.7 million an d $ 19.2 million, respectively. As of September 30, 2025 and March 31, 2025, the estimated fair value of the Company’s outstanding long-term debt related to each series of Notes was Level 2 and wa s $ 597.7 million and $ 575.0 million, respectively, for the 2027 Notes, $ 389.5 million an d $ 350.0 million, respectively, for the 2028 Notes , $ 2.08 billion a nd $ 1.82 billion, respectively, for the Inmarsat 2029 Notes, a nd $ 685.7 million and $ 552.8 million, respectively, for the 2031 Notes . As of March 31, 2025, the estimated fair value of V iasat's 5.625 % Senior Notes due 2025 (the 2025 Notes) was Level 2 and was $ 438.6 million. The 2025 Notes were redeemed in full during the first quarter of fiscal year 2026. Satellite performance incentive obligations — The Company’s contracts with satellite manufacturers require the Company to make monthly in-orbit satellite performance incentive payments with respect to certain satellites in commercial service, including interest, through fiscal year 2028 , subject to the continued satisfactory performance of the applicable satellites. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellites. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligations on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligations is estimated to approximate their carrying value based on current rates (Level 2). As of September 30, 2025 and March 31, 2025, the Company’s estimat ed satellite performance incentive obligations relating to certain satellites in commercial service, including accrued interest, were $ 8.5 million a nd $ 11.4 million, respectively. Note 4 — Shares Used In Computing Diluted Net Income (Loss) Per Share The weighted average number of shares used to calculate basic and diluted net loss per share attributable to Viasat, Inc. common stockholders was the same for the three and six months ended September 30, 2025 and 2024, as the Company incurred a net loss attributable to Viasat, Inc. common stockholders for such periods and inclusion of potentially dilutive weighted average shares of common stock would be antidilutive. Potentially dilutive weighted average shares excluded from the calculation for the three months ended September 30, 2025 and 2024 consis ted of 135,955 shares a nd 226,428 shares, respectively, related to stock options (other than market-based performance stock optio ns), 268,885 shares an d 37,424 shares, respectively, related to market-based performance stock options and market condition PSU s, 4,115,919 shares an d 2,852,674 shares, respectively, related to RSUs (other than PSUs ), 127,919 shares and 51,698 shares, respectively, related to performance condition PSUs, a nd 665,602 shares and 995,325 shares, respectively, related to certain terms of the Viasat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. 23 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Potentially dilutive weighted average shares excluded from the calculation for the six months ended September 30, 2025 and 2024 cons isted of 163,271 shares a nd 224,200 shares, respectively, related to stock options (other than market-based performance stock opti ons), 243,507 shares an d 23,667 shares, respectively, related to market-based performance stock options and market condition PSU s, 3,678,524 shares an d 3,446,400 shares, respectively, related to RSUs (other than PSUs) , 149,544 shares an d 27,343 shares, respectively, related to performance condition PSUs, a nd 1,661,895 shares a nd 1,331,372 shares, respectively, related to certain terms of the Viasat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. Note 5 — Goodwill and Acquired Intangible Assets During each of the six months ended September 30, 2025 and 2024, the insignificant increase in the Company’s goodwill was primarily related to foreign currency translation effect, mainly in the Company's communication services segment. Acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to 12 years (which approximates the economic pattern of benefit). Amortization expense related to acquired intangible assets was $ 65.1 million and $ 66.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 130.8 million and $ 132.2 million for the six months ended September 30, 2025 and 2024, respectively. Goodwill by segments as of September 30, 2025 and March 31, 2025 was as follows: As of September 30, 2025 As of March 31, 2025 (In thousands) Communication services $ 1,585,542 $ 1,582,083 Defense and advanced technologies 40,536 40,049 Total $ 1,626,078 $ 1,622,132 24 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Note 6 — Senior Notes and Other Long-Term Debt Total long-term debt consisted of the following as of September 30, 2025 and March 31, 2025: As of September 30, 2025 As of March 31, 2025 (In thousands) 2022 Term Loan Facility $ 677,250 $ 680,750 2023 Term Loan Facility 604,366 607,450 Original Inmarsat Term Loan Facility 300,000 300,000 2024 Inmarsat Term Loan Facility 1,280,500 1,287,000 Ex-Im Credit Facility (1) 9,826 19,652 Inmarsat Revolving Credit Facility — — Viasat Revolving Credit Facility — — 2025 Notes (2) — 442,550 2027 Notes 600,000 600,000 2028 Notes 400,000 400,000 Inmarsat 2029 Notes 1,975,000 1,975,000 2031 Notes 733,400 733,400 Finance lease obligations (see Note 1) 150,701 158,473 Total debt 6,731,043 7,204,275 Unamortized discount, debt issuance costs and fair value adjustments made in purchase accounting ( 146,808 ) ( 168,166 ) Less: current portion of long-term debt 49,503 503,825 Total long-term debt $ 6,534,732 $ 6,532,284 (1) Subsequent to the second quarter of fiscal year 2026, the Ex-Im Credit Facility was fully repaid at maturity on October 15, 2025. (2) On May 2, 2025, the 2025 Notes were redeemed in full. 2022 Term Loan Facility In March 2022, the Company entered into the $ 700.0 million 2022 Term Loan Facility, which was fully drawn at closing and matures on March 4, 2029 . At September 30, 2025, the Company had $ 677.3 million in principal amount of outstanding borrowings under the 2022 Term Loan Facility. Borrowings under the 2022 Term Loan Facility are required to be repaid in quarterly installments of $ 1.75 million each, which commenced on September 30, 2022 , followed by a final installment of $ 654.5 million at maturity. Borrowings under the 2022 Term Loan Facility bear interest, at the Company’s option, at either (1) a base rate equal to the greater of the administrative agent’s prime rate as announced from time to time, the federal funds effective rate plus 0.50%, and the forward-looking term SOFR rate administered by CME for a one-month interest period plus 1.00%, subject to a floor of 1.50% for the initial term loans, plus an applicable margin of 3.50%, or (2) the forward-looking term SOFR rate administered by CME for the applicable interest period, subject to a floor of 0.50% for the initial term loans, plus an applicable margin of 4.50%. As of September 30, 2025, the effective interest rate on the Company’s outstanding borrowings under the 2022 Term Loan Facility was 9.31 % . The 2022 Term Loan Facility is required to be guaranteed by certain significant domestic subsidiaries of the Company (as defined in the 2022 Term Loan Facility) and secured by substantially all of the Company’s and any such subsidiaries’ assets. As of September 30, 2025, none of the Company’s subsidiaries guaranteed the 2022 Term Loan Facility. The 2022 Term Loan Facility contains covenants that restrict, among other things, the ability of Company and its restricted subsidiaries to incur additional debt, grant liens, sell assets, make investments, pay dividends and make certain other restricted payments. The Company was in compliance with its covenants under the 2022 Term Loan Facility as of September 30, 2025. 25 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Borrowings under the 2022 Term Loan Facility are recorded as current portion of long-term debt and as other long-term debt, net of unamortized discount and debt issuance costs, in the Company’s condensed consolidated financial statements. The 2022 Term Loan Facility was issued with an original issue discount of 2.00 %, or $ 14.0 million. The original issue discount and deferred financing cost associated with the issuance of the borrowings under the 2022 Term Loan Facility are amortized to interest expense on a straight-line basis over the term of the 2022 Term Loan Facility, the results of which are not materially different from the effective interest rate basis. 2023 Term Loan Facility In connection with the closing of the Inmarsat Acquisition in May 2023, the Company entered into the $ 616.7 million 2023 Term Loan Facility, which was fully drawn at closing and matures on May 30, 2030 . At September 30, 2025, the Company had $ 604.4 million in principal amount of outstanding borrowings under the 2023 Term Loan Facility. Borrowings under the 2023 Term Loan Facility are required to be repaid in quarterly installments of $ 1.5 million each, which commenced on December 31, 2023 , followed by a final installment of $ 576.6 million at maturity. Borrowings under the 2023 Term Loan Facility bear interest, at the Company's option, at either (1) a base rate equal to the greater of the administrative agent’s prime rate as announced from time to time, the federal funds effective rate plus 0.50%, and the forward-looking term SOFR rate administered by CME for a one-month interest period plus 1.00%, subject to a floor of 1.50% for the initial term loans, plus an applicable margin of 3.50%, or (2) the forward-looking term S OFR rate administered by CME for the applicable interest period, subject to a floor of 0.50% for the initial term loans, plus an applicable margin of 4.50%, plus a credit spread adjustment ranging from 0.11% to 0.43%. As of September 30, 2025, the effective interest rate on the Company’s outstanding borrowings under the 2023 Term Loan Facility was 9.74 % . The 2023 Term Loan Facility is required to be guaranteed by certain significant domestic subsidiaries of the Company (as defined in the 2023 Term Loan Facility) and secured by substantially all of the Company’s assets and any such subsidiaries' assets. As of September 30, 2025, none of the Company’s subsidiaries guaranteed the 2023 Term Loan Facility. The 2023 Term Loan Facility contains covenants that restrict, among other things, the ability of Compan y and its restricted subsidiaries to incur additional debt, grant liens, sell assets, make investments, pay dividends and make certain other restricted payments. The Company was in compliance with its covenants under the 2023 Term Loan Facility as of September 30, 2025. Borrowings under the 2023 Term Loan Facility are recorded as current portion of long-term debt and as other long-term debt, net of unamortized discount and debt issuance costs, in the Company’s condensed consolidated financial statements. The 2023 Term Loan Facility was issued with an original issue discount of 2.50 %, or $ 15.4 million. The original issue discount and deferred financing cost associated with the issuance of the borrowings under the 2023 Term Loan Facility are amortized to interest expense on a straight-line basis over the term of the 2023 Term Loan Facility, the results of which are not materially different from the effective interest rate basis. Inmarsat Secured Credit Facilities In March 2024, Inmarsat amended its then-existing senior secured credit facilities to (among other matters): (1) establish the $ 1.3 billion 2024 Inmarsat Term Loan Facility, the proceeds of which, together with cash on hand, were used to repay approximately $ 1.38 billion of the outstanding borrowings under the Original Inmarsat Term Loan Facility, resulting in $ 300.0 million in principal amount of borrowings remaining outstanding under the Original Inmarsat Term Loan Facility at the closing of the amendment, and (2) replace the prior $ 700.0 million revolving credit facility with a new $ 550.0 million revolving line of credit (including up to $ 100.0 million of letters of credit) (the Inmarsat Revolving Credit Facility and, together with the 2024 Inmarsat Term Loan Facility and the Original Inmarsat Term Loan Facility, the Inmarsat Secured Credit Facilities). The maturity date for the Original Inmarsat Term Loan Facility is December 12, 2026 , and for the 2024 Inmarsat Term Loan Facility is September 28, 2029 . The Inmarsat Revolving Credit Facility matures on the earlier of March 28, 2027 and (if more than $ 100.0 million of borrowings are outstanding under the Original Inmarsat Term Loan Facility) the date that is 91 days prior to the maturity of the Original Inmarsat Term Loan Facility. As of September 30, 2025, Inmarsat had $ 1.3 billion in principal amount of outstanding borrowings under the 2024 Inmarsat Term Loan Facility and $ 300.0 million in principal amount of outstanding borrowings under the Original Inmarsat Term Loan Facility. As of September 30, 2025 , the Inmarsat Revolving Credit Facility was undrawn and there were no amounts outstanding under standby letters of credit, leaving borrowing availability under the Inmarsat Revolving Credit Facility of $ 550.0 million. 26 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Borrowings under the 2024 Inmarsat Term Loan Facility are required to be repaid in quarterly installments of $ 3.25 million each, which commenced in June 2024 , followed by a final installment of $ 1.23 billion at maturity. As a result of the voluntary prepayments at the closing of the amendment, all quarterly amortization installments with respect to the Original Inmarsat Term Loan Facility have been reduced to zero , with the only remaining scheduled principal repayment being a final installment of $ 300.0 million at the maturity date on December 12, 2026 . Borrowings under the Inmarsat Secured Credit Facilities: (1) in the case of borrowings denominated in U.S. Dollars, bear interest, at Inmarsat's option, at either (i) the highest of (x) for the Original Inmarsat Term Loan Facility, the greater of the federal funds rate or the overnight banking fund rate for such day plus 0.50% and for the 2024 Inmarsat Term Loan Facility, the federal funds rate plus 0.50%, (y) the forward-looking one-month term SOFR rate plus 1.00% or (z) the administrative agent's prime rate as announced from time to time, or (ii) the forward-looking term SOFR rate for the applicable interest period (subject to, in the case of the 2024 Inmarsat Term Loan Facility, a floor of 0.50% per annum, in the case of the Inmarsat Revolving Credit Facility, a floor of 0.00% per annum and, in the case of the Original Inmarsat Term Loan Facility, a floor of 1.00% per annum), and (2) in the case of borrowings denominated in available currencies other than U.S. Dollars, bear interest based upon the applicable benchmark for such currencies (as described in the Inmarsat Secured Credit Facilities) plus, in all cases, an applicable margin. The applicable margin for the Original Inmarsat Term Loan Facility is 2.50% per annum for base rate loans and 3.50% per annum for SOFR loans. The applicable margin for the 2024 Inmarsat Term Loan Facility is 3.50% per annum for base rate loans and 4.50% per annum for SOFR loans. The applicable margin for borrowings under the Inmarsat Revolving Credit Facility is based on Inmarsat’s total net leverage ratio and ranges between 1.50% and 2.25% per annum for base rate loans and 2.50% and 3.25% per annum for SOFR loans. As of September 30, 2025, the effective interest rate on the Company's outstanding borrowings under the Inmarsat Term Loan Facilities was approx imately 10.14 % . T he Inmarsat Secured Credit Facilities are required to be guaranteed by certain material Inmarsat subsidiaries and secured by substantially all of the assets of the Inmarsat borrowers and subsidiary guarantors. The Inmarsat Secured Credit Facilities contain covenants that restrict, among other things, Inmarsat’s ability to incur additional debt, grant liens, sell assets, make investments and acquisitions, pay dividends and make certain other restricted payments. In addition, covenants regarding Inmarsat’s total net leverage ratio and interest coverage ratio apply to the Inmarsat Revolving Credit Facility. The borrowers under the Inmarsat Secured Credit Facilities were in compliance with the covenants under the Inmarsat Secured Credit Facilities as of September 30, 2025 . Borrowings under the Inmarsat Term Loan Facilities are recorded as current portion of long-term debt and as other long-term debt, net of unamortized discount, unamortized fair value adjustment made in purchase accounting and debt issuance costs, in the Company’s condensed consolidated financial statements. The 2024 Inmarsat Term Loan Facility was issued with an original issue discount of 2.00 %. Ex-Im Credit Facility The Ex-Im Credit Facility originally provided a $ 362.4 million senior secured direct loan facility, which was fully drawn. Of the $ 362.4 million in principal amount of borrowings made under the Ex-Im Credit Facility, $ 321.2 million was used to finance up to 85 % of the costs of construction, launch and insurance of the ViaSat-2 satellite and related goods and services (including costs incurred on or after September 18, 2012), with the remaining $ 41.2 million used to finance the total exposure fees incurred under the Ex-Im Credit Facility (which included all previously accrued completion exposure fees). As of September 30, 2025, the Company had $ 9.8 million in principal amount of outstanding borrowings under the Ex-Im Credit Facility. Subsequent to the second quarter of fiscal year 2026, the Ex-Im Credit Facility was fully repaid at maturity on October 15, 2025 . Borrowings under the Ex-Im Credit Facility bore inte rest at a fixed rate of 2.38 %, payable semi-annually in arrears. The effective interest rate on the Company’s outstanding borrowings under the Ex-Im Credit Facility, which took into account timing and amount of borrowings and payments, exposure fees, debt issuance costs and other fees, was 4.54 %. The Ex-Im Credit Facility contained covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contained covenants that restricted, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its covenants under the Ex-Im Credit Facility as of September 30, 2025. 27 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Borrowings under the Ex-Im Credit Facility were recorded as current portion of long-term debt, net of unamortized discount and debt issuance costs, in the Company’s condensed consolidated financial statements. The discount of $ 42.3 million (consisting of the initial $ 6.0 million pre-exposure fee, $ 35.3 million of completion exposure fees, and other customary fees) and deferred financing cost associated with the issuance of the borrowings under the Ex-Im Credit Facility were amortized to interest expense on an effective interest rate basis over the weighted average term of the Ex-Im Credit Facility and in accordance with the related payment obligations. Viasat Revolving Credit Facility As of September 30, 2025, Viasat's revolving credit facility (the Viasat Revolving Credit Facility) provided a $ 647.5 million revolving line of credit (including up to $ 150.0 million of letters of credit), with a maturity date of the earliest of (A) August 24, 2028 and (B) the springing maturity date (as defined in the Viasat Revolving Credit Agreement, which is effectively 91 days prior to the maturity date of ce rtain material debt for borrowed money of Viasat and its subsidiaries to the extent certain conditions have not been satisfied as of such date). As of September 30, 2025 , the Viasat Revolving Credit Facility was undrawn and there was $ 50.6 million outstanding under standby letters of credit, leaving borrowing availability under the Viasat Revolving Credit Facility of $ 596.9 million. Borrowings under the Viasat Revolving Credit Facility bear interest, at the Company’s option, at either (1) the highest of the federal funds rate plus 0.50%, forward-looking term SOFR (as defined in the definitive credit agreement governing the Viasat Revolving Credit Facility) for an interest period of one month plus 1.00%, or the administrative agent’s prime rate as announced from time to time, or (2) forward-looking term SOFR (not to be less than 0.00% per annum), plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. The Company has capitalized certain amounts of interest expense on the Viasat Revolving Credit Facility in connection with the construction of various assets during the construction period. The Viasat Revolving Credit Facility is required to be guaranteed by certain significant domestic subsidiaries of the Company (as defined in the Viasat Revolving Credit Facility) and secured by substantially all of the Company’s and any such subsidiaries’ assets. As of September 30, 2025, none of the Company’s subsidiaries guaranteed the Viasat Revolving Credit Facility. The Viasat Revolving Credit Facility contains covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Viasat Revolving Credit Facility contains covenants that restrict, among other things, the Company’s ability to incur additional debt, grant liens, sell assets, make investments and acquisitions, make capital expenditures, pay dividends and make certain other restricted payments. The Company was in compliance with its covenants under the Viasat Revolving Credit Facility as of September 30, 2025 . Senior Notes Senior Notes due 2025; Discharge of Indenture and Gain (Loss) on Extinguishment of Debt In September 2017, the Company issued $ 700.0 million in principal amount of 2025 Notes in a private placement to institutional buyers. During the second quarter of fiscal year 2025, the Company repurchased $ 257.5 million in aggregate principal amount of 2025 Notes in open market transactions . As a result, during the three and six months ended September 30, 2024, the Company recorded a gain of an insignificant amount in (loss) gain on extinguishment of debt, net in the condensed consolidated statement of operations and comprehensive income (loss). On May 2, 2025, the Company redeemed all of the remaining $ 442.6 million in principal amount of 2025 Notes at a redemption price of 100 % of the principal amount so redeemed plus accrued and unpaid interest thereon to the redemption date, and the indenture governing the 2025 Notes was satisfied and discharged in accordance with its terms. As a result of the redemption of the 2025 Notes in the first quarter of fiscal year 2026, during the six months ended September 30, 2025 , the Company recorded a loss of an insignificant amount in loss (gain) on extinguishment of debt, net in the condensed consolidated statement of operations and comprehensive income (loss). The 2025 Notes bore interest at the rate of 5.625 % per year, payable semi-annually in cash in arrears, and were recorded as current portion of long-term debt, net of debt issuance costs, as of March 31, 2025 in the Company’s condensed consolidated financial statements. 28 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Inmarsat Senior Secured Notes due 2026; Discharge of Indenture and Loss on Extinguishment of Debt In October 2019, certain subsidiaries of Inmarsat Holdings issued $ 2.08 billion in principal amount of Inmarsat's 6.750 % Senior Secured Notes due 2026 (the Inmarsat 2026 Notes) in a private placement to institutional buyers. In July 2024, Inmarsat repurchased $ 101.7 million in aggregate principal amount of Inmarsat 2026 Notes in open market transactions. As a result, during the three and six months ended September 30, 2024 , the Company recorded a loss of $ 3.7 million in loss (gain) on extinguishment of debt, net in the condensed consolidated statement of operations and comprehensive income (loss). On October 1, 2024, Inmarsat used the net proceeds from the issuance of the Inmarsat 2029 Notes, together with cash on hand, to redeem all of the remaining $ 1.97 billion in principal amount of Inmarsat 2026 Notes at a redemption price of 100 % of the principal amount so redeemed, plus accrued and unpaid interest thereon to the redemption date, and the indenture governing the Inmarsat 2026 Notes was satisfied and discharged in accordance with its terms. Senior Secured Notes due 2027 In March 2019, the Company issued $ 600.0 million in principal amount of 2027 Notes in a private placement to institutional buyers. The 2027 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2027 Notes bear interest at the rate of 5.625 % per year, payable semi-annually in cash in arrears, which interest payments commenced in October 2019. Debt issuance costs associated with the issuance of the 2027 Notes are amortized to interest expense on a straight-line basis over the term of the 2027 Notes, the results of which are not materially different from the effective interest rate basis. The 2027 Notes are required to be guaranteed on a senior secured basis by each of the Company’s existing and future subsidiaries that guarantees the Viasat Revolving Credit Facility. As of September 30, 2025, none of the Company’s subsidiaries guaranteed the 2027 Notes. The 2027 Notes are secured, equally and ratably with the 2022 Term Loan Facility, the 2023 Term Loan Facility, the Viasat Revolving Credit Facility and any future parity lien debt, by liens on substantially all of the Company’s and such subsidiaries' assets. The 2027 Notes are the Company’s general senior secured obligations and rank equally in right of payment with all of its existing and future unsubordinated debt. The 2027 Notes are effectively senior to all of the Company’s existing and future unsecured debt (including the 2028 Notes and the 2031 Notes) as well as to all of any permitted junior lien debt that may be incurred in the future, in each case to the extent of the value of the assets securing the 2027 Notes. The 2027 Notes are effectively subordinated to any obligations that are secured by liens on assets that do not constitute a part of the collateral securing the 2027 Notes (such as the Inmarsat 2029 Notes), are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2027 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2027 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. The 2027 Notes may be redeemed, in whole or in part, at any time at a redemption price of 100 % plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control triggering event occurs (as defined in the indenture governing the 2027 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2027 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the 2027 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). 29 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Senior Notes due 2028 In June 2020, the Company issued $ 400.0 million in principal amount of 2028 Notes in a private placement to institutional buyers. The 2028 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2028 Notes bear interest at the rate of 6.500 % per year, payable semi-annually in cash in arrears, which interest payments commenced in January 2021. Debt issuance costs associated with the issuance of the 2028 Notes are amortized to interest expense on a straight-line basis over the term of the 2028 Notes, the results of which are not materially different from the effective interest rate basis. The 2028 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Viasat Revolving Credit Facility. As of September 30, 2025, none of the Company’s subsidiaries guaranteed the 2028 Notes. The 2028 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2028 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities and the 2027 Notes (to the extent of the value of the assets securing such debt), are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2028 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2028 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. The 2028 Notes may be redeemed, in whole or in part, at any time at a redemption price of 100 % plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control triggering event occurs (as defined in the indenture governing the 2028 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2028 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the 2028 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Inmarsat Senior Secured Notes due 2029 In September 2024, certain subsidiaries of Inmarsat Holdings issued $ 1.975 billion in principal amount of Inmarsat 2029 Notes in a private placement to institutional buyers. The Inmarsat 2029 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The Inmarsat 2029 Notes bear interest at the rate of 9.000 % per year, payable semi-annually in cash in arrears, which interest payments commenced in March 2025. Debt issuance costs associated with the issuance of the Inmarsat 2029 Notes are amortized to interest expense on a straight-line basis over the term of the Inmarsat 2029 Notes, the results of which are not materially different from the effective interest rate basis. The Inmarsat 2029 Notes are secured by pari passu first priority liens on the collateral securing the Inmarsat Secured Credit Facilities, and are required to be guaranteed on a senior secured basis by the subsidiaries of Inmarsat Holdings guaranteeing the Inmarsat Secured Credit Facilities. The indenture governing the Inmarsat 2029 Notes limits, among other things, the ability of the issuers and their restricted subsidiaries to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; and consolidate or merge with, or sell substantially all of their assets to, another person. 30 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Prior to September 15, 2026, the issuers may redeem up to 40% of the Inmarsat 2029 Notes at a redemption price 109.000 % of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings so long as at least 50% of the aggregate principal amount of the Inmarsat 2029 Notes originally issued remains outstanding after such redemptions. The issuers may also redeem the Inmarsat 2029 Notes prior to September 15, 2026, in whole or in part, at a redemption price equal to 100 % of the principal amount thereof plus a “make-whole” premium and any accrued and unpaid interest, if any, thereon to the redemption date. The Inmarsat 2029 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on September 15, 2026 at a redemption price of 104.500 % , at any time during the 12 months beginning on September 15, 2027 at a redemption price of 102.250 % , and at any time on or after September 15, 2028 at a redemption price of 100 %, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control occurs (as defined in the indenture governing the Inmarsat 2029 Notes), each holder will have the right to require the issuers to repurchase all or a portion of such holder’s Inmarsat 2029 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the Inmarsat 2029 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Senior Notes due 2031 In September 2023, the Company issued $ 733.4 million in principal amount of 2031 Notes in a private placement to institutional buyers to replace the $ 733.4 million unsecured bridge loan facility that was entered into in connection with the closing of the Inmarsat Acquisition in May 2023. The 2031 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2031 Notes bear interest at the rate of 7.500 % per year, payable semi-annually in cash in arrears, which interest payments commenced in May 2024. Debt issuance costs associated with the issuance of the 2031 Notes are amortized to interest expense on a straight-line basis over the term of the 2031 Notes, the results of which are not materially different from the effective interest rate basis. The 2031 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Viasat Revolving Credit Facility. As of September 30, 2025, none of the Company’s subsidiaries guaranteed the 2031 Notes. The 2031 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2031 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities and the 2027 Notes (to the extent of the value of the assets securing such debt), are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2031 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2031 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. Prior to May 30, 2026, the Company may redeem up to 40% of the 2031 Notes at a redemption price of 107.500 % of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. The Company may also redeem the 2031 Notes prior to May 30, 2026, in whole or in part, at a redemption price equal to 100 % of the principal amount thereof plus a “make whole” premium and any accrued and unpaid interest, if any, thereon to the redemption date. The 2031 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on May 30, 2026 at a redemption price of 103.750 %, during the 12 months beginning on May 30, 2027 at a redemption price of 101.875 % , and at any time on or after May 30, 2028 at a redemption price of 100 %, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. 31 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) In the event a change of control triggering event occurs (as defined in the indenture governing the 2031 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2031 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the 2031 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Note 7 — Related-Party Transactions In the normal course of business, the Company engages in transactions with its equity method investments (Navarino UK and JSAT Mobile), which are c onsidered related-party transactions. The Company recognized revenue from Navarino UK and JSAT Mobile in the amounts of $ 15.5 million and $ 17.0 million for the three months ended September 30, 2025 and 2024 , respectively, and $ 32.4 million and $ 33.8 million for the six months ended September 30, 2025 and 2024 , respectively. The Company received cash of $ 17.1 million a nd $ 16.9 million from Navarino UK and JSAT Mobile for the three months ended September 30, 2025 and 2024, respectively, an d $ 32.4 million and $ 36.2 million for the six months ended September 30, 2025 and 2024 , respectively. Accounts receivable from Navarino UK and JSAT Mobile was $ 8.5 million as of both September 30, 2025 and March 31, 2025 . Note 8 — Commitments and Contingencies From time to time, the Company enters into satellite construction agreements as well as various other satellite-related purchase commitments, including with respect to the provision of launch services, operation of its satellites and satellite insurance. See Note 14 — Commitments to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 for information regarding the Company’s future minimum payments under its satellite construction contracts and other satellite-related purchase commitments. Periodically, the Company is involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of its government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its current pending matters will not have a material adverse effect on its business, financial condition, results of operations or liquidity. The Company has contracts with various U.S. Government agencies. Accordingly, the Company is routinely subject to audit and review by the DCMA, the DCAA and other U.S. Government agencies of its 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. 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 the Company, 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 the Company fails to obtain an “adequate” determination of its various accounting and management internal control business systems from applicable U.S. Government agencies or if allegations of impropriety are made against it, the Company could suffer serious harm to its business or its reputation, including its ability to bid on new contracts or receive contract renewals and its competitive position in the bidding process. As of September 30, 2025, the DCMA had approved the Company’s incurred costs through fiscal year 2022. The DCAA is currently auditing the Company's fiscal year 2024 recurring incurred cost submission. The Company's cost accounting practices are examined for compliance with the applicable CAS. Although the Company has recorded contract revenues subsequent to fiscal year 2022 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. The Company had $ 15.1 million and $ 14.8 million as of September 30, 2025 and March 31, 2025, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. Government cost reimbursable contracts. This reserve is classified as either an element of accrued liabilities or as a reduction of unbilled accounts receivable based on the status of the related contracts. 32 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) In June 2025, Inmarsat agreed to a binding term sheet with Ligado Networks (Ligado) and AST & Science, LLC to settle Inmarsat's opposition to Ligado’s planned restructuring. Under the conditions set forth in the term sheet, the Company anticipates receiving $ 568 million from Ligado in fiscal year 2026, consisting of (i) a $ 420 million lump sum payment on October 31, 2025, (ii) a $ 100 million lump sum payment on March 31, 2026 and (iii) a resumption of quarterly payments of approximately $ 16 million, which started on September 30, 2025, with an annual escalator of 3 % for the life of the contract (through 2107). On September 30, 2025, the Company received a $ 16.0 million quarterly payment and, subsequent to the second quarter of fiscal year 2026, based on the expiration of certain conditions, the Company received the lump sum payment of $ 420.0 million from Ligado. In September 2023, the Company settled certain pending litigation. Under the terms of the settlement and licensing agreement, the Company receives certain payments, which may vary based on sales of licensed products. In the first quarter of fiscal year 2026 and 2025, the Company received payments of approximately $ 30.8 million and $ 41.7 million, respectively, which were recognized as product revenues in the Company’s defense and advanced technologies segment for the six months ended September 30, 2025 and 2024 , respectively. The Company may from time to time receive additional licensing and royalty payments under the settlement and licensing agreement. Note 9 — Income Taxes For the three and six months ended September 30, 2025, the Company recorded an income tax provision of $ 10.9 million and $ 17.5 million, respectively, resulting in effective tax rates of negative 24 % and negative 19 % , respectively. For the three and six months ended September 30, 2024, the Company recorded an income tax provision of $ 5.9 million and $ 7.1 million, respectively, resulting in effective tax rates of negative 5 % for each of the periods. The effective tax rates for all periods differed from the U.S. statutory rate primarily due to a U.S. valuation allowance and foreign tax rate differences. The Company's total valuation allowa nce increased from $ 430.5 million at March 31, 2025 to $ 459.0 million at September 30, 2025 relating to carryforwards for federal, state, and foreign net operating losses, federal and state research and development tax credits, and foreign tax credits. For the three and six months ended September 30, 2025 , the Company’s gross unrecognized tax benefits increased by $ 3.2 million and $ 7.3 million, respectively, and interest and penalties decreased by $ 2.3 million and $ 1.4 million, respectively. Of the total $ 195.5 million gross unrecognized tax benefits at September 30, 2025 , $ 14.2 million would reduce the Company's annual effective tax rate if recognized based on the Company's valuation allowance position at September 30, 2025. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA includes a broad range of material business tax reforms, such as 100% bonus depreciation, expensing of U.S.-based research and development, modification of the interest expense limitation, and modification of various U.S. international tax provisions. For the three and six months ended September 30, 2025, the tax law changes resulted in approximately $ 6.5 million of incremental non-cash tax expense to increase the Company’s U.S. valuation allowance due to material changes in the Company’s mix of gross deferred tax assets and liabilities. Additionally, the tax law changes increased prepaid income taxes associated with the Company's majority-owned subsidiary as of September 30, 2025 primarily due to the accelerated amortization of research and development expenses that were previously capitalized for tax purposes with corresponding savings to cash taxes. The Company will continue to evaluate the impacts of the tax law changes as further guidance becomes available. Note 10 — Segment Information The Company reports its results in two separate segments consisting of communication services and defense and advanced technologies. The Company's segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. The Company’s reportable segments (communication services and defense and advanced technologies) have been determined based upon their market and economic characteristics while also giving consideration to the structure and management of various business lines. The reportable segments are primarily determined based upon industry categories and core competencies relating to product or service end market distribution, operations, and servicing and distinguished by the type of customer and, to a lesser extent, the related contractual requirements. 33 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) The Company’s 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. The Company’s communication services segment revenues are primarily derived from the Company’s aviation services (including IFC services), government satcom services, maritime services (including narrowband and safety of communication capabilities), fixed broadband services, and energy services, as well as a wide array of advanced satellite and wireless products, networks and terminal solutions that support or enable the provision of fixed and mobile broadband and narrowband services. The Company’s defense and advanced technologies segment develops and offers a diverse array of resilient, vertically integrated solutions to government and commercial customers, leveraging the Company’s technical competencies in encryption, cyber security, tactical gateways, modems and waveforms. The more regulated government environment for defense, encryption and other products is subject to unique contractual requirements and possesses economic characteristics that differ from the communication services segment. The Company’s defense and advanced technologies segment revenues are primarily derived from the Company’s information security and cyber defense, space and mission systems, tactical networking, and advanced technologies and other products and services, which are provided to government and commercial customers. The Company's Chief Operating Decision Maker (CODM) is the Company's Chairman of the Board and Chief Executive Officer . Segment operating profits (losses) are the primary measure used by the Company's CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of segment operating profits (losses) when evaluating segment performance and allocating resources to each segment. 34 VIASAT, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) Segment revenues, expenses and operating profits (losses) for the three and six months ended September 30, 2025 and 2024 were as follows: Three Months Ended Six Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (In thousands) Revenues: Communication services Aviation services $ 300,732 $ 261,987 $ 593,624 $ 519,142 Government satcom services 195,800 179,875 387,568 363,748 Maritime services 117,594 121,179 235,395 245,126 Fixed services and other services 155,691 184,853 330,428 386,489 Total services 769,817 747,894 1,547,015 1,514,505 Total products 66,838 78,491 117,011 138,667 Total communication services revenues 836,655 826,385 1,664,026 1,653,172 Defense and advanced technologies Total services 51,693 50,420 100,865 104,530 Information security and cyber defense products 94,928 83,548 197,076 139,055 Space and mission systems products 78,231 78,782 166,204 152,088 Tactical networking products 74,193 80,034 142,472 151,444 Advanced technologies and other products 5,193 3,093 41,304 48,433 Total products 252,545 245,457 547,056 491,020 Total defense and advanced technologies revenues 304,238 295,877 647,921 595,550 Elimination of intersegment revenues — — — — Total revenues $ 1,140,893 $ 1,122,262 $ 2,311,947 $ 2,248,722 Expenses: Communication services Depreciation $ 240,219 $ 261,070 $ 486,968 $ 499,463 Stock-based compensation expense 12,490 13,483 20,802 25,578