Viasat IncVSAT

Viasat Inc. likes to present itself as the cutting edge of satellite broadband, but the 10-K filed for the year to 31 March 2026 shows a business that is still a long way from turning its high-tech pitch into hard cash. Revenue clocked $4.64 billion, which sounds impressive until you read the net loss of $34.1 million and the 25-cent diluted loss per share. The balance sheet is a mixed bag: $15.23 billion in assets sits against $10.50 billion in liabilities, leaving shareholders’ equity at $4.66 billion-hardly the picture of a company in rude financial health.

The glossy product pages on Viasat’s site talk up “world-class internet connectivity products” and “99.9% reliable enterprise IoT satellite connectivity,” but the numbers tell a different story. Operating cash flow of $1.59 billion is barely enough to cover the $164.9 million spent on research and development, while inventory sits at $281.2 million and fell by just $13.1 million over the year. The company’s own filings admit a $34.1 million net loss, and the board’s recent 144 filings show insiders quietly selling shares, which is never a confidence booster when the company is still in the red.

What does Viasat actually do? The company sells advanced satellite and space communications, with a focus on high-speed broadband via Ka-band networks such as Global Xpress, industrial IoT connectivity through IoT VSAT, and portable solutions for enterprises via Go-anywhere VSAT. The product range spans aviation, business, defence, homes, and enterprise markets, all backed by the company’s satellite fleet. The pitch is that Viasat powers “satcom without compromise” for industries as diverse as agriculture, transport, mining, and utilities. The reality, according to the 10-K, is a company that is still reliant on shareholder equity and borrowing power rather than consistent profitability.

Per the 10-K for the year ended 31 March 2026, Viasat posted revenue of $4.64 billion, a net loss of $34.1 million, operating income of $108.1 million, assets of $15.23 billion, liabilities of $10.50 billion, shareholders’ equity of $4.66 billion, cash and cash equivalents of $1.75 billion, operating cash flow of $1.59 billion, R&D expense of $164.9 million, inventory of $281.2 million, a decrease in inventories of $13.1 million, diluted EPS of -$0.25, and 134.7 million diluted shares outstanding. The numbers are filed; the profitability is not.

Viasat’s story is best read through the lens of its own filings and product pages rather than the polished marketing copy. The company’s Global Xpress Ka-band network is continually evolving, its IoT VSAT offers bulk-purchase connectivity at 1024 KB in each direction, and its Go-anywhere VSAT delivers portable, high-capacity service for enterprises. Yet the financial evidence shows a company that is still building its way to profit rather than collecting it. The board’s recent 144 filings and ownership updates reveal insider share movements, while the 10-K admits a net loss and reliance on shareholder equity. The gap between the platform story and the balance sheet is still wide.

The SEC’s EDGAR filings for Viasat Inc. provide the raw material for this report, including the 10-K for the year ended 31 March 2026, ownership updates, and 144 filings. The company’s own product and enterprise pages detail its offerings in satellite broadband, IoT connectivity, and portable VSAT solutions. The picture that emerges is of a technology leader still in the financial gravity well, with high ambitions but thin profits. The next catalyst will be evidence of sustained net income, not just revenue growth or share movements.