Viasat, Inc. reported its financial results for the three and six months ended September 30, 2024, revealing a decline in total revenues and a net loss, although operational losses improved compared to the previous year. Total revenues for the three months were $1,122.3 million, down 8% from $1,225.4 million in the same period of 2023. Product revenues decreased by 19% to $323.9 million, while service revenues fell by 3% to $798.3 million. For the six months, total revenues were $2,200.5 million, reflecting a decrease of $103.2 million compared to the prior year.

Despite the revenue decline, Viasat's income from operations showed improvement, with a loss of $2 million for the three months ended September 30, 2024, compared to a loss of $66 million in the same period of 2023. The net loss for the quarter was $11 million, significantly better than the $62 million loss reported a year earlier. For the six months, the net loss was $170.5 million, down from $844.2 million in the previous year.

The company’s cash and cash equivalents increased to $3.5 billion as of September 30, 2024, up from $1.9 billion at the end of the previous fiscal year. Total current assets also rose to $5.1 billion, while total liabilities increased to $12.7 billion, primarily due to a significant rise in current liabilities, which reached $3.5 billion.

Viasat's strategic developments included the completion of the acquisition of Inmarsat Holdings on May 30, 2023, which has been integrated into its communication services segment. This acquisition contributed approximately $307.6 million to the increase in service revenues for the communication services segment, which reported revenues of $1.7 billion for the six months ended September 30, 2024, an increase of 18% year-over-year.

The company also faced challenges, including a $900 million net loss related to satellite impairments in the communication services segment. However, SG&A expenses decreased significantly, primarily due to this impairment. Interest expenses rose due to increased debt following the Inmarsat acquisition, with total outstanding indebtedness reported at $9.1 billion.

Viasat's operational focus remains on enhancing its satellite fleet, which includes 21 satellites, and expanding its service offerings across various sectors, including aviation, maritime, and government. The company anticipates continued investment in research and development to support future satellite projects and technology advancements.