Viasat said revenue for Q3 FY2023 increased 4 percent to $651 million.
Net loss of $42 million for Q3 FY2023 increased by $36 million compared to Q3 FY2022 primarily due to lower Adjusted EBITDA, Viasat said in its earnings report.
Viasat’s Q3 FY2023 Government Systems revenue dropped 10 percent to $244 million. Product revenues declined 18 percent primarily from lower tactical data links product deliveries partially offset by 12 percent services revenue growth mostly due to tactical satcom networks.
In Q3 FY2023, Government Systems awards fell 3 percent to $162 million, driven primarily by tactical data links products (which is part of Link-16 TDL business) and network management services partially offset by awards growth from government mobile broadband services and tactical satcom radio products. Government Systems ended the quarter with backlog of $1.1 billion. Awards and backlog from continuing operations in Government Systems were $122 million and $530 million, respectively.
Viasat’s Q3 FY2023 Satellite Services revenue dropped 2 percent to $302 million. Strong commercial air IFC service growth was offset by a decline in U.S. fixed broadband subscribers. Viasat expects continued declines in U.S. fixed broadband subscribers until it begins to scale commercial service on ViaSat-3 Americas in early summer of calendar 2023.
Viasat said Commercial Networks revenue increased 20 percent to $167 million. Deliveries grew as anticipated with commercial air products delivering over 240 IFC terminals. Growth from energy products and satellite products also contributed to the increase.
In Q3 FY2023, Commercial Networks awards increased 62 percent driven by orders from commercial air IFC terminals, antenna systems programs and energy products.