A mesmerizing long-exposure photograph captures the striking trail left by SpaceX’s Falcon Heavy rocket during the launch of the ViaSat-3 Americas satellite from Florida on April 30, 2023.
Viasat
Viasat experiences a surge in share prices on Thursday as the company reveals its expectation of surpassing financial growth targets ahead of schedule, and announces that it will not require a replacement for a damaged $750 million communications satellite.
While Viasat continues to investigate the root cause of the ViaSat-3 Americas satellite malfunction, the company expresses confidence that its existing and forthcoming satellite fleet, along with support from third parties, will adequately serve the current and future demands of its vital mobility market customers, despite the loss of bandwidth.
The company assures investors that it remains well-positioned to achieve its financial growth objectives, undeterred by this setback. Viasat now anticipates being cash flow positive in the first half of 2025, surpassing its previous projection of the second half of 2025.
Trading closes with Viasat stock rising by 7.5% to reach $16.80 per share.
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In July, the company disclosed the malfunction of the recently launched ViaSat-3 Americas satellite, also known as ViaSat-3 F1, which occurred during the deployment of the spacecraft’s antenna reflector. Viasat now expects that the satellite will only deliver less than 10% of the originally intended communications capability.
Viasat further anticipates finalizing a $420 million insurance claim for the ViaSat-3 Americas satellite before the end of the year, amounting to slightly over half of the company’s value.
In a separate matter, Viasat confirms its intention to file a $348 million insurance claim for the I6 F2 backup satellite before the end of the year. The company previously announced that I6 F2 experienced a power system malfunction in August.
Together, these two Viasat insurance claims total $768 million, a figure that experts in the industry had predicted would cause significant disruption in the specialty space insurance market.
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