CARLSBAD, Calif., July 12, 2023 /PRNewswire/ -- Viasat,
Inc. (NASDAQ: VSAT), a global leader in satellite
communications, today disclosed that an unexpected event occurred
during reflector deployment that may materially impact the
performance of the ViaSat-3 Americas satellite. Viasat and its
reflector provider are conducting a rigorous review of the
development and deployment of the affected reflector to determine
its impact and potential remedial measures.
"We're disappointed by the recent developments," said
Mark Dankberg, Chairman and CEO,
Viasat. "We're working closely with the reflector's manufacturer to
try to resolve the issue. We sincerely appreciate their focused
efforts and commitment."
Contingency plans are currently being refined to minimize the
economic effect to the company. Potential options include
redeploying satellites from Viasat's extensive fleet to optimize
global coverage, and/or reallocating a subsequent ViaSat-3 class
satellite to provide additional Americas bandwidth. The initial
service priority for ViaSat-3 Americas has been to facilitate
growth in the company's North American fixed broadband
business.
There is no disruption to customers from this event, and no
impact to coverage or capacity of the respective Viasat and
Inmarsat constellations currently in service. Following the
Inmarsat acquisition, Viasat has 12 Ka-band satellites in space,
excluding ViaSat-3, with eight additional Ka-band satellites under
construction.
The company will share additional information on the status of
the ViaSat-3 Americas satellite and any necessary contingency plans
during its earnings call which is planned for August 9, 2023.
About Viasat
Viasat is a global communications
company that believes everyone and everything in the world can be
connected. With offices in 24 countries around the world, our
mission shapes how consumers, businesses, governments and
militaries around the world communicate and connect. Viasat is
developing the ultimate global communications network to power
high-quality, reliable, secure, affordable, fast connections to
positively impact people's lives anywhere they are—on the ground,
in the air or at sea, while building a sustainable future in space.
On May 30, 2023, Viasat completed its
acquisition of Inmarsat, combining the teams, technologies and
resources of the two companies to create a new global
communications partner. Learn more at www.viasat.com, the
Viasat News Room or follow us on
Facebook, Instagram, LinkedIn, Twitter or YouTube.
Copyright © 2023 Viasat, Inc. All rights
reserved. Viasat, the Viasat logo and
the Viasat signal are registered trademarks
of Viasat, Inc. All other product or company names
mentioned are used for identification purposes only and may be
trademarks of their respective owners.
Forward-Looking Statements
This press release
contains forward-looking statements that are subject to the safe
harbors created under the Securities Act of 1933 and the Securities
Exchange Act of 1934. Forward-looking statements include statements
that refer to the expected performance of the ViaSat-3 Americas
satellite, including as a result of the unexpected event that
occurred during reflector deployment, the company's ability to
resolve the satellite deployment issue, the company's ability to
minimize the impact of the satellite deployment issue through
contingency plans or otherwise, and the company's ability to
realize the anticipated benefits of the ViaSat-3 Americas satellite
and any future satellite the company may construct or acquire.
Readers are cautioned that actual results could differ materially
and adversely from those expressed in any forward-looking
statements. Factors that could cause actual results to differ
include: risks associated with the construction, launch and
operation of satellites, including the effect of any anomaly,
operational failure or degradation in satellite performance; the
ability of Viasat to successfully integrate
Inmarsat operations, technologies and employees following the
recent closing of the Inmarsat acquisition; the
ability to realize anticipated benefits and synergies of the
Inmarsat acquisition, including the expectation of
enhancements to Viasat's products and services,
greater revenue or growth opportunities, operating efficiencies and
cost savings; the ability to ensure continued performance and
market growth of the combined company's business; changes in the
global business environment and economic conditions; the
availability and cost of credit; the combined company's ability to
successfully develop, introduce and sell new technologies, products
and services; the combined company's reliance on a limited number
of third parties to manufacture and supply their respective
products; the risk of litigation or regulatory actions;
Viasat's and the combined company's level of indebtedness and
ability to comply with applicable debt covenants; and other factors
affecting the communications industry generally. In addition,
please refer to the risk factors contained in Viasat's
SEC filings available at www.sec.gov,
including Viasat's most recent Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and
the definitive proxy statement filed in connection with the
Inmarsat transaction, and such reports that are subsequently
filed with the SEC. Readers are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of
the date on which they are made. Viasat undertakes no
obligation to update or revise any forward-looking statements for
any reason.
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SOURCE Viasat, Inc.