Viasat Reports Record Revenue in Q2 2022
Viasat reported record revenue for the second quarter of 2022, on the same day the company announced it is acquiring satellite operator Inmarsat. The operator also confirmed it is on track for the first ViaSat-3 satellite launch in the first half of calendar year 2022.
Revenue of $701 million was a 27% year over year increase from the same time period last year. Viasat said this was driven by recent acquisitions, strong product sales, and service revenue growth across all of our segments. Net income was $3.3 million, up from $2 million in Q2 2021.
Total consolidated awards were $832 million, up 14% year over year. Backlog at the end of the quarter was $2.3 billion.
Commercial Networks is Viasat’s smallest segment yet it saw the largest growth, reporting $135 million in revenue for the quarter, up 71% from the same time last year. Viasat said mobile In-Flight Connectivity (IFC) terminal deliveries and the continued strong performance of its ground antenna systems business drove this increase.
Satellite Services is Viasat’s largest segment, with $300 million in revenue for the quarter, a record. This was a 39% increase over the same time last year. Viasat said the gains were driven by continued improvement in IFC service revenues, the acquisitions of RigNet and EBI that closed in the last quarter, and stability in its U.S. fixed broadband business.
In addition, the Government Systems segment reported $266 million in revenue, a 3% increase year over year.