Viasat’s third quarter results saw the company fall short of Wall Street’s expectations for both revenue and non-GAAP earnings, reflecting near-term headwinds in its Communication Services segment and higher research and development spending. CEO Mark Dankberg pointed to continued strength in the Defense and Advanced Technologies (DAT) segment, which benefited from elevated demand for secure communications and networking solutions. The company’s management acknowledged intensified competition in commercial markets but emphasized that new contract awards and backlog growth in DAT are helping to offset pressure elsewhere.

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While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our top 5 analyst questions from Viasat’s Q3 earnings call

• Brent Penter (Raymond James): asked about the outlook for aviation revenue and the impact of recent customer announcements. CFO Gary Chase explained up to 20% of aviation revenue could be affected, but changes will phase in gradually and cost mitigation is underway.
• Tim Horan (Oppenheimer): pressed on whether ViaSat-3 can reverse Communication Services declines and when segment growth might resume. CEO Mark Dankberg said stabilization is the priority and improvement hinges on leveraging new satellite capacity.
• Ryan Koontz (Needham & Company): questioned DAT’s positioning versus new space competitors. Dankberg highlighted Viasat’s strengths in payload expertise, encryption, and moving up the value chain from components to complete satellites.
• Edison Yu (Deutsche Bank): inquired about the new incentive program and the company’s vision for value creation. Dankberg clarified the plan aligns management with shareholders and targets value capture through multiple avenues.
• Justin Lang (Morgan Stanley): asked about scaling Equatys and the potential for new equity partners. Dankberg emphasized Equatys is designed for neutrality and multiple partners, and announcements are pending regulatory approvals.

Catalysts in upcoming quarters

In the coming quarters, the StockStory team will monitor (1) the pace at which DAT contract awards convert to revenue and whether backlog continues to expand, (2) stabilization in Communication Services, especially as ViaSat-3 capabilities are rolled out to residential and government customers, and (3) updates on the Equatys joint venture, including regulatory milestones and new partner announcements. Execution on capital discipline and free cash flow improvement will also be important signposts.

Viasat currently trades at $65.00, up from $59.38 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free).

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