February 8 2022  |  Connectivity & Satellites

Virgin Atlantic new Viasat customer

By Rick Lundstrom

Amid financial information and its forecasts and plans for 2022, Viasat mentioned in its third quarter financial fiscal year 2022 report that its new customer for inflight connectivity will be Virgin Atlantic Airways.

“Although COVID-19 continues to create uncertainty, the gradual re-opening of the global economy has been a tailwind, especially for our commercial IFC business,” said an introduction letter to shareholders. “The most significant news of the quarter was our agreement to acquire Inmarsat, which we expect to accelerate and enhance Viasat’s future.”

Viasat will share the details of Virgin Atlantic agreement at a later date, said a spokesman for the company.

For the third quarter of fiscal year 2022 Viasat took in record revenues of US$720 million, which the company said was a 25 percent year-over year increase from $576 million in the third quarter of 2021. Its adjusted EBITDA was $163 million was a 10 percent increase from previous quarter three period. For the quarter the company reported a net loss of $6.8 million which it attributed to higher depreciation and non-recurring acquisition expenses.

For the rest of the year, Viasat will work to close the Inmarsat acquisition transaction and launch its Viasat 3 (Americas) satellite in late summer.

Copyright 2024 PAX International. All rights reserved. Privacy Policy Sitemap