Slow Start to FY27 But Guidance Affirmed; ViaSat-3 Derisked and Ready to Deliver?
 
Soft start to FY27.  Q1 revenues and EBITDA were below expectations and the company’s full-year guidance. Both reflected timing-related issues in the DATS business and accelerated losses in consumer/maritime.
Orders up 10%. DATS orders increased 22% y/y, yielding a B2B of 1.6x (best in seven qtrs.), while Comms orders increased 3% and finished below parity (0.9x) for the sixth time in eight quarters.  The overall B2B was 1.1x. 
Record DATS orders and backlog. Despite strong order momentum, Q1 revs and AEBITDA declined 4% and 20%, respectively, due primarily to a $17M licensing headwind and a 24% decline in Space & Mission Systems (supplier delay). Mgmt affirmed full-year mid-teens topline growth