What the changes say
- AI model quality, data rights, governance, cybersecurity and privacy are now identified as business risks.
- Government-contract audit and compliance risks now emphasize penalties, contract termination, refunds, payment suspension and debarment.
- New-product execution risks highlight satellite development timelines of four years or more and defects after delivery.
- Revenue concentration increased: the five largest contracts represented 19% of fiscal 2026 revenue, versus 18% in fiscal 2025.
What changed since the prior 10-K
New
- NewRisks Related to Our Satellites and Business
of our competitors; successfully integrate our complex technologies and system architectures; and implement manufacturing and assembly processes and cost reduction efforts
New technologies, products and services may fail to gain market acceptance; satellite designs can take four years or longer to launch, and defects may delay adoption.
- NewRisks Related to Our Satellites and Business
We Use AI Technologies in Our Business, and the Use of These Technologies Involve Technological and Legal Risks
AI technologies could harm products, reputation or finances through poor models or data, inadequate data rights, weak oversight, cybersecurity threats, privacy issues or performance failures.
- NewRisks Related to the Regulation of Our Business
programs supported by contractors may lead to increased legal costs and may harm our reputation and profitability if we are among the targeted companies
Adverse U.S. Government contract audits or compliance failures could cause penalties, refunds, payment suspensions, contract termination, debarment and reputational damage.
Dropped
- DroppedRisks Related to Our Satellites and Business
Satellite Failures or Degradations in Satellite Performance Could Affect Our Business, Financial Condition and Results of Operations
- DroppedRisks Related to Our Satellites and Business
Satellites Have a Finite Useful Life, and Their Actual Operational Life May Be Shorter than Their Mission Life
Satellite malfunctions, space weather, collisions and debris could disrupt satellite operations.
- DroppedRisks Related to Our Satellites and Business
Our Reputation and Business Could Be Materially Harmed as a Result of Data Breaches, Data Theft, Unauthorized Access or Hacking
Satellites may operate for less time than their stated mission lives.
Reworded
- 89% rewrittenRisks Related to Our Satellites and Business
Our Operating Results Are Difficult to Predict
No substantive change; operating results remain difficult to predict quarter to quarter and could affect the stock price.
- 89% rewrittenRisks Related to the Regulation of Our Business
Our Business Could Be Adversely Affected by a Negative Audit by the U.S. Government and other Governments
The supplied text is unchanged through the displayed portion, but this year expands the risk discussion with specific penalties and contract consequences in new risk 18.
- 62% rewrittenRisks Related to Our Satellites and Business
intense competition for available U.S. Government business necessitating increases in time and investment for design and development
The supplied body is unchanged; the displayed heading now emphasizes intense competition for U.S. Government business and added design-and-development investment.
- 51% rewrittenRisks Related to Our Satellites and Business
The Markets in Which We Compete Are Highly Competitive and Our Competitors May Have Greater Resources than Us
Competitors are now described as larger, with more extensive engineering and marketing capabilities, rather than only having greater resources and advantages.
- 30% rewrittenRisks Related to Our Satellites and Business
We Expect Our Stock Price to Be Volatile, and You May Lose All or Some of Your Investment
The comparison period changed to April 1, 2024–May 8, 2026, with a $70.35 high, and the filing adds broader technology-stock and market volatility.
- 26% rewrittenRisks Related to Our Satellites and Business
A Significant Portion of Our Revenues Is Derived from a Few of Our Contracts
The five largest contracts rose from 18% of fiscal 2025 revenue to 19% of fiscal 2026 revenue; the customer and distributor concentration warning otherwise remains similar.
All 24 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Satellites and Business
- 01Our Operating Results Are Difficult to Predict89% rewritten
- 02Potential Satellite Losses May Not Be Fully Covered By Insurance, or at All
- 03The Markets in Which We Compete Are Highly Competitive and Our Competitors May Have Greater Resources than Us51% rewritten
- 04of our competitors; successfully integrate our complex technologies and system architectures; and implement manufacturing and assembly processes and cost reduction effortsNew
- 05The Global Business Environment and Economic Conditions Could Negatively Affect Our Business, Financial Condition and Results of Operations
- 06the risks of disputes concerning indemnities and other obligations that could result in substantial costs
- 07Our Reliance on U.S. Government Contracts Exposes Us to Significant Risks
- 08intense competition for available U.S. Government business necessitating increases in time and investment for design and development62% rewritten
- 09We Use AI Technologies in Our Business, and the Use of These Technologies Involve Technological and Legal RisksNew
- 10A Significant Portion of Our Revenues Is Derived from a Few of Our Contracts26% rewritten
- 11We Depend on a Limited Number of Key Employees Who Would Be Difficult to Replace
- 12Adverse Resolution of Litigation May Harm Our Operating Results or Financial Condition
- 13Future Sales of Our Common Stock Could Lower Our Stock Price and Dilute Existing Stockholders
- 14We Expect Our Stock Price to Be Volatile, and You May Lose All or Some of Your Investment30% rewritten
- 15We May Not Be Able to Utilize All of Our Deferred Tax Assets
Risks Related to the Regulation of Our Business
- 16We May Be Unable to Obtain or Maintain Required Authorizations or Contractual Arrangements
- 17Changes in the Regulatory Environment Could Have a Material Adverse Impact on Our Competitive Position, Growth and Financial Performance
- 18Our Business Could Be Adversely Affected by a Negative Audit by the U.S. Government and other Governments89% rewritten
- 19programs supported by contractors may lead to increased legal costs and may harm our reputation and profitability if we are among the targeted companiesNew
Risks Related to Our Indebtedness
- 20limit our ability to adjust to changing market conditions
- 21Covenants in Our Debt Agreements Could Limit Our Ability to Implement Our Business Plan
Risks Related to Intellectual Property
- 22Our Ability to Protect Our Proprietary Technology Is Limited
- 23Our Involvement in Litigation Relating to Intellectual Property Claims May Have a Material Adverse Effect on Our Business
- 24We Rely on the Availability of Third-Party Licenses
Other Viasat 10-Ks
- FY2025 10-K risk factors24 risks
Viasat's risk profile centers heavily on satellite operational hazards, U.S. government contract reliance, and heavy debt covenant restrictions. The company faces high capital intensity, strict regulatory licensing hurdles, and significant customer concentration risks.
Filed May 27, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.