Viasat Awarded Prime Contract for US Space Force's PTS-G Swarm 1 Satellite System
VSAT has more than doubled off its 52-week low of $10.31.
Summary
Viasat secured a prime contract from the U.S. Space Force for the Swarm 1 Delivery Order under the Protected Tactical SATCOM-Global (PTS-G) program. This award involves building, launching, and delivering a dual-band satellite system, along with five years of operations and sustainment services. This follows the May 27th news where Viasat secured a $437.7 million U.S. Space Force contract for Protected Tactical Satellite-Global work, indicating progression within this significant defense initiative. The overall PTS-G program has an Indefinite Delivery Indefinite Quantity (IDIQ) ceiling value of $4 billion across awardees. This contract solidifies Viasat's position as a key provider of resilient, anti-jam military communications for the USSF, leveraging technology from its ViaSat-3 fleet. It represents a multi-year revenue stream and strengthens the company's defense segment. Initial operating capability for this system is expected no earlier than 2029.
At the time of this announcement, VSAT was trading at $64.83 on NASDAQ in the Technology sector, with a market capitalization of approximately $8.4B. The 52-week trading range was $10.31 to $89.79. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.