Carronade Supports Spin-Off or IPO of the Defense and Advanced Technologies Business

Potential 215% to 520% Upside in the Stock if Company Completes a Separation

Defense and Advanced Technologies is Worth $50/share Alone

DARIEN, Conn., July 31, 2025 (GLOBE NEWSWIRE) -- Carronade Capital Management, LP on behalf of its managed entities ("Carronade Capital", "our" or "we"), have beneficial ownership of approximately 2.6% of the outstanding shares of Viasat, Inc., (NASDAQ:VSAT) ("Viasat" or the "Company") today issued the following open letter outlining its perspective on Viasat's ongoing strategic review and offering a clear and effective way to unlock the substantial, unrealized value embedded within the Company.

Carronade's letter underscores a compelling case for separating the undervalued and underappreciated Defense and Advanced Technologies ("DAT") segment, which could be one of the most attractive pure-play defense-technology platforms in the market today, with best-in-class margins, double-digit revenue growth and significant exposure to next-gen defense technologies. Carronade believes a successful execution of a DAT separation would crystallize value for shareholders, empower both DAT and Communications Services segments to chart focused, capital-efficient growth strategies and bolster financial flexibility to drive the share price up to $100 per share. Carronade believes the remaining Communications Services segment would have less debt and be positioned for free cash flow generation.

Carronade urges Viasat's Board and management team to prioritize a DAT spin as the key outcome of the ongoing strategic review and believes it would garner strong investor support.