Viasat (VSAT) Gets New Award to Support SouthPAN System

Viasat, Inc. (NASDAQ:VSAT) is one of the 10 Hot Mid Cap Stocks to Buy Now. On August 19, Viasat, Inc. (NASDAQ:VSAT) announced that it received an award worth AUD 252 million from Geoscience Australia (GA) and Toitū Te Whenua Land Information New Zealand (LINZ). The company will provide additional satellite services for the region’s Southern Positioning Augmentation Network, also known as SouthPAN.

According to the report by Viasat, Inc. (NASDAQ:VSAT), this award builds on an earlier SouthPAN contract. From the new agreement, the company estimates a net incremental value of AUD 214 million.

SouthPAN is a satellite-based augmentation system developed in collaboration by Australia and New Zealand. It offers precise positioning and navigation services to support a range of industries, including aviation, maritime, agriculture, surveying, and emergency response.

The new award amends the previous agreement and is part of Viasat, Inc.’s (NASDAQ:VSAT) Communication Services segment. It covers ongoing services from the company’s existing in-orbit satellites and includes a new payload.

Viasat, Inc. (NASDAQ:VSAT) is a global communications technology company that offers internet and other communication services to consumers, businesses, governments, and militaries. The company offers important communications solutions that are available on the ground, in the air, at sea, and in space.

While we acknowledge the potential of VSAT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 11 Best Revenue Growth Stocks to Buy Now and 11 Best Under-the-Radar Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.