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Viasat (NASDAQ: VSAT) has successfully completed the acquisition of RigNet (NASDAQ: RNET) following approval from RigNet's stockholders on April 21, 2021. This strategic move enhances Viasat's capabilities in providing secure managed communications and expands its customer base in sectors like renewable energy and maritime.
The integration of RigNet’s technology and team is expected to accelerate Viasat’s growth in high-quality broadband connectivity.
RigNet, Inc. (NASDAQ: RNET) reported its Q4 2020 results with revenue of $47.0 million and a net loss of $9.1 million, marking a 14.4% decline in full-year revenue to $207.9 million. Adjusted EBITDA for Q4 increased by 2% to $7.7 million, but full-year dropped by 19% to $33.3 million. Despite challenges from COVID-19, RigNet achieved nearly 32% revenue growth in its Apps & IoT division. The company is set to close its acquisition by Viasat by mid-2021, and it reported a project backlog of $7.7 million.
RigNet, Inc. (NASDAQ: RNET) has secured a multi-year contract with a leading independent exploration and production firm in the Permian Basin. This collaboration will implement Intelie's AI-driven real-time analytics software, Intelie Live, aimed at enhancing operational efficiency and financial performance. The platform assists in decision-making during drilling, promising lower operational costs and increased output. CEO Lelio Souza emphasized Intelie's success in delivering high-value solutions, which supports digital transformation while improving safety and minimizing environmental impacts.
RigNet, a leading provider of intelligent networking solutions, announced its participation in the virtual Southwest IDEAS Investor Conference on November 18-19, 2020. CEO Steven Pickett and CFO Lee M. Ahlstrom will present at 7:00 am CST on November 18th. The presentation will be webcasted and accessible to registered participants on the IDEAS conference portal and RigNet's website. The IDEAS Conferences, which highlight quality companies to investment professionals, are held annually in cities like Boston, Chicago, and Dallas.
RigNet, Inc. (NASDAQ: RNET) reported third quarter 2020 revenue of $48.7 million, an 8.7% decline from the previous quarter and a 20.1% decrease year-over-year. The net loss for the quarter was $5.5 million or $0.25 per share, impacted by a $3.8 million impairment charge. Adjusted EBITDA fell 22.3% to $7.5 million. The Managed Communications Services segment saw a 3.2% decrease in sites served. Despite challenges, the company secured new contracts in October, enhancing its service offerings.
RigNet, Inc. (NASDAQ: RNET) will release its third quarter 2020 earnings results on November 5, 2020, after the NASDAQ closes. An earnings call hosted by President and CEO Steven Pickett will occur on November 6, 2020, at 11:00 a.m. ET. Investors can join via phone or a simultaneous webcast on RigNet's website. RigNet delivers advanced software and communication solutions aimed at digital transformation, ensuring businesses can respond to operational challenges and enhance financial performance. More information is available at www.rig.net.
RigNet, Inc. (NASDAQ: RNET) announced a multi-year contract with a major offshore drilling company for fully managed communications services and global satellite access to its drilling fleet. This contract enhances existing services, integrating RigNet's Machine Learning platform, Intelie, among other advanced solutions. The COO emphasized that this contract validates RigNet's role in improving customer performance through secure digital transformation. The deal includes a global multiband satellite architecture and advanced video intelligence capabilities.
RigNet, a provider of intelligent networking solutions, reported Q2 2020 revenue of $53.4 million, a 9.1% decline from the previous quarter. The net loss shrank to $4.3 million, or $0.21 per share, compared to a larger loss in Q1 2020. Adjusted EBITDA increased by 16.2% to $9.7 million. The Managed Communications Services segment saw a 14.4% revenue drop, while the Apps & IoT sector showed a slight growth. RigNet maintained a backlog of $15.9 million and aims to leverage opportunities across its segments despite ongoing challenges in the oil and gas market.
RigNet, Inc. (NASDAQ: RNET) will announce its second quarter 2020 earnings post-market on August 6, 2020. The announcement will be followed by an earnings call on August 7, 2020, at 11:00 a.m. ET, hosted by President and CEO Steven Pickett. Investors can dial in or listen via webcast on RigNet's website. The company focuses on advanced software and communications infrastructure to support digital transformation, enhancing businesses' operational efficiency and financial performance.
RigNet announced a strategic collaboration with CACI International to enhance secure communication for government users via the Steelbox™ Secure Voice and Text App. Leveraging technologies from Microsoft Azure and BlackBerry’s SecuSuite, this app offers a FedRAMP-certified mobile environment. RigNet will ensure telecommunications interconnectivity across the U.S., facilitating cost-effective solutions that reduce lifecycle costs for government hardware and software. This partnership aims to improve secure communications for agencies amidst increasing operational challenges.
