Telesat Corporation Class A Common Shares and Class B Variable Voting Shares Earnings Recaps
Q1 2026
Mar 17, 2026
Telesat Corporation reported strong progress in its LEO initiatives despite challenges in its GEO business, positioning itself favorably for growth in defense and commercial sectors.
Key takeaways
- Adjusted EBITDA exceeded guidance, demonstrating effective cost optimization in a fixed-cost environment.
- Lightspeed satellite network launches are anticipated to begin at the end of 2026, with commercial service expected by Q1 2028 due to slight delays in chip availability.
- Notable contracts in the defense sector, including an IDIQ contract under the U.S. SHIELD program and a significant partnership with Hanwha Systems in Korea, highlight increasing demand for LEO services.
- Telesat is adding military Ka spectrum capabilities to 25% of its Lightspeed satellites, enhancing its defense offerings and aligning with global defense procurement trends.
Q3 2025
Nov 5, 2025
Telesat's Q3 2025 results reflect operational challenges, highlighted by a significant revenue decline due to contract renegotiations, though LEO segment development shows promising progress.
Key takeaways
- Revenues decreased by $37 million to $101 million, primarily due to a lower rate from DISH on the Nimiq 5 contract and the expiration of the Anik F3 contract.
- Adjusted EBITDA fell to $47 million with an adjusted EBITDA margin of 46%, impacted by increased operating expenses linked to Telesat Lightspeed initiatives.
- Despite revenue challenges, Telesat reported strong interest in its LEO offerings, with a first satellite launch planned for late next year and efforts underway to enhance its capital structure.
- Year-to-date cash generated from operations reached $97 million, with a solid cash position of $483 million.
- Telesat continues to expect 2025 revenues in the range of $405 million to $425 million amid ongoing investments in its satellite technology.