Telesat Corporation Class A Common Shares and Class B Variable Voting Shares Q1 2026 Earnings Recap

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.