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    Joseph Galone • LightShed Partners

    Joseph Galone is Senior Director and TMT Analyst at LightShed Partners, specializing in technology, media, and telecommunications research with direct coverage of major companies including Apple. He is noted for high-profile investment calls and bold industry analysis, recently attracting attention for recommendations regarding Apple's executive leadership. Galone co-founded LightShed Partners in 2019 after more than a decade of collaborative work in TMT research with the team, having accumulated over 20 years of sector experience. His professional credentials likely include relevant FINRA securities licenses, reflecting his senior research analyst responsibilities and regulatory compliance within the investment industry.

    Joseph Galone's questions to Telesat Corp (TSAT) leadership

    Joseph Galone's questions to Telesat Corp (TSAT) leadership • Q1 2025

    Question

    Joseph Galone of LightShed Partners, on for Walter Piecyk, questioned if the financing drawdown schedule for Lightspeed is fixed or subject to change. He also asked when the capitalized interest associated with the project will begin hitting the P&L, and inquired about the status and typical timeline for regulatory approvals for user terminals, such as those from Viasat.

    Answer

    President and CEO Daniel Goldberg explained that the drawdown schedule is tied to vendor performance on key milestones, meaning the timing could shift if vendors experience delays. Executive Andrew Browne clarified that capitalized interest will become a P&L expense at the end of the program, once all 156 satellites are operational. Regarding terminal approvals, Goldberg stated that this is primarily the responsibility of partners like Viasat, who have extensive experience, and Telesat does not foresee it being an issue for their service timeline.

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