Telesat (TSAT) Company Report

Telesat Corporation has entered a strategic partnership with the Government of Canada and MDA Space to develop and deliver a multi-frequency, Arctic military satellite communications (MILSATCOM) solution for the Canadian Armed Forces.
This initiative, known as the Enhanced Satellite Communications Project – Polar (ESCP-P), represents a multi-billion dollar investment by Canada.
Telesat will play a pivotal role in providing the MILSATCOM architecture, aiming to strengthen Canada's Arctic sovereignty and fulfill NORAD and NATO commitments.
The project is anticipated to generate significant investment, job creation, and economic growth in Canada, leveraging the Industrial and Technological Benefits Policy to boost domestic defence and space sectors.

Dec 9, 2025, 2:47 PM

Telesat Awarded Contract for Arctic Military Satellite Communications

TSAT

New Projects/Investments

Canada's Defence Investment Agency has launched the Enhanced Satellite Communications Project – Polar (ESCP-P), selecting Telesat and MDA Space as strategic partners to enhance military satellite communications capabilities in the Arctic.
The initial contract awarded to Telesat and MDA Space is valued at nearly $3 million for engineering and options analysis work for the ESCP-P project.
This initiative aims to provide secure wideband and narrowband connectivity for the Canadian Armed Forces, supporting sovereignty operations and continental defense mandates.
Following the announcement, Telesat shares rose over 10% in Toronto trading, indicating a positive market reception to the partnership and project.

Dec 9, 2025, 2:27 PM

Telesat Reports Q3 2025 Financial Results, Reiterates 2025 Guidance, and Provides Lightspeed Update

TSAT

Earnings

Guidance Update

New Projects/Investments

Telesat reported Q3 2025 consolidated revenues of $101 million and an Adjusted EBITDA of $47 million, representing a decrease of $37 million and $49 million respectively, compared to Q3 2024, primarily due to a lower rate on the Nimiq 5 renewal and the non-renewal of the Anik F3 satellite with DISH. The company recorded a net loss of $121 million for the quarter.
The company reiterated its 2025 full-year guidance, expecting revenues between $405 million and $425 million, and Adjusted EBITDA between $170 million and $190 million. Capital expenditures for 2025 are projected to be between $900 million and $1.1 billion, almost entirely related to Telesat Lightspeed.
Progress on the Telesat Lightspeed LEO project continues, with the first launch planned for late 2026 and global service expected to commence by the end of 2027. Telesat distributed 62% of the equity in Lightspeed to a wholly owned indirect subsidiary to optimize its capital structure and enhance financing options.
Telesat has reduced its overall debt by approximately 36%, having repurchased $857 million in principal amount at a cost of $450 million, which is expected to result in annual interest savings of approximately $53 million.
Donald Tremblay started as the new Chief Financial Officer on October 20th, succeeding Andrew Browne, who is retiring later in November 2025.

Nov 4, 2025, 3:30 PM

Telesat Reports Q3 and Nine-Month 2025 Financial Results

TSAT

Earnings

Guidance Update

New Projects/Investments

Telesat reported a net loss of $121 million for the third quarter of 2025 and a net loss of $97 million for the nine months ended September 30, 2025, a significant decline from net income in the prior year periods.
Consolidated revenue for Q3 2025 was $101 million, representing a 27% decrease compared to Q3 2024, and for the nine months ended September 30, 2025, it was $324 million, also a 27% decrease from the same period in 2024.
Adjusted EBITDA for Q3 2025 decreased 51% to $47 million, with an Adjusted EBITDA margin of 46.3%; for the nine-month period, Adjusted EBITDA was $173 million, a 44% decrease, with a margin of 53.4%.
As of September 30, 2025, Telesat had a contracted Telesat Lightspeed backlog of $1.1 billion and a contracted GEO backlog of approximately $900 million.
For the full year 2025, Telesat expects revenues to be between $405 million and $425 million and Adjusted EBITDA to be between $170 million and $190 million.

Nov 4, 2025, 12:30 PM

Telesat Reports Q3 2025 Results and Full-Year Outlook

TSAT

Earnings

Guidance Update

Demand Weakening

Telesat reported a net loss of $121 million for Q3 2025, compared to net income of $68 million in Q3 2024, and a net loss of $97 million for the nine months ended September 30, 2025, a decline from net income of $145 million in the prior year period.
Consolidated revenue for Q3 2025 was $101 million, marking a 27% decrease from the same period in 2024, primarily due to a lower rate on a renewed long-term agreement, the expiration of a separate agreement with a North American direct-to-home television customer, and reductions in services for other customers.
Adjusted EBITDA for Q3 2025 decreased 51% to $47 million, with an Adjusted EBITDA margin of 46.3%. For the nine months ended September 30, 2025, Adjusted EBITDA was $173 million, a 44% decrease from the same period in 2024.
For the full year 2025, Telesat expects revenues to be between $405 million and $425 million and Adjusted EBITDA between $170 million and $190 million. Capital expenditures are projected to be between $900 million and $1,100 million, almost entirely related to Telesat Lightspeed.
As of September 30, 2025, the company had a contracted GEO backlog of approximately $900 million and a contracted LEO backlog of approximately $1.1 billion. Donald Tremblay also joined the company as CFO in August 2025.

Nov 4, 2025, 12:01 PM

Telesat Corporation Reports Q3 2025 Net Loss and Accounting Policy Change

TSAT

Earnings

Accounting Changes

New Projects/Investments

Telesat Corporation reported a net loss of $(121,083) thousand (Canadian dollars) for the three months ended September 30, 2025, with basic earnings per share (EPS) of $(2.38).
Revenue for the third quarter of 2025 was $101,060 thousand (Canadian dollars).
Effective January 1, 2025, the company changed its accounting estimate for geostationary (GEO) orbital slots from indefinite to finite life assets, resulting in $8.5 million in amortization expense for the three months ended September 30, 2025.
Capital expenditures for the Lightspeed Low Earth Orbit (LEO) satellite constellation totaled $139,097 thousand for the three months ended September 30, 2025.
As of September 30, 2025, the company was in compliance with its debt covenants, reporting a Consolidated Total Debt for Covenant Purposes to Consolidated EBITDA ratio of 8.76:1.00.

Nov 4, 2025, 12:00 PM

T-Mobile Expands T-Satellite Service to Include Data Connectivity for Apps

TSAT

Product Launch

New Projects/Investments

T-Mobile has significantly expanded its T-Satellite service with Starlink, now providing satellite data connectivity for popular consumer apps like WhatsApp, AllTrails, AccuWeather, Google Maps, T-Life, and X. This expansion follows the commercial launch of T-Satellite for messaging just over two months prior.
The T-Satellite service is also extended to enterprise applications, including Dialpad, FLORIAN, MultiLine, and T-Mobile Direct Connect, offering continuous connectivity for businesses and government entities in areas lacking traditional cellular coverage.
For T-Mobile customers, the service is included at no extra charge in their best plans, while other users can subscribe for $10 per month.
The service automatically connects compatible devices (running Android 16 or iOS 26) when terrestrial signal is lost, though data speeds are limited and service availability may vary.