Telesat Stock Earnings Reports

Telesat reported Q1 2026 consolidated revenue of $87 million and adjusted EBITDA of $35 million, with a consolidated net loss of $151 million (driven largely by a noncash goodwill impairment and lower GEO adjusted EBITDA). The GEO segment generated $86 million in revenue (down 26% YoY) and GEO adjusted EBITDA was $55 million (down 37% YoY); utilization was 55% and GEO backlog was just under $800 million. Management reiterated full-year 2026 GEO revenue guidance of $300–$320 million and GEO adjusted EBITDA guidance of $210–$230 million (excluding debt refinancing costs). Interest expense fell to $50 million and the company confirmed covenant compliance. Telesat invested $170 million in the Lightspeed LEO program in Q1 (capex $152 million plus $19 million of other costs) and expects full-year Lightspeed investment of $1.0–$1.2 billion. Lightspeed backlog was approximately $1.1 billion (not including the recently signed Northwestel agreement). Telesat stated it has sufficient liquidity for Lightspeed through expected global commercial service (~end of Q1 2028): nearly $300 million cash on hand in the LEO segment plus $1.72 billion available under Lightspeed financing and $325 million in vendor financing. Management highlighted progress on satellites, user terminals, software, and ground station rollout, and confirmed the addition of military Ka-band (Mil-Ka) capability to Lightspeed, which positions the constellation for government/defense opportunities including the potential ESCP-P (Enhanced Satellite Communications Project – Polar) contract with the Government of Canada. If ESCP-P contractual arrangements are finalized, management intends to update financial projections to reflect the material impact.