Telesat Corp
NASDAQ:TSAT
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Telesat Corp
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Telesat Corp
Telesat Corp. delivers satellite communications and consulting services. The company is headquartered in Ottawa, Ontario. The company went IPO on 2021-11-19. The firm is a global satellite operator, providing its customers with communications services. Through a combination of satellites and ground facilities, the Company's communications solutions support the requirements of satellite users. The company is engaged in developing and operating an orbit-based (GEO) satellite services business. The company also develops Low Earth Orbit (LEO) satellites and integrated terrestrial infrastructure, called Telesat Lightspeed, which is a platform designed to develop the provision of global broadband connectivity. The company transforms the global satellite and terrestrial communications industries. The company offers a suite of GEO satellite services to direct-to-home (DTH) service providers, Internet service providers (ISPs), network service integrators, telecommunications carriers, corporations and government agencies. Telesat Lightspeed consists of approximately 298 interconnected LEO satellites for commercial and government users.
Telesat Corp. delivers satellite communications and consulting services. The company is headquartered in Ottawa, Ontario. The company went IPO on 2021-11-19. The firm is a global satellite operator, providing its customers with communications services. Through a combination of satellites and ground facilities, the Company's communications solutions support the requirements of satellite users. The company is engaged in developing and operating an orbit-based (GEO) satellite services business. The company also develops Low Earth Orbit (LEO) satellites and integrated terrestrial infrastructure, called Telesat Lightspeed, which is a platform designed to develop the provision of global broadband connectivity. The company transforms the global satellite and terrestrial communications industries. The company offers a suite of GEO satellite services to direct-to-home (DTH) service providers, Internet service providers (ISPs), network service integrators, telecommunications carriers, corporations and government agencies. Telesat Lightspeed consists of approximately 298 interconnected LEO satellites for commercial and government users.
Launch timing: Lightspeed's first satellites are still scheduled to launch at the end of this year, but full global commercial service is now expected about three months later than previously guided — around the end of Q1 2028.
LEO program progress: Significant engineering and commercial progress on Lightspeed was highlighted, but the schedule slip is driven by ASIC/chip readiness from SatixFy (now part of MDA).
Mil-Ka decision: Telesat is dedicating 500 megahertz of Lightspeed user-link spectrum to military Ka (Mil-Ka); cost impact is ~USD 25 million (described as less than 0.5% of the first-156-satellite program cost) and management says there is no adverse schedule impact.
2025 results vs guidance: 2025 revenue of $418 million was in line with guidance; adjusted EBITDA of $213 million came in above the prior $170–$190 million guidance.
2026 guidance & spending: GEO revenue guidance of $300–$320 million (a decline of $90–$110 million vs 2025) and GEO adjusted EBITDA of $210–$220 million. Telesat expects to spend $1.0–$1.2 billion on Lightspeed in 2026 (CapEx, OpEx, capitalized labor and interest).
Liquidity & refinancing: Telesat highlighted $510 million cash at year-end 2025 (split $206M GEO / $337M LEO), $1.82 billion available under Lightspeed financing, and the need to refinance ~USD 1.7 billion of Telesat Canada debt maturing starting December 2026.
Backlog & market opportunity: Management is bullish on government/defense demand (including Arctic/sovereignty use cases) and expects meaningful Lightspeed backlog growth this year; specific contract values (e.g., Escape) remain under negotiation.
