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Telesat Corp
NASDAQ:TSAT

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Telesat Corp
NASDAQ:TSAT
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Price: 29.88 USD -6.83% Market Closed
Market Cap: 419.7m USD

Telesat Corp
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 4, 2025
AI Summary
Q3 2025

Revenue Decline: Q3 revenue fell to $101 million, down $37 million year-over-year, mainly due to lower rates and capacity in renewed customer contracts and the expiry of another agreement.

Profitability Impact: Adjusted EBITDA dropped to $47 million, with the margin at 46%; operating expenses increased by $12 million, mostly from LEO project headcount and higher legal fees.

Guidance Unchanged: Management reiterated full-year 2025 guidance for revenue ($405–425 million), adjusted EBITDA ($170–190 million), and capital expenditures ($900 million–$1.1 billion).

LEO Progress: Lightspeed constellation remains on track, with the first launch of pathfinder satellites planned for late 2026 and commercial service expected by the end of 2027.

Capital Structure Steps: Spun out 62% of Telesat Lightspeed equity to an indirect subsidiary to enhance financing flexibility; ongoing engagement with GEO debt holders.

Defense & Government Demand: Growing interest in Lightspeed from government, especially defense clients, as Canada commits to increased defense spending.

Debt Reduction: Total debt reduced by 36%, with annual interest savings of approximately $53 million.

Key Financials
Revenue
$101 million
Adjusted EBITDA
$47 million
Adjusted EBITDA Margin
46%
GEO Segment EBITDA Margin
62%
Operating Expenses
$58 million
Cash from Operations (YTD)
$97 million
Cash Balance (End of Q3)
$483 million
Net Loss
$121 million
Debt Repurchases (Cumulative Principal)
$857 million
Debt Repurchases (Cost)
$450 million
Average Price of Debt Repurchases
$0.53
Annual Interest Savings
$53 million
Debt Reduction
36%
Foreign Exchange Loss (Q3 2025)
$32 million
Cash Flows Used by Investing Activities (YTD)
$540 million
Government Financing Drawn (Cumulative)
$540 million
Capital Expenditures (Guidance)
$900 million–$1.1 billion
Telesat Lightspeed Operating Expenses (Guidance)
$75 million–$85 million
Available Funding Agreements
$2 billion
Leverage Ratio (End of Q3)
8.676x
Canadian Government Minimum Revenue Commitment
$60 million per year for 10 years
Other Earnings Calls

Management

Mr. Daniel S. Goldberg J.D.
President, CEO & Director
No Bio Available
Mr. Andrew Martin Browne
Chief Financial Officer
No Bio Available
Mr. David N. Wendling
Chief Technical Officer
No Bio Available
Mr. Michael C. Schwartz
Senior Vice President of Corporate & Business Development
No Bio Available
Mr. Glenn Katz
Chief Commercial Officer
No Bio Available
Mr. Christopher S. DiFrancesco
VP, General Counsel & Secretary
No Bio Available
Mr. John Flaherty
Vice President of Business Planning & Marketing
No Bio Available
Ms. France Teasdale
Vice President of People
No Bio Available
Ms. Michèle Beck
Senior Vice President of Canadian Sales
No Bio Available
Mr. Michael Bolitho CFA, CMA, CPA
Director of Treasury & Risk Management
No Bio Available

Contacts

Address
ONTARIO
Ottawa
160 Elgin St, Suite 2100
Contacts
+16137480123.0
www.telesat.com