Telesat reports results for the quarter and twelve months ended December 31, 2025
Rhea-AI Summary
Telesat (Nasdaq and TSX: TSAT) reported 2025 consolidated revenue of $418 million, down 27% year-over-year, and a net loss of $530 million. Adjusted EBITDA declined to $213 million. Capital spending on Lightspeed totaled $708 million in 2025; 2026 Lightspeed spending is forecast at $1.0–1.2 billion. GEO 2026 revenue guidance is $300–320 million with GEO Adjusted EBITDA guidance of $210–230 million. Key commercial milestones include a SHIELD award, a Viasat multi‑year agreement, a Hanwha MoU, and reallocation of Lightspeed capacity to Mil‑Ka.
Positive
- Signed multi-year Viasat agreement integrating Lightspeed services
- Award under US Department of War’s SHIELD IDIQ program
- Available $1.85 billion undrawn on Lightspeed financing facility
- 2026 Lightspeed spend guidance of $1.0–1.2 billion
- Planned Mil‑Ka capacity addition to 156 Lightspeed satellites
Negative
- Consolidated revenue down 27% to $418 million in 2025
- Adjusted EBITDA down 45% to $213 million in 2025
- Net loss widened to $530 million, a $228 million deterioration
- GEO adjusted EBITDA margin fell by 300 bps to 77%
News Market Reaction – TSAT
On the day this news was published, TSAT gained 19.27%, reflecting a significant positive market reaction. Argus tracked a peak move of +16.1% during that session. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $103M to the company's valuation, bringing the market cap to $635M at that time. Trading volume was very high at 3.2x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Pre-news, TSAT was up 3.11% while momentum peer AAOI was down 4.33%. Broader communication equipment peers (HLIT, DGII, ADTN, NTGR, GILT) showed modest gains of 0.06–1.47%, suggesting TSAT’s setup was more stock-specific than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 11 | Earnings call schedule | Neutral | +0.5% | Announcement of timing for Q4 and full-year 2025 earnings call. |
| Mar 10 | Infrastructure expansion | Positive | +6.1% | New Canadian landing station sites to support Lightspeed LEO network rollout. |
| Jan 26 | Strategic MoU | Positive | -4.6% | Cooperation with Hanwha on sovereign LEO connectivity and maritime platforms. |
| Jan 21 | Creditor litigation | Negative | +3.7% | Company statement addressing new creditor lawsuits on Lightspeed equity distribution. |
| Dec 09 | Defense partnership | Positive | +12.9% | Multi-frequency Arctic MILSATCOM partnership under Canada’s ESCP-P program. |
Partnership and infrastructure announcements (e.g., ESCP-P, Lightspeed landing stations) often coincided with positive moves, while creditor-related items and some strategic MoUs showed mixed or divergent reactions.
Over the last few months, TSAT news has focused on capital markets activity, Telesat Lightspeed build-out, and strategic defense partnerships. The Dec 9, 2025 ESCP-P partnership with Canada and MDA saw a 12.88% gain, while the Mar 10, 2026 Lightspeed landing-station update coincided with a 6.07% rise. In contrast, the Jan 26, 2026 Hanwha cooperation MoU and the Jan 21, 2026 creditor litigation statement produced more mixed reactions. Today’s full-year 2025 results fit into this narrative of heavy Lightspeed investment alongside GEO revenue pressure and legal/financing overhangs.
Market Pulse Summary
The stock surged +19.3% in the session following this news. A strong positive reaction aligns with TSAT trading near its 52-week high of 37.315 and above its 200-day MA of 26.73. The earnings release highlighted steep 2025 revenue and EBITDA declines but also sizable Lightspeed investment of $777 million and combined GEO/LEO backlog of roughly $1.8 billion. Investors evaluating sustainability would monitor execution on the planned late 2026 Lightspeed launches and progress on refinancing the US$2.1 billion GEO-related debt.
Key Terms
ifrs financial
adjusted ebitda financial
geo technical
mil-ka band technical
idiq regulatory
AI-generated analysis. Not financial advice.
OTTAWA, Ontario, March 17, 2026 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three and twelve-month periods ended December 31, 2025. All amounts are in Canadian dollars and reported under IFRS® Accounting Standards unless otherwise noted.
“Telesat made strong progress on multiple fronts in 2025,” commented Dan Goldberg, Telesat’s President and CEO. “The development of the Telesat Lightspeed constellation – the satellites, associated software, user terminals, and landing stations – continues to move forward at a rapid pace. We’re seeing strong interest in Telesat Lightspeed from customers across our target market segments, with demand from government users for defence and sovereignty requirements being particularly robust at this time.
“We’re in the midst of a generational increase in global allied defense investment, with NATO members and other allied governments committing to meaningfully higher levels of defence spending in response to a range of geopolitical developments. Central to these investments is the need to connect and integrate military capabilities on land, air and sea into a unified, real-time system of systems. This makes access to secure, resilient, high throughput and low latency satellite connectivity a mission-critical strategic imperative. Telesat Lightspeed was designed from day one to provide such critical connectivity and, to even further optimize its utility to defence users and facilitate integration of the constellation into allied military operations, we announced separately today that we’re adding Military Ka-band (Mil-Ka) capacity to the initial 156 Telesat Lightspeed satellites presently under development by MDA. This will result in a significant increase in the supply, and a vast improvement in the capability, of the Mil-Ka capacity that allied defence users have historically relied upon to meet their important and fast-growing global requirements.”
“In our GEO business, 2025 unfolded largely as we had anticipated, with ongoing revenue pressure in both our enterprise and broadcast segments. We continue to be highly disciplined in our spending in the segment, working to maximize the cash flow from our existing satellite fleet. I’m pleased with the cost reduction progress we made in the GEO segment, allowing us to exceed the Adjusted EBITDA guidance we gave at the outset of last year.”
“Finally, we remain focused on refinancing the Telesat Canada debt, which relates to our GEO business, that begins to mature late this year. To that end, our advisors are engaging closely with the advisors of certain of the large Telesat Canada lenders on this matter.”
For the year ended December 31, 2025, Telesat reported consolidated revenue of
Operating expenses for the full year 2025 were
Adjusted EBITDA1 for the full-year 2025 was
For the year ended December 31, 2025, Telesat had a net loss of
In our GEO segment, adjusted EBITDA declined by
Capital expenditure for the full year 2025 was
LEO segment combined capital and operating expenditures of
At the end of 2025, backlog2 for our GEO segment totaled approximately
For the quarter ended December 31, 2025, Telesat reported consolidated revenue of
Operating expenses for the quarter were
Telesat net loss for the quarter was
GEO segment Adjusted EBITDA for the quarter was
Business Highlights
- Telesat made important progress in 2025 on the development and deployment of the Telesat Lightspeed constellation, investing more than
$770 million in capital expenditures and operating costs to advance the design and construction of the satellites, the development of software for network and satellite operation, user terminal production, and ground station deployment. We continue to expect to launch the first Telesat Lightspeed satellites in late 2026. - In March 2026, Telesat announced its intention to reallocate a portion of the capacity of Telesat Lightspeed to the Mil-Ka band, further optimizing Telesat Lightspeed’s ability to meet the fast-growing requirements of allied governments globally. We do not expect the implementation of Mil-Ka to impact the overall Telesat Lightspeed schedule.
- In February 2026, Telesat Government Solutions, a wholly-owned subsidiary of Telesat, announced that it was awarded a contract under the U.S. Department of War’s US
$151 billion SHIELD IDIQ program, which includes the Golden Dome initiative. The contract recognizes the value of Telesat Lightspeed and Telesat’s experience and expertise in delivering mission-critical services to space and defence organizations worldwide. - In January 2026, Telesat and Hanwha Systems Co. Ltd signed a Memorandum of Understanding (MoU) to collaborate on sovereign satellite connectivity solutions and user terminals compatible with Telesat Lightspeed. The MoU follows on agreements between the governments of Canada and Korea to pursue a structured initiative on next-generation LEO communications and advanced maritime platforms.
- In December 2025, Telesat announced a strategic partnership agreement with the Government of Canada and MDA Space to develop and deliver a state-of-the-art MILSATCOM architecture for Canada’s Enhanced Satellite Communications Project – Polar (ESCP-P). The narrowband and wideband solution will strengthen and safeguard Canada’s Arctic sovereignty while bolstering Canada’s NORAD and NATO commitments.
- In September 2025, Telesat Canada distributed
62% of the equity of its Telesat Lightspeed business to an indirect subsidiary of Telesat Corporation in order to optimize the company’s capital structure and financing alternatives. The indirect subsidiary is wholly-owned by Telesat Canada’s parent entities and is a non-guarantor under Telesat Canada’s debt documents. - In September 2025, Telesat initiated discussions with advisors to Telesat Canada’s largest lenders with the goal of refinancing Telesat Canada’s US
$2.1 billion in debt maturing between December 2026 and October 2027. The company remains focused on completing a refinancing prior to its debt maturities. - In April 2025, Telesat signed a multi-year agreement with Viasat Inc. for Telesat Lightspeed services, under which Viasat, the largest broadband connectivity provider in the commercial aviation market, will integrate Telesat Lightspeed into its services portfolio for aviation, maritime, enterprise, and defense markets.
2026 Financial Outlook
(assumes an average foreign exchange rate of US
For 2026, Telesat expects full year:
- GEO revenue to be between
$300 million and$320 million ; - GEO Adjusted EBITDA1 to be between
$210 million and$230 million , excluding non-recurring capital structure optimization costs; and - Total spending on the Telesat Lightspeed project, including both expensed and capitalized costs, to be between
$1.0 billion and$1.2 billion .
Telesat’s annual report on Form 20-F for the year ended December 31, 2025, has been filed with the United States Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities, and may be accessed on the SEC’s website at www.sec.gov and on the System for Electronic Document Analysis and Retrieval+ (SEDAR) website at www.sedarplus.ca.
Conference Call
Telesat has scheduled a conference call on Tuesday, March 17, 2026, at 10:30 a.m. EDT to discuss its financial results for the quarter and year ended December 31, 2025.
Dial-in Instructions:
The toll-free dial-in number for the teleconference is +1-800-715-9871. Callers outside of North America should dial +1-646-307-1963. The access code is 7475661. Please allow at least 15 minutes prior to the scheduled start time to connect to the teleconference. In the event of technical issues, please dial *0 and advise the conference call operator of the company name (Telesat) and the name of the moderator (James Ratcliffe).
Webcast:
The conference call can also be accessed, as a listen in only, at https://edge.media-server.com/mmc/p/ivh73dsk. A replay of the webcast will be archived on Telesat’s website under the tab “Investors”.
Dial-in Audio Replay:
A replay of the teleconference will be available from one hour after the end of the call on March 17, 2026, until 11:59 p.m. EST on March 31, 2026. To access the replay, please call +1-800-770-2030. Callers from outside North America should dial +1-609-800-9909. The access code is 7475661.
About Telesat
Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (NASDAQ and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.
Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company’s state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.
Investor Relations Contact:
James Ratcliffe
+1 613 748 8424
ir@telesat.com
Forward-Looking Statements Safe Harbor
This news release contains statements that are not based on historical fact, including financial outlook for 2026 and the growth opportunities of Telesat Lightspeed, and are “forward-looking statements’’ and “future-orientated financial performance” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words “will,” “expect,” “continue,” or similar expressions, are forward-looking statements. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements and future-orientated financial information as a result of known and unknown risks and uncertainties. Future-orientated financial information contained in this news release about prospective financial performance, financial position, or cash flows are expected to give the reader a better understanding of the potential future performance of Telesat. Readers are cautioned that any such future-orientated financial information and financial outlook contained herein should not be used for purposes other than those disclosed herein. All statements made in this news release are made only as of the date set forth at the beginning of this release. Telesat undertakes no obligation to update the information made in this news release in the event facts or circumstances subsequently change after the date of this news release.
These forward-looking statements and future-orientated financial information are not guarantees of future performance, are based on Telesat’s current expectations, and are subject to a number of risks, uncertainties, assumptions, and other factors, some of which are beyond Telesat control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: risks associated with financial factors, including swings in the global financial markets, access to capital to construct our LEO satellite constellation and the ability to refinance Telesat Canada’s debt, the outcome of litigation related to Telesat Canada’s debt and the
| Telesat Corporation Consolidated Statements of Income (Loss) | |||||||||||||||||||||
| For the periods ended December 31 | |||||||||||||||||||||
| Three months | Twelve months | ||||||||||||||||||||
| (in thousands of Canadian dollars, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenue | $ | 94,041 | $ | 127,995 | $ | 417,956 | $ | 571,044 | |||||||||||||
| Operating expenses | (50,322 | ) | (58,437 | ) | (211,772 | ) | (207,767 | ) | |||||||||||||
| Depreciation | (26,723 | ) | (27,002 | ) | (104,714 | ) | (127,274 | ) | |||||||||||||
| Amortization | (10,327 | ) | (2,899 | ) | (44,179 | ) | (11,337 | ) | |||||||||||||
| Other operating gains (losses), net | (365,237 | ) | (267,185 | ) | (361,167 | ) | (264,931 | ) | |||||||||||||
| Operating income | (358,568 | ) | (227,528 | ) | (303,876 | ) | (40,265 | ) | |||||||||||||
| Interest expense | (53,177 | ) | (57,942 | ) | (217,669 | ) | (243,757 | ) | |||||||||||||
| Gain on repurchase of debt | — | 8,803 | 6,896 | 202,493 | |||||||||||||||||
| Interest and other income | 7,423 | (33,719 | ) | 26,183 | 23,314 | ||||||||||||||||
| Gain (loss) on changes in fair value of financial instruments | (105,558 | ) | (12,761 | ) | (215,338 | ) | (12,761 | ) | |||||||||||||
| Gain (loss) on foreign exchange | 21,401 | (177,312 | ) | 106,209 | (244,527 | ) | |||||||||||||||
| Income (loss) before income taxes | (488,479 | ) | (500,459 | ) | (597,595 | ) | (315,503 | ) | |||||||||||||
| Tax (expense) recovery | 55,273 | 53,229 | 67,378 | 13,037 | |||||||||||||||||
| Net income (loss) | $ | (433,206 | ) | $ | (447,230 | ) | $ | (530,217 | ) | $ | (302,466 | ) | |||||||||
| Net income (loss) attributable to: | |||||||||||||||||||||
| Telesat Corporation shareholders | $ | (125,543 | ) | $ | (126,311 | ) | $ | (155,354 | ) | $ | (87,720 | ) | |||||||||
| Non-controlling interest | (307,663 | ) | (320,919 | ) | (374,863 | ) | (214,746 | ) | |||||||||||||
| $ | (433,206 | ) | $ | (447,230 | ) | $ | (530,217 | ) | $ | (302,466 | ) | ||||||||||
| Net income (loss) per common share attributable to Telesat Corporation shareholders | |||||||||||||||||||||
| Basic | $ | (8.48 | ) | $ | (8.97 | ) | $ | (10.61 | ) | $ | (6.29 | ) | |||||||||
| Diluted | $ | (8.48 | ) | $ | (8.97 | ) | $ | (10.61 | ) | $ | (6.29 | ) | |||||||||
| Total Weighted Average Common Shares Outstanding | |||||||||||||||||||||
| Basic | 14,805,311 | 14,083,702 | 14,640,626 | 13,937,443 | |||||||||||||||||
| Diluted | 14,805,311 | 14,083,702 | 14,640,626 | 13,937,443 | |||||||||||||||||
| Telesat Corporation | ||||||
| Consolidated Balance Sheets | ||||||
| (in thousands of Canadian dollars) | December 31, 2025 | December 31, 2024 | ||||
| Assets | ||||||
| Cash and cash equivalents | $ | 509,798 | $ | 552,064 | ||
| Trade and other receivables | 58,422 | 158,930 | ||||
| Other current financial assets | 430 | 565 | ||||
| Current income tax recoverable | 5,952 | 29,253 | ||||
| Prepaid expenses and other current assets | 257,456 | 280,460 | ||||
| Total current assets | 832,058 | 1,021,272 | ||||
| Satellites, property and other equipment | 2,716,708 | 2,277,143 | ||||
| Deferred tax assets | 4,231 | 3,059 | ||||
| Other long-term financial assets | 18,283 | 9,767 | ||||
| Long-term income tax recoverable | 6,993 | 6,993 | ||||
| Other long-term assets | 368,657 | 516,507 | ||||
| Intangible assets | 442,278 | 497,466 | ||||
| Goodwill | 2,214,575 | 2,612,972 | ||||
| Total assets | $ | 6,603,783 | $ | 6,945,179 | ||
| Liabilities | ||||||
| Trade and other payables | $ | 57,447 | $ | 158,276 | ||
| Other current financial liabilities | 857,637 | 26,483 | ||||
| Income taxes payable | 2,772 | 5,913 | ||||
| Other current liabilities | 58,431 | 65,906 | ||||
| Current indebtedness | 2,341,145 | — | ||||
| Total current liabilities | 3,317,432 | 256,578 | ||||
| Long-term indebtedness | 1,152,462 | 3,096,615 | ||||
| Deferred tax liabilities | 91,991 | 175,544 | ||||
| Other long-term financial liabilities | 10,091 | 630,556 | ||||
| Other long-term liabilities | 262,211 | 289,181 | ||||
| Total liabilities | 4,834,187 | 4,448,474 | ||||
| Shareholders’ Equity | ||||||
| Share capital | 69,997 | 59,082 | ||||
| Accumulated earnings | 330,814 | 467,333 | ||||
| Reserves | 130,009 | 183,865 | ||||
| Total Telesat Corporation shareholders’ equity | 530,820 | 710,280 | ||||
| Non-controlling interest | 1,238,776 | 1,786,425 | ||||
| Total shareholders’ equity | 1,769,596 | 2,496,705 | ||||
| Total liabilities and shareholders’ equity | $ | 6,603,783 | $ | 6,945,179 | ||
| Telesat Corporation Consolidated Statements of Cash Flows | |||||||||
| For the years ended December 31 | |||||||||
| (in thousands of Canadian dollars) | 2025 | 2024 | |||||||
| Cash flows from operating activities | |||||||||
| Net income (loss) | $ | (530,217 | ) | $ | (302,466 | ) | |||
| Adjustments to reconcile net income (loss) to cash flows from operating activities | |||||||||
| Depreciation | 104,714 | 127,274 | |||||||
| Amortization | 44,179 | 11,337 | |||||||
| Tax expense (recovery) | (67,378 | ) | (13,037 | ) | |||||
| Interest expense | 217,669 | 243,757 | |||||||
| Interest income | (23,797 | ) | (65,996 | ) | |||||
| (Gain) loss on foreign exchange | (106,209 | ) | 244,527 | ||||||
| (Gain) loss on changes in fair value of financial instruments | 215,338 | 12,761 | |||||||
| Share-based compensation | 4,145 | 17,557 | |||||||
| (Gain) loss on disposal of assets | (3,827 | ) | 534 | ||||||
| Gain on disposal of subsidiaries | (230 | ) | (2,620 | ) | |||||
| Gain on repurchase of debt | (6,896 | ) | (202,493 | ) | |||||
| Impairment | 365,224 | 267,017 | |||||||
| Deferred revenue amortization | (56,221 | ) | (58,044 | ) | |||||
| Pension expense | 5,452 | 5,648 | |||||||
| Non-cash other income (expense) | — | 33,902 | |||||||
| Other | 8,012 | 7,511 | |||||||
| Income taxes paid, net of income taxes received | 8,220 | (60,510 | ) | ||||||
| Interest paid, net of interest received | (184,787 | ) | (161,595 | ) | |||||
| Government grant received | — | 2,520 | |||||||
| Operating assets and liabilities | 73,313 | (45,120 | ) | ||||||
| Net cash from operating activities | 66,704 | 62,464 | |||||||
| Cash flows (used in) generated from investing activities | |||||||||
| Cash payments related to satellite programs | (624,597 | ) | (1,045,671 | ) | |||||
| Cash payments related to property and other equipment | (140,526 | ) | (64,804 | ) | |||||
| Purchase of intangible assets | — | (52 | ) | ||||||
| Net proceeds from disposal of assets | 4,519 | — | |||||||
| Net proceeds from disposal of subsidiaries | 235 | 3,613 | |||||||
| Investments and other | (858 | ) | — | ||||||
| Government grant received | — | 15,359 | |||||||
| Net cash (used in) generated from investing activities | (761,227 | ) | (1,091,555 | ) | |||||
| Cash flows (used in) generated from financing activities | |||||||||
| Proceeds from indebtedness | 689,789 | — | |||||||
| Repurchase of indebtedness | (4,501 | ) | (155,903 | ) | |||||
| Payments of principal on lease liabilities | (2,709 | ) | (2,422 | ) | |||||
| Satellite performance incentive payments | (2,035 | ) | (4,572 | ) | |||||
| Proceeds from exercise of stock options | 550 | 426 | |||||||
| Tax withholdings on settlement of restricted share units | (8,734 | ) | (7,732 | ) | |||||
| Net cash (used in) generated from financing activities | 672,360 | (170,203 | ) | ||||||
| Effect of changes in exchange rates on cash and cash equivalents | (20,103 | ) | 82,269 | ||||||
| Changes in cash and cash equivalents | (42,266 | ) | (1,117,025 | ) | |||||
| Cash and cash equivalents, beginning of year | 552,064 | 1,669,089 | |||||||
| Cash and cash equivalents, end of year | $ | 509,798 | $ | 552,064 | |||||
Telesat’s Adjusted EBITDA margin(1):
The following table provides a quantitative reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA margin, each of which are non-IFRS Accounting Standards measures.
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| (in thousands of Canadian dollars) (unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | (433,206 | ) | $ | (447,230 | ) | $ | (530,217 | ) | $ | (302,466 | ) | ||||
| Tax expense (recovery) | (55,273 | ) | (53,229 | ) | (67,378 | ) | (13,037 | ) | ||||||||
| (Gain) loss on changes in fair value of financial instruments | 105,558 | 12,761 | 215,338 | 12,761 | ||||||||||||
| (Gain) loss on foreign exchange | (21,401 | ) | 177,312 | (106,209 | ) | 244,527 | ||||||||||
| Interest and other income | (7,423 | ) | 33,719 | (26,183 | ) | (23,314 | ) | |||||||||
| Interest expense | 53,177 | 57,942 | 217,669 | 243,757 | ||||||||||||
| Gain on repurchase of debt | — | (8,803 | ) | (6,896 | ) | (202,493 | ) | |||||||||
| Depreciation | 26,723 | 27,002 | 104,714 | 127,274 | ||||||||||||
| Amortization | 10,327 | 2,899 | 44,179 | 11,337 | ||||||||||||
| Other operating (gains) losses, net | 365,237 | 267,185 | 361,167 | 264,931 | ||||||||||||
| Non-recurring compensation expenses(3) | 512 | 838 | 2,348 | 2,903 | ||||||||||||
| Non-cash expense related to share-based compensation | (4,465 | ) | 3,053 | 4,145 | 17,557 | |||||||||||
| Adjusted EBITDA | $ | 39,766 | $ | 73,449 | $ | 212,677 | $ | 383,737 | ||||||||
| Revenue | $ | 94,041 | $ | 127,995 | $ | 417,956 | $ | 571,044 | ||||||||
| Adjusted EBITDA Margin | 42.3 | % | 57.4 | % | 50.9 | % | 67.2 | % | ||||||||
End Notes
1 Non-IFRS Accounting Standards Measures – Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS Accounting Standards measures. EBITDA is defined as “Earnings Before Interest, Taxes, Depreciation and Amortization.” Adjusted EBITDA is used to measure Telesat’s financial performance. Adjusted EBITDA is defined as operating income (less certain operating expenses such as share-based compensation expenses and unusual and non-recurring items, including restructuring related expenses) before interest expense, taxes, depreciation and amortization. Adjusted EBITDA margin is used to measure Telesat’s operating performance. Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA to revenue.
Adjusted EBITDA and Adjusted EBITDA margin are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Adjusted EBITDA allows investors and Telesat to compare Telesat’s operating results with that of competitors exclusive of depreciation and amortization, interest and investment income, interest expense, taxes and certain other expenses. Financial results of competitors in the satellite services industry have significant variations that can result from timing of capital expenditures, the amount of intangible assets recorded, the differences in assets’ lives, the timing and amount of investments, the effects of other income (expense), and unusual and non-recurring items. The use of Adjusted EBITDA assists investors and Telesat to compare operating results exclusive of these items. Competitors in the satellite services industry have significantly different capital structures. Telesat believes that the use of Adjusted EBITDA improves comparability of performance by excluding interest expense.
Telesat believes that the use of Adjusted EBITDA and the Adjusted EBITDA margin along with IFRS Accounting Standards measures enhances the understanding of our operating results and is useful to investors and us in comparing performance with competitors, estimating enterprise value and making investment decisions. Adjusted EBITDA and Adjusted EBITDA margin as used here may not be the same as similarly titled measures reported by competitors. Adjusted EBITDA and Adjusted EBITDA margin should be used in conjunction with IFRS Accounting Standards measures and are not presented as a substitute for cash flows from operations as a measure of our liquidity or as a substitute for net income (loss) as an indicator of our operating performance.
2 Telesat’s backlog represents future cash inflows from capacity allocation or service delivery contracts. As of December 31, 2025, GEO backlog was
3 Includes severance payments and special compensation and benefits for executives and employees.
FAQ
What were Telesat (TSAT) full‑year 2025 revenue and net loss figures?
How did Telesat (TSAT) perform on Adjusted EBITDA for 2025?
What is Telesat’s (TSAT) 2026 guidance for GEO revenue and Adjusted EBITDA?
How much did Telesat (TSAT) spend on Lightspeed in 2025 and what is 2026 spending guidance?
What commercial wins did Telesat (TSAT) announce related to Lightspeed in early 2026?
Will adding Mil‑Ka capacity change Telesat Lightspeed’s launch schedule for TSAT?
