Goldberg emphasized government and defense as a key near-term commercial opportunity for Lightspeed, citing rising defense investments by allied countries and increased focus on “mission-critical, resilient, reliable, high throughput, and low latency” satellite communications. He pointed to Canada’s defense industrial strategy, which identified satellite communications as a critical sovereign capability with an emphasis on Arctic coverage.In response to a question about deployment cadence, Goldberg said the ...

Financial Data and Key Metrics Changes - Telesat reported revenue of CAD 418 million for 2025, with adjusted EBITDA of CAD 213 million, exceeding guidance of CAD 170 million to CAD 190 million [17][18] - The net loss for the year was CAD 530 million, compared to CAD 302 million in 2024, primarily due to reduced revenue and EBITDA, and impairment of goodwill related to the GEO business [19] - Interest expense decreased to CAD 218 million in 2025 from CAD 240 million in 2024, reflecting a buyback of CAD 857 million of Telesat Canada debt [18] Business Line Data and Key Metrics Changes - The GEO business segment generated adjusted EBITDA of CAD 284 million, down from 80% margin in 2024 to 77% in 2025 [20] - The LEO segment reported a loss before interest, tax, depreciation, and amortization of CAD 67 million, driven by operating expenses of CAD 72 million [20] - Capital expenditures for 2025 were CAD 708 million, below the expected CAD 900 million to CAD 1.1 billion [20][21] Market Data and Key Metrics Changes - The global market dynamics are shifting towards LEO services, with significant opportunities identified for Telesat Lightspeed, particularly in the government defense market [6][8] - Telesat signed a substantial agreement with Viasat for Lightspeed services, indicating strong demand for high throughput, low latency satellite connectivity [7] Company Strategy and Development Direction - Telesat is focused on successfully deploying Telesat Lightspeed while expanding its revenue backlog ahead of global commercial availability [13] - The company aims to maximize revenue from its existing GEO satellite fleet while managing costs to mitigate the impact of ongoing revenue decline [15] - Telesat is optimizing Lightspeed for defense requirements by adding military Ka spectrum, which is expected to enhance its service offerings [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth prospects for Lightspeed, particularly in defense applications, driven by increased global defense investments [8][9] - The geopolitical environment is creating a favorable landscape for Telesat, with allied countries focusing on resilient satellite communication services [9][10] - Management anticipates a significant increase in the Lightspeed backlog due to robust demand in the defense sector [52] Other Important Information - Telesat ended 2025 with CAD 150 million in cash on the balance sheet and expects sufficient liquidity to meet obligations prior to debt maturities [17][26] - The company is engaged in refinancing Telesat Canada debt, with a focus on achieving a successful outcome before initial maturities in December 2026 [21] Q&A Session Summary Question: Regarding the military Ka-band capacity and potential deals with the Canadian Armed Forces - Management confirmed ongoing negotiations with the government of Canada for the ESCP-P project, emphasizing the importance of timely contract finalization [30][31] Question: Will the military Ka-band capacity be available to other defense departments? - Management indicated that the capacity will be available to allied nations, highlighting the significant increase in Mil-Ka capacity compared to existing systems [32][33] Question: What is the expected EBITDA loss from the LEO segment in 2026? - Management provided guidance indicating that operating expenses for Lightspeed would be between CAD 90 million and CAD 110 million, with total expenditures expected to be CAD 1 billion to CAD 1.2 billion [39] Question: Updates on the launch schedule and number of satellites by the end of 2027 - Management confirmed that the initial launch is still scheduled for the end of this year, with expectations to have 96 satellites in orbit by the end of next year [45] Question: Will Mil-Ka user terminals be available at the same time as commercial ones? - Management assured that Mil-Ka compatible user terminals will be available alongside commercial terminals, with no impact on gateway infrastructure [46][47]

Financial Data and Key Metrics Changes - Telesat reported revenue of CAD 418 million for 2025, with adjusted EBITDA of CAD 213 million, exceeding guidance of CAD 170 million to CAD 190 million [16][17] - The net loss for the year was CAD 530 million, compared to CAD 302 million in 2024, primarily due to reduced revenue and EBITDA, and impairment of goodwill related to the GEO business [18] - Interest expense decreased to CAD 218 million in 2025 from CAD 240 million in 2024, reflecting a buyback of CAD 857 million of Telesat Canada debt [17] Business Line Data and Key Metrics Changes - The GEO business segment generated adjusted EBITDA of CAD 284 million, down from 80% margin in 2024 to 77% in 2025 [19] - The LEO segment reported a loss before interest, tax, depreciation, and amortization of CAD 67 million, driven by operating expenses of CAD 72 million [19] Market Data and Key Metrics Changes - The commercial landscape for Lightspeed is evolving positively, with significant opportunities in the government defense market due to increased defense investments globally [6][7] - Telesat signed a substantial agreement with Viasat for broadband services to commercial airlines, indicating strong demand for high throughput, low latency satellite connectivity [6] Company Strategy and Development Direction - Telesat is focused on successfully deploying the Lightspeed project while expanding its revenue backlog ahead of global commercial availability [13] - The company is optimizing Lightspeed for defense requirements by adding military Ka spectrum, which is expected to enhance its offerings to government clients [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the defense sector, driven by geopolitical factors and increased demand for satellite communication services [7][8] - The company anticipates a delay in the full global commercial service of Lightspeed to Q1 2028 due to chip readiness issues, but remains confident in the program's progress [4][5] Other Important Information - Telesat plans to spend between CAD 1 billion and CAD 1.2 billion on Lightspeed in 2026, including operating costs and capital expenditures [24] - The company is engaged in refinancing CAD 1.7 billion of debt in Telesat Canada, which is due in December 2026 [20][25] Q&A Session Summary Question: Regarding the military Ka-band capacity and Canadian Armed Forces deal - Management confirmed ongoing negotiations with the Canadian government for the ESCP-P project, which is focused on defense and sovereignty requirements [29][30] Question: Potential for selling military Ka-band capacity to other defense departments - Management indicated that the capacity would be available to allied nations, significantly increasing the total supply of Mil-Ka capabilities [32][33] Question: Updates on the launch schedule and number of satellites by end of 2027 - Management confirmed the initial launch is still scheduled for the end of this year, with expectations to have 96 satellites in orbit by the end of next year [45] Question: Impact of the spectrum change on gateway infrastructure and user terminals - Management stated that the gateway infrastructure remains unaffected, and Mil-Ka compatible user terminals will be available alongside commercial ones [46] Question: Backlog potentials from the Canadian military and overall OpEx required - Management expressed confidence in significantly growing the Lightspeed backlog this year, particularly in defense applications, but refrained from speculating on specific backlog impacts from ESCP-P [50][51]

Financial Position and Debt - As of December 31, 2025, Telesat's U.S. dollar-denominated debt financing amounts to US$2,145.6 million, with significant exposure to foreign currency fluctuations impacting interest payments and capital expenditures [166]. - Approximately 47.1% of Telesat's revenue and 51.6% of operating expenses were denominated in U.S. dollars for the year ended December 31, 2025 [165]. - Telesat's future revenue is expected to be significantly impacted by the value of the Canadian dollar against the U.S. dollar, which could affect its ability to repay Canadian dollar debt [169]. Capital Investments and Revenue Sources - Over 80% of Telesat's expected capital investments in the Telesat Lightspeed program over the next two years will be in currencies other than Canadian dollars, primarily U.S. dollars and Euros [168]. - Telesat anticipates that a material part of its revenues from the Telesat Lightspeed constellation will come from regions where it currently has limited presence, including Europe, Africa, and Asia [182]. - Telesat's analysis of the total addressable market for the Telesat Lightspeed constellation may be inaccurate, potentially leading to lower-than-expected revenues [186]. Competition and Market Position - Telesat faces strong competition from established players like SpaceX and Amazon, which have greater financial resources and advanced satellite deployment capabilities [188]. - The Telesat Lightspeed constellation may struggle to attract customers due to the operational status of competitors like Eutelsat Group/OneWeb and SpaceX, which have already made significant market inroads [189]. - Telesat lacks in-house satellite launch capabilities, relying on third-party providers, which may hinder its competitive position against companies like SpaceX and Blue Origin that have their own launch vehicles [190]. Regulatory Compliance and Challenges - Regulatory compliance is critical for Telesat, as it must navigate complex authorization processes in multiple countries, including Canada, the U.S., and Brazil, to operate its satellites [192]. - Telesat was granted spectrum authorization for Commercial-Ka bands on December 6, 2024, but is still seeking access to Mil-Ka frequencies, which are not included in that authorization [195]. - Failure to obtain or maintain necessary regulatory authorizations could adversely affect Telesat's ability to offer services and impact its financial condition [209]. Operational Capabilities and Technical Risks - The Telesat Lightspeed constellation is projected to consist of over one hundred satellites, with numerous technological risks and uncertainties that could adversely affect Telesat's operations and financial condition [172]. - The Telesat Lightspeed constellation will require significant operational capabilities to achieve commercial viability, which Telesat must develop effectively [181]. - Telesat's Lightspeed satellites will be launched into a low LEO orbit at approximately 400 km for testing before being raised to an operational orbit at around 1,300 km, with planned orbit phases lasting about six months each [212]. Intellectual Property and Legal Risks - Telesat's success depends on its ability to obtain and maintain intellectual property protection for its technology, which is critical for competitive advantage [227]. - The company may incur significant expenses if it fails to protect its intellectual property rights, which could adversely affect its competitive position and financial condition [233]. - Telesat's ability to enforce its intellectual property rights may be limited due to the high costs and uncertainties associated with litigation [244]. Shareholder and Governance Issues - MHR and PSP Investments have substantial governance rights over Telesat, which may conflict with the interests of other shareholders [247]. - The issuance of additional Class B Variable Voting Shares could dilute the voting power of existing Class B shareholders [252]. - Telesat may raise additional equity capital to fund Telesat Lightspeed, which could result in substantial ownership dilution for existing shareholders [251]. Taxation and Financial Implications - Telesat may be subject to SIFT tax, which could reduce after-tax returns for holders of Telesat Partnership Units [288]. - Changes in Canadian tax laws, including interest expense deduction limitations effective from 2024, may adversely affect Telesat's profitability [298]. - Telesat's tax liabilities could be impacted by changes in the mix of earnings across jurisdictions with varying tax rates [298].

Telesat Lightspeed will significantly increase and improve the global military Ka-band satellite capability available to allied defence usersOTTAWA, Canada, March 17, 2026 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced it is adding 500 MHz of military Ka-band (Mil-Ka) spectrum to the initial 156 satellites in the Telesat Lightspeed constellation to meet the fast-growing global requirements of allied defence users. Mil-K ...

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 Lightspe ...

Core Viewpoint - Telesat is set to announce its financial results for the year ending December 31, 2025, during a conference call scheduled for March 17, 2026, at 10:30 a.m. EDT [1] Group 1: Financial Results Announcement - Telesat will release its financial results prior to the conference call on its website under the "Investors" section [2] - The conference call will be accessible via a toll-free number for North America and an international number for callers outside North America [2] - A replay of the teleconference will be available for a limited time after the call [3] Group 2: Company Overview - Telesat is recognized as one of the largest and most successful global satellite operators, known for its engineering excellence and customer service [4] - The company is focused on delivering connectivity solutions that address complex communication challenges, enhancing operations and driving growth for its customers [4] Group 3: Innovation and Future Connectivity - Telesat Lightspeed, the company's advanced Low Earth Orbit (LEO) satellite network, aims to meet future connectivity demands with high-capacity, secure, and resilient links [5] - The network is designed to provide fibre-like speeds and is tailored for various sectors including telecom, government, maritime, and aeronautical customers [5]

OTTAWA, Ontario, March 10, 2026 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, announced the acquisition of land in Estevan, Saskatchewan and Papineauville, Quebec, and the lease of land in Shaunavon, Saskatchewan. These sites will host new landing stations that will route data between the Telesat Lightspeed Low Earth Orbit (LEO) satellite network and major fibre and internet exchange points. The geographically diverse locations enhanc ...

Core Viewpoint - Telesat Corporation is under investigation for potential violations of securities laws, following a lawsuit from bondholders claiming the company is insolvent and has attempted to transfer valuable assets away from creditors [1][2]. Group 1: Investigation Details - The Schall Law Firm is investigating claims on behalf of Telesat investors regarding false or misleading statements and failure to disclose important information [1][2]. - A lawsuit filed by Telesat's bondholders on January 21, 2026, alleges that the company is "indisputably insolvent" and has neglected its debt obligations [2]. Group 2: Market Reaction - Following the news of the lawsuit and investigation, Telesat's shares experienced a significant decline, falling by 21% on the same day [2].

Core Viewpoint - Pomerantz Law Firm is investigating claims on behalf of investors of Telesat Corporation regarding potential securities fraud and unlawful business practices by the company and its officers [1] Group 1: Legal Investigation - The investigation follows a lawsuit filed by bondholders on January 21, 2026, alleging that Telesat is "indisputably insolvent" and unable to meet its debt obligations [1] - The lawsuit claims that Telesat has "ignored its debtholders" and attempted to transfer its key asset out of creditors' reach [1] Group 2: Market Reaction - Following the news of the lawsuit, Telesat's stock price dropped by $7.27, or 21%, closing at $27.39 per share on January 21, 2026 [1]