MELBOURNE, Australia and OTTAWA, Canada, June 10, 2025 (GLOBE NEWSWIRE) -- Vocus, Australia's specialist digital infrastructure provider, and Telesat (Nasdaq and TSX: TSAT), one of the world's most innovative satellite operators, today announced that Vocus will build Australia's first Telesat Lightspeed Low Earth Orbit (LEO) Landing Station. Vocus will construct and operate the new Landing Station in New South Wales, Australia and provide fibre connectivity to Telesat's point of presence (PoP), connecting T ...

DUBAI, United Arab Emirates, May 14, 2025 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, and Arab Satellite Communications Organization (Arabsat), the top satellite service provider in the Arab world, today announced the companies have successfully negotiated and signed a Term Sheet for a multi-Gbps capacity pool of Telesat Lightspeed connectivity services. The companies executed the agreement today during a signing ceremony at the CAB ...

Core Viewpoint - Telesat, a leading satellite operator, is set to discuss its financial results for Q1 2025 in a conference call scheduled for May 6, 2025, 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 hosted by Telesat's President and CEO, Daniel S. Goldberg, and CFO, Andrew Browne [1] Group 2: Access Information - The teleconference can be accessed via a toll-free number for North America and a separate number for international callers, with an access code provided [2] - A webcast of the conference call will be available for listening, and a replay will be archived on Telesat's website [3] Group 3: Company Overview - Telesat is recognized for its engineering excellence and customer service, positioning itself as a major global satellite operator [5] - The company is focused on delivering connectivity solutions that address complex communication challenges, enhancing operational efficiency and profitability for its customers [5] Group 4: Innovation and Future Plans - Telesat Lightspeed, the company's advanced Low Earth Orbit satellite network, aims to provide high-capacity, secure, and resilient connectivity with speeds comparable to fiber [6] - The network is designed to meet the needs of various sectors, including telecom, government, maritime, and aeronautical customers [6]

ARLINGTON, Va., April 22, 2025 (GLOBE NEWSWIRE) -- Telesat Government Solutions, a wholly-owned subsidiary of Telesat (Nasdaq and TSX:TSAT), today announced Ronald Thompson Jr., Colonel (retired), USAF, as Vice President of Telesat Government Solutions Growth. In this strategic role, Mr. Thompson will function as the chief growth officer, leading the business growth strategies and business development team for the company, with a mission of expanding the government user community for the Telesat Lightspeed ...

Core Insights - Satellites have played a crucial role in telecommunications since the launch of Sputnik in 1957, enabling various services such as media streaming and electronic communication [1] Industry Overview - Recent advancements in satellite technology are enhancing capabilities in monitoring, photography, and data transmission, which could lead to new investment opportunities in the satellite industry [1]

Company Overview - Telesat is a global satellite operator, previously known as Telesat Canada, providing connectivity solutions to governments, enterprises, and other organizations through its satellite fleet [1] Leadership and Expertise - Michael (Mike) Dion is an expert in FP&A, Corporate Finance, and Small Business, with 12 years of experience in Fortune 100 companies and various industries including Telecom, Media and Entertainment, Hospitality, and Construction [1] Investment Approach - The investment strategy focuses on identifying value opportunities where investors may overreact to negative news or underreact to positive news, emphasizing strong fundamentals and a preference for dividend-paying stocks [1] - The importance of cash flow is highlighted, indicating it is critical for both companies and investors at all levels [1]

Core Insights - Telesat has secured a significant multi-year contract with Viasat Inc. for its Lightspeed Low Earth Orbit (LEO) services, which will be integrated into Viasat's offerings for various markets including aviation, maritime, enterprise, and defense [1][2] Company Overview - Telesat is recognized as one of the largest and most innovative satellite operators globally, focusing on delivering critical connectivity solutions to address complex communication challenges [5][6] - The Telesat Lightspeed network is designed to meet the rigorous requirements of telecom, government, maritime, and aeronautical customers, promising high-capacity, secure, and resilient links with fiber-like speeds [6] Contract Details - Viasat plans to utilize Telesat Lightspeed to enhance its broadband connectivity services, particularly in the commercial aviation sector, where it is already the largest provider [2] - The integration will allow thousands of aircraft equipped with Viasat's GM-40 antenna to access the Telesat Lightspeed network starting in late 2027 [2] Service Capabilities - Telesat Lightspeed offers high-speed, low-latency broadband globally, ensuring quality connectivity for passengers on flights, including over polar regions, backed by enterprise-grade Service Level Agreements (SLAs) [3] - The network is built to government cybersecurity standards and employs a Zero-Trust Network Access architecture, making it suitable for defense communications [4]

Financial Data and Key Metrics Changes - Telesat reported revenues of $571 million for the full year 2024, with adjusted EBITDA of $384 million and cash from operations of $62 million, outperforming guidance [21] - In Q4 2024, revenues were $128 million and adjusted EBITDA was $73 million, down $38 million and $50 million respectively from Q4 2023 [22] - The adjusted EBITDA margin decreased to 57.4% in Q4 2024 from 74.3% in Q4 2023, with the GEO segment adjusted EBITDA margin at 78% compared to 82.2% in the same period [22][23] - A net loss of $447 million was recorded in Q4 2024, compared to a net income of $39 million in Q4 2023, primarily due to foreign exchange impacts [25] Business Line Data and Key Metrics Changes - The GEO business is expected to face continued revenue pressure in 2025, with a forecasted decline of approximately $155 million, largely due to lower rates from the DTH business and the end of service contracts [9][10] - The enterprise and consulting activities are also expected to contribute to revenue decline, particularly from maritime and aero markets due to competition from Starlink [10][11] - Operating expenses for Lightspeed are anticipated to increase by approximately $40 million in 2025, driven by investments in engineering and operations [11] Market Data and Key Metrics Changes - The enterprise business has seen significant revenue declines, with a drop of $93 million in 2024, attributed to competition from Starlink and the sale of the Infosat business [72][80] - The company expects continued headwinds in the enterprise space in 2025, with a shift from GEO to LEO impacting revenues [80] Company Strategy and Development Direction - Telesat is focused on disciplined execution in both GEO and LEO markets, with a strong emphasis on building out and commercializing the Lightspeed constellation [12][15] - The company has secured funding from the governments of Canada and Quebec for Lightspeed, investing over $1 billion in development and deployment in 2024 [7][21] - Telesat is optimistic about the market for commercial services, particularly in light of geopolitical shifts increasing demand for sovereign national security requirements [14][15] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging operating environment for the GEO business to persist in 2025, with a focus on mitigating market pressures [8][12] - The company is optimistic about the potential for Lightspeed, expecting to launch the first batch of satellites in late 2025 and seeing strong traction with prospective customers [13][14] - Management highlighted the importance of refinancing restricted group debt as a priority for the year [15][58] Other Important Information - Telesat ended 2024 with $552 million in cash on the balance sheet and a total leverage ratio of 6.68 times [21][31] - The company repurchased $262 million in debt during 2024, resulting in annual interest savings of approximately $54 million [27] Q&A Session Summary Question: Can you provide insight on the geopolitical shifts affecting discussions? - Management noted that discussions have accelerated due to a greater focus on sovereign customers needing access to advanced LEO networks, particularly in Canada [36][42] Question: What is the current backlog for Lightspeed? - Management indicated that the LEO backlog is around $600 million, including a significant agreement with the government of Canada, and expects it to grow significantly by the end of the year [44][50] Question: What is the update on debt restructuring? - Management confirmed that refinancing restricted group debt is a priority and is expected to be tackled sooner rather than later [56][58] Question: How does the GEO revenue decline look for 2026? - Management has not projected far into 2026 but noted that the GEO business is predictable, with visibility on major contract renewals [60][62] Question: What is the state of the enterprise business? - Management acknowledged challenges in the enterprise segment due to competition and the aging satellite fleet, but remains optimistic about future opportunities with Lightspeed [80][112]

Core Insights - Telesat reported a significant decrease in revenue and net loss for the year ended December 31, 2024, primarily due to reduced demand from North American direct-to-home satellite video customers and other market challenges [2][6][12]. Financial Performance - For the year 2024, Telesat's consolidated revenue was $571 million, a decrease of 19% ($133 million) compared to 2023, with a 20% decline when adjusted for foreign exchange rates [2][6]. - Operating expenses for 2024 were $208 million, an increase of 2% ($3 million) from 2023, attributed to higher wages and professional fees [3]. - Adjusted EBITDA for 2024 was $384 million, down 28% ($150 million) from the previous year, with an Adjusted EBITDA margin of 67.2%, compared to 75.8% in 2023 [4][5]. - Telesat reported a net loss of $302 million for 2024, a significant decline from a net income of $583 million in 2023, largely due to foreign exchange impacts and higher impairment charges [6][10]. Quarterly Results - For Q4 2024, Telesat's consolidated revenue was $128 million, a decrease of 23% ($38 million) compared to Q4 2023, driven by contract renewals and lower enterprise revenues [7]. - Operating expenses for Q4 were $58 million, an increase of 17% ($9 million) from the same period in 2023 [8]. - Adjusted EBITDA for Q4 was $73 million, a decrease of 40% ($50 million), with an Adjusted EBITDA margin of 57.4%, down from 74.3% in Q4 2023 [9]. Future Outlook - For 2025, Telesat expects revenues between $405 million and $425 million, reflecting anticipated declines in various customer segments and increased operating expenditures related to the Telesat Lightspeed program [12][19]. - The company has secured $2.54 billion in loan financing from the Governments of Canada and Quebec to support the Telesat Lightspeed project, which aims to enhance connectivity and create jobs in Canada [2][13]. Strategic Developments - Telesat completed the Preliminary Design Review for the Telesat Lightspeed program in December 2024, marking a key milestone in its development [2][13]. - The company has established strategic partnerships with Space Norway, Orange, and ADN Telecom, indicating strong customer interest in Telesat Lightspeed services [2]. Management Changes - Telesat's CFO Andrew Browne announced plans to retire later in 2025, with a search for his successor already underway [2][13].

Financial Performance - For the year ended December 31, 2024, Telesat reported consolidated revenue of $571 million, a decrease of 19% ($133 million) compared to the prior year[2]. - Adjusted EBITDA for the full year 2024 was $384 million, a decrease of 28% ($150 million), with an Adjusted EBITDA margin of 67.2%, down from 75.8% in 2023[4]. - Telesat had a net loss of $302 million for the year, compared to net income of $583 million for the prior year, primarily due to foreign exchange impacts and higher impairment charges[5]. - For the quarter ended December 31, 2024, consolidated revenue was $128 million, a decrease of 23% ($38 million) compared to the same period in 2023[6]. - Adjusted EBITDA for the quarter was $73 million, a decrease of 40% ($50 million), with an Adjusted EBITDA margin of 57.4%, down from 74.3% in the same period in 2023[8]. - Revenue for Q4 2024 was $127,995,000, a decrease of 22.8% from $165,901,000 in Q4 2023[22]. - Operating income for Q4 2024 was $(227,528,000), compared to $(9,668,000) in Q4 2023, indicating a significant decline[22]. - Net loss attributable to Telesat Corporation shareholders for the year 2024 was $(126,311,000), compared to a profit of $10,465,000 in 2023[22]. - Adjusted EBITDA for the year 2024 was $383,737,000, down from $533,702,000 in 2023, reflecting a decrease of 28.0%[27]. - Adjusted EBITDA margin for Q4 2024 was 57.4%, compared to 74.3% in Q4 2023, showing a decline in profitability[27]. Future Projections - For 2025, Telesat expects revenue between $405 million and $425 million, with Adjusted EBITDA projected between $170 million and $190 million[18]. - Telesat anticipates a substantial decrease in consolidated Adjusted EBITDA for 2025, down 53% at the mid-point of guidance compared to 2024[2]. Financial Position - Total assets increased to $6,945,179,000 in 2024 from $6,313,368,000 in 2023, representing a growth of 10.0%[23]. - Cash and cash equivalents decreased significantly to $552,064,000 in 2024 from $1,669,089,000 in 2023, a decline of 66.9%[24]. - Long-term indebtedness decreased to $3,096,615,000 in 2024 from $3,197,019,000 in 2023, a reduction of 3.1%[23]. - Total liabilities increased to $4,448,474,000 in 2024 from $3,914,385,000 in 2023, an increase of 13.6%[23]. - Telesat Corporation's total shareholders' equity rose to $2,496,705,000 in 2024 from $2,398,983,000 in 2023, an increase of 4.1%[23]. Contracted Revenue Backlog - Telesat's contracted backlog for future services was approximately $1.1 billion as of December 31, 2024[10]. - The contracted revenue backlog represents Telesat's expected future revenue from existing service contracts, primarily from satellite capacity agreements[29]. - The majority of Telesat's contracted revenue backlog is derived from contractual agreements for satellite capacity[29]. - The backlog calculation adheres to revenue recognition policies under IFRS 15, without discounting for present value[29]. Financial Metrics and Definitions - Telesat utilizes Adjusted EBITDA and Adjusted EBITDA margin to enhance understanding of operating results and facilitate comparisons with competitors[29]. - Adjusted EBITDA and Adjusted EBITDA margin are not substitutes for cash flows from operations or net income as indicators of liquidity and operating performance, respectively[29]. - Severance payments and special compensation for executives and employees are included in the financial metrics[29].