Telesat reports results for the three and nine months ended September 30, 2026
Telesat reported Q3 2026 revenue of $81 million, down 20% year-over-year, with adjusted EBITDA collapsing 74% to $12 million, including $25 million of debt-refinancing costs. Net loss widened to $157 million for the quarter and $867 million for the nine months, driven by Lightspeed Financing Warrant fair-value losses and a GEO goodwill impairment. The GEO decline reflects broadcast contract non-renewals, reduced broadband service, and satellites removed from service.
Key figures
- Revenue
- 80631000
- Guidance
- 2026 GEO revenue $300M-$320M and GEO adjusted EBITDA $210M-$230M (ex-refinancing costs) reiterated; Telesat Lightspeed total spending lowered to $1.1B-$1.3B from $1.3B-$1.5B
- Revenue Yoy
- -20%
- Geo backlog cad
- 779000000
- Leo backlog cad
- 5600000000
- Net loss q3 cad
- 157222000
- Planned satellites
- 225
- Escp contract value
- $2.7 billion
- Adjusted ebitda q3 cad
- 12104000
- Adjusted ebitda q3 yoy
- -74%
- Escp milestone payments
- $2.0 billion
- Goodwill impairment cad
- 84469000
- Net loss nine month cad
- 866721000
- Cash and equivalents cad
- 813825000
- Adjusted ebitda margin q3
- 15.0%
- Geo satellite utilization
- 59%
- Lightspeed 9m investment cad
- 705000000
- Lightspeed q3 investment cad
- 368000000
AI analysis
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