Telesat Corp (TSAT) Form 6-K — Oct 29, 2026
Telesat's Q3 2026 report discloses substantial doubt about its ability to continue as a going concern: approximately $3.1 billion of Telesat GEO debt matures in December 2026, June 2027 and October 2027, and consolidated cash of $813.8 million is not expected to be sufficient to repay it as it comes due. Management says advisors are actively negotiating a refinancing with lenders but states there can be no assurance of success. Operating results also deteriorated.
Key figures
- Revenue
- 80631000
- Guidance
- Telesat Lightspeed commercial operation expected around end of Q1 2028; FY2026 interest expense expected ~$189.8 million plus ~$66.6 million capitalized Lightspeed interest
- Total Debt
- 4320357000
- Revenue Yoy
- -20.1% (Q3 2026 vs Q3 2025); -23.7% nine months
- Total Assets
- 7505950000
- Cash Position
- 813825000
- Shares Outstanding
- 15202449
- Backlog
- $6,418.8 million
- Geo debt maturing
- approximately $3.1 billion (Term Loan B, 2026 Senior Secured Notes, 2027 Senior Secured Notes, 2027 Senior Unsecured Notes)
- Net loss nine months
- $866.7 million
- Mil ka contract value
- up to $2.7 billion ($2.3 billion base, 15 years plus two 5-year options ~$200 million each)
- Q3 2026 adjusted ebitda
- $12.1 million (nine months: $69.3 million)
- Covenant net debt to ebitda
- 15.54:1.00 (Term Loan B covenant purposes)
- Lightspeed investment to date
- approximately $3.1 billion
- Lightspeed financing available
- $1.52 billion still available to draw
- Milestone payments received q3
- $509.6 million from Defence Investment Agency
- Lightspeed constellation expansion
- 156 to 225 satellites, capacity +40%
- Warrant fair value loss nine months
- $577.3 million
AI analysis
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