Telesat Corp (TSAT) Form 6-K — Oct 29, 2026
Telesat reported Q3 2026 revenue of $81 million, down 20% year-over-year, with adjusted EBITDA collapsing 74% to $12 million and net loss widening to $157 million. The nine-month net loss reached $867 million, driven by fair-value losses on Lightspeed Financing Warrants, a GEO goodwill impairment, and lower EBITDA. The quarter's bright spot was a landmark $2.7 billion initial agreement with Canada's Defence Investment Agency for the ESCP-P program, including $2.0 billion in milestone payments expected between Q3 2026 and Q4 2028. The contract funds expansion of the Telesat Lightspeed constellation from 156 to a planned 225 satellites, with commercial service targeted around end of Q1 2028.
Key figures
- Revenue
- 80631000
- Revenue Yoy
- -20%
- Total Assets
- 7505950000
- Cash Position
- 813825000
- Geo backlog
- $779 million
- Leo backlog
- $5.6 billion
- Adjusted ebitda q3
- $12 million (down 74% YoY)
- Nine month revenue
- $247 million (down 24% YoY)
- Nine month net loss
- $867 million
- Escp p contract value
- $2.7 billion
- 2026 geo ebitda guidance
- $210-230 million
- Lightspeed q3 investment
- $368 million
- 2026 geo revenue guidance
- $300-320 million
- Adjusted ebitda margin q3
- 15.0%
- Escp p milestone payments
- $2.0 billion (Q3 2026 to Q4 2028)
- Geo satellite utilization
- 59%
- Lightspeed nine month investment
- $705 million
- Planned constellation satellites
- 225 (expanded from 156)
- Lightspeed total spending forecast
- $1.1-1.3 billion (lowered from $1.3-1.5 billion)
AI analysis
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