Ottawa, Canada, May 5, 2026 --For the quarter ended March 31, 2026, Telesat reported consolidated revenue of CDN$ 87 million, a decrease of 25% (CDN $30 million) compared to the prior year (24% excluding the impact of foreign exchange), and adjusted EBITDA of CDN$ 35 million, a 1 decrease of 48% (CDN$ 32 million) from the first quarter of 2025 (47% excluding the impact of foreign exchange). Excluding the impact of higher expenses related to our debt refinancing process, adjusted EBITDA decreased 42%. Telesat net loss for the quarter was CDN$ 151 million compared to a CDN$ 51 million loss in the prior year. The increased net loss was primarily due to lower revenue and a non-cash goodwill impairment loss in its GEO segment according to the company..
“I’m pleased with Telesat’s performance in the first quarter of 2026, as the company made significant strides on a number of fronts,” commented Dan Goldberg, Telesat’s President and CEO. “Our GEO results are tracking to our expectations, and we continue to make strong progress on the development of the Telesat Lightspeed constellation. During the quarter, we held further design reviews with our satellite and launch vehicle dispenser manufacturers and progressed our work on user terminals, network and satellite operations software development, and ground station deployments. As of the end of the quarter, we’ve invested a total of approximately $2.7 billion in the Telesat Lightspeed program, including both expensed and capitalized costs. We continue to expect Telesat Lightspeed to commence global commercial service around the end of Q1 2028,” he added.
Telesat is maintaining its guidance provided in March and continues to expect full year 2026:
- GEO revenue to be between CDN$ 300 million and CDN$ 320 million;
- GEO Adjusted EBITDA to be between CDN$ 210 million and CDN$ 230 million, excluding non-recurring debt refinancing costs; and
- Total spending on the Telesat Lightspeed program, including both expensed and capitalized costs, to be between CDN$ 1.0 billion and CDN$ 1.2 billion.
Telesat’s quarterly report on Form 6-K for the quarter ended March 31, 2026 has been filed with the United States Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities, and may be accessed on the SEC’s website at www.sec.gov and on the System for Electronic Document Analysis and Retrieval+ (SEDAR+) website at www.sedarplus.ca
