Quarterly ResultMay 5, 2026, 07:08 AM
Telesat Q1 Revenue Down 25% to $87M; Net Loss $151M
AI Summary
Telesat reported its financial results for the first quarter ended March 31, 2026, with consolidated revenue decreasing 25% to $87 million and Adjusted EBITDA falling 48% to $35 million compared to the prior year. The company posted a net loss of $151 million, primarily due to lower revenue and a non-cash goodwill impairment in its GEO segment. Despite the financial declines in the GEO business, Telesat made significant progress on its Lightspeed constellation, securing a new contract with Northwestel and reiterating its full-year 2026 financial outlook for both segments, while also focusing on refinancing its GEO debt.
Key Highlights
- Consolidated revenue was $87 million, a 25% decrease from Q1 2025.
- Adjusted EBITDA was $35 million, a 48% decrease from Q1 2025.
- Net loss for the quarter was $151 million, compared to a $51 million loss in Q1 2025.
- GEO segment revenue declined 26% to $86 million; GEO Adjusted EBITDA declined 37% to $53 million.
- Invested $171 million in the Telesat Lightspeed program in Q1 2026, totaling $2.7 billion to date.
- GEO backlog totaled approximately $800 million, and LEO backlog totaled approximately $1.1 billion.
- Reiterated 2026 guidance: GEO revenue $300M-$320M, GEO Adjusted EBITDA $210M-$230M, Lightspeed spending $1.0B-$1.2B.