Telesat Corp

Telesat reported Q2 2026 consolidated revenue of $79 million, a 25% decrease year-over-year, and an adjusted EBITDA of $22 million, down 62%. The company posted a net loss of $559 million for the quarter. Despite the financial declines, Telesat announced a significant $2.7 billion contract with the Government of Canada for its Lightspeed network, leading to an expansion of the constellation to 225 satellites. Additionally, Telesat is eligible for US$189 million in FCC C-Band incentive payments and secured a US$120 million term loan, while also raising its 2026 Lightspeed spending forecast to between $1.3 billion and $1.5 billion.

Telesat Corporation's CEO, Daniel S. Goldberg, and CFO, Donald Tremblay, have each filed certifications for the interim financial report and interim MD&A for the period ended June 30, 2026. These certifications affirm that the filings contain no material misrepresentations and fairly present the company's financial condition, performance, and cash flows. Both officers also confirmed their responsibility for establishing and maintaining disclosure controls and internal control over financial reporting, which were evaluated for effectiveness as of June 30, 2026.

Telesat LEO ULC, a subsidiary of Telesat Corporation, announced it secured a C$2.3 billion Telesat Lightspeed services contract with Canada's Defence Investment Agency (DIA). This contract, the largest in Telesat's history, will provide secure Military Ka-band (Mil-Ka) Arctic connectivity to the Canadian Armed Forces for 15 years, with service commencing in 2028. The agreement includes two five-year option periods, potentially increasing the total value to C$2.7 billion, and will expand the Telesat Lightspeed network by 69 satellites, bringing the total constellation to 225 satellites, with funding from the Government of Canada starting Q3 2026.

Telesat LEO ULC, a subsidiary of Telesat Corporation, announced a $2.3 billion Telesat Lightspeed services contract with Canada's Defence Investment Agency. Including options, the total contract value is $2.7 billion (CAD) over 15 years, providing secure Military Ka-band (Mil-Ka) Arctic connectivity to the Canadian Armed Forces starting in 2028. This agreement, the largest in Telesat's history, will expand the Lightspeed network by 69 satellites to a total of 225, with funding from the Government of Canada.

Telesat GEO Inc., a subsidiary of Telesat Corporation, is preparing for the Upper C-band transition following the FCC's Report and Order. The company is eligible to receive US$189 million in incentive payments, contingent on meeting transition deadlines, and will also be reimbursed for reasonable and necessary transition costs. This move will repurpose 160 MHz of Upper C-band spectrum for next-generation terrestrial wireless services.

Telesat Corporation announced the appointment of Ralph (Cody) Kittle to its Board of Directors, effective July 9, 2026. Mr. Kittle, a nominee of MHR Fund Management LLC, replaces Michael Targoff. Kittle brings extensive experience as the Founder and CEO of RenWave Kore, a private equity firm, and previously served as a Portfolio Manager at Elliott Management. He also chairs the Audit Committee for Freddie Mac, adding valuable investment management and governance perspectives to Telesat's board.

Telesat Corp announced a partnership agreement with the Defence Investment Agency, Canadian Armed Forces, and MDA Space for the ESCP-P program. This initiative will provide secure Mil-Ka connectivity across Canada's Arctic region, along with comprehensive network integration services. A definitive contract is anticipated in the coming weeks, after which Telesat plans to disclose the financial impact. The company confirmed this agreement will not affect the Q1 2028 timeline for its Lightspeed global service delivery.

Telesat LEO ULC, a subsidiary of Telesat Corporation, has reached an agreement in principle with Canada's Defence Investment Agency to provide Telesat Lightspeed services. This agreement will deliver secure Military Ka-band (Mil-Ka) Arctic connectivity to the Canadian Armed Forces for the ESCP-P program, covering 65 to 90 degrees North latitude. The comprehensive solution will include network integration, user terminals, ground infrastructure, training, and support services. A definitive contract is expected in the coming weeks, with no impact on the Q1 2028 global service delivery timeline for Telesat Lightspeed.

Telesat GEO Inc., a subsidiary of Telesat Corporation, announced it is donating high-power satellite capacity to Top Comunications, a Venezuelan telecommunications company. This donation is intended to support disaster recovery efforts in Venezuela following recent devastating earthquakes. The capacity on Telstar 19 VANTAGE will help restore critical communications infrastructure and aid emergency coordination and public safety operations.

Telesat Corporation announced the voting results from its 2026 Annual General Meeting of shareholders, held virtually on June 3rd. Shareholders voted in favor of all proposed items of business. This included the appointment of Deloitte LLP as the company's auditors and the election of all ten director nominees to the Board.