Traders should monitor upcoming debt refinancing progress and Telesat Lightspeed contract wins. The widening loss and declining GEO fundamentals outweigh positive LEO developments in the near term. Downside risk remains elevated until refinancing is secured and LEO revenue begins to offset GEO declines.
Price Chart
Executive Summary
Telesat reported a significant decline in 2025 financial performance with revenue down 27% YoY to $418 million and Adjusted EBITDA down 45% to $213 million, driven by weakening GEO segment demand. Despite strong defense-related interest in its Telesat Lightspeed LEO constellation and a $1.0 billion LEO backlog, the company faces ongoing revenue pressure and a challenging debt refinancing process for its GEO business. Full-year net loss widened to $530 million.
Key Financial Metrics
Key Facts
- 2025 revenue: $418 million CAD (down 27% YoY)
- 2025 Adjusted EBITDA: $213 million CAD (down 45% YoY)
- Net loss widened to $530 million CAD in 2025 from $302 million in 2024
- GEO segment revenue declined $141 million; Adjusted EBITDA down 36% to $284 million
- LEO backlog reached $1.0 billion; GEO backlog $800 million
- Company expects 2026 GEO revenue of $300M–$320M, down sharply from 2025
- Telesat Lightspeed spending expected to be $1.0B–$1.2B in 2026
- Refinancing of $2.1 billion Telesat Canada debt maturing in 2026–2027 remains a key risk
Financial Impact
Revenue down $153 million YoY, Adjusted EBITDA down $171 million. 2026 GEO revenue guidance implies further 23-28% decline.
Risk Factors
- Failure to refinance $2.1 billion of maturing debt by late 2026
- Continued erosion in GEO satellite utilization (down to 59%) and pricing pressure
- High capital spending on LEO with no near-term revenue offset
- Continued erosion in GEO satellite utilization (59% at year-end) and pricing pressure from DTH and enterprise customers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3256995 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 6-K | $52.62 $49.75 | ▼ −5.45% | ▼ −3.71% | $48.00 (−8.78%) |
Aug 4, 2026 8w ago | 6-K | $54.75 $42.94 | ▼ −21.57% | ▼ −20.33% | $48.00 (−12.33%) |
Jul 9, 2026 12w ago | 6-K | $42.46 $54.08 | ▲ +27.37% | ▲ +25.13% | $48.00 (+13.05%) |
Jul 8, 2026 12w ago | 6-K | $45.08 $51.28 | ▲ +13.75% | ▲ +10.48% | $48.00 (+6.48%) |
Jun 5, 2026 17w ago | 6-K | $44.56 $46.37 | ▲ +4.06% | ▲ +2.20% | $48.00 (+7.72%) |
Apr 21, 2026 23w ago | Press Release | $50.89 $52.31 | ▲ +2.79% | ▼ −2.12% | $48.00 (−5.68%) |
Apr 2, 2026 26w ago | Press Release | $40.11 $49.07 | ▲ +22.34% | ▲ +12.46% | $48.00 (+19.67%) |
Mar 17, 2026 28w ago | Press Release | $42.34 $46.99 | ▼ −10.98% | ▼ −6.68% | $48.00 (−13.37%) |
Mar 11, 2026 29w ago | Press Release | $34.96 $44.67 | ▲ +27.77% | ▲ +27.25% | $48.00 (+37.30%) |
Mar 10, 2026 29w ago | Press Release | $34.80 $44.10 | ▲ +26.72% | ▲ +26.88% | $48.00 (+37.93%) |
US Market Status
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