Telesat Earnings Call Transcripts
Fiscal Year 2026
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Secured a major ESCP-P contract, expanded and fully funded the Lightspeed constellation to 225 satellites, and raised revenue and EBITDA forecasts. GEO segment revenue declined year-over-year, but backlog increased. Debt refinancing and execution of Lightspeed remain key priorities.
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A $1.9 billion, 15-year contract with the Canadian government will fund the expansion of the Lightspeed constellation to 225 satellites, significantly increasing capacity and shifting the business focus toward defense. The program is fully funded, with a $4 billion backlog and a 2032 revenue forecast of $4.9 billion, 46% of which is expected from defense customers.
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The meeting covered financial statements, director elections, and auditor appointment. All ten director nominees were elected, and Deloitte LLP was confirmed as auditor. Voting procedures ensured compliance with Canadian control requirements.
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Q1 2026 saw revenue of CAD 87M and a net loss of CAD 151M, mainly due to non-cash impairments and lower GEO EBITDA. Progress continued on LightSpeed, with strong government and commercial interest, and full-year guidance was reiterated.
Fiscal Year 2025
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2025 results exceeded adjusted EBITDA guidance, with strong cost control and progress on the Lightspeed LEO project. 2026 guidance anticipates lower GEO revenue and EBITDA, but significant LEO investment and backlog growth, especially in defense.
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Q3 2025 saw revenues and EBITDA decline year-over-year due to contract renewals and expirations, but LEO development and government partnerships progressed as planned. Guidance for 2025 was reiterated, with Lightspeed launches and global service on track for late 2026 and 2027.
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Q2 2025 results met expectations, with revenues and EBITDA down year-over-year due to contract renewals and service reductions. Lightspeed LEO backlog remains strong above CAD 1 billion, and 2025 guidance is reiterated. Debt reduction and ample liquidity support ongoing investments.
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The meeting covered the election of ten directors, reappointment of Deloitte LLP as auditors, and review of 2024 financial results. Voting was conducted electronically, and governance mechanisms such as the Golden Share were explained. Forward-looking risks were noted.
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Q1 saw strong execution in both GEO and LEO, highlighted by a major Viasat deal and robust LEO backlog growth. Revenue and EBITDA declined year-over-year, but guidance for 2025 was reiterated, with Lightspeed capex and government funding on track.
Fiscal Year 2024
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2024 saw revenue and EBITDA exceed guidance, but net loss widened due to FX and lower GEO revenues. Major Lightspeed LEO investments and government financing position the company for growth, though 2025 guidance reflects continued GEO headwinds and higher LEO OpEx.
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Q3 2024 saw revenues and EBITDA decline year-over-year, but net income rose due to FX gains. Lightspeed is fully funded, with strong execution and customer engagement, while the EchoStar renewal and Xplore restructuring impact GEO revenues. 2024 guidance was raised for both revenue and EBITDA.
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Q2 and H1 2024 results met expectations, with revenue and EBITDA down year-over-year but guidance reaffirmed. Lightspeed LEO program is progressing, with funding agreements expected soon and significant CapEx invested. Key risks include contract renewals and customer restructuring.
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The meeting covered financial statements, board elections, auditor appointment, and an Omnibus Plan amendment. All ten director nominees were elected, Deloitte LLP was reappointed as auditor, and the Omnibus Plan amendment was approved.