Telesat (TSAT) Q2 2026 Earnings Call Transcript

Telesat’s Q2 2026 results showed heavy pressure on reported earnings, even as major programs progressed. Consolidated revenue fell 25% year over year to $79 million, mainly due to lower activity in the GEO segment. Net loss was $559 million, including a non-cash $475 million loss tied to the increased fair value of Telesat Lightspeed warrants. Adjusted EBITDA declined 62% to $22 million, reflecting lower revenues and $14 million in debt refinancing expenses. On the business side, Telesat highlighted the ESCAPE program contract worth $2.7 billion over 15 years with the Canadian government for Military Ka-band connectivity in the Arctic, lifting Lightspeed backlog to $5.6 billion. The company also guided Lightspeed investment of $1.3–$1.5 billion for 2026 and said it plans to use 14 Falcon 9 launches, contracted with SpaceX, to deploy 225 satellites by end-2028.