Telesat Corp (TSX:TSAT)

Q3 2025 Telesat Corp Earnings Call Transcript

Nov 4, 2025 / 03:30 PM GMT

Release Date Price: C$37.82 (-8.98%)

Transcript

Key Points

Positve

Telesat Corp (TSAT) reported strong progress in the development of its LEO satellites, ground infrastructure, and software, with the first launch planned for late next year.
The company is seeing strong interest in Telesat Lightspeed from target segments, particularly Aero and government users.
Telesat Corp (TSAT) has optimized its capital structure by distributing 62% of the equity in Telesat Lightspeed to a wholly owned subsidiary, enhancing financing options.
The company has reduced its overall debt by approximately 36%, resulting in annual interest savings of approximately $53 million.
Telesat Corp (TSAT) has secured funding commitments from the government of Canada and Quebec, ensuring the full funding of the first 156 satellites for a global network.

Negative

Telesat Corp (TSAT) experienced a revenue decrease of $37 million in the third quarter, primarily due to lower rates on contract renewals and non-renewals.
Operating expenses increased by $12 million, driven by higher headcount growth and legal fees, impacting profitability.
The company reported a net loss of $121 million in the third quarter, compared to a net income of $68 million in the same period last year.
There is uncertainty regarding the outcome of debt negotiations with major holders of GEO debt, which could impact future financial stability.
The company faces challenges related to foreign exchange losses and changes in the fair value of financial instruments, contributing to financial volatility.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TSAT.OQ - Telesat Corp
Q3 2025 Telesat Corp Earnings Call
Nov 04, 2025 / 03:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and welcome to the Telesat 3rd quarter 2025 financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, it will be a question-and-answer session.

If you would like to ask a question during this time, simply press 1 on your telephone keypad. If you would like to withdraw your question, again, press 1. I will now turn the conference over to James Radcliffe. Please go ahead.

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Unidentified_2 [2]
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Thank you, Jay Allen. Good morning.

Thank you for joining us today. Earlier this morning, we

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