Q4 2025 Telesat Corp Earnings Call Transcript
Key Points
- Telesat Corp (TSAT) exceeded its adjusted EBITDA guidance for 2025, demonstrating effective cost optimization in its GEO business.
- Significant progress has been made on the Lightspeed LEO network, including satellite development and user terminal advancements.
- Telesat Corp (TSAT) has secured substantial agreements, such as with Viasat, to use Lightspeed for broadband services, particularly in the aviation sector.
- The company is well-positioned to capitalize on growing defense market opportunities, with strategic partnerships and contracts in place, including with the Government of Canada.
- Telesat Corp (TSAT) has a robust pipeline of opportunities for Lightspeed, particularly in defense and government sectors, which is expected to significantly grow its backlog in 2026.
- The launch of the Lightspeed network has been delayed by three months due to chip readiness issues, pushing full global commercial service to Q1 2028.
- Telesat Corp (TSAT) reported a net loss of $530 million for 2025, primarily due to reduced revenue and goodwill impairment in its GEO business.
- Revenue from the GEO segment is expected to decline significantly in 2026, with anticipated revenue between $300 million and $320 million.
- The company faces the challenge of refinancing $1.7 billion of Telesat Canada debt, which matures in December 2026.
- Capital expenditures for the Lightspeed project in 2025 were below expectations, indicating potential delays in milestone payments and project progress.
Ladies and gentlemen, thank you for standing by. My name is Desire, and I will be your conference operator today. At this time, I would like to welcome everyone to the Telesat Fourth Quarter 2025 Financial Results. (Operator Instructions)
I would now like to turn the conference over to James Ratcliffe, Vice President of Investor Relations. You may begin.
Thank you, Desire, and good morning, everyone. This morning, we filed our annual report for the period ending December 31, 2025, on Form 20-F with the SEC and on SEDAR+. Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties. For a discussion of known risks, please see Telesat's annual report and updates filed with the SEC.
Telesat assumes no responsibility to update or revise these forward-looking statements. I will now turn the call
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
