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SEC filingTelesat reported Q1 2026 consolidated revenue of $87 million, down 25% year-over-year, adjusted EBITDA of $35 million, down 48%, and a net loss of $151 million, while reiterating GEO guidance and advancing Lightspeed development.
Telesat's Q1 2026 results reflect ongoing challenges in the GEO segment, with revenue declining 26% to $86 million primarily from non-renewals of broadcast contracts and reduced fixed broadband services, partially offset by new aviation contracts. Adjusted EBITDA fell 37% to $53 million due to lower revenue, though cost controls mitigated some pressure, yielding a 72% margin excluding refinancing costs (down from 77% YoY). Consolidated net loss widened to $151 million, driven by lower revenue and a non-cash goodwill impairment in GEO. CEO Dan Goldberg noted GEO performance tracking expectations amid revenue pressures, with disciplined cost management supporting resilient cash flow. Progress on Telesat Lightspeed included design reviews, user terminal and software development, and ground station deployments, with $171 million invested in the quarter ($19M opex, $152M capex) toward a total of $2.7 billion. Key wins include a multi-year Northwestel contract for Nunavut broadband and enhanced Mil-Ka spectrum integration boosting government/defense interest. Backlogs remain solid at $800 million GEO and $1.1 billion LEO. Guidance is reaffirmed for GEO revenue $300-320 million and adjusted EBITDA $210-230 million, with Lightspeed spending $1.0-1.2 billion. Efforts continue on refinancing GEO debt ahead of maturities, underscoring focus on liquidity amid LEO buildout.