Telesat Corporation Q2 2026 Earnings Call Summary

Telesat says it will invest more than $7 billion in Telesat Lightspeed, a global LEO broadband satellite network, after signing a $2.7 billion federal contract, according to CEO Daniel Goldberg. The company plans to expand from 156 to 225 satellites, with commercial service in early 2028. Q2 revenue was $79 million, down 25% y/y, and it has $1.7 billion debt maturing in December.

Telesat reported Q2 consolidated revenue of $79 million, down 25% year over year, and a net loss of $559 million versus a $76 million gain in the prior year. The stock (TSAT) fell nearly 14% after results. Telesat attributed losses to non-cash items, including fair-value changes on Lightspeed warrants and weaker CAD. Backlog was cited at $5.6 billion.

Telesat (TSAT) reported Q2 2026 results for the three and six months ended June 30, 2026. Revenue fell to C$79 million (down 25%) and adjusted EBITDA to C$22 million (down 62%), with a net loss of C$559 million. Telesat said it signed a $2.7 billion ESCP-P contract with Canada and expects Lightspeed commercial service around end of Q1 2028. It also expects US$189 million in FCC incentive payments and borrowed US$120 million.

Reports cited by Reuters and Bloomberg say SpaceX is prioritizing Starlink launches and turning away third-party payloads seeking rideshare on Falcon 9 beyond 2028. Canadian firms including Canada Rocket Company, NordSpace, and Wyvern say this could spur medium-lift capacity. Canada’s government backs sovereign launch capacity with nearly $225M, and a $2.3B Telesat contract uses already-secured Falcon 9 launches.

Canada’s Defence Investment Agency (DIA) signed a C$2.3 billion contract (about $1.64 billion) with Telesat LEO ULC to provide secure military satellite communications across the Canadian Arctic. The deal is Telesat’s largest, funding 69 additional Lightspeed LEO satellites, expanding the planned constellation from 156 to 225. Telesat shares rose 47% to C$76.84; MDA Space rose over 13% to C$48.10.

Canada awarded Telesat a 2.3 billion Canadian dollar ($1.6 billion) 15-year contract for secure Mil-Ka satellite communications for the Canadian Armed Forces across the Arctic, starting in 2028. Two five-year options could raise value to 2.7 billion Canadian dollars ($1.92 billion). It adds 69 Telesat Lightspeed LEO satellites, expanding the constellation to 225. Satellites will be built by MDA and launched on SpaceX Falcon 9.