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TSAT

Telesat Corporation

TSAT

Telesat Corporation • NASDAQ
$26.05 ▲ 2.76% (+0.70)
Market Cap $382.55 M
52w High $36.85
52w Low $12.65
Dividend Yield 0%
P/E -3.29
Volume 40.82K
Outstanding Shares 14.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $72.561M ▼ $22M ▼ $-25.323M ▼ -34.899% ▼ $-1.711 ▼ $-32.997M ▼
Q2-2025 $106.106M ▼ $38.647M ▼ $20.996M ▲ 19.788% ▲ $1.43 ▲ $170.511M ▲
Q1-2025 $116.749M ▼ $79.182M ▼ $-15.538M ▲ -13.309% ▲ $-1.08 ▲ $43.198M ▲
Q4-2024 $127.995M ▼ $345.553M ▲ $-126.311M ▼ -98.684% ▼ $-9.01 ▼ $-412.582M ▼
Q3-2024 $138.441M $72.489M $17.901M 12.93% $1.27 $167.527M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $482.605M ▼ $6.926B ▲ $4.678B ▲ $667.024M ▼
Q2-2025 $547.797M ▼ $6.754B ▼ $4.475B ▼ $676.265M ▼
Q1-2025 $798.056M ▲ $7.125B ▲ $4.682B ▲ $708.616M ▼
Q4-2024 $552.629M ▼ $6.945B ▲ $4.448B ▲ $710.28M ▼
Q3-2024 $1.078B $6.332B $3.689B $746.504M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-35.269M ▼ $-11.346M ▲ $-127.203M ▲ $64.057M ▲ $-64.781M ▲ $-138.803M ▼
Q2-2025 $75.529M ▲ $-30.668M ▼ $-182.155M ▲ $-8.089M ▼ $-249.985M ▼ $-65.869M ▼
Q1-2025 $-51.457M ▲ $138.924M ▲ $-230.557M ▲ $332.507M ▲ $245.307M ▲ $104.18M ▲
Q4-2024 $-447.23M ▼ $-1.692M ▲ $-557.425M ▼ $-12.12M ▲ $-525.335M ▼ $-18.558M ▼
Q3-2024 $67.842M $-2.244M $-314.103M $-22.286M $-349.839M $-18.457M

Five-Year Company Overview

Income Statement

Income Statement Telesat’s income statement shows a company in transition. Revenue has been edging down over the past several years, suggesting the legacy satellite business is slowly shrinking. Profitability has been uneven: the core operations were solidly profitable in earlier years, but the most recent year slipped into an operating loss and a net loss. There also appears to have been at least one unusually strong year for operating profit and EBITDA, which may reflect one‑off gains or timing effects rather than a new, stable earnings level. Overall, the trend is toward more pressure on margins and more volatility in earnings, which is typical for a business funding a major shift while the old revenue base is under strain.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive business with meaningful leverage. Total assets have stayed relatively high and fairly stable, which fits a satellite operator with large, long‑lived infrastructure. Debt sits at a substantial level and, while not exploding, remains a central feature of the capital structure. Equity is positive but relatively thin compared with the asset base, showing a leveraged profile, though it has improved modestly from its low point a few years ago. Cash was strong recently but has dropped in the latest year, reducing the financial cushion just as the company prepares for heavy investment in its new constellation. In short, the balance sheet can support the business, but it leaves less room for major setbacks.

Cash Flow

Cash Flow Cash generation has been weakening. Operating cash flow was comfortably positive a few years ago but has trended lower, and free cash flow has narrowed to roughly breakeven in the most recent period. Capital spending in the historical figures has been moderate, but management has clearly signaled that much larger investments are coming for the Lightspeed project. That means the company is likely moving from a cash‑generative, steady state into a period where cash is consumed to fund growth. This shift raises the importance of external funding, careful cost control, and timely execution of the new network to eventually rebuild stronger cash flows.

Competitive Edge

Competitive Edge Competitively, Telesat sits in a challenging but interesting niche. It has decades of experience, regulatory know‑how, and long‑standing relationships with telecom operators and governments, which are meaningful advantages. Its strategy is not to sell directly to consumers but to act as a “carrier of carriers,” focusing on enterprise, government, and mobility customers that value guaranteed performance and security. That focus differentiates it from consumer‑oriented LEO players. However, the broader LEO market is crowded and aggressive, with very well‑funded rivals building scale quickly. Telesat’s moat depends on its specialized customer focus, integration with existing networks, and its ability to deliver a reliable, high‑performance service on time and on budget. Execution and speed will be critical in defending and growing its position.

Innovation and R&D

Innovation and R&D Innovation is the core of Telesat’s long‑term story. The Lightspeed constellation is designed with advanced technologies such as flexible phased‑array antennas, onboard digital processing, and optical inter‑satellite links, all aimed at delivering low‑latency, highly configurable, secure connectivity for demanding users. The planned network architecture targets true global coverage and is built to integrate smoothly into telecom operators’ systems and standards, rather than operate as a closed, consumer‑style platform. Telesat is also pursuing a multi‑orbit strategy, combining existing geostationary assets with the new LEO network, and working with a broad ecosystem of equipment partners. The opportunity is significant, but so are the risks: very large upfront spending, technical complexity, and the need to win enough anchor customers quickly after launch to justify the investment.

Summary

Telesat is moving from a mature, slowly declining legacy satellite business into a high‑stakes growth phase with its Lightspeed LEO constellation. The historical financials show softening revenue, more volatile profitability, and shrinking free cash flow, all against a backdrop of meaningful debt and a thinner cash position than in prior years. At the same time, the company brings real strengths: deep industry relationships, regulatory expertise, and a differentiated focus on enterprise and government clients, underpinned by ambitious network technology. The coming years will likely be defined by execution risk—funding and building the constellation, managing leverage, and converting technical advantages into long‑term contracts. If the rollout and customer adoption proceed well, Telesat’s financial profile could look very different later in the decade, but the transition phase is inherently risky and may remain financially bumpy.

NEWS

November 4, 2025 · 8:42 AM UTC

Telesat invests US$5 million in Farcast to develop fully integrated User Terminals for Telesat Lightspeed satellite network

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November 4, 2025 · 7:30 AM UTC

Telesat Reports Results for the Quarter and Nine Months Ended September 30, 2025

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October 27, 2025 · 7:30 AM UTC

Telesat schedules third quarter 2025 earnings conference call for November 4, 2025

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October 16, 2025 · 7:30 AM UTC

Telesat purchases real estate in Timmins to develop Landing Station site for Telesat Lightspeed Low Earth Orbit (LEO) satellite network

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September 12, 2025 · 5:15 PM UTC

Telesat announces equity distribution of Telesat Lightspeed business

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