Telesat

News Summary:

On March 22, 2026, Telesat incorporated military Ka-band (Mil-Ka) spectrum into its Lightspeed constellation, a modification directly adjacent to existing commercial Ka-band frequencies that avoids affecting deployment timelines and incurs only a limited increase in program costs. This development follows a March 20, 2026 report indicating that Telesat's overall revenues decreased 27% year-on-year, with CEO Dan Goldberg significantly relying on the upcoming Lightspeed LEO constellation for future revenue contributions. Earlier, on March 19, 2026, the company reported Q1 2026 earnings, missing expectations with an EPS of $-6.17514 compared to an anticipated $-1.90087. Despite the miss, CEO Goldberg expressed optimism, citing progress in positioning Telesat for growth and capturing market opportunities, noting that while the legacy geostationary (GEO) business faces structural challenges, Lightspeed LEO is advancing with a heavy launch cadence planned for 2027 and full global commercial service expected in the first quarter of 2028. Previously, on March 18, 2026, Telesat reported 2025 revenue of CAD 418 million and adjusted EBITDA of CAD 213 million, exceeding guidance despite structural challenges in its GEO business. The company stated its focus on optimizing the GEO cost structure to maximize cash flow while prioritizing Lightspeed deployment and commercial traction, noting a modest shift in the Lightspeed timeline due to chip readiness, with full global commercial service then also expected around the end of Q1 2028.