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Telesat (TSAT) investor relations material
Telesat Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $106 million, down 30% year-over-year, mainly due to lower rates on contract renewals and reduced services for enterprise and DTH customers.
Net income for Q2 2025 was $76 million, down from $129 million in Q2 2024, impacted by lower revenues and smaller gains on debt repurchases, partially offset by a foreign exchange gain.
Telesat Lightspeed (LEO) backlog exceeded $1 billion at quarter-end, with ongoing commercial progress and a new multi-year agreement with Viasat.
Focus remains on refinancing restricted group debt maturing December next year, with engagement with lenders expected soon; CFO search ongoing.
Financial highlights
Q2 2025 consolidated revenues were $106 million, down $46 million year-over-year; adjusted EBITDA was $59 million, down 43% year-over-year; adjusted EBITDA margin at 55%.
Six-month revenue was $223 million, a 27% decrease year-over-year; six-month adjusted EBITDA was $126 million, down 41%.
Operating expenses for Q2 2025 were $51 million, down 10% year-over-year, mainly due to higher capitalized engineering and lower consulting costs.
Cash and cash equivalents at June 30, 2025, were $547 million, nearly unchanged from year-end 2024.
Net cash from operating activities for the first half was $108 million.
Outlook and guidance
2025 full-year revenue guidance reiterated at $405–$425 million; adjusted EBITDA expected between $170–$190 million.
LEO operating expenses projected at $110–$120 million, up from $74 million in 2024.
Capital expenditures for 2025 expected at $900–$1,100 million, nearly all for Lightspeed.
Sufficient liquidity with $550 million in cash/short-term investments and $2.2 billion available under government funding agreements.
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