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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.
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Q2 2025 earnings summary6 Aug, 2025

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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Frequently asked questions

Telesat Corporation provides satellite-based communications services to broadcast, telecom, corporate, and government customers. The company offers satellite capacity and managed services for television distribution, enterprise connectivity, and broadband access. It is headquartered in Ottawa, Canada, and its shares are listed on the NASDAQ.

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