Telesat Reports 30% Q2 Revenue Decline, Lightspeed Backlog Tops $1 Billion

Telesat Corporation reported a 30% decline in Q2 2025 revenue to $106 million, primarily due to lower rates on renewals with North American customers and reduced services in Indonesian rural broadband. Despite this, the company reported a net income of $76 million, outperforming market loss expectations thanks in part to foreign exchange gains. Telesat is progressing well with its Lightspeed low earth orbit (LEO) satellite project, which has a backlog exceeding $1 billion and is showing strong interest from the aerospace and government sectors, with service targeted for late 2027. The company is also focusing on expanding its GEO segment backlog, which stands at approximately $900 million, and improving fleet utilization to 70%. CEO Dan Goldberg highlighted government opportunities related to Northern sovereignty and NORAD modernization, as well as potential involvement in the U.S. Golden Dome network. Despite short-term revenue pressures, Telesat maintains its 2025 guidance of $405 million to $425 million in revenue and $170 million to $190 million in adjusted EBITDA, reflecting confidence in long-term growth fueled by Lightspeed and strategic partnerships.