Telesat Adds 500MHz Mil-Ka Spectrum and Reports 27% Revenue Decline
Telesat will add 500 MHz of military Ka-band spectrum to the first 156 Lightspeed satellites, boosting allied defense capacity with minimal schedule impact and enhancing secure, low-latency LEO communications. For 2025, Telesat’s revenue fell 27% to C$418 million with adjusted EBITDA down 45% to C$213 million and a net loss of C$530 million.
1. Addition of Mil-Ka Spectrum to Lightspeed
Telesat is adding 500 MHz of military Ka-band spectrum to its initial 156 Lightspeed satellites, replacing an equal amount of commercial Ka-band on user links with no impact on gateway operations. This upgrade enhances secure, low-latency LEO communications for allied defense users, offering robust global coverage including the Arctic.
2. 2025 Financial Results
For the year ended December 31, 2025, Telesat reported consolidated revenue of C$418 million, down 27%, adjusted EBITDA of C$213 million, down 45%, and a net loss of C$530 million, driven by lower broadcast and enterprise revenues alongside higher impairment and warrant charges.
3. Segment Performance and Backlog
In the GEO segment, revenue pressure led to utilization of 59% and a backlog of C$800 million at year-end. The LEO segment recorded combined capex and opex of C$777 million, funded by C$690 million drawn on a C$2.5 billion Lightspeed financing facility, leaving C$1.85 billion available.
4. Launch Schedule and Financing Outlook
The first two Lightspeed production satellites are set to launch in December 2026, with high-cadence launches throughout 2027. Telesat is also engaging with lenders to refinance its Canada debt for the GEO business ahead of maturities late this year.