Telesat publishes transcript of Q2 2026 financial results call
TSAT•Financial and segment details
Q2 consolidated revenue was $79 million, adjusted EBITDA was $22 million, and net loss was $559 million, including a $475 million warrant fair-value hit.
GEO Q2 revenue was $78 million, down 26%. GEO backlog increased to $900 million, and satellite utilization was 60% following retirements.
The FCC C-band order implies USD 189 million in incentive payments. Telesat also borrowed USD 120 million via a non-guarantor GEO subsidiary.
Q2 results and Lightspeed progress
Telesat discussed Q2 2026 results with CEO Daniel Goldberg, CFO Donald Tremblay, IR VP James Ratcliffe, and analysts.
Lightspeed expanded to 225 satellites; the firm order with MDA for 69 more satellites was also noted. Global commercial availability is still targeted for Q1 2028.
The company raised 2026 Lightspeed investment guidance to CAD 1.3 billion to CAD 1.5 billion, funded by Government of Canada pre-service milestone payments.
Lightspeed backlog rose to about $5.6 billion, driven by a 15-year initial ESCP-P contract. Management expects further sovereign wins by end-2027.
