Telesat Corp has reported its financial results for the third quarter of 2026, revealing a substantial decrease in both revenue and adjusted EBITDA. The company is navigating challenges while focusing on its strategic Telesat Lightspeed program, which aims to enhance its satellite communications capabilities.

For the quarter ending September 30, 2026, Telesat's consolidated revenue was $81 million, a drop of 20% compared to the same period last year. Adjusted EBITDA also saw a significant decline, falling 74% to $12 million. The company attributed these losses to a combination of factors including lower revenue from its geostationary orbit (GEO) segment and increased expenses related to debt refinancing.

Background

Telesat Corp, traded on Nasdaq under the ticker TSAT, is a leading satellite operator based in Ottawa, Canada. The company specializes in communications services, particularly in the satellite sector, classified under SIC 4899. Recent filings include a 6-K on October 29, 2026, and a Schedule 13G/A on August 14, 2026.

What the Filing Says

In its latest filing, Telesat stated, “The third quarter marked the signing of our landmark $2.7 billion initial agreement with the Government of Canada for the ESCP-P program.” This agreement is expected to validate the growing opportunities for Telesat Lightspeed in the satellite communications space.

Despite the positive developments, the company reported a net loss of $157 million for the quarter, compared to a loss of $121 million in the prior year. This increase in loss was primarily due to lower adjusted EBITDA and a larger loss associated with the fair value of Telesat Lightspeed Financing Warrants.

Impact

The financial results are likely to affect various stakeholders, including investors, employees, and potential customers. Investors may be concerned about the declining revenue and increasing losses, while employees may feel the impact of the company’s focus on cost management and debt refinancing. Customers in the satellite communications sector may also be affected by Telesat's strategic decisions and its ability to deliver on its commitments.

What's Next

Telesat is expected to continue its focus on refinancing its GEO debt as it matures later this year. The company has indicated that it is engaging with debtholders to explore alternatives that are fair to all stakeholders. The filing does not specify what happens next, but a conference call has been scheduled for October 29, 2026, to discuss these results further.