The operator’s attributable loss for the third quarter reached 47 million Canadian dollars, or C$3.09 per share, up from C$35.3 million during the same period last year. Revenue dropped 20% to C$80.6 million, pressured by the non-renewal of a broadcast contract and reduced service capacity for several North American broadband customers. Adjusted Ebitda plummeted to C$12.1 million from C$46.8 million, reflecting the contraction of its core satellite business.

Despite these headwinds, Telesat continues to target 2026 geostationary revenue between C$300 million and C$320 million. The company’s long-term strategy relies heavily on its low-Earth orbit constellation, which currently holds a backlog of roughly C$5.6 billion. This includes a landmark C$2.7 billion deal signed in August to provide secure military satellite communications to the Canadian Armed Forces in the Arctic.