Telesat Corporation Reports Q3 and Nine-Month Financial Results

Telesat Corporation ( (TSAT) ) has released its Q3 earnings. Here is a breakdown of the information Telesat Corporation presented to its investors.

Telesat Corporation is a global leader in satellite operations, offering advanced connectivity solutions through its extensive satellite networks, including the innovative Telesat Lightspeed Low Earth Orbit (LEO) constellation. In its latest earnings report, Telesat highlighted significant progress in the development of Telesat Lightspeed, securing vital funding from the Canadian and Quebec governments. Despite revenue declines of 20.9% for the quarter, the company maintained a strong Adjusted EBITDA margin in its GEO segment at 80%. Telesat reported a net income of $68 million, a substantial improvement from a $4 million loss the previous year, largely due to favorable foreign exchange impacts on US dollar-denominated debt. Revenue for the first nine months of 2024 decreased by 17.7%, while Adjusted EBITDA declined 24.4%. The company concluded funding arrangements for the Telesat Lightspeed project, securing $2.54 billion in loans, which positions it well for growth in the broadband sector. Telesat’s financial outlook for 2024 remains optimistic, with expectations to meet or exceed the upper end of its revenue and Adjusted EBITDA guidance. The company is poised to continue its focus on strategic initiatives and disciplined execution to drive future growth.