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Telesat Corp ( (TSE:TSAT) ) has provided an update.
On May 5, 2026, Telesat reported first-quarter 2026 results showing consolidated revenue of $87 million, down 25% year-on-year, and adjusted EBITDA of $35 million, down 48%, with a net loss widening to $151 million largely due to lower GEO revenue and a non-cash goodwill impairment. GEO segment revenue fell 26% to $86 million as broadcast contracts rolled off and fixed broadband demand eased, though cost controls supported cash flow, GEO utilization stood at 55%, and the company reiterated its 2026 GEO revenue and EBITDA guidance while working to refinance maturing GEO debt.
Despite near-term pressure in its legacy GEO business, Telesat continued to invest heavily in its Lightspeed LEO program, spending $171 million in the quarter and bringing cumulative investment to about $2.7 billion, with LEO backlog at roughly $1.1 billion versus $800 million for GEO. The company secured a multi-year Lightspeed contract with Northwestel to serve Nunavut, added Military Ka-band capability to attract defence users, renamed its GEO subsidiary Telesat GEO Inc., and maintained expectations that Lightspeed will enter global commercial service around the end of the first quarter of 2028, underscoring a strategic pivot toward growth in government and rural broadband markets.
The most recent analyst rating on (TSE:TSAT) stock is a Buy with a C$99.00 price target. To see the full list of analyst forecasts on Telesat Corp stock, see the TSE:TSAT Stock Forecast page.
Spark’s Take on TSAT Stock
According to Spark, TipRanks’ AI Analyst, TSAT is a Neutral.
The score is held down primarily by weak financial performance (shrinking revenue, renewed losses, deeply negative 2025 free cash flow) alongside a highly leveraged balance sheet, which increases execution and financing risk during the Lightspeed investment cycle. Technicals are a meaningful offset, showing strong upward momentum and broad moving-average support, but valuation remains challenged because profitability is negative and there is no dividend yield data to provide downside support.
To see Spark’s full report on TSAT stock, click here.
More about Telesat Corp
Telesat Corp. is a global satellite operator based in Ottawa, providing space-based connectivity solutions for telecom carriers, government, maritime and aeronautical customers. Its portfolio spans traditional geostationary (GEO) satellites and the forthcoming Telesat Lightspeed low Earth orbit (LEO) constellation, aimed at delivering high-capacity, low‑latency broadband worldwide.
Average Trading Volume: 42,684
Technical Sentiment Signal: Buy
Current Market Cap: C$982.2M
See more insights into TSAT stock on TipRanks’ Stock Analysis page.