Telesat Adds 500 MHz Military Ka-band Spectrum
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 17 2026
0mins
Should l Buy TSAT?
Telesat announced it is adding 500 MHz of military Ka-band spectrum to the initial 156 satellites in the Telesat Lightspeed constellation to meet the fast-growing global requirements of allied defence users. Mil-Ka is immediately adjacent to the commercial Ka-band spectrum used by Telesat Lightspeed, which allows the change to be made without adversely impacting schedule and with only a modest impact on program cost. The 500 MHz of Mil-Ka will replace the same amount of commercial Ka-band spectrum on the network's user link, with the gateway link being unaffected by the spectrum change.
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Analyst Views on TSAT
About TSAT
Telesat Corporation is a Canada-based global satellite operators. The Company provides mission-critical communications solutions support the requirements of sophisticated satellite users throughout the world. The Company operates through two segments: geostationary (GEO), and Low Earth Orbit (LEO). The Company has developed a global network composed of over 198 state-of-the-art LEO satellites, seamlessly integrated with on-ground data networks. The Company’s global GEO satellite fleet provides coverage and connectivity solutions in C-, Ku- and Ka-bands to meet the needs of broadcast, corporate, telecom and government customers around the world. It provides its services through three business categories: Broadcast, Enterprise, and Consulting and other. The Company’s connectivity solutions include data and telecom, mobility, government, video, and consulting. Its data and telecom solutions offer Internet backhaul, wireless backhaul, and corporate network.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Telesat Partners with Northwestel for Satellite Services in Northern Canada
- Contract Signing: Northwestel has signed a multi-year contract with Telesat to utilize the Telesat Lightspeed Low Earth Orbit satellite network, which is expected to significantly enhance network connectivity for northern communities.
- Speed Enhancement: The new service plans to offer download speeds of at least 50 Mbps and upload speeds of 10 Mbps, addressing the needs of 97 communities and driving economic growth and digital transformation.
- Technology Integration: By combining fiber and satellite technologies, Northwestel can provide reliable internet services in remote areas, ensuring all residents can participate in the digital economy and facilitating remote delivery of education and healthcare services.
- Strategic Partnership: This collaboration not only strengthens the network infrastructure in Northern Canada but also underscores the importance of national sovereignty, supports local economic development, and enhances Telesat's competitiveness in the global satellite services market.
See More
Telesat 2025 Financial Report Analysis
- Revenue and EBITDA Performance: Telesat reported total revenue of $418 million and adjusted EBITDA of $213 million for 2025, exceeding expectations but still facing a net loss of $530 million, indicating challenges in revenue generation and cost management.
- GEO and LEO Business Outlook: The 2026 GEO revenue is projected between $300 million and $320 million with adjusted EBITDA of $210 million to $220 million, highlighting significant risks of decline in GEO operations, while LEO investments are expected to reach $1 billion to $1.2 billion, reflecting a strategic shift towards emerging markets.
- Lightspeed Network Progress: Although the global commercial service for the Lightspeed network has been delayed to Q1 2028, substantial advancements have been made in satellite development and user terminals, particularly through agreements with Viasat, indicating potential in the aviation broadband market.
- Defense Market Opportunities: Telesat's strategic partnership with the Government of Canada provides a solid foundation for expansion in the defense sector, and despite facing a $1.7 billion debt refinancing challenge, the company is well-positioned to meet growing demands by increasing military Ka-band capacity.
See More
Telesat Reports Q4 Loss of C$125.54 Million
- Financial Performance Decline: Telesat reported a Q4 loss of C$125.54 million, or C$8.48 per share, which is an improvement from last year's loss of C$126.31 million and C$8.97 per share, indicating efforts to control losses.
- Significant Revenue Drop: The company's revenue fell 26.5% to C$94.04 million in Q4, primarily due to rate and capacity reductions from certain North American DTH customers and lower revenue from enterprise clients serving rural broadband users, reflecting weak market demand.
- Customer Base Impact: The revenue decline was mainly driven by reduced demand from some North American DTH customers, which not only affects the company's short-term financial performance but may also negatively impact long-term customer relationships and market share.
- Need for Strategic Adjustment: In light of the revenue and customer loss challenges, Telesat must reassess its market strategy to adapt to the changing industry landscape and seek new growth opportunities.
See More
Telesat Reports Q4 Earnings with Significant Loss
- Earnings Loss: Telesat reported a Q4 GAAP EPS of -C$8.48, indicating significant challenges in profitability, which reflects the company's struggles in the highly competitive communications services market.
- Revenue Decline: The company's revenue for Q4 was C$94.04M, a 26.5% year-over-year decrease, which may undermine investor confidence in the company's future growth potential, especially against a backdrop of weak market demand.
- Market Short Selling Pressure: Recent data shows Telesat as one of the most shorted communications service stocks with a market cap under $2 billion as of mid-February, indicating a pessimistic outlook from the market regarding its future performance, potentially leading to further stock price volatility.
- Historical Financial Data: Telesat's historical financial data reveals performance fluctuations over recent quarters, prompting investors to closely monitor these figures to assess the company's recovery potential and the necessity for strategic adjustments moving forward.
See More
Telesat Acquires Land to Expand Network Infrastructure
- Land Acquisition and Leasing: Telesat has acquired and leased land in Estevan and Shaunavon, Saskatchewan, and Papineauville, Quebec, to establish new landing stations that will enhance the resilience and performance of its Low Earth Orbit satellite network, significantly improving data transmission efficiency.
- Digital Services Advancement: These new sites will support next-generation digital services, helping to bridge the digital divide and are expected to provide strong support for Canada's economic growth, particularly in protecting Arctic and northern territories.
- Infrastructure Development Progress: Site preparation is underway, with the Quebec landing station expected to be completed in Q3 2026 and the Saskatchewan sites by year-end, marking rapid progress in Telesat's global infrastructure buildout.
- Strategic Importance: Telesat's Chief Network and Information Officer, Asit Tandon, stated that the construction of these facilities will strengthen connectivity across Canada and lay the groundwork for the first satellite launch in December, demonstrating the company's strategic positioning in the global market.
See More
Telesat Under Investigation for Securities Fraud
- Debt Crisis Unveiled: On January 21, 2026, bondholders filed a lawsuit against Telesat, alleging the company is 'indisputably insolvent' and unable to meet its debt obligations, indicating a dire financial situation that could lead to further legal repercussions.
- Stock Price Plummets: Following the revelation of the debt crisis, Telesat's stock price fell by $7.27, or 21%, closing at $27.39, reflecting strong market concerns regarding the company's financial health, which may undermine investor confidence.
- Legal Investigation Initiated: Pomerantz LLP is investigating whether Telesat and its executives have engaged in securities fraud or other unlawful business practices, highlighting investor scrutiny over corporate governance and transparency, potentially leading to broader legal actions.
- Historical Context: Pomerantz LLP, a renowned securities litigation firm with an 85-year history, focuses on advocating for victims of securities fraud, indicating that this investigation could trigger significant class action lawsuits, further impacting Telesat's market reputation.
See More
Telesat Partners with Northwestel for Satellite Services in Northern Canada
- Contract Signing: Northwestel has signed a multi-year contract with Telesat to utilize the Telesat Lightspeed Low Earth Orbit satellite network, which is expected to significantly enhance network connectivity for northern communities.
- Speed Enhancement: The new service plans to offer download speeds of at least 50 Mbps and upload speeds of 10 Mbps, addressing the needs of 97 communities and driving economic growth and digital transformation.
- Technology Integration: By combining fiber and satellite technologies, Northwestel can provide reliable internet services in remote areas, ensuring all residents can participate in the digital economy and facilitating remote delivery of education and healthcare services.
- Strategic Partnership: This collaboration not only strengthens the network infrastructure in Northern Canada but also underscores the importance of national sovereignty, supports local economic development, and enhances Telesat's competitiveness in the global satellite services market.
See More
Telesat 2025 Financial Report Analysis
- Revenue and EBITDA Performance: Telesat reported total revenue of $418 million and adjusted EBITDA of $213 million for 2025, exceeding expectations but still facing a net loss of $530 million, indicating challenges in revenue generation and cost management.
- GEO and LEO Business Outlook: The 2026 GEO revenue is projected between $300 million and $320 million with adjusted EBITDA of $210 million to $220 million, highlighting significant risks of decline in GEO operations, while LEO investments are expected to reach $1 billion to $1.2 billion, reflecting a strategic shift towards emerging markets.
- Lightspeed Network Progress: Although the global commercial service for the Lightspeed network has been delayed to Q1 2028, substantial advancements have been made in satellite development and user terminals, particularly through agreements with Viasat, indicating potential in the aviation broadband market.
- Defense Market Opportunities: Telesat's strategic partnership with the Government of Canada provides a solid foundation for expansion in the defense sector, and despite facing a $1.7 billion debt refinancing challenge, the company is well-positioned to meet growing demands by increasing military Ka-band capacity.
See More
Telesat Reports Q4 Loss of C$125.54 Million
- Financial Performance Decline: Telesat reported a Q4 loss of C$125.54 million, or C$8.48 per share, which is an improvement from last year's loss of C$126.31 million and C$8.97 per share, indicating efforts to control losses.
- Significant Revenue Drop: The company's revenue fell 26.5% to C$94.04 million in Q4, primarily due to rate and capacity reductions from certain North American DTH customers and lower revenue from enterprise clients serving rural broadband users, reflecting weak market demand.
- Customer Base Impact: The revenue decline was mainly driven by reduced demand from some North American DTH customers, which not only affects the company's short-term financial performance but may also negatively impact long-term customer relationships and market share.
- Need for Strategic Adjustment: In light of the revenue and customer loss challenges, Telesat must reassess its market strategy to adapt to the changing industry landscape and seek new growth opportunities.
See More
Telesat Reports Q4 Earnings with Significant Loss
- Earnings Loss: Telesat reported a Q4 GAAP EPS of -C$8.48, indicating significant challenges in profitability, which reflects the company's struggles in the highly competitive communications services market.
- Revenue Decline: The company's revenue for Q4 was C$94.04M, a 26.5% year-over-year decrease, which may undermine investor confidence in the company's future growth potential, especially against a backdrop of weak market demand.
- Market Short Selling Pressure: Recent data shows Telesat as one of the most shorted communications service stocks with a market cap under $2 billion as of mid-February, indicating a pessimistic outlook from the market regarding its future performance, potentially leading to further stock price volatility.
- Historical Financial Data: Telesat's historical financial data reveals performance fluctuations over recent quarters, prompting investors to closely monitor these figures to assess the company's recovery potential and the necessity for strategic adjustments moving forward.
See More
Telesat Acquires Land to Expand Network Infrastructure
- Land Acquisition and Leasing: Telesat has acquired and leased land in Estevan and Shaunavon, Saskatchewan, and Papineauville, Quebec, to establish new landing stations that will enhance the resilience and performance of its Low Earth Orbit satellite network, significantly improving data transmission efficiency.
- Digital Services Advancement: These new sites will support next-generation digital services, helping to bridge the digital divide and are expected to provide strong support for Canada's economic growth, particularly in protecting Arctic and northern territories.
- Infrastructure Development Progress: Site preparation is underway, with the Quebec landing station expected to be completed in Q3 2026 and the Saskatchewan sites by year-end, marking rapid progress in Telesat's global infrastructure buildout.
- Strategic Importance: Telesat's Chief Network and Information Officer, Asit Tandon, stated that the construction of these facilities will strengthen connectivity across Canada and lay the groundwork for the first satellite launch in December, demonstrating the company's strategic positioning in the global market.
See More
Telesat Under Investigation for Securities Fraud
- Debt Crisis Unveiled: On January 21, 2026, bondholders filed a lawsuit against Telesat, alleging the company is 'indisputably insolvent' and unable to meet its debt obligations, indicating a dire financial situation that could lead to further legal repercussions.
- Stock Price Plummets: Following the revelation of the debt crisis, Telesat's stock price fell by $7.27, or 21%, closing at $27.39, reflecting strong market concerns regarding the company's financial health, which may undermine investor confidence.
- Legal Investigation Initiated: Pomerantz LLP is investigating whether Telesat and its executives have engaged in securities fraud or other unlawful business practices, highlighting investor scrutiny over corporate governance and transparency, potentially leading to broader legal actions.
- Historical Context: Pomerantz LLP, a renowned securities litigation firm with an 85-year history, focuses on advocating for victims of securities fraud, indicating that this investigation could trigger significant class action lawsuits, further impacting Telesat's market reputation.
See More
