Telesat Reports Q4 Revenue of C$94M

Reports Q4 revenue C$94M vs. C$128M last year. "Telesat made strong progress on multiple fronts in 2025," commented Dan Goldberg, Telesat's President and CEO. "The development of the Telesat Lightspeed constellation - the satellites, associated software, user terminals, and landing stations - continues to move forward at a rapid pace. We're seeing strong interest in Telesat Lightspeed from customers across our target market segments, with demand from government users for defence and sovereignty requirements being particularly robust at this time. We're in the midst of a generational increase in global allied defense investment, with NATO members and other allied governments committing to meaningfully higher levels of defence spending in response to a range of geopolitical developments. Central to these investments is the need to connect and integrate military capabilities on land, air and sea into a unified, real-time system of systems. This makes access to secure, resilient, high throughput and low latency satellite connectivity a mission-critical strategic imperative. Telesat Lightspeed was designed from day one to provide such critical connectivity and, to even further optimize its utility to defence users and facilitate integration of the constellation into allied military operations, we announced separately today that we're adding Military Ka-band capacity to the initial 156 Telesat Lightspeed satellites presently under development by MDA. This will result in a significant increase in the supply, and a vast improvement in the capability, of the Mil-Ka capacity that allied defence users have historically relied upon to meet their important and fast-growing global requirements. In our GEO business, 2025 unfolded largely as we had anticipated, with ongoing revenue pressure in both our enterprise and broadcast segments. We continue to be highly disciplined in our spending in the segment, working to maximize the cash flow from our existing satellite fleet. I'm pleased with the cost reduction progress we made in the GEO segment, allowing us to exceed the Adjusted EBITDA guidance we gave at the outset of last year. Finally, we remain focused on refinancing the Telesat Canada debt, which relates to our GEO business, that begins to mature late this year. To that end, our advisors are engaging closely with the advisors of certain of the large Telesat Canada lenders on this matter."