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Telesat CEO Dan Goldberg stated that the year has largely developed as expected for the GEO business.
Telesat reported a 27% revenue decline year-over-year for its Geostationary Orbit (GEO) business.
Telesat reported revenue of CA$101 million ($72 million) for the third quarter, a decrease of 27% compared to the same period in 2024.
Telesat's operating expenses rose by 26% to $58 million due to higher Lightspeed headcount and professional fees related to capital restructuring.
Telesat’s LEO backlog remains at $1.1 billion, with an additional $900 million in GEO backlog and a fleet utilization rate of 69% as of September 30, 2025.
Telesat maintained its full-year 2025 revenue guidance, expecting between $405 million and $425 million.
Telesat’s optical inter-satellite links for Lightspeed comply with U.S. Space Development Agency standards, allowing integration with U.S. defense networks.
In September 2025, Telesat completed the distribution of 62% of its Lightspeed equity to an indirect subsidiary of Telesat Corporation.
Telesat's first Lightspeed satellites are scheduled for launch in late 2026, with the initial Pathfinder spacecraft expected around December.
For the nine months ended September 30, 2025, Telesat's revenue was $324 million, a decline of 27%, and adjusted EBITDA was $173 million, down 44%.
Terminals fully integrated with the Telesat Lightspeed modem are planned to be available for 2027.
Telesat reported an adjusted EBITDA of $47 million for Q3 2025, down 51% year-over-year.
Telesat has worked with Farcast since 2022 to build and test hardware for operation on the Lightspeed network.
Telesat's expected adjusted EBITDA for 2025 is between $170 million and $190 million.
Telesat registered a net loss of $121 million in Q3 2025, compared to a net income of $68 million in Q3 2024.
Telesat announced the investment along with its third quarter financial results.
Under a new agreement, Farcast will deliver an enterprise-class flat panel antenna user terminal integrated with the Telesat Lightspeed modem.
Telesat anticipates LEO operating expenses of $75 million to $85 million and capital expenditures of $900 million to $1.1 billion for Lightspeed in 2025.
OneWeb in the UK and Telesat in Canada are expanding their constellations by deploying hundreds of satellites.
The Timmins Landing Station will connect data from Telesat's advanced LEO satellite network, Telesat Lightspeed, to terrestrial Points of Presence and fibre in Northern Ontario.