Telesat Loss Widens as Revenue Falls on GEO Contract Nonrenewals

Dow Jones

May 05

By Adriano Marchese

Telesat reported a wider first-quarter loss as revenue declined on weaker performance in its geostationary satellite business, where nonrenewed broadcast contracts and reduced fixed broadband services weighed on results.

The Ottawa-based satellite communications company posted on Tuesday a widened net loss of 151 million Canadian dollars ($110.8 million), or C$3.04 a share, compared with a loss of C$51.5 million, or C$1.08 a share, in the comparable quarter a year ago.

According to FactSet, analysts were expecting C$0.93 cents a share.

Revenue fell 25% to C$87.1 million, but came in above expectations of C$86.3 million.

Telesat's geostationary satellite, also known as GEO, saw its revenue fall 26% to C$86 million, due largely by nonrenewals of certain broadcast contracts in 2025 and, to a lesser extent, reductions in services for fixed broadband customers, it said.

In the company's low-Earth orbit segment, referred to as LEO, Telesat said it invested C$171 million in the Telesat program in the first quarter of 2026, reflecting C$19 million in operating expenses and C$152 million in capital expenditure.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 05, 2026 09:00 ET (13:00 GMT)

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