Telesat Q3 2026 results
Updated from live prices and SEC filings
Telesat revenue fell 20% to C$81M and adjusted EBITDA fell 74% to C$12M, including C$25M of debt refinancing costs, while the net loss widened to C$157M. LEO backlog stood at about C$5.6B after a C$2.7B Canadian military Lightspeed deal.
Telesat (TSAT) reported results for the three months to 30 September 2026 on 29 Oct 2026. Revenue down 20% to C$81M, net loss widens to C$157M.
The numbers
| Measure | Q3 2026 | Change |
|---|---|---|
| Revenue | C$80.6M | -20% (from C$101.1M) |
| Adjusted EBITDA | C$12.1M | -74% (from C$46.8M) |
| Adjusted EBITDA margin | 15.0% | vs 46.3% |
| Net loss | C$157.2M | vs loss of C$121.1M |
| Loss per share | C$3.09 | vs C$2.38 |
| GEO revenue | C$79M | -21% |
| GEO adjusted EBITDA | C$36M | -43% |
| Lightspeed investment in the quarter | C$368M | C$344M capex, C$24M opex |
| Cash and equivalents | C$813.8M | vs C$509.8M at 31 December 2025 |
| LEO backlog | about C$5.6B | as at 30 September 2026 |
| GEO backlog | about C$779M | as at 30 September 2026 |
| GEO satellite utilisation | about 59% | as at 30 September 2026 |
What stood out
- Signed a C$2.7B agreement, including options, with Canada's Defence Investment Agency to supply Lightspeed military Ka-band services under the ESCP-P programme, with C$2.0B of milestone payments expected between Q3 2026 and Q4 2028.
- The initial Lightspeed constellation has grown to a planned 225 satellites from 156, with high latitude commercial service expected around the end of Q1 2028.
- Excluding C$25M of debt refinancing costs, GEO adjusted EBITDA fell 23% and the GEO margin was 78%, against 79% a year earlier.
- Customer prepayments of C$510M in the first nine months lifted operating cash flow to C$405M, from C$97M.
- The company said it remains focused on refinancing the Telesat GEO debt, which begins to mature later this year.
Outlook
Telesat reiterated 2026 GEO revenue of C$300M to C$320M and GEO adjusted EBITDA of C$210M to C$230M, excluding refinancing costs. It lowered expected 2026 Lightspeed spending to C$1.1B to C$1.3B, from C$1.3B to C$1.5B, to reflect the timing of satellite and launch payments.
How the shares reacted
Shares were down 1.9% at $44.69 on Nasdaq at 10:26 a.m. New York time (14:26 UK) on 29 October, against a previous close of $45.55.
More on Telesat
- TSAT stock: live price, filings, insider trades and contracts
- Chart TSAT on TradingView ($15 off a paid plan)
- All space stock results
- Space stocks earnings calendar
Sources
- Telesat: results for the three and nine months ended September 30, 2026 (GlobeNewswire)
- Telesat press release (company site)
- Telesat: Q3 Earnings Snapshot (Associated Press via Yahoo Finance)
Figures as reported by the company; changes are against the same quarter a year earlier unless stated. Orbit Alpha is information, not investment advice.
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