Telesat reported a net loss of C$559 million for the quarter ended June 30, 2026, driven by non-cash warrant valuation losses and foreign exchange impacts on USD-denominated debt. Consolidated revenue fell 25% to C$79 million, while adjusted EBITDA declined 62% to C$22 million. The company signed a C$2.7 billion contract with the Government of Canada for military Ka-band connectivity, expanding its Lightspeed constellation to 225 satellites. Telesat also borrowed US$120 million in new debt and expects US$189 million from FCC spectrum repurposing incentives. For the six-month period, revenue was C$167 million with a net loss of C$710 million. The company raised its Lightspeed spending forecast to C$1.3–1.5 billion for 2026. Telesat operates in the global satellite communications industry, providing broadband connectivity through its Low Earth Orbit and Geostationary Earth Orbit fleets.

Telesat Corporation secured a $2.3 billion contract (approximately $2.7 billion including options) from Canada’s Defence Investment Agency to provide secure Military Ka-band Arctic connectivity under the ESCP-P program. The agreement, signed August 4, 2026, spans 15 years with service commencing in 2028. It funds the immediate expansion of the Telesat Lightspeed constellation by 69 satellites, increasing the total from 156 to 225 units built by MDA Space and launched by SpaceX. This marks the largest contract in the company’s history and significantly scales its network capacity for defense and commercial use. Telesat Corporation operates as a global satellite operator providing advanced satellite communications through its Low Earth Orbit network.

The Canadian Armed Forces has selected Telesat Lightspeed for the Mil-Ka-band component of the ESCP-P Arctic military communications program. Telesat is a satellite communications company providing global connectivity solutions.