OTTAWA, Ontario , Aug. 06, 2025 (GLOBE NEWSWIRE) -- Telesat (TSAT) (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three and six-month periods ended June 30, 2025. All amounts are in Canadian dollars and reported under IFRS® Accounting Standards unless otherwise noted. “I am pleased with our performance in the first half of this year. We’re making strong progress on the Telesat Lightspeed technical and commercial fronts, and continuing our disciplined execution in our GEO segment,” commented Dan Goldberg , Telesat’s President and CEO. “The Telesat Lightspeed backlog stands at over $1 billion, and we remain focused on adding to that as we pursue a wide range of opportunities across our target segments of enterprise, aviation, maritime and government. In our GEO business, the year is unfolding largely as we had expected, and we reiterate the 2025 guidance we shared at the outset of the year.” For the quarter ended June 30, 2025, Telesat reported consolidated revenue of $106 million, a decrease of 30% ($46 million) compared to the same period in 2024. The impact from foreign exchange was minimal. The decrease was primarily due to a lower rate on the renewal of a long-term agreement with a North American direct-to-home television customer, to reductions in services for certain other customers, including an Indonesian rural broadband program and another North American direct-to-home customer, and to lower LEO consulting revenues. Operating expenses for the quarter were $51 million, a decrease of 10% ($6 million) from 2024. The impact from foreign exchange was minimal. The decrease was primarily due to higher capitalized engineering, lower consulting costs related to our LEO consulting revenue, and lower share-based compensation, partially offset by headcount growth for Telesat Lightspeed and higher legal and professional fees. Adjusted EBITDA1 for the quarter was $59 million, a decrease of 43% ($45 million). The impact from foreign exchange was minimal. The consolidated Adjusted EBITDA margin1 was 55.3%, compared to 67.8% in the same period in 2024. Telesat’s net income for the quarter was $76 million compared to $129 million for the same period in the prior year. The change was primarily due to a smaller gain on debt repurchase and lower revenue, partially offset by a gain on foreign exchange in the second quarter of 2025 as compared to a loss in the second quarter of 2024. For the six-month period ended June 30, 2025, Telesat reported consolidated revenue of $223 million, a decrease of 27% ($82 million) compared to the same period in 2024. When adjusted for changes in foreign exchange rates, revenue declined 28% ($86 million) compared to 2024. The decrease for the six-month period is attributable to the same factors that accounted for the decrease in the three-month period ending June 30, 2025. Operating expenses for the six-month period were $104 million, essentially unchanged from the same period in 2024. Benefits from higher capitalized engineering, lower consulting costs related to our LEO consulting revenue, and lower share-based compensation were offset by headcount growth for Telesat Lightspeed and higher legal and professional fees. Adjusted EBITDA1 for the six-month period was $126 million, a decrease of 41% ($88 million) or 42% ($91 million) when adjusted for foreign exchange rates. The Adjusted EBITDA margin1 was 56.6%, compared to 70.3% in the same period in 2024. For the six months ended June 30, 2025, Telesat’s net income was $24 million compared to net income of $77 million for the same period in the prior year. The change was primarily driven by lower revenues, a smaller gain on the repurchase of debt, and a loss related to an increase in the fair value of the Telesat Lightspeed financing warrants, partially offset by a foreign exchange gain in the first six months of 2025 compared to a loss in the first six months of 2024. Business Highlights