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Telesat Corporation’s existing business rests on satellites that remain over fixed locations relative to Earth, known as geostationary satellites. Television providers such as Bell TV, Shaw Direct and DISH Network pay to use them to distribute programming. Telecom carriers and service integrators such as Bell Canada, Hughes Network Systems and Marlink buy capacity or managed connections to carry data and voice, including where terrestrial networks do not reach. Broadcast and enterprise services contribute broadly similar shares of revenue and together account for nearly all of it. Customers generally commit to specified capacity or services under contracts that cannot be cancelled except after prolonged service interruptions.
A small group of large GEO customers supplies most of Telesat’s revenue. Its broadcast business depends heavily on North American direct-to-home television, where falling subscriber numbers and migration to terrestrial delivery are reducing demand for satellite capacity.
Telesat is also building Telesat Lightspeed, a low-Earth-orbit network that has not yet entered commercial service. Unlike its existing business, which mainly supplies capacity that customers combine with their own equipment, Lightspeed is intended to deliver a complete data connection through to the user terminal. Viasat has signed a substantial multi-year service contract. Deployment requires substantial financing, and service availability depends on spectrum rights and country-specific approvals. Separately, Telesat Canada needs to refinance upcoming debt maturities because existing cash resources and operating cash flows are not expected to cover them; refinancing is not assured.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Telesat’s results hinge on slowing erosion in geostationary satellite revenue while delivering Lightspeed with manufacturer MDA Space and competing with SES and Eutelsat/OneWeb—all absent from this list.
Viasat competes with Telesat for satellite communications customers but also commits to buying Lightspeed services under a substantial multi-year agreement. Watch its integration of Lightspeed into connectivity sold to aviation, maritime, enterprise and defense customers: it gives Telesat a route to those buyers.
Telesat relies on SpaceX to launch Lightspeed satellites even as SpaceX’s Starlink sells competing broadband services to consumers, businesses and governments. Starlink’s gains in aviation and maritime connectivity show the customer-acquisition challenge Lightspeed faces.
BCE, Inc. pays Telesat for satellite services: Bell TV exclusively uses Telesat satellites to deliver television to Canadian subscribers, and Bell Canada also buys enterprise services. Bell TV’s satellite subscriptions are worth watching because broadcast services generated approximately 47% of Telesat’s revenue in 2025.
EchoStar is both a buyer and a rival for Telesat: its DISH television and Hughes businesses buy Telesat satellite capacity, while Hughes competes in satellite broadband and government communications.
Amazon’s competing low-Earth-orbit broadband network threatens demand for Telesat’s existing geostationary services and the customers Lightspeed hopes to win. Watch Amazon’s satellite deployment: it is adding capacity at lower orbits than Telesat plans, potentially allowing smaller, cheaper customer antennas.
Iridium and Telesat seek spending from government and remote-area commercial communications buyers, though Iridium emphasizes voice and data over L-band satellite links rather than high-capacity broadband. Iridium’s U.S. government service revenue offers a view of demand from a customer group Telesat also serves.
Gogo Inc. competes with Telesat for aviation and government connectivity business, selling aircraft equipment and recurring connection services over partner satellite networks. Adoption of Gogo Galileo, which uses Eutelsat OneWeb’s low-Earth-orbit network, shows how competing broadband is reaching business and military/government aircraft ahead of Lightspeed.
KVH Industries Inc sells satellite internet and voice services to commercial and leisure vessels and sees Telesat’s planned low-Earth-orbit services as competition for its existing satellite offerings. KVH’s subscriber losses and price discounts show the pressure in the maritime market Lightspeed plans to enter.
Iridium Communications Inc. earningsIRDM
Iridium's report will show how U.S. government demand for remote communications is changing, a useful signal for Telesat's government business.
Watch Iridium's U.S. government service revenue. Growth would suggest that public-sector demand for remote communications is supportive, a helpful backdrop for Telesat's enterprise services to government customers. A decline would point to weaker demand, but not directly predict Telesat's revenue: Iridium focuses on L-band voice and data, not the same satellite-capacity services.
Fed Interest Rate Decision
For Telesat, the Fed decision signals whether US borrowing rates are rising or falling, which can change interest paid on its floating-rate US-dollar Term Loan B and the cost of refinancing debt coming due.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher US rates can lift interest costs on Telesat’s floating-rate loan and make refinancing its near-term maturities more expensive, increasing cash needed for debt service.
If it comes in below expectations
Lower US rates can reduce interest costs on Telesat’s floating-rate loan and make refinancing its near-term maturities less costly, easing cash needed for debt service.
Amazon.Com Inc earningsAMZN
If Amazon's report shows its low-Earth-orbit network adding capacity as planned, it will indicate the competitive pressure Telesat's GEO business and future Lightspeed services may face.
Look for Amazon's disclosed satellite deployment progress, not its company-wide results as a proxy for the satellite business. Faster deployment would point to more low-orbit capacity entering the market; if Amazon can serve customers with smaller, cheaper antennas, Telesat's GEO services and Lightspeed may have a harder time winning them. Delays would ease near-term pressure from new capacity, but would not prove that demand for Telesat is rising.
BCE, Inc. earningsBCE
BCE's report will show whether Bell TV is losing satellite-TV subscribers, a direct signal for demand from a major customer for Telesat's GEO capacity.
Watch the change in Bell TV's satellite subscribers that BCE reports. A stable base would mean many viewers still receive TV through Telesat satellites, supporting demand for that capacity. Continued losses, especially as viewers move to terrestrial networks, would put more pressure on Telesat's broadcast business. Bell TV uses Telesat satellites, but subscriber changes do not translate one-for-one into Telesat revenue.
Viasat Inc earningsVSAT
Viasat's report will show whether it is incorporating Telesat's contracted Lightspeed services into offerings for aviation, maritime, enterprise and defense customers.
Watch how Viasat describes Lightspeed's place in its multi-orbit portfolio and the customer markets it plans to serve. A clear integration path could make Viasat a channel for bringing Telesat's capacity to aviation, maritime, enterprise and defense customers; if it remains a future plan, the service contract alone does not show how much demand will result. Viasat also competes with Telesat, so its own customer demand is not the same as demand Telesat will capture.
Telesat Corporation earningsThis company
Telesat's report will show whether its GEO satellite business still brings in enough revenue and cash to support Lightspeed development and meet debt obligations.
Read GEO revenue, Adjusted EBITDA and operating cash flow together. Adjusted EBITDA is an operating-performance measure that excludes certain items, interest, taxes, depreciation and amortization; it is not an IFRS measure. Stable GEO revenue and Adjusted EBITDA alongside solid operating cash flow would show that the existing fleet can still help fund Lightspeed development and debt service. If those measures weaken further, Telesat has less cash-generating capacity to support the build and meet its obligations.
