Canadian-based satellite operator Telesat reported consolidated revenue of C$571 million (€370m), a decrease of 19 per cent (C$133 million) compared to the prior year. When adjusted for changes in foreign exchange rates, revenue declined 20 per cent (C$138 million) compared to 2023.

The decrease was attributed to rate and capacity reductions by its North American DTH customers combined with lower enterprise revenues from customers in the aero and maritime markets, Latin America, and the Canadian and US governments.

For the year ended December 31st 2024, Telesat had a net loss of C$302 million compared to net income of C$583 million for the prior year. The negative variation of C$886 million was principally due to the impact of shifts in foreign exchange rates on the Canadian dollar value of Telesat’s US dollar denominated debt, the recognition of C-band proceeds in 2023, higher impairment charges on our orbital slots and certain satellites, and reduced revenue.

Telesat had contracted backlog for future services of approximately C$1.1 billion (excluding commitments associated with Telesat Lightspeed). Fleet utilisation was 72 per cent.

For 2025, Telesat expects full year:

• Revenues to be between C$405 million and C$425 million;

• Capital expenditures (including both cash paid and accrued) to be in the range of C$900 million to C$1.1 billion, virtually all of which is related to Telesat Lightspeed.

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Tags: canada, telesat