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Thaicom Q3 sales revenue dips

November 4, 2025

Thaicom, the Asian satellite operator and space tech company, announced its financial results for Q3 2025.

In Q3 2025, the Company reported revenue from sales of goods and rendering of services of Baht 500 million (€13.3m), a decrease of Baht 35 million or 6.5 per cent from Baht 535 million in Q2 2025 (QoQ). This was mainly attributed to the one-time recognition of Space Tech project revenues in Q2 2025 and the impact of the Baht’s appreciation.

Although the Company is in a transition period as the THAICOM 4 satellite was approaching its end of useful life, the Company was able to maintain its core revenue base continuously through the adjustment of its satellite broadband customer portfolio. Furthermore, the cost of sales of goods and rendering of services and SG&A expenses continued to decrease, reflecting efficient cost and expense management. This resulted in overall stable performance during this transition. Compared to Q3 2024 (YoY), revenue from sales of goods and rendering of services decreased by 18.6 per cent due to the expiration of the USO Phase 2 project and a decline in conventional satellite services, consistent with slowing market demand.

Despite ongoing challenges from foreign exchange volatility and macroeconomic headwinds, the Company generated a core profit of Baht 7 million in Q3 2025, highlighting effective operational management and resilience. Focusing solely on the satellite business—excluding non-satellite segments and the share of loss from the telecommunications business – the Company reported Baht 21 million in core profit, exceeding the normal core profit of Baht 14 million.

The Company reported a net loss attributable to the parent of Baht 0.9 million in Q3 2025, a significant improvement from a net loss of Baht 207 million in Q2 2025. This was mainly due to foreign exchange volatility, as the Baht appreciated at a slower rate in Q3 2025 compared to Q2 2025. The Baht’s appreciation directly impacts Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally. Acknowledging the volatility of exchange rates, the Company has taken proactive steps to mitigate the impact through foreign exchange risk management and business diversification strategies.

The Company has entered into an export credit agency (ECA)-backed financing agreement totaling $184 million for the THAICOM 10 satellite program. This was executed by its subsidiary, STI, in collaboration with Deutsche Bank and Standard Chartered, under the guarantee of the French ECA, Bpifrance Assurance Export. The financing will support the manufacturing of the THAICOM 10 satellite built by Airbus Defense and Space of France.

The Company and Advanced Info Service Public Company Limited (AIS), in collaboration with the National Broadcasting and Telecommunications Commission (NBTC), deployed a Satellite-on-the-Move (SOTM) vehicle to support the Royal Thai Army’s missions in operational areas along the Thai-Cambodian border. The Company’s SOTM vehicle is designed to provide stable and high-speed communication in remote areas, especially along the border, to support the coordination of military units.

The Company, Pollution Control Department (PDC), and Thailand Institute of Scientific and Technological Research (TISTR) signed an MOU to develop a PM2.5 prediction model. This model utilises satellite data combined with Artificial Intelligence and Machine Learning technologies to enhance the efficiency of area-specific air quality management, providing forecasts up to seven days in advance. The results are displayed via the Pollution Control Department website, enabling the public and relevant agencies to plan and respond in a timely manner.

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