Thaicom, the Asian satellite operator and space tech company, has announced its financial results for Q2 2025.

In the quarter, the company reported revenue from sales and services of Baht 535 million (€14.2m), representing an increase of Baht 35 million or 7 per cent from Baht 500 million in Q1 2025 (QoQ). This growth was primarily attributed to revenue recognition from key projects, including the professional services for THAICOM 4 and THAICOM 6, under a contract with National Telecom Public Company Limited (NT), for which revenue recognition began in Q2 2025. Incremental revenue contribution came from the gradual return of revenue from the Universal Service Obligation (USO) Phase 2 project, operated under the National Broadcasting and Telecommunications Commission (NBTC). However, compared to Q2 2024 (YoY), revenue from sales and services declined by 16.2 per cent, primarily due to the expiration of the USO Phase 2 project.

The company recorded revenue growth in its Space Technology business during the quarter, with contributions from various projects, including the agricultural technology development initiative for the Agricultural Research Development Agency (ARDA) and a drone project for the Geo-Informatics and Space Technology Development Agency (GISTDA). Progress was also made on the ‘CarbonWatch’ initiative through strategic partnerships with leading organisations, including GGC, CPAC, under SCG, and Kasetsart University.

Despite citing challenges from foreign exchange volatility and macroeconomic headwinds, the company generated a core profit of Baht 14 million in Q2. Focusing solely on the satellite business—excluding non-satellite segments and the share of loss from the telecommunications business – the company reported Baht 38 million in core profit, exceeding the normal core profit of Baht 24 million.

The company reported a net loss attributable to the owner of the company of Baht 207 million in Q2, primarily due to foreign exchange losses resulting from the appreciation of the Baht during the quarter. This surge in the Baht’s value has adversely impacted Thailand’s exports, including the company, which says it derives a significant portion of its revenues internationally.

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Tags: satellite, Space, thaicom