Telesat Corporation (TSE:TSAT) has released an update.
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Telesat Corporation announced a 7% decrease in annual revenue for 2023, attributed to lower rates with satellite TV customers and a one-time equipment sale in the previous year. Despite the revenue dip, they reported a substantial net income of $583 million, reversing the prior year’s loss, largely due to C-band clearing proceeds and debt repurchase gains. The company plans to focus on their Telesat Lightspeed program in 2024, anticipating a transformative impact on broadband connectivity despite an expected decline in Adjusted EBITDA.
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