Want to see TSAT full AI Analyst Report?
Adjusted EBITDA by Segment
Shows cash profitability for each business unit after routine adjustments, highlighting which segments generate healthy margins and which are loss-making or absorption-heavy. Useful for identifying where operational improvements or capital reallocation could most impact the company’s bottom line.Telesat’s adjusted EBITDA mix shows a structural pivot: legacy GEO profitability is steadily shrinking while Lightspeed (LEO) remains loss-making and Other is immaterial. Management is guiding materially lower GEO revenue and EBITDA next year while committing $1.0-1.2B of Lightspeed investment in 2026, so the business will rely on LEO financing rather than GEO cash growth. That financing cushion exists today, but a large Telesat Canada debt maturing in Dec-2026 makes refinancing and execution risk the key near-term watch items for investors.
Date | Other | GEO | LEO |
|---|---|---|---|
Jun 30, 2026 | -C$1.94M | C$43.06M | -C$19.03M |
Mar 31, 2026 | -C$1.81M | C$55.22M | -C$18.27M |
Dec 31, 2025 | -C$646.00K | C$59.66M | -C$19.25M |
Sep 30, 2025 | -C$979.00K | C$63.75M | -C$15.93M |
Jun 30, 2025 | -C$740.00K | C$74.82M | -C$15.41M |
Mar 31, 2025 | -C$1.20M | C$85.47M | -C$16.86M |
Dec 31, 2024 | C$675.00K | C$97.47M | -C$24.69M |
Sep 30, 2024 | -C$1.64M | C$110.47M | -C$12.58M |
Jun 30, 2024 | -C$188.00K | C$112.56M | -C$9.07M |
Mar 31, 2024 | -C$940.00K | C$122.94M | -C$11.26M |