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.
TSAT Adjusted EBITDA by Segment
| 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 |
