08:40 AM EDT, 08/06/2025 (MT Newswires) -- (Correcting the year earlier basic and diluted EPS figures in the second paragraph)

Telesat ( TSAT ) , a global satellite operator, on Wednesday reported a decline in its net income and revenue for the second quarter compared to a year earlier, while reiterating its 2025 financial outlook.

The company reported net income for the three-months ended June 30, of $75.5 million or net income per basic share $1.43 and per diluted share of $1.38, compared with $129.3 million or $2.55 per basic share and $2.45 per diluted share, a year earlier. The result per basic share beat consensus estimate compiled by FactSet around a loss per share of $1.57.

It said the change in Q2 net income was primarily due to a smaller gain on debt repurchase and lower revenue, partially offset by a gain on foreign exchange in the second quarter of 2025 as compared to a loss in the second quarter of 2024.

Revenue for the quarter decreased to $106.1 million, compared with $152.4 million, a year-ago, missing consensus estimate compiled by FactSet of $109.4 million. The company said the decrease was primarily due to a lower rate on the renewal of a long-term agreement with a North American direct-to-home television customer, to reductions in services for certain other customers, and to lower LEO consulting revenues.

"We're making strong progress on the Telesat Lightspeed technical and commercial fronts, and continuing our disciplined execution in our GEO segment," said Telesat ( TSAT ) Chief Executive Dan Goldberg. "The Telesat Lightspeed backlog stands at over $1 billion, and we remain focused on adding to that as we pursue a wide range of opportunities across our target segments of enterprise, aviation, maritime and government."

The company reiterated its 2025 financial outlook.

Shares of Telesat ( TSAT ) closed up 3.8% to $33.62 on Tuesday on the Toronto Stock Exchange.