08:24 AM EDT, 03/17/2026 (MT Newswires) -- Telesat ( TSAT ) on Tuesday reported net loss which narrowed in the fourth quarter, despite a lower revenue.

The company reported fourth quarter net loss of C$433.2 million, compared to a $447.2 million loss in the corresponding year-ago quarter. The company said that the improvement was primarily due to a foreign exchange gain in the fourth quarter of 2025, as compared to a loss in 2024, both due to the impact of changes in the US Dollar/Canadian Dollar exchange rate on the Canadian dollar value of its US Dollar-denominated debt, largely offset by the impact of lower revenue and a charge associated with the increased value of the Telesat LEO warrants.

Net loss per common share attributable to Telesat Corporation ( TSAT ) shareholders for the fourth quarter was $8.48 per share, compared to a net loss of $8.97 per share in the year-ago quarter.

Telesat ( TSAT ) reported fourth-quarter consolidated revenue of $94 million, down from $128 million the prior year quarter. The company said that the decrease was primarily due to rate and capacity reductions by certain of its North American DTH customers and lower revenue from enterprise customers serving rural broadband customers. The consensus estimates compiled by FactSet for sales was $92.7 million.

"Telesat ( TSAT ) made strong progress on multiple fronts in 2025," said Dan Goldberg, Telesat's ( TSAT ) President and Chief Executive Officer. "The development of the Telesat Lightspeed constellation - the satellites, associated software, user terminals, and landing stations - continues to move forward at a rapid pace. We're seeing strong interest in Telesat Lightspeed from customers across our target market segments, with demand from government users for defence and sovereignty requirements being particularly robust at this time.

For 2026, Telesat ( TSAT ) said it expects full year GEO revenue to be between $300 million and $320 million, GEO adjusted EBITDA to be between $210 million and $230 million, excluding non-recurring capital structure optimization costs, and total spending on the Telesat Lightspeed project, including both expensed and capitalized costs, to be between $1 billion and $1.2 billion.

"Finally, we remain focused on refinancing the Telesat Canada debt, which relates to our GEO business, that begins to mature late this year," added the CEO. "To that end, our advisors are engaging closely with the advisors of certain of the large Telesat Canada lenders on this matter."

The company also announced on Tuesday in a separate release, that it is adding 500 MHz of military Ka-band (Mil-Ka) spectrum to the initial 156 satellites in the Telesat Lightspeed constellation to meet the fast-growing global requirements of allied defence users.

The company said that the 500 MHz of Mil-Ka will replace the same amount of commercial Ka-band spectrum on the network's user link, with the gateway link being unaffected by the spectrum change.

The company added that the first two Telesat Lightspeed production satellites will be launched in December 2026, followed by a high cadence launch schedule throughout 2027.