08:09 AM EDT, 05/10/2024 (MT Newswires) -- Telesat ( TSAT ) , a global satellite operator, said Friday that it swung to a first-quarter net loss of $52.3 million from earnings of $28.4 million in the same quarter last year.

The change was primarily due to a loss on foreign exchange, the company said.

Revenue for the quarter ended March 31 was $152.2 million, down 17% from $183.4 million a year earlier. Two analysts polled by Capital IQ expected $145.7 million.

Adjusted EBITDA for Q1 was $110.7 million, down 20% from $138.9 million a year earlier.

For 2024, the company is expecting revenue of $545 million to $565 million. Two analysts surveyed by Capital IQ are expecting $560.1 million.

Adjusted EBITDA for 2024 is expected to range between $340 million and $360 million, which reflects Telesat Lightspeed operating expenses of $80 million to $90 million. The company is expecting cash flows used in investing activities to be in the range of $1 billion to $1.4 billion, which is nearly all related to expected Telesat Lightspeed capital expenditures.

The company's shares rose nearly 7% in Canada yesterday.