Business
Telesat Reports Results for the Quarter and Twelve Months Ended December 31, 2024
OTTAWA, Ontario, March 27, 2025 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today
About this update from Telesat Corporation
[{"type":"text","content":"OTTAWA, Ontario, March 27, 2025 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three and twelve-month periods ended December 31, 2024. All amounts are in Canadian dollars and reported under IFRS® Accounting Standards unless otherwise noted. “Telesat achieved a great deal in 2024 and I’m pleased with our financial performance and, more importantly in terms of our future, the tremendous progress we made in moving Telesat Lightspeed, our advanced Low Earth Orbit (LEO) satellite program, forward,” commented Dan Goldberg, Telesat’s President and CEO. “Our financial results reflect our continued disciplined execution, delivering revenue and Adjusted EBITDA1 above our 2024 guidance as well as industry-leading Adjusted EBITDA margins1, a substantial GEO backlog2 of $1.1 billion, and significant cash flow.” Goldberg added: “Certainly the biggest development for Telesat last year was concluding our agreements with the Governments of Canada and Quebec for $2.54 billion in loan financing for Telesat Lightspeed. The Governments of Canada and Quebec see strong benefits associated with Telesat Lightspeed given the substantial investment, high quality job creation, and intellectual property development taking place in Canada as well as Telesat Lightspeed’s ability to bridge the digital divide and advance important sovereignty and security objectives of Canada and its allies, including in the Arctic. The Telesat Lightspeed program is making strong progress, with the successful completion of the Preliminary Design Review in December an important milestone in the development process. Our recent announcement of strategic partnerships with Space Norway, Orange, and ADN Telecom are evidence of the strong interest we’re seeing from customers for Telesat Lightspeed services.” Goldberg noted: “For 2025, our guidance reflects our expectation of continued reduction in revenues from our North American direct-to-home (DTH) satellite video customers due to the full year impact of reductions from the Nimiq 5 renewal secured with Dish last year as well as the Anik F2 and F3 satellites reaching the end of their station-kept lives. In addition, we anticipate reduced revenues from customers in the maritime and, to a lesser extent, aero markets, p...