Telesat Corporation (TSAT) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the Telesat third quarter 2025 financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star 1 on your telephone keypad. If you would like to withdraw your question, again, press star 1. I will now turn the conference over to James Radcliffe. Please go ahead. Thank you, JL, and good morning. Thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending September 30th, 2025 on Forum 6K with the SEC and on CDAR+. Our remarks today may contain forward-looking statements. There are risks that TELUSAT's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties. For a discussion of known risks, please see TELUSAT's annual report and updates filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements. I'd now like to turn the call over to Dan Goldberg, Telesat's President and Chief Executive Officer. Thanks, James, and good morning to everyone. Thanks for joining us this morning. Q3 was in line with our expectations, and I'm pleased with Telesat's performance in the first nine months of this year in both our GEO and LEO segments. In geo, our team continues to execute in a discipline-focused manner as we work to maximize the cash flow from our existing satellite fleet. The biggest revenue headwind in the quarter when compared to the third quarter of 2024 was the NIMIC 5 renewal with DISH. As we shared earlier, DISH renewed the NIMIC 5 contract, but at a lower rate and capacity that declines ove...