Telesat reports Q1 2026 revenue drop, invests $171M in Lightspeed LEO satellite program, expects service launch in early 2028

Telesat announced a 25% revenue decline to $87 million and a net loss of $151 million for Q1 2026, mainly due to lower GEO segment revenue and a goodwill impairment. The company invested $171 million in its Lightspeed Low Earth Orbit (LEO) satellite program, aiming to start global commercial service by Q1 2028. Despite revenue pressures, Telesat maintains its 2026 guidance for GEO revenue and adjusted EBITDA and secured a multi-year contract with Northwestel for rural broadband in Nunavut. The addition of Military Ka-band spectrum to Lightspeed enhances its appeal to government and defense sectors globally.