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Here are 1-2 brief analogies to describe Telesat:

1. Telesat is like Starlink, but for businesses and governments.

2. Telesat is like a global Verizon or AT&T, but providing satellite-based communications for businesses and governments.

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• Traditional Geostationary (GEO) Satellite Services: Provides reliable satellite capacity for broadcasters, telecommunications companies, governments, and enterprise customers globally.
• Telesat Lightspeed LEO Satellite Network: A next-generation Low Earth Orbit (LEO) constellation designed to deliver secure, high-capacity, low-latency broadband connectivity to enterprises, governments, and mobility markets worldwide.

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Telesat (symbol: TSAT) sells primarily to other companies (Business-to-Business, or B2B). While specific individual company names that constitute a major portion of their revenue are generally not publicly disclosed due to competitive and confidentiality reasons, their major customers fall into the following categories of companies:

• Telecommunications Providers: This category includes mobile network operators (MNOs), internet service providers (ISPs), and fixed-line operators worldwide. These companies use Telesat's satellite capacity for essential services such as cellular backhaul, rural broadband connectivity, and trunking services to extend their networks.
• Broadcasters and Media Companies: Television broadcasters, direct-to-home (DTH) satellite providers, and other media entities are significant customers, utilizing Telesat's satellites for the reliable distribution of video and audio content across wide geographic areas.
• Government and Defense Organizations: Various government agencies and defense entities rely on Telesat for secure, robust, and global communication services to support critical missions and operations.
• Enterprise Customers: This broad category encompasses businesses requiring high-performance connectivity in remote or mobile environments. Examples include companies in the maritime industry (shipping, cruise lines), aeronautical sector (airlines for in-flight connectivity), and energy sector (oil and gas exploration and production).

Since Telesat sells primarily to other companies and specific individual customer names representing a major portion of revenue are not publicly detailed, no public company symbols for specific customers can be provided.

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• Thales Alenia Space
• MDA Ltd. (MDA.TO)

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Daniel S. Goldberg, President and Chief Executive Officer

Daniel S. Goldberg has served as President and Chief Executive Officer of Telesat since 2006. Before joining Telesat, he was the Chief Executive Officer of SES New Skies after its acquisition by SES, and was also a member of the SES Executive Committee. Prior to becoming CEO, he held roles as Chief Operating Officer and General Counsel at New Skies. Earlier in his career, Mr. Goldberg was Associate General Counsel and Vice President of Government and Regulatory Affairs at PanAmSat. He began his career as an associate at law firms Covington & Burling and Goldberg, Godles, Wiener & Wright, and as a deputy prosecutor. Mr. Goldberg holds an undergraduate degree from the University of Virginia and a law degree from Harvard Law School. During his involvement with New Skies, the company was sold to the Blackstone Group.

Donald Tremblay, Chief Financial Officer

Donald Tremblay was appointed Chief Financial Officer of Telesat, effective October 20, 2025, succeeding Andrew Browne. He brings over 35 years of financial expertise and leadership, including experience with publicly listed companies in capital-intensive industries. Most recently, Mr. Tremblay was the CFO of Champion Iron. His previous CFO roles include TransAlta and Brookfield Renewable, where he significantly contributed to growing Brookfield Renewable's market capitalization from $300 million to over $2.5 billion. He possesses extensive experience in equity and debt capital market transactions, mergers and acquisitions, compliance, and risk management. Mr. Tremblay earned a bachelor's degree in accounting from l'Universite du Quebec en Outaouais.

Michel Forest, Chief Technology Officer

Michel Forest became Telesat's Chief Technology Officer following David Wendling's retirement at the end of February 2025. Before this role, he served as Telesat's Vice President of LEO System Engineering, where he was responsible for leading the end-to-end architecture and system performance of the Telesat Lightspeed constellation. Prior to his over ten-year career at Telesat, Mr. Forest held leadership positions in satellite systems and antenna engineering at MDA Space.

Glenn Katz, Chief Commercial Officer

Glenn Katz serves as the Chief Commercial Officer at Telesat.

Michael Schwartz, Senior Vice President, Corporate and Business Development

Michael Schwartz holds the position of Senior Vice President, Corporate and Business Development at Telesat.

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The public company Telesat (TSAT) faces several key risks to its business, primarily centered around its ambitious Lightspeed Low Earth Orbit (LEO) constellation project and the challenges in its traditional Geostationary (GEO) satellite business. The three most significant risks are:

1. High Financial Risk and Debt Related to the Lightspeed Constellation: Telesat's Lightspeed initiative requires massive capital expenditures, with projections for 2025 alone ranging from $900 million to $1.1 billion. This substantial investment has led to significant financial strain, contributing to net losses and cash burn. The company carries a substantial debt load, with total debt at CA$3.35 billion as of 2025 and a debt-to-equity ratio of 137.23%. Managing these debt maturities, such as CAD 2.4 billion due in December 2026, and refinancing efforts are critical but pose significant financial risks. Delays or cost overruns in the Lightspeed project could further exacerbate these financial pressures and limit the company's flexibility.
2. Execution Risk of the Lightspeed LEO Constellation: The successful development, deployment, and commercialization of the Lightspeed LEO constellation are paramount to Telesat's future, but this project faces considerable execution risks. These include technological complexities inherent in LEO satellite development, vulnerabilities in the supply chain, and the potential for delays in launching and making the constellation operational. The project has already experienced setbacks, including supplier changes and a reduction in the planned satellite constellation size. Any significant delays in deployment or challenges in establishing the necessary operational capabilities could negatively impact the company's ability to achieve its growth objectives and generate anticipated revenues.
3. Declining Revenue in the Legacy GEO Business and Intense Market Competition: Telesat's traditional GEO satellite business is experiencing a significant decline in revenue. This is primarily due to decreasing direct-to-home video services and pressure on renewal rates for existing GEO contracts. For instance, consolidated revenues fell 23% year-over-year in the first quarter of 2025. This decline in the legacy business adds pressure while the company is heavily investing in the Lightspeed constellation. Furthermore, the company faces intense market competition from rivals, including other LEO operators like Starlink, in key sectors such as maritime and aeronautical, which poses a threat to both its existing GEO contracts and future LEO business.

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The clear emerging threat for Telesat (TSAT) is the rapid deployment and market penetration of competing Non-Geostationary Orbit (NGSO) satellite constellations, particularly those in Low Earth Orbit (LEO) such as SpaceX's Starlink, Eutelsat's OneWeb, and Amazon's Kuiper. These constellations offer significantly lower latency and potentially higher bandwidth services compared to traditional Geostationary Earth Orbit (GEO) satellites, which constitute Telesat's primary current business. While Telesat is developing its own LEO constellation (Lightspeed), the accelerated build-out and aggressive market expansion of these competitors pose a direct challenge to Telesat's existing GEO customer base by offering a technologically superior alternative for many broadband applications, and threaten the market share and pricing power of Telesat's future LEO services.

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Telesat (TSAT) operates in the satellite communication industry, with its main products and services encompassing satellite communication solutions via its geostationary (GEO) satellite fleet and its upcoming Low Earth Orbit (LEO) constellation, Telesat Lightspeed. These services cater to broadcast, telecom, corporate, and government customers globally.

Addressable Market Sizes:

• Geostationary (GEO) Business: The total addressable market (TAM) for Telesat's GEO business is estimated to reach approximately US$15.6 billion by the end of 2025, globally.
• Telesat Lightspeed (LEO Constellation):
  • The estimated total addressable market (TAM) for LEO services is approximately US$425 billion in 2025, globally, and is projected to nearly double by 2032.
  • Specifically for the enterprise market, the addressable market for LEO broadband connectivity is estimated at US$320 billion, globally.
  • For the enterprise and telecom market opportunity addressable by LEO, the market is estimated at approximately US$415 billion in 2025, globally, with a projection to grow to approximately US$575 billion by 2030. This includes an estimated US$235 billion for the direct-to-consumer market and US$180 billion for the enterprise market opportunity.

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Telesat (TSAT) is positioning itself for future revenue growth primarily through the commercialization and expansion of its Lightspeed Low Earth Orbit (LEO) satellite network. Over the next 2-3 years, the expected drivers of revenue growth for Telesat include:

1. Commercialization and Deployment of the Telesat Lightspeed Network: The Telesat Lightspeed constellation is anticipated to launch its satellites in late 2026 and commence commercial services in 2027. This new network is central to the company's future strategy, with analysts forecasting Telesat's annual revenue to grow significantly (21.3% to 23.6%) over the next few years, largely due to the Lightspeed project. The company expects "meaningful revenue" from LEO services to begin around late 2027.
2. Expansion of Lightspeed Customer Backlog and New Agreements: Telesat has already secured a substantial backlog for Lightspeed services, reported at nearly $1.1 billion as of March 31, 2025, and exceeding CAD 1 billion by the end of the second quarter of 2025. Recent multi-year agreements with key players like Viasat Inc., Orange, and ADN Telecom for Lightspeed connectivity services highlight the strong market response and are expected to contribute to further growth in the LEO backlog. These agreements indicate a clear path for converting development into future revenue streams.
3. Penetration of Key High-Growth Market Segments with Lightspeed: The Lightspeed network has been optimized to meet the stringent requirements of various sectors, including telecommunications, government, maritime, and aeronautical customers. There is strong interest from potential clients in the aviation and government segments specifically. Telesat is also targeting the transition of enterprise users (non-video) from traditional Geostationary (GEO) services to the advanced LEO capabilities of Lightspeed, aiming to capture demand in these evolving markets.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• No explicit information available regarding share repurchases made or authorized in the provided timeframe. Debt repurchases were noted, but not share repurchases.

Share Issuance

• As part of the funding agreements for the Telesat Lightspeed constellation, the Government of Canada is receiving warrants for 10% of the common shares of Telesat LEO, based on an equity valuation for Telesat LEO of US$3 billion.
• In September 2025, Telesat distributed 62% of the equity of its Telesat Lightspeed business to an indirect subsidiary of Telesat Corporation, an internal restructuring for enhanced financing options rather than an issuance to third parties for capital raising.

Inbound Investments

• Telesat completed funding agreements totaling $2.54 billion (Canadian dollars) with the Government of Canada and the Government of Quebec for the Telesat Lightspeed Low Earth Orbit (LEO) broadband satellite constellation. This includes a $2.14 billion loan from the Government of Canada.
• The company received CAD 340 million from the first two draws on its financing facilities with the Government of Canada and Quebec during the first half of 2025. By the end of October 2025, the cumulative draw from these facilities reached CAD 540 million.

Outbound Investments

• In November 2025, Telesat made a US$5 million equity investment in Farcast, a San Francisco-based startup developing advanced satellite user terminals for the Telesat Lightspeed network, and will gain a seat on Farcast's board of directors.

Capital Expenditures

• Telesat's capital expenditures for full-year 2025 are projected to be between $900 million and $1.1 billion (Canadian dollars), with virtually all of this amount directed towards the Telesat Lightspeed project.
• For the year ended December 31, 2024, total cash capital expenditures were $1.11 billion or $1.21 billion on an accrual basis, predominantly for the Telesat Lightspeed program.
• The primary focus of these capital expenditures is the development and deployment of the Telesat Lightspeed LEO broadband satellite constellation, encompassing satellites, launch vehicles, an integrated terrestrial network of landing stations, and operational support systems.