• Imagine an Amazon Web Services (AWS) or Microsoft Azure, but providing satellite connectivity and communication infrastructure from space.
• It's like American Tower or Crown Castle, but instead of ground-based cell towers, they own and operate a fleet of satellites providing communication capacity to businesses and governments worldwide.

• Broadcast Services: Facilitates the transmission of television programming, audio, and information channels for DTH providers, broadcasters, and cable networks, including value-added and occasional use services.
• Enterprise & Network Connectivity: Provides satellite capacity and end-to-end solutions for businesses, internet/cellular backhaul, rural telephony, and specialized communication for maritime, aeronautical, oil & gas, and mining industries.
• Government Services: Delivers mission-critical satellite communication services to government entities, including the U.S. and Canadian governments.
• Direct-to-Consumer Broadband: Offers direct satellite-based broadband internet access to individual consumers.
• Consulting and Satellite Operations: Provides expert consulting services related to space and earth segments, satellite control, and research, alongside operating satellite and hybrid networks.

Telesat (TSAT) primarily sells its mission-critical communication services to other companies and governments (B2B and B2G customers) worldwide, rather than directly to individual consumers. The provided company description does not list specific names of its major customer companies. However, it identifies several key categories of organizations it serves:

• Broadcast and Direct-To-Home (DTH) Service Providers & Cable Networks: Telesat enables these customers to deliver television programming, audio, and information channels to their subscribers and transmit broadcast services.
• Telecommunications Carriers and Network Services Integrators: The company provides satellite capacity and end-to-end services for enterprise connectivity, internet and cellular backhaul, and rural telephony to these entities.
• Governments: Telesat offers services to the U.S. government (often through government service integrators) and provides satellite services directly to the Canadian government.
• Maritime and Aeronautical Markets: This includes companies operating commercial airplanes and vessels, for which Telesat provides broadband communication services.
• Oil & Gas and Mining Industries: Telesat offers specialized communications services for companies operating in these sectors.
• Enterprise and Consulting Customers: A broad range of businesses and consulting firms utilize Telesat's communication and consulting services.

• MDA Ltd. (TSX: MDA)
• Thales (EPA: HO)
• Leonardo S.p.A. (BIT: LDO)
• Airbus SE (ETR: AIR)
• SpaceX
• Blue Origin

Daniel S. Goldberg, President and Chief Executive Officer

Daniel S. Goldberg has served as President and Chief Executive Officer of Telesat since 2006. Under his leadership, Telesat expanded its global footprint and initiated the development of the Telesat Lightspeed Low Earth Orbit (LEO) satellite constellation. Prior to joining Telesat, Mr. Goldberg was CEO of SES New Skies, following its acquisition by SES, where he also sat on the SES Executive Committee. Before the acquisition, he held successive leadership roles at New Skies, including CEO, Chief Operating Officer, and General Counsel. Earlier in his career, he held senior legal and regulatory positions at PanAmSat and practiced law at Covington & Burling, served as a Deputy Prosecutor, and was an associate lawyer at Goldberg, Godles, Wiener & Wright. Mr. Goldberg earned his undergraduate degree from the University of Virginia and a law degree from Harvard Law School.

Donald Tremblay, Chief Financial Officer

Donald Tremblay is Telesat's Chief Financial Officer, appointed effective October 20, 2025, succeeding Andrew Browne. He brings over 35 years of financial expertise and leadership, including at publicly listed companies in high-growth, capital-intensive industries. His experience includes equity and debt capital market transactions, mergers and acquisitions, compliance, and risk management. Before joining Telesat, Mr. Tremblay served as CFO of Champion Iron. As CFO of Transalta, he restructured the company's balance sheet, and as CFO of Brookfield Renewable, he significantly grew the organization's market capitalization. He is a certified public accountant and holds a Bachelor of Business Administration in accounting from the Université du Québec en Outaouais.

Michel Forest, Chief Technology Officer

Michel Forest will become Telesat's Chief Technology Officer, effective at the end of February 2025, following the retirement of David Wendling. In this role, he will oversee satellite operations, satellite and systems engineering, launch activities, and program management. Most recently, Mr. Forest served as Telesat's Vice President of LEO System Engineering, where he led the end-to-end architecture and system performance of the advanced Telesat Lightspeed constellation. Prior to his decade-long career at Telesat, he held leadership positions in satellite systems and antenna engineering at MDA Space.

Asit Tandon, Chief Network and Information Officer

Asit Tandon joined Telesat as Chief Network and Information Officer, effective January 13, 2025. He is responsible for the terrestrial elements of the Telesat Lightspeed network, including Network Operations systems, the Network Operations Center, facilities, program management, customer fulfillment, and network and corporate IT systems. Mr. Tandon brings deep expertise from a distinguished career in planning, deploying, and operating telecom networks, having held leadership roles at Hutchison-3 Indonesia, Bharti Airtel, and Siemens Ltd.

Glenn Katz, Chief Commercial Officer

Glenn Katz is Telesat's Chief Commercial Officer, a position he assumed in October 2021 as the company's first CCO. He is responsible for product development, product management, product marketing, and leading the international sales team for all Telesat services. Before joining Telesat, Mr. Katz served as Senior Vice President and General Manager of Enterprise Solutions for Comcast Business, an organization he helped launch and expand over seven years. His previous roles include President and CEO of Spacenet, Inc., Interim President and CEO of Starband, and various executive and engineering positions with Gilat Satellite Networks, Scientific Atlanta, and Digital Transmission Systems. Mr. Katz holds Master and Bachelor degrees in Electrical Engineering from the Georgia Institute of Technology.

The key risks to Telesat's business primarily revolve around its financial health and the successful deployment and monetization of its ambitious Lightspeed low-Earth orbit (LEO) satellite constellation, alongside challenges in its legacy geostationary (GEO) business.

1. Significant Financial Risk and Debt Burden: Telesat faces substantial financial risk due to its considerable debt load, including a US$1.9 billion senior secured term loan and US$500 million senior secured notes maturing in December 2026. The company's ability to refinance this debt is highly uncertain amidst ongoing earnings weakness and limited capital market access, leading to concerns about potential distressed exchanges or restructuring. There have also been creditor lawsuits alleging insolvency and asset transfers to avoid creditors, highlighting severe financial deterioration. This debt burden is compounded by a period of negative cash flow as the company incurs massive capital expenditures for Lightspeed before new revenue ramps up.
2. Execution Risks with Telesat Lightspeed Constellation: The success of the Telesat Lightspeed constellation, a crucial element for the company's future, is subject to significant execution risks. These include challenges in securing full financing, keeping the program on budget and on schedule, and achieving substantial revenue generation from broadband satellite communication markets that have historically seen modest growth. The project has already encountered supply chain delays, affecting manufacturing and launch timelines. Furthermore, Telesat faces intense competition from well-capitalized LEO competitors such as Starlink, OneWeb, Viasat, and Amazon Kuiper, some of whom are expected to enter the market years ahead of Lightspeed. The company's reliance on a major competitor like SpaceX for satellite launches also presents a risk.
3. Declining Revenue from Legacy GEO Business: Telesat's existing geostationary (GEO) satellite business is experiencing a higher-than-expected rate of revenue erosion and customer losses. This decline is attributed to reduced rates on renewed contracts with direct-to-home television providers and decreased demand for services from other clients, coupled with an aging satellite fleet. This ongoing revenue decrease from the legacy segment exacerbates the company's financial pressures as it simultaneously invests heavily in the Lightspeed project and awaits new revenue streams from the LEO constellation.

The proliferation and rapid deployment of competing Low Earth Orbit (LEO) satellite constellations, such as Starlink, OneWeb, and Project Kuiper, pose a clear emerging threat to Telesat's traditional geostationary (GEO) satellite services. These LEO constellations offer significantly lower latency and potentially higher data speeds, directly competing with and offering a disruptive alternative to Telesat's existing GEO offerings for services like internet and cellular backhaul, direct-to-consumer broadband, and broadband communication services for maritime and aeronautical markets.

Direct-to-Home (DTH) Television and Satellite Broadcasting

Satellite Backhaul and Enterprise Connectivity

Maritime Satellite Communication

Aeronautical/Aviation Communication

Total Addressable Market for LEO Services (Telesat Lightspeed)

Telesat Corporation (TSAT) is expected to experience significant revenue growth over the next two to three years, primarily driven by the following factors:

1. Commercialization of the Telesat Lightspeed Low Earth Orbit (LEO) Constellation: The deployment and full commercialization of the Telesat Lightspeed constellation are anticipated to be the foremost drivers of future revenue growth. Initial Lightspeed satellites are planned for launch in mid-2026, with global service expected to commence in late 2027, leading to a substantial revenue ramp through 2028. Analysts project an average annual revenue growth of 19% for Telesat over the next three years, largely attributable to the Lightspeed project. The company has already secured a robust commercial pipeline, with a committed backlog for Lightspeed exceeding CAD 1 billion as of the second quarter of 2025.
2. Expansion into High-Growth Enterprise, Government, and Mobility Markets: The Lightspeed constellation is strategically designed to cater to the escalating demand for high-capacity, low-latency broadband connectivity across various sectors. Telesat is targeting the fixed and mobile network operators, aeronautical and maritime users, enterprise customers requiring resilient backhaul, and government agencies. The company has reported strong customer interest, particularly within the aviation and government segments, since the Lightspeed project secured its financing. Initial service offerings will focus on government, mobility, and enterprise backhaul to accelerate revenue generation.
3. Diversification of Revenue Streams and Global Market Reach: Telesat is undergoing a pivotal shift, repositioning itself from a traditional Geostationary (GEO) satellite operator to a cutting-edge LEO network provider. This strategic move aims to diversify its revenue streams by tapping into new markets and offering innovative services. The Lightspeed constellation is designed to deliver fiber-like connectivity, extending the reach of internet and 5G networks, specifically targeting unserved and underserved communities globally. This expansion is supported by leveraging sovereign partnerships and anchor national contracts, including in Canada, to secure multi-year capacity commitments and expand reseller ecosystems with telecom operators and internet service providers.

Share Repurchases

• Telesat repurchased $75.0 million (US$60 million) face value of 6.5% Senior Unsecured Notes in March and April 2022 for $37.2 million (US$29.8 million) through open market purchases.
• An additional $35.0 million (US$28.0 million) face value of 6.5% Senior Unsecured Notes were repurchased in April 2022 for $17.8 million (US$14.2 million).
• As of November 2025, cumulative principal amount of debt repurchases totaled USD 857 million at a cost of USD 450 million, resulting in approximately USD 53 million in annual interest savings and a 36% reduction in overall debt.

Share Issuance

• The number of outstanding shares for Telesat increased from 12.02 million in 2021 to 14.79 million as of February 2026.
• As part of the funding agreements for the Lightspeed constellation, the Government of Canada received warrants for 10% of Telesat LEO common shares (based on a US$3 billion equity valuation), and the Government of Quebec received warrants for 1.87%.

Inbound Investments

• In September 2024, Telesat completed funding agreements with the Government of Canada for a CAD 2.14 billion loan and the Government of Quebec for a CAD 400 million loan, providing a total of CAD 2.54 billion for the Telesat Lightspeed constellation.
• An initial Memorandum of Understanding (MOU) in February 2021 outlined a CAD 400 million investment into Telesat Lightspeed from the Government of Quebec, including CAD 200 million in preferred equity and a CAD 200 million loan.

Outbound Investments

• In November 2025, Telesat invested US$5 million in Farcast, a San Francisco-based startup, to develop advanced satellite User Terminals for the Telesat Lightspeed network.

Capital Expenditures

• Telesat's expected capital expenditures for the full year 2025 are projected to be in the range of CAD 900 million to CAD 1.1 billion, with virtually all of it allocated to the Telesat Lightspeed program.
• Capital expenditures for the Lightspeed program were expected to be between CAD 1 billion and CAD 1.4 billion for 2024.
• The total growth capital expenditures for the construction of the Telesat Lightspeed constellation are estimated to be approximately US$3.5 billion.