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MarketBeat
Tue, March 17, 2026 astatine 11:56 AM CDT 10 min read
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Telesat pushed afloat planetary commercialized work for its Lightspeed LEO constellation astir 3 months to the extremity of Q1 2028 owed to delayed ASICs from SatixFy/MDA, portion archetypal launches stay connected way for end‑2026 and astir 96 satellites are expected successful orbit by end‑2027; spot transportation is simply a cardinal docket risk.
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Telesat volition adhd Mil‑Ka capableness crossed the archetypal 156 Lightspeed satellites—dedicating 500 MHz (25% of user‑link spectrum)—at a humble ~$25 cardinal outgo with nary docket impact, targeting defence opportunities (including a US SHIELD IDIQ, a Hanwha MOU, and Canada’s ESCP‑P).
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2025 adjusted EBITDA bushed guidance astatine CAD 213 cardinal though nett nonaccomplishment widened to CAD 530 million; absorption expects GEO gross to diminution to CAD 300–320 cardinal successful 2026 and plans to ramp Lightspeed concern to CAD 1.0–1.2 billion, saying disposable financing should money Lightspeed but noting CAD 1.7 cardinal of Telesat Canada indebtedness maturing successful Dec 2026.
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Telesat (NASDAQ:TSAT) executives highlighted advancement connected the company’s Lightspeed debased Earth orbit (LEO) outer programme and discussed ongoing unit successful its bequest geostationary (GEO) concern during an net telephone covering 2025 results and 2026 expectations.
Chief Executive Officer Dan Goldberg said the institution was “pleased” with 2025 results, noting it finished up of adjusted EBITDA guidance contempt what helium described arsenic “structural challenges” successful GEO. Goldberg said absorption has focused connected optimizing the GEO outgo operation to maximize currency flow, portion prioritizing Lightspeed deployment and commercialized traction.
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Goldberg reiterated that the archetypal Lightspeed satellites are inactive scheduled to motorboat astatine the extremity of 2026, followed by what helium described arsenic a “very dense motorboat cadence” done 2027. However, helium said the institution present expects afloat planetary commercialized work to statesman astir 3 months aboriginal than antecedently anticipated, shifting to astir the extremity of the archetypal 4th of 2028.
The hold is tied to the readiness of application-specific integrated circuits (ASICs) utilized successful Lightspeed satellites’ onboard processors and phased-array antennas. Goldberg said these chips were being developed by SatixFy, which was acquired by MDA past year. He called spot transportation a cardinal docket hazard for the programme and said Telesat is tracking improvement “pretty forensically.” Based connected assurances from MDA—Lightspeed’s premier outer contractor—Goldberg said the institution believes the chips volition beryllium disposable successful clip to enactment the updated schedule.
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