Telesat now expects global service on its Lightspeed constellation around the end of the second quarter of 2028. That is three months later than its previous end-of-Q1 target. CEO Dan Goldberg gave the update on the company's Oct. 29 earnings call.
Why the slip
Goldberg said Telesat is dealing with a tight launch market and is "loath to use one of our valuable Falcon 9 launch slots" for just two test satellites. Instead, those first two will ride on a third-party Falcon 9 mission around June 2027. After about two months of in-orbit testing, Telesat plans to launch 15 satellites per dedicated Falcon 9, starting around September 2027, according to Drive Tesla Canada.
Telesat has changed its deployment order so that higher-latitude service still starts around the end of Q1 2028. That covers Canadian military Arctic services and northern rural broadband.
Q3 results
- Revenue fell 20% to C$81 million from C$101 million.
- Net loss widened to C$157 million from C$121 million.
- Adjusted EBITDA fell 74% to C$12 million, partly due to C$25 million in refinancing costs.
- Telesat invested C$368 million in Lightspeed in the quarter. LEO backlog is about C$5.6 billion.
Context
In August, Telesat announced a C$2.7 billion agreement, including options, with Canada's Defence Investment Agency. Milestone payments will mainly fund growing Lightspeed from 156 to 225 satellites. Goldberg said recent Starlink and Starshield disruptions in Ukraine have "animated various governments" about resilient low-latency networks.
