Telesat

Telesat adds 500 MHz of military Ka-band capacity to the initial 156 Lightspeed satellites without changing the first-launch target. Management says the first two production satellites are still planned for late 2026, but full global commercial service has slipped to around the end of Q1 2028 because of ASIC readiness.

Q1 2026 consolidated revenue fell to CAD $87M (down 25% YoY) and adjusted EBITDA to CAD $35M (down 48%), while net loss widened to CAD $151M (partly from a non-cash goodwill impairment). Lightspeed cumulative spend reached ~CAD $2.7B. Concurrently, creditors holding ~90% of the US$1.7B Telesat Canada debt maturing in December 2026 escalated lawsuits in New York and Ontario, alleging the September 2025 transfer of 62% of Lightspeed's equity to an indirect subsidiary moved the 'crown jewels' out of creditors' reach for zero consideration. Telesat disputes the claims; the first two production satellites remain on track for December 2026.

At its virtual Annual General Meeting on June 3, 2026, Telesat shareholders approved every item of business — re-electing all ten directors (including CEO Daniel S. Goldberg and chair Michael Targoff) and reappointing Deloitte LLP as auditor. Goldberg drew 47.3M votes for against only 0.1M withheld, signaling continued shareholder backing for management as the company navigates its December 2026 debt maturities and creditor litigation.

On July 8, 2026 Telesat LEO ULC announced an agreement in principle with Canada's Defence Investment Agency to supply Telesat Lightspeed Military Ka-band (Mil-Ka) connectivity to the Canadian Armed Forces under the Enhanced Satellite Communications Project – Polar (ESCP-P). The deal would deliver secure Mil-Ka coverage across Canada's Arctic from 65°N to 90°N and builds on the late-2025 Strategic Partnership Agreement between the Defence Investment Agency, Telesat, and MDA Space. Telesat says it does not change Lightspeed's Q1 2028 global-service timing; the agreement is subject to a definitive contract expected in the coming weeks, after which Telesat intends to disclose the financial impact.

Telesat signs a substantial multi-year Lightspeed services agreement with Viasat, announces a strategic Canadian military satcom partnership with the Government of Canada and MDA Space, distributes 62% of the Lightspeed business to an indirect subsidiary, and ends the year with about CAD $1.0 billion of LEO backlog.

Completes CAD $2.54B in government funding agreements — CAD $2.14B from the Government of Canada and CAD $400M from Quebec — covering over 50% of the $3.5B program cost.

Telesat selects MDA as prime contractor for a redesigned 198-satellite Lightspeed constellation, cuts expected capital cost by roughly US$2 billion versus the prior plan, and says the program is funded through global service delivery.

Launches a pathfinder test satellite to validate LEO constellation technology, including optical inter-satellite links and Ka-band connectivity.

Telesat announces plans for a LEO broadband constellation, initially envisioned as 120 satellites. The program would later grow to 298 before being optimized to 198 satellites.

Telesat Canada is established as a Crown corporation to operate Canada's domestic satellite communications system — one of the world's first national satellite operators.