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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Information [Abstract]

Schedule of Operating Segment

The segment information regularly reviewed by the CODM and the reconciliation thereof to the net income (loss) as well as the capital expenditures by operating segment are included in the following tables:

Nine months ended September 30, 2025		GEO				LEO				Other				Consolidated
Revenue		$	321,395			$	2,520			$	—			$	323,915
Operating expenses, net of share-based compensation and non-recurring items(1)			(97,353	)			(50,728	)			(2,923	)			(151,004	)
Adjusted EBITDA(1)		$	224,042			$	(48,208	)		$	(2,923	)			172,911
Share-based compensation															(8,610	)
Non-recurring items(2)															(1,836	)
Depreciation															(77,991	)
Amortization															(33,852	)
Other operating gains (losses), net															4,070
Operating income															54,692
Interest expense															(164,492	)
Interest and other income															18,760
Gain on repurchase of debt															6,896
Gain (loss) on changes in fair value of financial instruments															(109,780	)
Gain (loss) on foreign exchange															84,808
Income (loss) before income taxes															(109,116	)
Tax (expense) recovery															12,105
Net income (loss)														$	(97,011	)
Capital expenditures		$	2,998			$	521,608			$	—			$	524,606

Three months ended September 30, 2025		GEO				LEO				Other				Consolidated
Revenue		$	100,515			$	545			$	—			$	101,060
Operating expenses, net of share-based compensation and non-recurring items(1)			(36,765	)			(16,476	)			(979	)			(54,220	)
Adjusted EBITDA(1)		$	63,750			$	(15,931	)		$	(979	)			46,840
Share-based compensation															(3,018	)
Non-recurring items(2)															(614	)
Depreciation															(26,168	)
Amortization															(11,314	)
Other operating gains (losses), net															251
Operating income															5,977
Interest expense															(54,197	)
Interest and other income															5,718
Gain on repurchase of debt															—
Gain (loss) on changes in fair value of financial instruments															(63,120	)
Gain (loss) on foreign exchange															(32,282	)
Income (loss) before income taxes															(137,904	)
Tax (expense) recovery															16,821
Net income (loss)														$	(121,083	)
Capital expenditures		$	739			$	139,097			$	—			$	139,836

Nine months ended September 30, 2024		GEO				LEO				Other				Consolidated
Revenue		$	429,404			$	13,645			$	—			$	443,049
Operating expenses, net of share-based compensation and non-recurring items(1)			(83,435	)			(46,556	)			(2,770	)			(132,761	)
Adjusted EBITDA(1)		$	345,969			$	(32,911	)		$	(2,770	)			310,288
Share-based compensation															(14,504	)
Non-recurring items(2)															(2,065	)
Depreciation															(100,272	)
Amortization															(8,438	)
Other operating gains (losses), net															2,254
Operating income															187,263
Interest expense															(185,815	)
Interest and other income															57,033
Gain on repurchase of debt															193,690
Gain (loss) on foreign exchange															(67,215	)
Income (loss) before income taxes															184,956
Tax (expense) recovery															(40,192	)
Net income (loss)														$	144,764
Capital expenditures		$	4,041			$	656,632			$	—			$	660,673

Three months ended September 30, 2024		GEO				LEO				Other				Consolidated
Revenue		$	137,337			$	1,104			$	—			$	138,441
Operating expenses, net of share-based compensation and non-recurring items(1)			(26,869	)			(13,686	)			(1,642	)			(42,197	)
Adjusted EBITDA(1)		$	110,468			$	(12,582	)		$	(1,642	)			96,244
Share-based compensation															(3,061	)
Non-recurring items(2)															(677	)
Depreciation															(32,233	)
Amortization															(2,807	)
Other operating gains (losses), net															2,272
Operating income															59,738
Interest expense															(59,443	)
Interest and other income															15,668
Gain on repurchase of debt															21,368
Gain (loss) on foreign exchange															35,675
Income (loss) before income taxes															73,006
Tax (expense) recovery															(5,164	)
Net income (loss)														$	67,842
Capital expenditures		$	1,753			$	324,653			$	—			$	326,406

(1) The performance of each segment is evaluated by the CODM based on Adjusted EBITDA. Adjusted EBITDA is defined as operating income (excluding certain operating expenses such as share-based compensation expenses and unusual and non-recurring items, including restructuring related expenses) before interest expense, taxes, depreciation and amortization. Adjusted EBITDA margin is used to measure Telesat’s operating performance.

(2) Non-recurring payments include severance payments and special compensation and benefits for executives and employees.

Schedule of Revenue Derived from Services

Revenue derived from the above services was as follows:

		Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024
Broadcast		$	48,615		$	71,949		$	154,897		$	217,923
Enterprise			50,503			63,133			159,936			203,096
Consulting and other			1,942			3,359			9,082			22,030
Revenue		$	101,060		$	138,441		$	323,915		$	443,049

Schedule of Revenue Derived from Segments

Revenue derived from the GEO operating segment was as follows:

		Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024
Broadcast		$	48,615		$	71,949		$	154,897		$	217,923
Enterprise			50,503			63,133			159,936			203,096
Consulting and other			1,397			2,255			6,562			8,385
Revenue		$	100,515		$	137,337		$	321,395		$	429,404

Revenue derived from the LEO operating segment was as follows:

		Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024
Consulting and other		$	545		$	1,104		$	2,520		$	13,645
Revenue		$	545		$	1,104		$	2,520		$	13,645

Schedule of Equipment Sales within Services

Equipment sales included within the various services were as follows:

		Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024
Broadcast		$	1		$	—		$	1		$	—
Enterprise			334			339			1,686			6,029
Equipment sales		$	335		$	339		$	1,687		$	6,029

Schedule of Geographic Regions

Revenue by geographic region was based on the point of origin of the revenue, which was the destination of the billing invoice, and was allocated as follows:

		Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024
Canada		$	55,063		$	64,333		$	169,850		$	200,873
United States			28,942			50,815			99,750			167,974
Latin America & Caribbean			7,483			9,293			22,606			27,366
Europe, Middle East & Africa			7,225			8,077			21,906			24,079
Asia & Australia			2,347			5,923			9,803			22,757
Revenue		$	101,060		$	138,441		$	323,915		$	443,049

The satellites and intangible assets have been classified based on ownership. Satellites, property and other equipment, and intangible assets by geographic region were allocated as follows:

As at,		September 30, 2025			December 31, 2024
Canada		$	2,331,339		$	1,903,673
United Kingdom			303,509			349,619
United States			12,916			14,964
Europe, Middle East & Africa (excluding United Kingdom)			4,477			7,427
All others			1,378			1,460
Satellites, property and other equipment		$	2,653,619		$	2,277,143

As at,		September 30, 2025			December 31, 2024
Canada		$	445,897		$	477,221
United States			6,334			7,896
Latin America & Caribbean			8,720			8,817
All others			452			3,532
Intangible assets		$	461,403		$	497,466

Other long-term assets by geographic region were allocated as follows:

As at,		September 30, 2025			December 31, 2024
Canada		$	370,461		$	516,507
United States			25,964			—
Other long-term assets		$	396,425		$	516,507