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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Financial Instruments [Abstract]

Schedule of Maturity of Financial Assets

The following table provides breakdown by maturity of financial assets as at September 30, 2025:

		Carrying amount			Contractual cash flows
		Carrying amount			Remaining 2025			2026			2027			2028			2029			Thereafter
Cash and cash equivalents		$	482,605		$	482,605		$	—		$	—		$	—		$	—		$	—
Trade and other receivables, excluding deferred receivables			47,422			47,422			—			—			—			—			—
Deferred receivables			22,276			2,228			15,968			949			828			768			1,535
Other financial assets			1,593			442			—			—			—			—			1,151
		$	553,896		$	532,697		$	15,968		$	949		$	828		$	768		$	2,686

Schedule of Contractual Maturities of Financial Liabilities

The contractual maturities of financial liabilities as at September 30, 2025 were as follows:

		Carrying amount			Contractual cash flows (undiscounted)			Remaining 2025			2026			2027			2028			2029			Thereafter
Trade and other payables		$	111,577		$	111,577		$	111,577		$	—		$	—		$	—		$	—		$	—
Customer and other deposits			1,380			1,380			610			475			—			—			—			295
Satellite performance incentive payments			12,776			15,214			863			3,485			2,663			2,545			2,545			3,113
Derivative liabilities			726,941			726,941			—			—			—			—			—			726,941
Other financial liabilities			2,414			2,414			2,414			—			—			—			—			—
Indebtedness(1)			3,444,032			7,173,074			78,078			2,567,396			636,647			223,349			489,789			3,177,815
		$	4,299,120		$	8,030,600		$	193,542		$	2,571,356		$	639,310		$	225,894		$	492,334		$	3,908,164

(1) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on repayment. The contractual cash flows for Telesat Lightspeed Financing include anticipated future drawings and mandatory repayments against the loan.

Schedule of Interest Payable and Interest Payments

The interest payable and interest payments included in the carrying value and contractual cash flows, respectively, in the above table, were as follows:

		Interest payable			Interest payments
Satellite performance incentive payments		$	38		$	2,476
Indebtedness		$	35,860		$	1,258,233

Schedule of Financial Assets and Financial Liabilities

Financial assets and liabilities recorded on the balance sheets and the fair value hierarchy levels used to calculate those values were as follows:

As at September 30, 2025		Amortized cost				Fair value through profit or loss				Fair value				Fair value hierarchy
Cash and cash equivalents		$	482,605			$	—			$	482,605			Level 1
Trade and other receivables			53,187				—				53,187			(1)
Other current financial assets			442				—				442			Level 1
Other long-term financial assets			17,662				—				17,662			Level 1
Trade and other payables			(111,577	)			—				(111,577	)		(1)
Other current financial liabilities			(41,537	)			—				(41,571	)		Level 2
Other long-term financial liabilities			(10,894	)			(726,941	)			(737,642	)		Level 2, Level 3
Indebtedness(2)			(3,408,172	)			—				(2,628,199	)		Level 2
		$	(3,018,284	)		$	(726,941	)		$	(2,965,093	)

As at December 31, 2024		Amortized cost				Fair value through profit or loss				Fair value				Fair value hierarchy
Cash and cash equivalents		$	552,064			$	—			$	552,064			Level 1
Trade and other receivables			158,930				—				158,930			(1)
Other current financial assets			565				—				565			Level 1
Other long-term financial assets			9,767				—				9,767			Level 1
Trade and other payables			(158,276	)			—				(158,276	)		(1)
Other current financial liabilities			(26,483	)			—				(26,272	)		Level 2
Other long-term financial liabilities			(13,421	)			(617,135	)			(630,962	)		Level 2, Level 3
Indebtedness(2)			(3,098,058	)			—				(1,688,023	)		Level 2
		$	(2,574,912	)		$	(617,135	)		$	(1,782,207	)

(1) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.

(2) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on prepayment (December 31, 2024 — excludes deferred financing costs, prepayment options and loss on prepayment).

Schedule of Calculation of Fair Value of the Indebtedness

The rates used, which are a percentage of face value of the indebtedness, were as follows:

		September 30, 2025			December 31, 2024
Term Loan B – U.S. Facility – Senior Secured Credit Facilities		79.50	%		55.88	%
2027 Senior Unsecured Notes		49.64	%		40.66	%
2027 Senior Secured Notes		77.13	%		56.10	%
2026 Senior Secured Notes		80.44	%		56.72	%
Telesat Lightspeed Financing		81.77	%		—	%

Schedule of Telesat Financing Warrants

For the nine-months ended September 30, 2025, the value of the Telesat Financing Warrants was as follows:

		Government of Canada			Government of Quebec			Total
As at December 31, 2024		$	519,948		$	97,187		$	617,135
Change in fair value			92,492			17,288			109,780
Impact of foreign exchange			21			4			25
As at September 30, 2025		$	612,461			114,479			726,940