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Telesat Down 6.4% Premarket as It Swings to a Second-Quarter Loss, Revenue Falls

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Telesat (TSAT.TO, TSAT) was last seen down 6.4% in premarket Nasdaq trade after the company on Thursday reported a second-quarter loss attributable to shareholders of C$10.89 per share compared with net income of C$1.38 per share a year earlier.

"The net loss was primarily due to non-cash losses associated with an increase in the fair value of the Telesat Lightspeed Financing Warrants and, owing to a weakening of the Canadian dollar relative to the U.S. dollar, an increase in the Canadian dollar value of our U.S. dollar-denominated debt," the company said.

Revenue for the quarter ended June 30 was C$79.5 million compared with C$106.1 million a year earlier, the company added Thursday. Analysts polled by FactSet expected revenue of C$79.7 million.

The company expects total spending on the Telesat Lightspeed satellite-internet program, including both expensed and capitalized costs, to be between C$1.3 billion and C$1.5 billion for 2026, up from the prior range of C$1.0 billion to C$1.2 billion, it added.

Shares of the company were last seen down $3.72 to $57.68 in pre-market trading.

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