Satellite operator Telesat's (TSAT.TO) loss widened year over year in the first quarter amid revenue pressures, the company said Tuesday.
Telesat reported an attributable net loss of C$45.5 million, or a loss of $3.04 per share, for the three months ended March 31, compared to a loss of $15.5 million, or a loss of $1.08 per share, recorded a year ago.
Analysts expected a loss of $0.93 per share, according to a consensus estimate compiled by FactSet.
Revenue slumped to $87.1 million from $116.7 million, driven by the non-renewals of certain broadcast contracts and reductions in services for fixed broadband customers at its geostationary (GEO) satellite segment.
The company recorded an impairment loss of $85.5 million on the GEO business.
Telesat booked an adjusted EBITDA of $35 million, down 48% year over year.
Despite the wider loss, Telesat reiterated its 2026 GEO revenue guidance range of $300 million to $320 million, and GEO adjusted EBITDA target of $210 million to $230 million.
The company also expects to spend $1.0 billion to $1.2 billion on its Telesat Lightspeed program for 2026.