Telesat Corp. Advances Lightspeed Integration and Reports Q3 Financials
Telesat Corp. (TSLT) confirmed a strategic partnership with Farcast, a satellite‑terminal manufacturer, by investing US $5 million in the firm. The capital injection is earmarked for the joint development of fully integrated user terminals designed to serve Telesat’s Lightspeed low‑Earth‑orbit (LEO) satellite constellation. By aligning terminal hardware with its own orbital assets, Telesat aims to accelerate time‑to‑market for global broadband services and to capture a larger share of the emerging LEO ecosystem.
The investment follows the company’s recent announcement of Q3 2025 results. Telesat reported a revenue decline of 27.6 % year‑over‑year, bringing total sales to CAD 100.3 million from CAD 138.4 million in the prior quarter. Earnings per share turned negative at CAD −1.804, a sharp reversal from the CAD 1.27 profit recorded in the corresponding quarter of the previous year. Analysts projected an adjusted loss per share of CAD −4.11 for the full fiscal year, compared with CAD −6.29 in 2024.
Despite the quarterly loss, the company’s market capitalization remains healthy at approximately CAD 1.52 billion, and its share price closed at CAD 41.55 on 2 November 2025, within the 52‑week high of CAD 51.6. The negative price‑earnings ratio of –5.48 reflects the current investment phase and the anticipation of future profitability as Lightspeed launches.
Strategically, the Farcast partnership positions Telesat to deliver a vertically integrated service stack, from satellite to terminal, which is critical for achieving the low latency and high throughput promises of the Lightspeed network. The move also aligns with industry momentum toward LEO‑based broadband, where terminal affordability and network integration are decisive competitive factors.
Going forward, Telesat’s focus will be on completing the terminal development cycle, securing regulatory approvals, and scaling network capacity. Successful execution should translate into improved operating margins and a clearer path to profitability, potentially reversing the negative earnings trend reported in Q3 2025.
