Telesat Corp

Telesat Corporation expanded its fully funded Lightspeed constellation from 156 to 225 satellites to meet increased defense and sovereign requirements while restoring commercial capacity. The company increased its 2026 Lightspeed investment guidance to CAD 1.3 billion–1.5 billion to account for the accelerated deployment of 69 additional satellites, while maintaining the target for global commercial availability in the first quarter of 2028. Telesat secured the first contract for the ESCAPE program with the Canadian Armed Forces, providing critical Arctic communications and driving a $5.6 billion Lightspeed backlog, with the contract including US$1.5 billion in milestone payments critical to full funding. The company also reported a $475 million increase in the fair value of Lightspeed warrants, now valued at over $1.3 billion, and reiterated full-year 2026 GEO segment guidance with revenue of $300 million–$320 million and adjusted EBITDA of $210 million–$230 million.

MDA Space reported second-quarter revenue growth of 34% year-over-year, with adjusted EBITDA of $96 million and a 19.3% margin, prompting the company to raise its full-year guidance. The company achieved a book-to-bill ratio of 1.6 times in the quarter, and its pro forma backlog reached $4.4 billion following the Telesat expansion. Strategic acquisitions of Blue Canyon Technologies and CLS are expected to add $5 billion to the pipeline and double recurring revenue. New contracts from Telesat, the Canadian Space Agency, Mitsubishi Electric, BAE Systems, and OHB demonstrate diversified growth across defense, lunar, and commercial programs. Free cash flow turned negative at negative $178 million in the first half of 2026 due to working capital fluctuations and higher capital expenditures, while adjusted earnings per share remained flat at $0.36 as higher net income was offset by an increased share count from equity issuance.

Telesat GEO Inc., a subsidiary of Telesat Corporation, is preparing to execute its Upper C-band transition plan after the U.S. Federal Communications Commission adopted its Upper C-band Report and Order. The order repurposes 160 MHz of Upper C-band spectrum in the contiguous United States for next-generation terrestrial wireless services. Telesat GEO Inc. is eligible to receive US$189 million in incentive payments, contingent upon meeting specified transition deadlines, and the order confirms reimbursement of reasonable and necessary transition costs. Satellite operators must submit transition plans by November 5, 2026, outlining steps to clear the designated spectrum. Telesat will continue to engage with affected stakeholders to support a smooth transition and maintain reliable satellite services.

Telesat Corporation announced the appointment of Ralph (Cody) Kittle to its Board of Directors. Mr. Kittle, a nominee of MHR Fund Management LLC, succeeds Michael Targoff, who served on the board for nearly 19 years. Mr. Kittle is the Founder and CEO of RenWave Kore, a private equity firm with more than $1.5 billion in assets under management, and previously served as a Portfolio Manager at Elliott Management. He currently serves on the board of Freddie Mac, where he chairs the Audit Committee. Telesat Board Chair Mark Rachesky expressed gratitude for Mr. Targoff's long service and welcomed Mr. Kittle's investment management and board experience.

Telesat GEO Inc., a subsidiary of Telesat Corporation, announced it is donating high-power satellite capacity to Venezuelan telecommunications company Top Comunications to support disaster recovery following last week’s devastating earthquakes. Top Comunications will use the high throughput capacity on Telstar 19 VANTAGE to enable faster restoration of critical communications infrastructure and support emergency coordination and public safety operations for government entities, first responders, and mobile network operators. Glenn Katz, Telesat’s Chief Commercial Officer, said satellite connectivity plays a critical role in the aftermath of a natural disaster like this one and that the company is honoured to support Venezuelans as they work to recover and rebuild.