$TSAT

Telesat Corp

CIK:0001845840|SEC Filings

Consolidated Statements of Income (Loss) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenue	$ 417,956	$ 571,044	$ 704,161
Operating expenses	(211,772)	(207,767)	(204,552)
Depreciation	(104,714)	(127,274)	(182,669)
Amortization	(44,179)	(11,337)	(13,093)
Other operating gains (losses), net	(361,167)	(264,931)	264,999
Operating income	(303,876)	(40,265)	568,846
Interest expense	(217,669)	(243,757)	(270,350)
Gain on repurchase of debt	6,896	202,493	230,080
Interest and other income	26,183	23,314	66,532
Gain (loss) on changes in fair value of financial instruments	(215,338)	(12,761)
Gain (loss) on foreign exchange	106,209	(244,527)	77,758
Income (loss) before income taxes	(597,595)	(315,503)	672,866
Tax (expense) recovery	67,378	13,037	(89,596)
Net income (loss)	(530,217)	(302,466)	583,270
Net income (loss) attributable to:
Telesat Corporation shareholders	(155,354)	(87,720)	157,118
Non-controlling interest	(374,863)	(214,746)	426,152
Net income (loss)	$ (530,217)	$ (302,466)	$ 583,270
Net income (loss) per common share attributable to Telesat Corporation shareholders
Basic (in Dollars per share)	$ (10.61)	$ (6.29)	$ 11.71
Diluted (in Dollars per share)	$ (10.61)	$ (6.29)	$ 11.29
Total Weighted Average Common Shares Outstanding
Basic (in Shares)	14,640,626	13,937,443	13,417,290
Diluted (in Shares)	14,640,626	13,937,443	15,288,221

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ (530,217)	$ (302,466)	$ 583,270
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation	104,714	127,274	182,669
Amortization	44,179	11,337	13,093
Tax expense (recovery)	(67,378)	(13,037)	89,596
Interest expense	217,669	243,757	270,350
Interest income	(23,797)	(65,996)	(63,838)
(Gain) loss on foreign exchange	(106,209)	244,527	(77,758)
(Gain) loss on changes in fair value of financial instruments	215,338	12,761
Share-based compensation	4,145	17,557	33,015
(Gain) loss on disposal of assets	(3,827)	534	(59)
Gain on disposal of subsidiaries	(230)	(2,620)
Gain on repurchase of debt	(6,896)	(202,493)	(230,080)
Impairment	365,224	267,017	79,740
Deferred revenue amortization	(56,221)	(58,044)	(59,337)
Pension expense	5,452	5,648	5,674
C-band clearing income			(344,892)
Non-cash other income (expense)		33,902
Other	8,012	7,511	2,958
Income taxes paid, net of income tax received	8,220	(60,510)	(66,841)
Interest paid, net of interest received	(184,787)	(161,595)	(209,261)
Government grant received		2,520	972
Operating assets and liabilities	73,313	(45,120)	(39,212)
Net cash from operating activities	66,704	62,464	170,059
Cash flows (used in) generated from investing activities
Cash payments related to satellite programs	(624,597)	(1,045,671)	(83,319)
Cash payments related to property and other equipment	(140,526)	(64,804)	(42,920)
Net proceeds from disposal of assets	4,519
Net proceeds from disposal of subsidiaries	235	3,613
Investments and other	(858)
Purchase of intangible assets		(52)	(13,267)
Government grant received		15,359	117
C-band clearing proceeds			351,438
Net cash (used in) generated from investing activities	(761,227)	(1,091,555)	212,049
Cash flows (used in) generated from financing activities
Proceeds from indebtedness	689,789
Repurchase of indebtedness	(4,501)	(155,903)	(344,014)
Payments of principal on lease liabilities	(2,709)	(2,422)	(2,171)
Satellite performance incentive payments	(2,035)	(4,572)	(6,385)
Tax withholdings on settlement of restricted share units	(8,734)	(7,732)	(3,198)
Proceeds from exercise of stock options	550	426	27
Net cash (used in) generated from financing activities	672,360	(170,203)	(355,741)
Effect of changes in exchange rates on cash and cash equivalents	(20,103)	82,269	(35,070)
Changes in cash and cash equivalents	(42,266)	(1,117,025)	(8,703)
Cash and cash equivalents, beginning of year	552,064	1,669,089	1,677,792
Cash and cash equivalents, end of year	$ 509,798	$ 552,064	$ 1,669,089

Consolidated Balance Sheets - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 509,798	$ 552,064
Trade and other receivables	58,422	158,930
Other current financial assets	430	565
Current income tax recoverable	5,952	29,253
Prepaid expenses and other current assets	257,456	280,460
Total current assets	832,058	1,021,272
Satellites, property and other equipment	2,716,708	2,277,143
Deferred tax assets	4,231	3,059
Other long-term financial assets	18,283	9,767
Long-term income tax recoverable	6,993	6,993
Other long-term assets	368,657	516,507
Intangible assets	442,278	497,466
Goodwill	2,214,575	2,612,972
Total assets	6,603,783	6,945,179
LIABILITIES
Trade and other payables	57,447	158,276
Other current financial liabilities	857,637	26,483
Income taxes payable	2,772	5,913
Other current liabilities	58,431	65,906
Current indebtedness	2,341,145
Total current liabilities	3,317,432	256,578
Long-term indebtedness	1,152,462	3,096,615
Deferred tax liabilities	91,991	175,544
Other long-term financial liabilities	10,091	630,556
Other long-term liabilities	262,211	289,181
Total liabilities	4,834,187	4,448,474
SHAREHOLDERS’ EQUITY
Share capital	69,997	59,082
Accumulated earnings	330,814	467,333
Reserves	130,009	183,865
Total Telesat Corporation shareholders’ equity	530,820	710,280
Non-controlling interest	1,238,776	1,786,425
Total shareholders’ equity	1,769,596	2,496,705
Total liabilities and shareholders’ equity	$ 6,603,783	$ 6,945,179