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TL;DR

Telesat’s Q2 2025 release sells a 30% revenue drop and falling margins as “strong progress,” leaning on a $1B backlog that’s years from monetization.

GEO is shrinking, FX gains mask earnings weakness, capex is huge, and competitors aren’t mentioned.

The upbeat tone works hard to distract from the fact that the clock is running fast.

Telesat’s Q2 2025: Strong Progress

or better … The Art of Calling a 30% Drop “Strong Progress”

Telesat has just delivered a masterclass in corporate optimism. Revenue in the second quarter fell from $152 million to $106 million, but the CEO is “pleased with our performance” and touting “disciplined execution.” That’s one way of describing a third of your top line vanishing.

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