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Telesat Q1 2022

June 28, 2022

      In Q1 2022, operator Telesat reported:

      •  $186 million Canadian dollars ($144 million) in revenue, a 3% decrease compared to the same period in 2021. The revenue decrease was primarily due to the DTH reduction, termination and reductions on contract renewal of certain services, and a decrease in equipment sales to Canadian government customers.
      • Net income for the quarter was CA$61 million ($47 million) — up 49% from the same time last year, principally due to a positive variation on changes in fair value of financial instruments and gains on extinguishment of debt.
      • Contractual backlog stands at CA$2 billion, excluding CA$750 million of backlog for Telesat Lightspeed, the operator’s Low-Earth Orbit (LEO) constellation in development.
      • Telesat confirmed plans to downsize its Lightspeed constellation from the planned 298 satellites to 188 with 10 in-orbit spares.
      • CEO Dan Goldberg on the Lightspeed reduction: “The new constellation size keeps Telesat in the same CapEx envelope as the previous constellation, $5 billion U.S. dollars … We didn’t love the inflationary pressures that we’re seeing.”