Canadian Satellite Radio Holdings Inc. (CSR) reported revenue of $1.1 million for its 2006 second quarter, the company announced April 12. The company, which offers satellite radio services under the XM Canada brand, reported a loss of $44 million in the period ending Feb. 28, which included a non-cash related expense of $22.2 million of stock-based compensation.

Subscriber acquisition cost was $69 and cost per gross addition was around $194, CSR said. Average revenue per unit was $12.01.

“The second quarter loss reported today is something we planned for and expected when we prepared for the launch of XM in Canada,” John Bitove, CSR chairman and CEO, said in a statement. “With the major expenditures of XM Canada’s national repeater network buildout and studio construction in Toronto and Montreal now completed, and as a result of our [initial public offering] in December and February’s debt offering, our major capital expenditures are behind us. This significant cash position and our subscriber growth are positive for the company.”

In March CSR reported more than 55,000 subscribers, including 44,000 paying customers. The company now expects to reach 75,000 subscribers earlier than its initial estimate of the end of August.

Separately, CSR unveiled agreements with Honda Canada Inc. and Nissan Canada Inc. to factory-install XM Canada radios in their respective vehicles, as well as take equity positions in CSR.

Honda Canada, the country’s fifth largest automobile manufacturer will install the radios in select 2007 Honda and Acura models and expand that number in 2008. Nissan Canada will begin installations with 2008 vehicle models.

“By Honda taking an equity position, it demonstrates our future success and it shows commitment to our long-term growth,” said Bitove. “Combined with General Motors, almost 9 percent of our company is held by automotive partners with long-term exclusive agreements.”

Similar agreements with GM Canada and Subaru Canada have yet to contribute paying customers to CSR, but “the automotive sector is critical to our success,” said Bitove. “… Now with the GM, Honda and Subaru agreements, our partners produce 600,000 new vehicles a year in Canada where XM radios may be installed.”