Telesat (NASDAQ:TSAT) reported a net loss of $90.1 million for the fourth quarter ended December 31, 2025.
On a per-share basis, the Ottawa-based satellite communications firm posted a loss of $6.08.
However, when adjusted for non-recurring costs and one-time accounting items, the loss narrowed significantly to 97 cents per share.
Total revenue for the quarter came in at $67.5 million, reflecting a transition period as the company shifts focus from its legacy geostationary (GEO) fleet toward next-generation connectivity solutions.
For the full year 2025, Telesat reported an aggregate net loss of $111.2 million, or $7.59 per share, on total revenue of $299.1 million.
The annual results underscore the massive financial undertaking of the Telesat Lightspeed project, a $3.5 billion global LEO network designed to provide high-speed, low-latency broadband to enterprise and government customers.
Despite the headline losses, the company’s ability to manage its legacy cash flows while funding the early stages of its LEO constellation has remained a focal point for institutional investors.
Operationally, Telesat continues to hit key milestones for the Lightspeed rollout.
Throughout 2025, the company secured several major funding agreements with both federal and provincial Canadian government agencies, totaling billions in credit facilities.