The Ottawa-based satellite company reported a net loss of nearly $4.4 million in its second quarter, after booking a $53-million profit in the same quarter in 2021. Revenue was down but so were expenses, producing stronger operating income—more than $77 million in the quarter. But Telesat lost nearly $99 million due to currency exchange rates (particularly a stronger U.S. dollar), after recording nearly $41 million in foreign-exchange benefits in the second quarter of 2021. (The Logic)

Talking point: The Canadian dollar was worth about US$0.80 at the beginning of April and finished June just under US$0.78, but yo-yoed during the three months in between. Telesat also put a timeline on financing its low Earth-orbit satellite constellation for commercial internet connections, announcing it expects to have “greater clarity on our financing sources for the program toward the end of this year.” In announcing its first-quarter results, the company said only that it was “actively seeking to complete the financing.”