Much of the Ottawa-headquartered satellite provider’s debt is in American dollars and foreign-exchange losses accounted for more than $244.5 million of Telesat’s losses in its last fiscal year. It also recorded a $267-million writedown in the value of assets like satellites it currently has in the sky and the “slots” they occupy in orbit. (The Logic)

Talking point: Thursday’s results indicate how critical Telesat’s bet is on next-generation Lightspeed satellites in low Earth orbit (LEO), which it doesn’t expect to launch until 2026 after a major revamp of its plans. Its existing business is still producing cash, but is suffering in the face of competition from providers like Elon Musk’s Starlink. “We expected these shifts [to LEO] to be taking place in our industry—it’s why we’re working as hard and as fast as we can on Lightspeed,” CEO Dan Goldberg said in a call with analysts. Telesat has signed several Lightspeed partnership deals in the last few months and has more in the works, he said; it also sees big opportunity in government plans to boost defence in the Arctic.