The satellite communications company’s red ink came mainly from accounting, not operations—currency fluctuations, for instance, and a big charge it booked on the value of share warrants because, ironically, their value went up. Nevertheless, revenue from Telesat’s geostationary satellite business, its main source of income, declined by 26 per cent, year over year; its long-planned low-orbit Lightspeed constellation has yielded cause for optimism but no commercial revenue. (The Logic)

Talking point: Telesat is facing a colossal debt obligation at the end of 2026, with about $2.3 billion it has to repay or refinance. It won’t have that money, its filings said, but it has been in talks with its lenders, and “management believes that existing debt obligations will be addressed in a manner that will allow Telesat GEO to continue as a going concern.” CEO Dan Goldberg told analysts that he couldn’t explain any more, but reaching a deal “remains a key priority.” 

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