Telesat Corp (TSE:TSAT) has released an update.
Telesat Corp reported a 15% decline in Q2 2024 revenue compared to the previous year, citing reduced services and lower rates on key customer renewals as primary factors. Despite the downturn, the company maintains a healthy $1.4 billion cash balance with a $1.1 billion contractual backlog and continues to invest in their Telesat Lightspeed LEO satellite network, aiming to revolutionize global broadband connectivity. The report indicates a strong focus on managing costs and maximizing EBITDA, even as net income fell significantly due to the absence of prior year’s C-band clearing income and foreign exchange losses.
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