Telesat reported consolidated revenue of $117 million for the first quarter ended March 31, 2025, a decrease of 23% or $35 million compared to the same period in 2024. This decline was primarily due to a lower rate on a direct-to-home television customer renewal and reductions in services for certain customers, including an Indonesian rural broadband program.
Operating expenses for the quarter increased by 13% or $6 million to $53 million, mainly due to headcount growth for Telesat Lightspeed and higher legal and professional fees. Adjusted EBITDA for the quarter was $67 million, a decrease of 39% or $43 million, resulting in a consolidated Adjusted EBITDA margin of 57.7%. The net loss for the quarter was $51 million.
Despite the revenue and EBITDA declines, Telesat announced that its Lightspeed backlog is now nearly $1.1 billion, with expectations for the year-end 2025 LEO segment backlog to exceed the year-end 2024 GEO segment backlog of $1.1 billion. The GEO segment maintained a 74% Adjusted EBITDA margin and ended the quarter with a contractual backlog of $1.0 billion.
Telesat reiterated its full-year 2025 guidance, expecting revenues between $405 million and $425 million, and consolidated Adjusted EBITDA between $170 million and $190 million. Capital expenditures are still anticipated to be in the range of $900 million to $1.1 billion, almost entirely dedicated to Lightspeed.
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