Telesat reported consolidated revenue of $106 million for the second quarter ended June 30, 2025, a decrease of 30% or $46 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, reductions in services for other customers, and lower LEO consulting revenues.
Operating expenses for the quarter decreased by 10% or $6 million to $51 million, mainly due to higher capitalized engineering and lower consulting costs, partially offset by Lightspeed headcount growth and higher legal and professional fees. Adjusted EBITDA for the quarter was $59 million, a decrease of 43% or $45 million, resulting in a consolidated Adjusted EBITDA margin of 55.3%. The net income for the quarter was $76 million, down from $129 million in the prior year.
For the six-month period ended June 30, 2025, consolidated revenue was $223 million, a decrease of 27% or $82 million from the same period in 2024. Adjusted EBITDA for the six months was $126 million, a decrease of 41% or $88 million, with a margin of 56.6%. Net income for the six months was $24 million, compared to $77 million in the prior year.
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. The Lightspeed backlog stands at over $1 billion, and the GEO backlog was $0.9 billion as of June 30, 2025. The company remains focused on adding to the Lightspeed backlog and disciplined execution in its GEO segment.
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