Telesat Continues Making Progress, But It Will Take Time
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Myriam Alvarez3.06K FollowersFollow5ShareSavePlay(12min)CommentsSummaryTelesat Corporation is executing a dual GEO/LEO satellite strategy, with Lightspeed LEO as the long-term growth driver.TSAT's GEO segment faces revenue headwinds from contract resets and satellite retirements, while LEO offers a compelling backlog and long-term revenue floor.However, TSAT trades at a steep premium, with high cash burn and significant debt.Thus, I remain near-term neutral. TSAT's valuation is not compelling enough until Lightspeed's ramp and utilization become more certain. AlexLMX/iStock via Getty Images Telesat Corporation (TSAT) is a satellite operator with two segments: 1) a GEO fleet business and 2) a Lightspeed LEO buildout. In Q3 2025, their GEO segment experienced a large customer-driven reset thatThis article was written byMyriam Alvarez3.06K FollowersFollowMy name is Myriam Hernandez Alvarez. I received the Electronics and Telecommunication Engineering degree from the Escuela Politecnica Nacional, Quito, Ecuador, the M.Sc. degree in computer science from Ohio University, Athens, OH, USA, a graduate degree in Business Management from Universidad Andina Simon Bolivar, Quito, Ecuador, and the Ph.D. degree in computer applications from the University of Alicante, Spain.Disclosure: I collaborate professionally with Edgar Torres H, who is also an author on Seeking Alpha. Our analyses are conducted independently, and we adhere to Seeking Alpha's Shared Association Guidelines.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.