Telesat Corporation - Class A Common Shares and Class B Variable Voting Shares (TSAT)

Telesat Corporation (TSAT) presents a high-risk, speculative binary play characterized by a declining legacy GEO business, a steep Q2 2026 net loss of $558.6M, a looming $2.1 billion debt maturity wall, and aggressive capital requirements for its Lightspeed LEO constellation expansion, offset by a major C$2.7B Canadian defense contract.