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Telesat Corp (TSAT) Annual Reports

Q: Where can I read Telesat Corp (TSAT) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Telesat Corp is listed on Nasdaq, classified by the SEC under Communications Services, NEC (SIC 4899). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1845840 →

Website：Official site ↗

Financial Highlights

FY2025 Q3 (quarterly, ended 2025-09-30)
	Current	Prior year	YoY
Revenue	1億 CAD	1億 CAD	-27.0%
Operating income	0億 CAD	1億 CAD	-90.0%
Net income	-0億 CAD	0億 CAD	-297.0%
EPS (diluted)	-2.38 CAD	1.23 CAD	-293.5%

Amounts in CAD.

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In bn (HKD)

Revenue 0.09 bn Net income -0.13 bn

Show table：Income statement

Item	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	2025Q4
Revenue	0.91	0.82	0.76	0.76	0.7	0.15	0.14	0.13	0.11	0.1	0.09
Operating income	0.48	0.41	0.41	0.3	0.57	0.06	0.06	-0.23	0.02	0.01	-0.36
Net income	0.19	0.25	0.1	-0.02	0.16	0.04	0.02	-0.45	0.02	-0.04	-0.13

Balance sheet

Quarterly · In bn (HKD)

Total assets 6.60 bn Total liabilities 4.83 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	2025Q4
Current assets	—	0.89	1.62	1.79	1.82	—	—	1.02	0.87	0.84	0.83
Total assets	—	5.58	6.37	6.48	6.27	—	—	6.95	6.75	6.93	6.60
Current liabilities	—	0.16	0.18	0.17	0.14	—	—	0.26	0.17	0.2	3.32
Total liabilities	—	4.12	4.67	4.64	3.88	—	—	4.45	4.48	4.68	4.83
Equity	1.25	1.46	0.42	0.48	0.66	2.62	2.64	0.71	0.68	0.67	0.53

Cash flow

Quarterly · In bn (HKD)

Operating -0.03 bn Investing -0.22 bn Financing 0.28 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	2025Q4
Operating	0.38	0.37	0.3	0.23	0.17	0.07	0	0	0.11	-0.01	-0.03
Investing	-0.04	-0.09	-0.27	0	0.21	-0.22	-0.31	-0.56	-0.41	-0.13	-0.22
Financing	-0.04	-0.45	0.61	-0.1	-0.35	-0.14	-0.02	-0.01	0.32	0.06	0.28
Cash at period end	1.03	0.82	1.45	1.68	1.67	1.43	1.08	0.55	0.55	0.48	0.51

Profitability

Quarterly · %

Operating margin -381.3% Net margin -133.5%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	2025Q4
Operating margin	52.5%	49.4%	54.3%	39.0%	80.8%	40.5%	43.1%	-177.8%	16.8%	5.9%	-381.3%
Net margin	20.6%	29.9%	13.7%	-3.1%	22.3%	23.3%	12.9%	-349.4%	19.8%	-34.9%	-133.5%

Returns & leverage

Quarterly · %

ROE -37.0% ROA -8.9% Debt ratio 73.2%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	2025Q4
ROE	—	—	—	106.8%	50.6%	13.4%	12.2%	-39.8%	-55.7%	-27.0%	-37.0%
ROA	—	—	—	7.9%	7.7%	—	—	-3.5%	-5.7%	-6.4%	-8.9%
Debt ratio	—	73.8%	73.3%	71.7%	61.8%	—	—	64.0%	66.3%	67.5%	73.2%

EPS

Quarterly ·

EPS -8.57

Show table：EPS

Item	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	2025Q4
EPS（）	3.76	4.93	2.22	-1.90	11.29	2.45	1.23	-8.97	1.38	-2.38	-8.57

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
2024	Open full text →
2023	Open full text →

20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Telesat Corp (TSAT) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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