Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Financial Instruments [Abstract] |
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| Schedule of Maturity of Financial Assets |
The following table provides breakdown by maturity of financial assets as at June 30, 2026: | | | Carrying
amount | | Contractual cash flows | | | | Remainder
2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Cash and cash equivalents | | $ | 383,241 | | $ | 383,241 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | Trade and other receivables, excluding deferred receivables | | | 49,710 | | | 49,710 | | | — | | | — | | | — | | | — | | | — | | Deferred receivables | | | 22,057 | | | 3,528 | | | 2,582 | | | 2,554 | | | 2,545 | | | 2,536 | | | 8,312 | | Other financial assets | | | 1,831 | | | 556 | | | — | | | — | | | — | | | — | | | 1,275 | | | | $ | 456,839 | | $ | 437,035 | | $ | 2,582 | | $ | 2,554 | | $ | 2,545 | | $ | 2,536 | | $ | 9,587 |
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| Schedule of Contractual Maturities of Financial Liabilities |
The contractual maturities of financial liabilities as at June 30, 2026 were as follows: | | | Carrying
amount | | Contractual
cash flows
(undiscounted) | | Remaining
2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Trade and other payables | | $ | 50,176 | | $ | 50,176 | | $ | 50,176 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | Customer and other deposits | | | 1,323 | | | 1,323 | | | 455 | | | 531 | | | 176 | | | — | | | — | | | 161 | | Satellite performance incentive payments | | | 10,928 | | | 12,789 | | | 1,708 | | | 2,716 | | | 2,595 | | | 2,595 | | | 2,595 | | | 580 | | Derivative liabilities | | | 1,320,155 | | | 1,320,155 | | | 1,320,155 | | | — | | | — | | | — | | | — | | | — | | Other financial liabilities | | | 2,535 | | | 2,535 | | | 2,535 | | | — | | | — | | | — | | | — | | | — | | Indebtedness(1) | | | 4,039,484 | | | 6,963,301 | | | 2,512,860 | | | 649,270 | | | 215,583 | | | 476,293 | | | 570,027 | | | 2,539,268 | | | | $ | 5,424,601 | | $ | 8,350,279 | | $ | 3,887,889 | | $ | 652,517 | | $ | 218,354 | | $ | 478,888 | | $ | 572,622 | | $ | 2,540,009 | ____________ (1) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on repayment. The contractual cash flows for Telesat Lightspeed Financing include anticipated future drawings and mandatory repayments against the loan.
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| Schedule of Interest Payable and Interest Payments |
The interest payable and interest payments included in the carrying value and contractual cash flows, respectively, in the above table, were as follows: | | | Interest
payable | | Interest
payments | | Satellite performance incentive payments | | $ | 24 | | $ | 1,885 | | Indebtedness | | $ | 19,150 | | $ | 1,053,467 |
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| Schedule of Financial Assets and Financial Liabilities |
Financial assets and liabilities recorded on the balance sheets and the fair value hierarchy levels used to calculate those values were as follows: | As at June 30, 2026 | | Amortized
cost | | Fair value
through profit
or loss | | Fair value | | Fair value
hierarchy | | Cash and cash equivalents | | $ | 383,241 | | | $ | — | | | $ | 383,241 | | | Level 1 | | Trade and other receivables | | | 54,529 | | | | — | | | | 54,529 | | | (1) | | Other current financial assets | | | 556 | | | | — | | | | 556 | | | Level 1 | | Other long-term financial assets | | | 18,513 | | | | — | | | | 18,513 | | | Level 1 | | Trade and other payables | | | (50,176 | ) | | | — | | | | (50,176 | ) | | (1) | | Other current financial liabilities | | | (24,415 | ) | | | (1,320,155 | ) | | | (1,345,565 | ) | | Level 2, Level 3 | | Other long-term financial liabilities | | | (9,533 | ) | | | — | | | | (8,935 | ) | | Level 2 | | Indebtedness(2) | | | (4,020,334 | ) | | | — | | | | (3,521,733 | ) | | Level 2 | | | | $ | (3,647,619 | ) | | $ | (1,320,155 | ) | | $ | (4,469,570 | ) | | |
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| Schedule of Percentage of Face Value of the Indebtedness |
The rates used, which are a percentage of face value of the indebtedness, were as follows: | | | June 30,
2026 | | December 31,
2025 | | Term Loan B – U.S. Facility | | 89.88 | % | | 79.21 | % | | 2027 Senior Unsecured Notes | | 71.95 | % | | 46.84 | % | | 2027 Senior Secured Notes | | 86.01 | % | | 77.41 | % | | 2026 Senior Secured Notes | | 89.21 | % | | 80.16 | % | | Telesat Lightspeed Financing | | 87.68 | % | | 84.92 | % |
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| Schedule of Value of the Telesat Financing Warrants |
For the six-months ended June 30, 2026, the value of the Telesat Financing Warrants was as follows: | | | Government of
Canada | | Government of
Quebec | | Total | | As at December 31, 2025 | | $ | 701,340 | | | $ | 131,092 | | | $ | 832,432 | | | Change in fair value | | | 410,936 | | | | 76,810 | | | | 487,746 | | | Impact of foreign exchange | | | (19 | ) | | | (4 | ) | | | (23 | ) | | As at June 30, 2026 | | $ | 1,112,257 | | | $ | 207,898 | | | $ | 1,320,155 | |
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