Q3 2025 Telesat Corp Earnings Call
Hello and welcome to the telesat third quarter, 2025 Financial results. Call all lines have been placed on mute to prevent any background noise.
After the speakers' remarks, there will be a question-and-answer session.
If you would like to ask a question during this time, simply press star 1 on your telephone keypad, if you would like to withdraw your question again, press star 1, I will now turn the conference over to James Radcliffe. Please go ahead.
Thank you. Jay Allen. Good morning.
Thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending, September 30th 2025 on form, 6K with the SEC and on Cedar Plus
Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties.
For a discussion of known risks. Please see tellusapp annual report and upstate's filed with sec.
Tell us that assumes no responsibility to update or revise, these forward-looking statements.
I now like to turn the call over to Dan Goldberg tell us that's president and chief executive officer.
Thanks James and, uh, good morning to everyone. Thanks for joining us this morning.
Q3 was in line with our expectations. And I'm pleased with telescopes performance in the first 9 months of this year and both our Geo and Leo segments in go, our team continues to execute in the discipline focused manner. As we work to maximize the cash flow from our existing satellite Fleet, the biggest Revenue headwind in the quarter. When compared to the third quarter of 2024 was the nimic 5 renewal with Dish. As we've shared earlier this renewed, the nimic 5 contract but at a lower rate and capacity that declines over the renewal period
That renewal combined with the non-renewal by dish of our anak F3 satellite which reached the end of its station kept life. So could no longer support director, home, video, Services accounts for nearly half of the total revenue. Decline year-over-year
in Leo.
We continue to make strong progress on the development of the satellites, ground infrastructure and the software for the network. As a reminder. Our first launch is planned to take place late next year, very pleased with all the good work that's taking place on the program.
And on the commercial side, we're seeing strong interest in to set light speed across our Target, segments, particularly at this time with arrow and government users. We remain very focused on concluding customer agreements and adding to our contractual backlog.
In addition to our progress in the Geo and Leo businesses, we took an important step in the quarter to optimize the company's capital structure and enhance our financing options in September. We distributed 62% of the equity in, telesat Lightspeed to a wholly owned, indirect subsidiary of telesat Corporation.
I'm also pleased to say that our advisors are engaging with the advisors to the major holders of our Geo debt, for the objective of finding the best path forward to addressing that debt.
Finally.
And as we announced earlier this year, Andrew Brown will be retiring from telesat after 6 years as the Company CFO.
We found a worthy successor to Andrew. And Donald Trump Le who started with the company on October 20th?
Donald's. 35 years of leadership experience in finance and is very well suited to lead our finance team going forward. So a big welcome to Donald. Who's here with me this morning.
25. Tell us about a Consolidated revenues of 101 million. It just the debit are 47 million and generated cash from operations of 97 million year to date, does the ending of the quarter with 483 million in cash for the third quarter, revenues decreased by 37 billion to 101 million operating expenses increased by 12,058 million and adjusted deep without decreased by 49 million to 47 million. The adjusted i-bidder margin was 46%. I would note that the margin in our Geo segment was approximately 62%
The revenue decreased for the quarter was primarily due to a lower rate and the renewal of the long term agreement with an North American director Home customer and the expiration of a separate agreement with that customer. Other factors included, reductions in services for certain Enterprise customers, but particularly in Indonesian, rural Broadband, programs and reduction in services from another North American director of Home. Customer
The increase in operating expenses was primarily due to higher telesat lightseed. Headcount growth along with higher legal and professional fees and offset by higher capitalized. Engineering costs, as usual, we break out the performance of a Leo and Geo segment separately. In those 4 of our financial statements filed on form, 6K interest expense, and the third quarter decreased by 5 million during the quarter and compared to the same period in 2024.
To note a cumulative, principal amount of debt, repurchases is 857 million US dollars of it, false 450 million, US dollars, an average price of 53 cents. This also results in interest Savings of approximately 53 million US dollars annually.
Combined with the previous repayments of $356 million of Term Loan B, our overall debt has been reduced by approximately 36% in the third quarter. We recorded a loss in foreign exchange of $32 million, as compared to a gain of $36 million in the third quarter of 2024.
In the third quarter, we incurred a 121 million net loss in the quarter compared to the net income of 68 million. In the third quarter of 2025, the variance was due to lower revenues, the foreign exchange lost. I just mentioned a loss related to the change in the fair value of financial instruments and the non-recurrence of the gain and the repurchase of debt recorded in the toward quarter of 2024. So the first 9 months of 2025 cash inflows are offering activities or 97 million and cash flows used by investing activities where 540 million in terms of capital expenditures. Incurred almost all were related to thales at light speed. During the third quarter, we completed our tour, draw on our financing facilities with the government of Canada and the government of Quebec just receiving 65 million dollars. As of September, the 30th, we had drawn a thousand of 405 million from the facility.
ities subsequent to the quarter end, we've drawn the further 135 million at the end of October just having a thousand cumulative, draw a 540 million
guidance, as you will also have noted in our earnings release this morning, we reiterated our guidance for 2025 for revenues adjusted with that. In capital expenditure, the guidance assumes a Canadian dollar at the US Dollar exchange rate of 1.42, for 2025, we continue to expect full year revenues, to be between 400 and 5 and 425 million in terms of operating expenses, excluding share based compensation. We expect spending to be approximately 70 between 75 and 85 million on Telly's at light speed this year. Uh, this guidance reflects higher, capitalized, engineering, and the timing of hiring as we continue to ramp up to tell us at light speed. Team, we continue to expect totally just at EB but that to be between 170 billion to 190 million and also reflects Provisions. We've made for advisory Legal, Professional fees related to the work in. Respect to go dead. In. Respect to Capital expenditures, we continue to expect for 2025 expenditures to be in the range of
900 million to 1.1 billion which is nearly all related to Telly satellite speed.
They're not guarantor subsidiary, shown are essentially the unrespected subsidiaries of minor differences. This concludes our prepared remarks for the call and uh very happy to turn back to the operator and address. Any questions you may have. Thank you very much.
Thank you again. If you have a question, please press *1 on your telephone keypad to join the queue. If you wish to remove yourself from the queue, simply press *1. Again, one moment for your first question.
Your first question comes from line of David Maxon of Coremax Security. Your line is open.
Hi, great. Um yeah, so first of all, I just want to say congratulations to Andrew on his retirement.
We have a nicer time in town. Um, so a couple of questions. Uh yeah, I'll just start first of all on the debt negotiations. I was wondering, could you just
Maybe give us an idea of do you think you're far apart in terms of what the debt holders want?
Or you think you might be pretty close? Just just kind of wondering, you know where things stand with with respect to that.
Hey David it's uh Dan. Um so you know it's too early to say we we've started engagement um and we'll we'll just have to take it from there. So yeah too too early to say
Okay. Um, so then a question on the guidance. So you left your, um, EVA dog, guidance on change, but yet you dropped your...
Spend on the Leo so that would imply a higher or sorry a lower Eva being generated from Geo, but you didn't change your Revenue outlook on Gio. So just kind of just kind of wondering how you square those off because if the revenue hasn't changed on Gio shouldn't really change, Steve at all.
Met, maybe I'll, uh, take the first crack at this. Um, so, um, relative to guidance, uh, We've uh, under spent some mostly related to Leo headcount. Um, and and that's been 2, things 1, we've capitalized, uh, more kind of engineering and expense than we originally assumed. Uh, so that's number 1, uh, and number 2, our hiring feels like at the end of the day, it's going to be sort of more back loaded than what the budget is assumed. And so, so in any event. So, that's that explains the, um, kind of underspend on the Leo Opex. Uh, but
It's been offset by uh, greater spending than anticipated around, professional fees, and that's pretty much entirely uh around the um uh refinancing uh, exercise. And the transaction where we spun out the um uh Equity stake in telesat Leo,
So so in any event I mean that that's kind of how it it it's played out. So yeah so at the end of the day Opex down on Leo headcount because the capitalized engineering and and just a slower ramp uh but offset by increased professional fees, mostly around the um transaction that that we announced uh spinning out. Leo
Okay, I think most people would review those as 1 time and when, you know that Evo by that. But anyways, at least you know what's going on. Yeah. Yeah, yeah, yeah. I mean, fair fair. Fair point just, I mean just to be transparent about it that that's what it was.
Right. Okay. Um, so you know, you called about the two sectors where you're seeing, I guess, stronger interest than others, Arrow and government. Um,
Are you seeing a really increased demand uh say from the defense sector that you that defense could be?
Kind of views as viewed as its own.
Uh, announcing a budget today and I don't know based on everything we're reading and based on everything we're seeing, uh, we expect there'll be a meaningful up to in defense spending light speed, we've talked about this before, sort of a dual use infrastructure. It's it's, you know, designed for Rural Broadband connectivity, for commercial arrow, for maritime services, for cellular backhaul. And, and the like, but it also has, um, great, uh, utility for, uh, defense use cases as well. And given what, uh, Canada is saying about the importance of Arctic sovereignty, uh, given the amount of spending that Canada, uh, will be doing with its allies, uh, to meet its defense obligations. And I think an expectation, uh, from the government that when
It spending a lot of money with its allies. There's some expectation that the Allies will uh, uh, in turn reciprocally be contracting with Canadian providers. All of those things uh, gives us uh, a great deal of optimism about us to grow our business and leverage light speed for those uh, defense requirements. Both with the government of Canada and, and Canada's allies.
So just following up on that comment. You know the Korean government has committed to a minimum Revenue commitment of uh 60 million a year for 10 years. I I would have thought that most of that 60 million was not defense. I was. Can you confirm that?
Yeah, correct. That's going to be used uh for Rural Broadband connectivity. Uh and and you'll recall. The way that agreement works is we basically create a pool of capacity that we've then agreed to sell to rural, Canadian isps at sort of below Market rates. So, you know, that 60 million a year for 10 years, should, you know, uh, that the pool of capacity, that that underpins that we expect incremental Revenue, when, when that capacity is, is, you know, made available to those rural, uh, isps and then yes. Uh, uh, any commitments, uh, from the government of Canada for defense purposes would be above and beyond that.
Okay. Okay, so there’s the potential for that to be significantly greater. Um,
So you you also said that the first launched for satellites is planned late. Next year, I thought I thought that the silence were going to start to be launched in Q3 26.
Uh, nope. Nope, I think, uh, for many, many quarters now. We've been talking about late. Uh, uh, late next year.
Okay, all right. I guess I was incorrect on that 1, okay? Um, like, I mean, you have a box of SpaceX, right? So, can you give us an idea of what month you, you expect the satellites to start to go up?
It'll be late as large, but I mean, we're we're probably, you know, looking at a December launch uh with a couple of Pathfinder satellites that will use to do testing and validation and start to, um, you know, do that for our own purposes and make it available to, uh, meaningful customers as well to do their own testing and the like and then 2027 should be a very uh, busy launch Cadence for us as we launched really, you know, all the rest of the satellites in the constellation.
Next question, please.
David, you have 1 more
I did have one more question to call on. You're still expecting to start generating revenue on my screen in the fourth quarter, 2027, correct?
Yep. That well, that's exactly right. We expect to enter global Service uh, by the end of 2027, so that's right.
Okay. All right. Thanks guys.
Okay, thank you.
You're next question, comes from line of Edison you of Deutsche Bank. Your line is open.
Hey um, thank you for taking all.
For backing the car out of the Leo Equity, could you walk us through the main rationale behind this move?
So, I mean, the rationale is really around, just trying to, you know, optimize the capital structure, and to enhance our ability, um, uh, to do, uh, kind of more raise more funds in the future. I mean, the notion is by getting that controlling interest, uh, into an entity that's separate from where the debt sits, uh, for our, our, our Geo activities. It just gives us. Yeah. More scope, more flexibility, more optionality around around using that stake to, uh, if if we need to to secure incremental funding. So so that's, you know, uh, the the, the primary purpose of, of doing that transaction as far as, um, uh, issuing more Equity at this time. And that that's not, uh, you know, a current plan, light speed for the first 156.
Satellites, which is what we need to launch a compelling. Fully Global Network is fully funded, uh, with the, um, commitments that we have from the government of Canada in Quebec. Uh, to loan US money with our own Equity contribution with the, you know, 300 million us of vendor uh financing that we have so so we're we're in good.
Good shape there. Um, so yeah, that's how we think about it.
Okay, gotcha.
Uh, and also about um we have seen some Spectrum transaction in the industry recently. Just like curious about yourselves on that like the Spectrum Supply demand landscape. Like uh how you see playing out for the longer term?
And also would tell us that potentially, like camera role to play in this, uh, D2D Market.
So, um, the Spectrum, I mean, the big Spectrum. Transaction was obviously, uh, SpaceX acquiring the sban rights of, uh, Echo star. Um, and, and to your point that was all about, you know, having Spectrum for D, to D, we certainly see rumors that, you know, there could be more of those transactions contemplated. We, we've got no Insight on that our Focus. Uh, as we've said before is really on uh uh deploying light speed, which is not a direct to device constellation but but instead a an advanced Global uh Broadband constellation. So that's that's where our focus is right now. Um you know and we certainly have the wherewithal and the expertise
Uh, to launch a direct device Network, we don't have the Spectrum for it. Um, other than, you know, the cban spectrum that, uh, we still have, uh, following uh, the decision by the US and the Canadian Regulators to repurpose about 3 fifths of that Spectrum for 5G. But, you know, we still have the other 2 fits but it's not our focus at this point to um um uh pursue a direct to device Network. I would note that the FCC uh recently uh
Issued, a take a notice of proposed rulemaking or a notice of inquiry about potentially, uh, using the rest of the CB band, uh, that the satellite industry continues to make use of using the rest of that Spectrum 45g. So that's certainly something that tell us, that will be, uh, paying close attention to we, we have, uh, satellites that uh, have c-band coverage and capacity over the US and and of course over Canada as well. So we participated in the last uh proceeding when the FCC reallocated that CB band spectrum and if that's something they do again, we'll uh, you know, follow that uh, and participate in that actively again.
Thank you.
Your next question comes from the line of Caleb, Henry of uh quilty space in your line is open.
A gap between those 2 and if so, can you kind of quantify how much time would be in between the first launch and the second? And if you're anticipating any, uh, design changes or, or upgrades or tweaks, that might come from, that learning period,
Um, thanks Caleb for the question. Um, so it it's always been our plan to, you know, launch the Pathfinder satellites. We can do an enormous amount of testing on the ground, which we will do, uh, but there's nothing quite like, uh, you know, gaining the confidence of of, of, of testing the satellites in orbit in space, you know, real real conditions. So, so we'll do that. Um, it's probably going to be, I don't know. 2 3, 4 months. You know, when we launch those satellites, we need to do some orbit raising. We're going to want to put them sort of fully through their Paces, test out, you know.
Just everything, the onboard processors the, you know, uh, inner satellite links the handoff of tra traffic from satellite to satellite on the ground. So, anyway, we'll do all that and again, we'll, we'll be doing some of that, you know, ourselves alongside of MDA and then with, uh, customers as well. And we know that the customer Community is Keen to uh, engage in in uh, a variety of of of tests with us, as
As well. So that that's the plan. Um and and but, you know
So, we have a comprehensive testing plan.
You know, our expectation uh particularly after all the testing will have done on the ground. Is that it should be it? It's more confirmatory in nature, I would say. Um, so we're not expecting um,
Yeah, we're expecting to confirm the findings of the testing that we've done on the ground once the birds are up in space.
Okay. Um I also thought this morning tell us that announced the partnership an investment in farcast. Can you share how that fits into the plan? The user terminal portfolio for light speed
Yeah, we we've, you know, we've made a couple of announcements already. We will have a, a suite of different user terminals uh, for each of the different verticals that that we're focused on. I think to date, we announced a collaboration with the cast around, uh, aeronautical uh fda's uh We've announced uh collaboration with intellian uh on both flat panel, antennas and a dual parabolic antenna which for certain applications you know can still make sense and then and then the 1 today
With farcast farcast is a very Innovative company with a very Innovative technology where they interleave the transmit and receive elements of 1 of these slot panel, antennas and there are real advantages that you get from that. I mean, basically you get a a smaller user terminal. That's still you know, highly capable uh and we've been working with farcast for some years now. Uh and feel. Yeah. Very optimistic about the progress that they've made and the advantages that leveraging. Their technology can give us and our customers across a whole range of different verticals. And I'd say we're not the only satellite operator out there that's enthusiastic about the technology that they're developing. So so that's our approach. It, it's very much. Um, I'd say in an open ecosystem, in many ways in terms of the user terminal
That can be used, we'll have, you know, a modem that can be integrated into these various flat panel and dual parabolic antennas. Our constellation can also operate in a transparent mode, so in some circumstances, customers can bring their own waveforms and their own modems. There are some segments of customers where that might be attractive. Um, we've always said that the
The the the trajectory of of the technology development around these flat panel, antennas is, is moving in a very favorable way. And this announcement with forecast, I'd say is just a, a manifestation of that. We're, we're excited about it.
1 single company.
On the Michelle. Do you want to say something at the moment? Yeah, so for the more than the user terminal, this is a development that we, uh, we took on us. We are partnering with some, uh, uh, vendors to, um, uh, do the detailed design that the tosap will own. Uh, and, um, uh, we also partnering with the candidate, um, uh, contract manufacturer for the volume production here in Canada, to be announced at a later time.
Okay. Thanks. And then just last question, uh, we've seen a decent amount in the news about uh, Leo constellations or or tech companies that are excited about the idea of, uh, space-based data centers for AI, seen musk and Bezos, and starcloud, and Nvidia.
Is this something that telesat would be interested in doing as well? And and can it be done with the the Baseline light speed constellation, or would that require some sort of upgrade?
Hey Caleb, you broke up a little bit there. Would you just mind repeating the question?
Sure sorry. Uh I was asking if telesat has interest in space-based data centers for AI. It's because of the amount of enthusiasm we're seeing between uh, you know, kind of other players like musk and Bezos. And if that can be done with the existing light speed architecture, or of that requires any changes,
You know, so maybe a couple of thoughts on that, you know, 1, we're bullish about leveraging AI to improve the, uh, efficiency of the network in terms of managing traffic and the like. So that's number 1. Number 2, you know, AI is going to just drive a lot of uh Broadband usage. And so that you know is a creative to what we're doing too 3 every single 1 of our satellites is basically a flying computer processor. And so um you know we we we see it absolutely plain a role in the kind of larger Global digital infrastructure. Um,
Including in connection with AI, but I, I don't think that will, you know, be leveraging light speed so much for, you know, kind of, you know, space-based data centers that that, that I I I I I I see lots of advantages and benefits, um, from the development of AI in terms of our constellation will be operated and used but but at you know, we're not contemplating light speed per se to be used as kind of, you know, in space data centers. I think that's a little bit different.
Got it. Okay, thank you very much.
Thank you.
Your next question is from Chris Quilty of Quilty Space. Your line is open.
Uh, thanks Dan. I think you said you're still targeting end of 27 for service. I just want to clarify, is that, do you need all 198 for launching initial service or can you, you know, launched with a subset of that?
We we expect to have. So we're starting with 156 satellites. We expect those will be in orbit by the end of 2027. Um, we can start global Service with 96. Yeah, with 96 satellites and we'll do that. Um, but but the, the, the balance, the other 60, I guess, will will follow on very quickly from that. Uh, but yeah, that that remains the plan.
So, 96 would give you Geographic coverage but not the capacity.
Well, I mean I I think we can actually well, we'll we'll we'll we'll start customers up on 96. And we've got a lot of uh folks that are very keen to uh have light speed and service and to start leveraging it. But but we'll go from 96 to 156 in a matter of you know, couple of months.
Gotcha. And in order to launch the service, you need a Gateway. Ground Network, where are we at in that process?
Landing station locations us ladam Asia and and I'd say we're well advanced in site selection and the like intellian is under contract to build all of the Gateway antennas and they're making good progress there. So, anyway, you know, we're we're uh, absolutely where we need to be in terms of the roll out of our Landing station infrastructure.
Gotcha and and obviously higher altitude helps with sighting. But do you anticipate any areas or regions where, you know, it it's more difficult and, you know, you might have to actually have fiber laid uh, more than just, you know, setting up at an existing teleport facility.
I don't think so. We're we've got good candidate locations and, and all the geographies where we need it. Now, of course, I mean, all all these gateways are going to be fibered up and they'll be connected to, you know, pops, uh, at kind of strategic locations around the world. But um, no. I mean, we're, uh, that that's, uh, preceding in a good way. And remember also, you know, this the constellation has inner satellite links, uh, will be, you know, rolling out initially about, you know, 25 Landing stations around the world and then adding to those, uh, and then our customers can have their own Landing stations as well, but having the, uh,
Satellite links gives us, you know greater flexibility in terms of and and and minimizes in some ways. The number of Landing stations we need in order to have a fully connected Global Network.
Gotcha um uh follow up on just the constellation build. Um, I know it's a fixed price contract but uh so more of mda's issue, but are you seeing any challenges related to the the Tariff situation which seems to change on a weekly basis?
Not yet. Um, and and we're, uh, in contact. As you can imagine with MDA all the time, you know, to date and and, you know, so what's happening is MDA is building the, uh, satellites that if they're Factory. Uh, outside of Montreal, uh, they're sourcing some of the components, uh, from here in Canada. They're sourcing components from Europe, they're sourcing components from the US. I'm sure there are components coming from other parts of the world as well. Um, and so it's really, you know, where where MDA could potentially be at risk is if they're importing components safe from the US and Canada, you know, uh, implements retaliatory tariffs, which they haven't done to date that. That's where, you know, there would be more, uh, risk but so far, uh, Canada has an implement
Mentioned retaliatory tariffs. As far as we can tell from MDA, they're not being adversely impacted by the tariffs that are out there.
Great. Um, looks like uh, SpaceX and oneweb may actually get into uh, India sometime next year. Uh, not this year as I have thought. But uh, with that Market opening up, do you have a a specific plan for that market? I think you had a an announcement with Nelco some years ago. Uh is that still the partner and and have you evolved the strategy?
You know, we're we're engaged with, um, a number of parties that um, uh, will be good partners for us. In India. We'll need to get, you know, um, Market access from a satellite perspective and then our customers will need, uh, their own authorizations to be service providers and provide service, uh, to their customers in India. So so in any event, we've been following closely, uh, the developments in that market from, uh, you know, a a Geo perspective. It's a market that, you know, uh, I I, I've certainly been, you know, active in that market for, uh, decades. So it's a market that we know, well, we think that light speed can offer a lot, uh, to users in India and help the government achieve. Some of their public policy objectives around, you know, Broadband connectivity.
And the like, um, so yeah we we've got a plan there.
Ed, you know, uh, in the future.
Um so you know it's interesting this question of of making the constellations interoperable.
At the optical level are, um, Optical terminals are coming from tesat. Uh, we were deliberate in in selecting, uh, an optical terminal that was compatible with the US government's, uh, standard that came from the space development agency, I believe. So, so we will be interoperable with other constellations that are also uh, meeting the sda's, uh, standards. So, so that's 1. And then with respect to SpaceX, um, we've given some thought to how uh we could make light speed interoperable with SpaceX at the optical level. Um technically I you know that there's a a relatively straightforward path uh to get that done. Um so then the you know it it's the old, you know,
You can do it. And then the next question is, should you do it? Um, or are there, you know, benefits to tell us uh, SpaceX and importantly the user Community, uh, for us to be interoperable. And I'd say that's still something that, you know, I think we all need to reflect on a little bit more, but but there's certainly a path there to to get that done.
Got you a final question. Um,
you're like the only space company that, that hasn't mentioned, golden dome on their conference call uh, for the obvious reason. But, uh, you know, as you you mentioned, you are SDA compliant on the terminal side, uh, is there a path, uh, forward and any discussions that you expect around potentially working on that program or contributing?
Well, I'd say, in all honesty, I haven't mentioned golden dome on this call, but, um, I'm guilty of of mentioning it in Prior calls. I mean, uh, and and, and what we've said on those prior calls is, um, yes. Light speed. Uh, I think could make, uh, excellent contributions to, uh, a golden dome Network. I mean, you know, from what? I know of golden dome and there's still a lot there that needs to be fleshed out in terms of what golden dome is. Exactly. But it, it's basically a collection of different networks that are going to be interoperable with 1 another. Some of those Network layers will be space-based
Others will be ground-based and they're all going to need to uh, talk to each other. We we certainly believe that there's a role that light-speed could play, uh, because of our, uh, Optical inter satellite links because of of the orbits that we're flying in which are, uh, additive I think and, and would add resiliency to what some were some of the other consolations are, I think, you know, uh, Canada has expressed an openness to participating, uh, with the US, um uh, in golden dome, certainly Canada. And the US through norred, have a long history of of, of cooperating, uh, to protect um, sovereignty and and and the defense of North America. So um and and and certainly, it's the case that space force. And
And the Pentagon and DOD sort of more broadly are are well aware of the capabilities of light speed. And I think very interesting in the capabilities that that we could offer. So so yes I I we think of golden dome uh as another 1 of those defense opportunities that could be very accretive to the broader light speeded business case.
Great. Thanks bone gentlemen.
Okay, thank you.
This concludes the Q&A session. I will now turn the call over to CEO Dan Goldberg for closing remarks.
Satellite companies and had a, a, a great career, uh, in the tech world, even before joining the satellite sector. So so in any event just to say to Andrew, thank you for, uh, being such a great colleague and being such a great CFO. Thank you for all of your contributions. Uh, to tell us that over the last 6 years. Uh, we deeply, appreciate it. Uh, and we wish you. Well, and so with with that all, all sign off, maybe Andrew has a word, but I'll sign off and just say, to everyone, thank you for joining the call and we look forward to speaking with you again when we issue our full year numbers, but over to Andrew, um lockdown, thank you so much for your kind words and indeed the French of partnership over many years and uh 6 years here at Kelly's at. Um, and welcome Donald coming. He'll do a great job and just to say, personally have a very proud of what we've collectively achieved to date. And when a great
Future ahead and also sincerity would like to thank all my colleagues around this table. And, uh, people that will worked very closely together over the years and thank the board. Um, and so that's it. I, I will miss our quarterly calls and, um, and with that, thank you very much and thank you Dan again. Okay, thank you. All
this concludes today's conference call, you may now disconnect