Ottawa firm said Friday its low-Earth-orbit satellite network aimed at delivering high-speed internet to remote areas might not be in orbit until 2025, a year later than planned.
Thales Alenia Space
Ottawa-based company reported revenues of $190 million for the three-month period ending March 31, down from $208.7 million a year earlier.
Company said it lost a contract with a major North American direct-to-home broadcast customer and saw revenues from clients in the aeronautical and maritime industries dip during the pandemic.
The Quebec government will receive a $200-million equity stake in the cutting-edge satellite network and will also provide Telesat with a $200-million loan.
Project will pave the way for the Ottawa firm’s customers to deliver high-speed internet to the farthest reaches of the globe.