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Bangkok, Thailand, 4 November 2025 – Thaicom Public Company Limited (the “Company” or “THCOM”), a leading Asian satellite operator and space tech company, announced its financial results for Q3/2025.
In Q3/2025, the Company reported revenue from sales of goods and rendering of services of Baht 500 million, a decrease of Baht 35 million or 6.5% from Baht 535 million in Q2/2025 (QoQ). This was mainly due to the one-time recognition of Space Tech project revenues in Q2/2025 and the impact of the Baht’s appreciation. Although the Company is in a transition period as the THAICOM 4 satellite was approaching its end of useful life, the Company was able to maintain its core revenue base continuously through the adjustment of its satellite broadband customer portfolio. Furthermore, the cost of sales of goods and rendering of services and SG&A expenses continued to decrease, reflecting efficient cost and expense management. This resulted in overall stable performance during this transition. Compared to Q3/2024 (YoY), revenue from sales of goods and rendering of services decreased by 18.6% due to the expiration of the USO Phase 2 project and a decline in conventional satellite services, consistent with slowing market demand.
Despite ongoing challenges from foreign exchange volatility and macroeconomic headwinds, the Company generated a core profit¹ of Baht 7 million in Q3/2025, highlighting effective operational management and resilience. Focusing solely on the satellite business—excluding non-satellite segments and the share of loss from the telecommunications business—the Company reported Baht 21 million in core profit, exceeding the normal core profit of Baht 14 million. These results underscore the core business’s robust profitability.
The Company reported a net loss attributable to the parent of Baht 0.9 million in Q3/2025, a significant improvement from a net loss of Baht 207 million in Q2/2025. This was mainly due to foreign exchange volatility, as the Baht appreciated at a slower rate in Q3/2025 compared to Q2/2025. The Baht’s appreciation directly impacts Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally. Acknowledging the volatility of exchange rates, the Company has taken proactive steps to mitigate the impact through foreign exchange risk management and business diversification strategies.
Regarding the telephone business abroad, the Company’s share of loss from investment in the joint venture increased in Q3/2025 compared to Q2/2025 (QoQ). This occurred even though Lao Telecommunications Public Company’s (“LTC”) revenue in Q3/2025 increased significantly compared to the previous quarter. The increased share of loss was a result of the Lao Kip’s depreciation against the U.S. dollar, causing the Company to continue recognizing a share of loss from the investment. However, in the long term, the Company continues to benefit from the ongoing tariff restructuring for telecom services implemented by the Ministry of Telecommunication and Communication of the Lao PDR, which is expected to support the continuous recovery of the share of loss from investments.
The Company has entered into an export credit agency (“ECA”)-backed financing agreement totaling USD 184 million for the THAICOM 10 satellite program. This was executed by its subsidiary, STI, in collaboration with Deutsche Bank and Standard Chartered, under the guarantee of the French ECA, Bpifrance Assurance Export. The financing will support the manufacturing of the THAICOM 10 satellite built by Airbus Defense and Space of France. This collaboration reflects the confidence of leading financial institutions and is a significant step in upgrading Thailand’s digital infrastructure, supporting internet, security, and communication services in remote areas, both domestically and regionally.
The Company and Advanced Info Service Public Company Limited (“AIS”), in collaboration with the National Broadcasting and Telecommunications Commission (“NBTC”), deployed a Satellite-on-the-Move (“SOTM”) vehicle to support the Royal Thai Army’s missions in operational areas along the Thai-Cambodian border. The Company’s SOTM vehicle is designed to provide stable and high-speed communication in remote areas, especially along the border, to support the coordination of military units.
The Company, Pollution Control Department (“PDC”), and Thailand Institute of Scientific and Technological Research (“TISTR”) signed an MOU to develop a PM2.5 prediction model. This model utilizes satellite data combined with Artificial Intelligence and Machine Learning technologies to enhance the efficiency of area-specific air quality management, providing forecasts up to 7 days in advance. The results are displayed via the Pollution Control Department website, enabling the public and relevant agencies to plan and respond in a timely manner.
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Media Contact:
Corporate Communications
Tel: +66 2-596-5060
Email: pr@thaicom.net / contact@thaicom.net