Thaicom Public Company Limited (SET: THCOM) reported a net loss of THB 87 million for the second quarter of 2026, representing a significant 58% improvement over the THB 207 million loss recorded in the same period last year. Total revenue from sales and services reached THB 497 million, reflecting a 7.1% year-over-year decline but a 9.7% increase from the first quarter.
The results underscore a period of transition as the company pivots toward ground station infrastructure and emerging space technologies amidst a challenging domestic broadcast market.
The Satellite and Related Services unit remains the core engine, generating THB 494 million in revenue. While year-over-year revenue dipped due to a slowdown in domestic broadcasting demand, the segment saw a 9.1% sequential lift. This growth was fueled by expansion projects for the Globalstar ground station and procurement progress for the Geo-Informatics and Space Technology Development Agency (GISTDA).
In the overseas telephone business, Lao Telecommunications Public Company (LTC) showed operational strength. Thaicom’s share of loss from joint ventures narrowed to THB 4 million, down from a THB 23 million loss in 1Q26, aided by tariff restructuring in Lao PDR.
The quality of Q2 earnings appears more reflective of core operations compared to the previous quarter. In 1Q26, the bottom line was inflated by a THB 505 million one-time tax refund from Indian authorities. Excluding non-recurring items and a minor THB 1 million forex gain, the core operating loss stood at THB 93 million, largely due to the laggard broadcast sector.
Thaicom’s balance sheet remains robust with a debt-to-equity ratio of 0.6 times. The company significantly bolstered its liquidity by reducing short-term borrowings from THB 2,129 million to THB 415 million during the first half of the year.
Management is focusing on long-term stability through satellite infrastructure and ESG-driven innovation, such as the CarbonWatch carbon credit assessment platform. Looking ahead, the company expects continued recovery in its Lao PDR investments and is actively deploying capital into new satellite projects to modernize its fleet.
