<PAGE>

===============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A

             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                      FOR THE QUARTER ENDED MARCH 31, 2003

                         COMMISSION FILE NUMBER 0-22085

                                LORAL ORION, INC.

              DELAWARE                                         52-1564318
  (State or other jurisdiction of                           (I.R.S. Employer
   incorporation or organization)                          Identification No.)

                      500 HILLS DRIVE, BEDMINSTER, NJ 07921
                            TELEPHONE: (908) 470-2300

           SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

                                      NONE

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                          11 1/4% SENIOR NOTES DUE 2007
                     12 1/2% SENIOR DISCOUNT NOTES DUE 2007
                            10% SENIOR NOTES DUE 2006

     Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

     Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12 b-20. Yes [ ] No [X]

     The number of shares of common stock, par value $.01 per share of the
registrant outstanding as of March 1, 2004 was 100, all of which were owned,
directly or indirectly, by Loral Space & Communications Ltd.

     THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION I
(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING WITH THE REDUCED DISCLOSURE
FORMAT PURSUANT TO GENERAL INSTRUCTION I (2) OF FORM 10-Q.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None

===============================================================================

                                       1

<PAGE>


                                Table of Contents
-------------------------------------------------------------------------------
                                                                           Page
Part I
  Item 4. Evaluation of Disclosure Controls and Procedures                   2
Part II
  Item 6. Exhibits and Reports on Form 8-K                                   3
  Signatures                                                                 3

                                EXPLANATORY NOTE

     Item 4 (Evaluation of Disclosure Controls and Procedures) of our Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2003 (the
"Quarterly Report"), originally filed with the Securities and Exchange
Commission on May 15, 2003, stated the conclusion of our certifying officers
that, as of a date within 90 days before the filing of the Quarterly Report, our
disclosure controls and procedures were adequate and designed to ensure that
material information relating to the Company and its consolidated subsidiaries
would be made known to them by others within those entities. As requested by the
staff of the SEC, we are filing this Amendment on Form 10-Q/A to the Quarterly
Report solely for the purpose of amending Item 4 of the Quarterly Report to make
clear that our certifying officers concluded that, as of March 31, 2003, our
disclosure controls and procedures were effective and designed to ensure that
material information relating to the Company and its consolidated subsidiaries
would be made known to them by others within those entities.

     In addition, we have filed the following exhibits herewith:

     31.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

     31.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

     Except as specifically indicated herein, no other information included in
the Quarterly Report on Form 10-Q is amended by this Amendment on Form 10-Q/A.

                                     PART I

Item 4. Evaluation of Disclosure Controls and Procedures

     (a) Disclosure controls and procedures. Our chief executive officer and our
chief financial officer, after evaluating the effectiveness of our "disclosure
controls and procedures" (as defined in the Securities and Exchange Act of 1934
Rules 13a-15(e) and 15-d-15(e)) as of March 31, 2003, have concluded that our
disclosure controls and procedures were effective and designed to ensure that
material information relating to Loral Orion and its consolidated subsidiaries
required to be in our filings under the Securities and Exchange Act of 1934
would be made known to them by others within those entities in a timely manner.

     (b) Internal controls over financial reporting. There were no changes in
our internal controls over financial reporting (as defined in the Securities and
Exchange Act of 1934 Rules 13a-15(f) and 15-d-15(f)) during the most recent
fiscal quarter that we judge to have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.

                                       2

<PAGE>


                                     PART II

Item 6. Exhibits and Reports on Form 8-K

     (a) Exhibits

     Exhibit 31.1 - Certification of Chief Executive Officer pursuant to 18
                    U.S.C. Section 1350, as adopted pursuant to Section 302 of
                    the Sarbanes-Oxley Act of 2002+

     Exhibit 31.2 - Certification of Chief Financial Officer pursuant to 18
                    U.S.C. Section 1350, as adopted pursuant to Section
                    302 of the Sarbanes-Oxley Act of 2002+

     Exhibit 99.1 - Certification of Chief Executive Officer pursuant to 18
                    U.S.C. Section 1350, as adopted pursuant to Section
                    906 of the Sarbanes-Oxley Act of 2002 (1)

     Exhibit 99.2 - Certification of Chief Financial Officer pursuant to 18
                    U.S.C. Section 1350, as adopted pursuant to Section
                    906 of the Sarbanes-Oxley Act of 2002 (1)

-------------

(1)  Previously filed with the registrants Quarterly Report on Form 10-Q for the
     period ended March 31, 2003.

+    Filed herewith

     (b) Reports on Form 8-K

         None

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          LORAL ORION, INC.
                                             Registrant

                                          /s/       RICHARD J. TOWNSEND
                                          -------------------------------------
                                                    Richard J. Townsend
                                                   Senior Vice President
                                                and Chief Executive Officer
                                            and Registrant's Authorized Officer

Date: April 7, 2004


                                       3