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Earnings

MDA SPACE REPORTS THIRD QUARTER 2025 RESULTS

By The Northwire Desk — AI Analysis Nov 14, 2025 · 05:45 MDA · 21.43 MDA SPACE LTD. J
MDA · Price

Executive Summary

  • MDA Space reported Q3 2025 revenue of C$409.8 M, up 45% YoY, and adjusted EBITDA of C$82.8 M, up 49% YoY, delivering an adjusted EBITDA margin of 20.2%.
  • The company reaffirmed its FY 2025 outlook of $1.57‑$1.63 B revenue and $305‑$320 M adjusted EBITDA, indicating continued strong growth expectations.
  • Completed the acquisition of SatixFy Communications Ltd. in July 2025 and announced a breakthrough satellite digital beam‑forming capability (MDA AURORA™).

Key Details

  • Financial Highlights – Q3 2025
  • Revenue: C$409.8 M (+45% YoY)
  • Adjusted EBITDA: C$82.8 M (+49% YoY)
  • Adjusted EBITDA margin: 20.2% (vs. 19.7% YoY)
  • Adjusted net income: C$46.1 M (+33% YoY)
  • Diluted adjusted EPS: $0.35 (+25% YoY)
  • Operating cash flow: C$32.8 M (down from C$258.8 M YoY, primarily due to working‑capital changes)

  • Net debt/adjusted EBITDA: 0.3× at quarter‑end (net debt C$93.6 M)

  • Backlog

  • Q3 2025 backlog: C$4.393 B (down slightly from C$4.578 B YoY as work is converted to revenue).

  • Business‑Area Revenue Breakdown (Q3 2025)

  • Satellite Systems: C$283.5 M (+69% YoY) – driven by Telesat Lightspeed and Globalstar LEO programs.
  • Robotics & Space Operations: C$78.3 M (+18% YoY) – ramp‑up of Phase C Canadarm3 program.

  • Geointelligence: C$48.0 M (flat YoY).

  • Nine‑Month Results (Jan–Sep 2025)

  • Revenue: C$1,134.1 M (+55% YoY)
  • Adjusted EBITDA: C$227.7 M (+56% YoY)

  • Adjusted net income: C$131.4 M (+73% YoY)

  • Acquisition – Completed acquisition of SatixFy Communications Ltd. on July 2, 2025; integration contributed to intangible‑asset amortization and adjusted net‑income impact.

  • Operational Milestone – Demonstrated industry‑first satellite digital beam‑forming capability (MDA AURORA™).

  • FY 2025 Outlook (Reaffirmed)

  • Revenue: $1.57–$1.63 B (≈48% YoY growth at midpoint)
  • Adjusted EBITDA: $305–$320 M (≈45% YoY growth, margin 19‑20%)
  • Capital expenditures: $210–$240 M

  • Free cash flow: expected neutral to positive

  • Conference Call – November 14 2025, 8:30 a.m. ET; webcast available at https://mda-en.investorroom.com/events‑presentations.

Notable Quotes

“Q3 financial results marked another solid quarter for MDA Space with double‑digit revenue growth and robust profitability as we continue to execute and convert our backlog.” – Mike Greenley, CEO
“We are also pleased and honoured to be named the 2025 Global Satellite Business of the Year by Novaspace…” – Mike Greenley, CEO

Read the original news release →

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