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Earnings

MDA SPACE REPORTS FOURTH QUARTER AND FISCAL 2025 RESULTS

By The Northwire Desk — AI Analysis Mar 04, 2026 · 05:45 MDA · 40.53 MDA SPACE LTD. J
MDA · Price

Executive Summary

  • MDA Space reported record Q4 2025 revenue of C$499.1 M (↑44% YoY) and record adjusted EBITDA of C$96.2 M (↑36% YoY).
  • Full‑year 2025 revenue reached a new high of C$1,633.2 M (↑51% YoY) with adjusted EBITDA of C$323.9 M (↑49% YoY); adjusted net income rose 71% to C$189.9 M.
  • The company provided FY‑2026 guidance: revenue C$1.7–1.9 B, adjusted EBITDA C$320–370 M, capex C$225–275 M, and indicated a strong backlog of C$4.0 B supporting visibility into 2026.

Key Details

  • Backlog: $4.012 B at year‑end 2025 (down $372.6 M from 2024 due to conversion).
  • Revenue by Segment (Q4 2025):
  • Satellite Systems – C$371.4 M (↑58.4% YoY)
  • Geointelligence – C$62.0 M (↑30.8%)
  • Robotics & Space Operations – C$65.7 M (↑1.5%)
  • Revenue by Segment (FY 2025):
  • Satellite Systems – C$1,109.5 M (↑85.5%)
  • Geointelligence – C$214.4 M (↑6.1%)
  • Robotics & Space Operations – C$309.3 M (↑10.5%)
  • Gross Profit / Margin: Q4 2025 gross profit C$127.1 M; margin 25.5% (vs. 23.6% YoY). FY 2025 gross profit C$409.7 M; margin 25.1%.
  • Adjusted EBITDA Margin: Q4 2025 19.3%; FY 2025 19.8% (within guidance range 19‑20%).
  • Net Income / Adjusted Net Income:
  • Q4 2025 net income C$24.0 M (down 4.4% YoY) vs. adjusted net income C$58.5 M (↑66.7%).
  • FY 2025 net income C$108.5 M; adjusted net income C$189.9 M (↑71%).
  • Operating Cash Flow: Q4 2025 C$50.6 M (down YoY); FY 2025 C$407.5 M.
  • Free Cash Flow: FY 2025 C$165.3 M (down from 2024).
  • Net Debt / Leverage: Net debt/adjusted EBITDA = 0.4× at year‑end (improved from –0.8× in 2024 after SatixFy acquisition).
  • Capital Expenditures FY 2025: $225–275 M planned for 2026, supporting Montreal facility expansion and chip development.
  • Acquisitions / Integration: Completed acquisition of SatixFy Communications Ltd. (July 2 2025); reflected in backlog adjustments and goodwill increase to C$800.4 M.
  • Strategic Highlights:
  • $40 B pipeline, including $10 B with government customers or follow‑on opportunities.
  • New strategic partnership for Canadian Arctic military satellite communications; indefinite‑delivery contract with U.S. Missile Defense Agency (SHIELD program).
  • Launch of “49North” defence‑tech organization focused on national defence outside space.
  • FY‑2026 Outlook:
  • Revenue $1.7–$1.9 B (≈10% YoY at midpoint)
  • Adjusted EBITDA $320–$370 M (≈7% YoY)
  • Adjusted EBITDA margin 18%–20%
  • Capex $225–$275 M
  • Free cash flow expected neutral to negative.

Notable Quotes

  • “FY2025 was another banner year of profitable growth… Our $4 billion backlog provides us with revenue visibility into 2026 and beyond.” – Mike Greenley, CEO

Materiality: Material – Positive (significant earnings beat, record revenues/EBITDA, strong guidance, and strategic acquisitions).

Read the original news release →

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