MDA Space Ltd.

MDA Space Ltd. has secured a significant $688 million contract from the Canadian Space Agency (CSA) to supply an advanced synthetic aperture radar (SAR) replenishment satellite. This satellite will enhance the existing RADARSAT Constellation Mission (RCM) and includes provisions for launch, ground control, security, and data management system upgrades. The new satellite will leverage MDA CHORUS™ technology and is part of Canada's $1.012 billion RADARSAT+ portfolio aimed at bolstering sovereign Earth observation capabilities.

MDA Space Ltd. has signed a definitive agreement to acquire 100% of Blue Canyon Technologies LLC for US$620 million in an all-cash transaction. Blue Canyon Technologies is a spacecraft and satellite component manufacturer and mission services provider, currently part of RTX's Raytheon business. The acquisition is expected to accelerate MDA Space's growth strategy by expanding its US market opportunities, adding a manufacturing footprint, and is projected to be accretive to Adjusted EBITDA and Adjusted EPS in 2027. The transaction is anticipated to close by the end of 2026, subject to regulatory approvals, and is fully financed through senior secured debt.

MDA Space Ltd. announced the results of its Annual General Meeting of Shareholders held virtually on May 7, 2026. Shareholders elected seven nominees to the Board of Directors, appointed KPMG LLP as the independent auditor, and approved, on an advisory basis, the company's approach to executive compensation. Approximately 59.180% of outstanding common shares were represented at the meeting.

MDA Space reported strong first quarter 2026 results, with revenues increasing 32.2% year-over-year to $464.1 million and Adjusted EBITDA rising 32.1% to $90.6 million. The company also achieved an Adjusted net income of $50.7 million, up 32.0% from the prior year. MDA Space reaffirmed its full-year 2026 financial outlook and highlighted a significant improvement in its net cash position to $299.3 million, largely driven by its recent US IPO.

MDA Space Ltd. reported a significant increase in revenue for the first quarter of 2026, rising 32.2% to $464.1 million. However, net income for the quarter decreased by 10.0% to $29.6 million, with basic EPS falling to $0.23. The company's cash position substantially improved to $544.0 million, primarily driven by $441.5 million in proceeds from a share issuance. Operating cash flow saw a notable decline, while long-term debt was reduced.