With revenues up to $409.8 million in the third quarter 2025, a 45.1% increase year-over-year, MDA Space reaffirmed its previous guidance going forward with satellite systems leading the charge.
MDA Space reported a strong third quarter for 2025, continuing a multi-year growth trajectory driven by expanding commercial constellation work, major government robotics programs, and rising global demand for space-based defence capabilities.
Setting the tone early, MDA Space CEO Mike Greenley said in his opening remarks, “We are in the early days of a new and what is projected to be a prolonged investment cycle, we are noticing a change in pace and intensity of defence based conversations, and are actively engaged in these discussions.”
MDA Space stands to be a beneficiary of strong push by the government of Canada in defence spending as outlined in the recent budget.
The company did note that its first contract signed in 2022 with Globalstar for which it is supplying 17 satellites to replenish its constellation was facing some delays. Greenley said, “The team continues to advance final satellite integration and test work with nine spacecraft currently on the shop floor in our Montreal facility. Due to delays resulting from a number of factors, including the supply chain, the delivery of these satellites is now expected in early 2026.”
A recurring theme in questions by analysts was the state of a second contract MDA Space signed with Globalstar in February valued at $1.1 billion whereby MDA is contracted to build a new constellation of an initial 50 MDA AURORA software-defined digital satellites. That contract has come under scrutiny as there has been speculation that Globalstar might sell itself to another company, possibly to SpaceX.
In response, Greenley said it was not company policy to comment on speculation but he did add that “for us, with Globalstar, we’re actively involved in executing on our two contracts. We are making good progress on those two contracts as we’ve indicated. On our original contract we have nine satellites being completed and getting ready to be shipped out in early 2026 ready for launch. And in our second larger contract, we continue to execute well on those satellites. Moving forward, these satellites are important to Globalstar for their constellations, and we are actively engaged in getting them delivered.”
Speaking on future opportunities, Greenley said that the “pipeline remains at around $20 billion over the next five years of specific opportunities that we are speaking with people about in the markets.” He added that $13 billion was in satellite systems followed by geointelligence and robotic systems.
Q3 2025 Highlights
- Backlog of $4.4 billion at quarter-end, provides revenue visibility for 2025 and beyond
- Revenues of $409.8 million, up 45% YoY
- Adjusted EBITDA1 of $82.8 million, up 49% YoY, and adjusted EBITDA margin1 of 20.2%
- Adjusted net income1 of $46.1 million, up 33% YoY, and adjusted diluted earnings per share1 of $0.35, up 25% YoY
- Operating cash flow of $32.8 million
- Net debt to adjusted EBITDA1 ratio of 0.3x at quarter-end