MDA Space Ltd【MDA】株式ニュース

SpaceX's Trillion-Dollar IPO Is Turning the Space Sector Into the Trade of 2026 -- Here Are Five Names Already Moving on ItMay 21, 2026 12:07 PM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc.CAPE CANAVERAL, Fla., May 21, 2026 /CNW/ -- Equity Insider News Commentary — The looming SpaceX IPO has done something that almost no other capital markets event in a decade has managed: it has made the space sector mainstream investible. A Yahoo Finance segment that ran yesterday with ETF.com president Dave Nadig laid out the case directly, walking through the ETFs and broader public space exposure that stand to benefit from what is shaping up to be the largest IPO in history. Multiple ETF issuers are already gearing up. [1] SpaceX confidentially filed its S-1 with the SEC on April 1, 2026, and its public registration is expected to land on EDGAR between May 18 and May 22. The targeted June Nasdaq listing aims to raise as much as US$75 billion at a US$1.75 trillion valuation. [2] That alone reshapes the comparable set for every publicly traded space name in the market today.The sector backdrop is more than just one IPO. NASA announced a new Moon Base initiative in March. The Trump administration's Golden Dome missile defense program is in full procurement. The Department of War has expanded its hypersonic test budget. Commercial space stations, lunar landers, and microgravity research platforms — work that until recently lived inside a small handful of government programs — are now being executed by publicly traded companies posting record backlogs. Against that wave, one NYSE American–listed operator at Cape Canaveral made a move yesterday that drops it directly into a federal procurement opening.A NASA RFI, a Falcon 50, and a Capability the U.S. Has Gone WithoutStarfighters Space, Inc. (NYSE American: FJET) — the operator of what its own filings describe as the world's fastest fleet of commercial supersonic aircraft — announced a signed Memorandum of Understanding with Mu-G Technologies, LLC and a joint response to a NASA Armstrong Flight Research Center Request for Information for Parabolic Flight Services. The RFI targets companies that can rebuild the country's commercial microgravity capability — a capability the U.S. has gone without since the last domestic operator exited the market. [3]Under the MOU, Starfighters will host Mu-G's Dassault Falcon 50 at the Midland International Air & Space Port in Texas, where the aircraft will be modified to conduct parabolic test flights and worked through FAA certification. Starfighters provides ground support, chase plane and data collection, expert pilot integration, and safety and regulatory alignment. [3]The combined offering covers four flight environments at one site: microgravity from the Falcon 50, reduced gravity and hyper-gravity from the same parabolic profiles, and the supersonic regime from Starfighters' F-104s. The NASA RFI specifically asks for "novel or non-traditional flight platforms." [3]Microgravity research is increasingly where real commercial work happens. Pharma and biotech companies use the absence of gravity-driven sedimentation to grow purer protein crystals and study drug mechanisms. Materials scientists use reduced gravity to study how alloys solidify without convection currents. Defense and aerospace engineers use parabolic profiles to test sensors, fluid systems, and components before committing to a launch. U.S. researchers who need that environment today have to look overseas or wait — exactly the gap NASA is asking industry to fill.Starfighters CEO Tim Franta and Mu-G founder Robert S. Ward have known each other for nearly thirty years through the Space Coast aerospace community. Franta took over as CEO in February 2026. [4] Starfighters already flies revenue missions for Lockheed Martin, Space Florida, and the U.S. Air Force Research Laboratory. [5] On May 7, it added two senior Blue Origin engineers to lead STARLAUNCH operations. [6]Four Other Names Riding the Same WaveKarman Holdings Inc. (NYSE: KRMN) — A leader in critical next-generation system solutions for space, hypersonics, and missile defense. On May 12, Karman reported record Q1 2026 revenue of US$151.2 million, up 51.0% year-over-year, with record quarterly adjusted EBITDA of US$44.8 million (29.6% margin) and a record backlog of US$1.0 billion, up 61% year-over-year. The Space and Launch segment led growth at US$43.9 million, with the company introducing a new Maritime Defense Systems end market in the quarter. Management raised full-year 2026 guidance to US$720–US$735 million in revenue and US$208.5–US$219.5 million in adjusted EBITDA. [7][8]MDA Space Ltd. (NYSE: MDA) — A trusted mission partner to the global space industry, dual-listed on the NYSE and TSX. On May 7, MDA Space reported Q1 2026 revenue of CAD$464 million, up 32% year-over-year, with a backlog of CAD$3.7 billion providing visibility into 2026 and beyond. The company ended the quarter with a CAD$299 million net cash position and CAD$1.2 billion in total liquidity. In April, MDA launched MDA MIDNIGHT™, a space-control platform aimed at protecting critical orbital infrastructure, while in March it announced a Canadian Defence Investment Agency contract for three Ground-Based Optical observatories. CEO Mike Greenley cited a CAD$40 billion pipeline across commercial and government customers. [9]EchoStar Corporation (Nasdaq: SATS) — Holds an equity stake in SpaceX acquired through prior spectrum transactions, now widely flagged as one of the most direct public proxies for the SpaceX IPO repricing thesis. On May 11, EchoStar reported Q1 2026 revenue of US$3.67 billion and confirmed that the FCC's Wireless Telecommunications Bureau and Space Bureau approved its approximately US$40 billion sale of wireless spectrum to AT&T and SpaceX, with EchoStar to continue operating Boost Mobile via an MVNO partnership. [10][11] On May 13, New Street Research initiated coverage with a Buy rating and a US$161 price target, calling EchoStar "the SpaceX play, for now." [12]Viasat, Inc. (Nasdaq: VSAT) — A global satellite communications provider with annual revenue of approximately US$4.56 billion. Viasat is one of five companies awarded initial contracts under the U.S. Space Force's Protected Tactical SATCOM-Global (PTS-G) program, which carries a ceiling of US$4 billion in IDIQ value across awardees for resilient, anti-jam tactical communications. [13] On May 7, Viasat announced a cooperation agreement with activist investor Carronade Capital Management, adding two new independent directors to the Board's Strategic Review Committee. On May 13, New Street Research initiated coverage with a Buy rating and a US$100 price target, citing Viasat's defense communications position as a SpaceX-IPO-adjacent beneficiary. [12]The Bottom LineThe Yahoo Finance segment captured what the market has already started pricing: when the anchor of the entire ecosystem is going public at a US$1.75 trillion valuation, every publicly traded company that does real work in the same lane gets re-rated. Starfighters Space, Inc. (NYSE American: FJET) is one of the few publicly traded operators that owns a flying fleet of supersonic aircraft today, has revenue from blue-chip aerospace customers, and is now in the running for a NASA-defined commercial microgravity capability that does not currently exist domestically. The Mu-G MOU is the next concrete step. As always, investors should do their own research and consult a qualified financial advisor before making any decision.For more information on Starfighters Space, Inc., visit: https://equity-insider.com/fjet-landingContact:
Equity Insider
info @therooster-2873Sources:[1] https://finance.yahoo.com/video/spacex-ipo-set-bolster-space-180000761.html
[2] https://www.ibtimes.com/spacex-files-largest-ipo-ever-while-absorbing-494-billion-loss-its-xai-merger-3802915
[3] https://ir.starfightersspace.com/news-events/press-releases
[4] https://www.stocktitan.net/sec-filings/FJET/8-k-starfighters-space-inc-reports-material-event-3234f73ec472.html
[5] https://finance.yahoo.com/news/starfighters-space-demonstrates-commercial-supersonic-130000515.html
[6] https://finance.yahoo.com/sectors/technology/articles/starfighters-space-adds-blue-origin-130000983.html
[7] https://www.sec.gov/Archives/edgar/data/0002040127/000119312526219495/krmn-ex99_1.htm
[8] https://www.stocktitan.net/sec-filings/KRMN/8-k-karman-holdings-inc-reports-material-event-0e4e3b7a2b1a.html
[9] https://www.sec.gov/Archives/edgar/data/0001857047/000110465926056789/tm2613608d3_ex99-1.htm
[10] https://stockanalysis.com/stocks/sats/
[11] https://blockonomi.com/echostar-sats-stock-surges-on-spacex-ipo-speculation-and-40b-fcc-spectrum-deal/
[12] https://stocktwits.com/news-articles/markets/equity/spacex-ripple-effect-rklb-sats-vsat-top-space-stock-bets/cZX1hH7Re1b
[13] https://www.investing.com/news/company-news/viasat-secures-contract-for-us-space-force-satellite-program-93CH-4277193DISCLAIMER / DISCLOSURE:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. 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This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article or email as the basis for any investment decision. The owner/operator of MIQ currently owns shares of Starfighters Space, Inc. that were purchased in the open market and reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company; no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS:This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that demand for U.S. aerodynamic and hypersonic test infrastructure will continue to accelerate; that Starfighters Space, Inc.'s F-104 platform will provide testing capabilities at the cadence and conditions described; that the Company's expansion to Midland, Texas will proceed as planned; that the Company will retain and grow its existing customer base; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.Logo: https://mma.prnewswire.com/media/2840019/5982425/Equity_Insider_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/spacexs-trillion-dollar-ipo-is-turning-the-space-sector-into-the-trade-of-2026--here-are-five-names-already-moving-on-it-302778910.htmlSOURCE Equity Insider Original: SpaceX's Trillion-Dollar IPO Is Turning the Space Sector Into the Trade of 2026 -- Here Are Five Names Already Moving on It

MDA SPACE REPORTS FIRST QUARTER 2026 RESULTSMay 7, 2026 5:45 AM
PR Newswire (US) Backlog of $3.7 billion at quarter-end, providing revenue visibility into 2026 and beyondRevenues of $464 million, up 32% YoYAdjusted EBITDA1 of $91 million, up 32% YoY; Adjusted EBITDA margin1 of 19.5%Adjusted net income1 of $51 million, up 32% YoYOperating cash flow of $61 million; Free cash flow1 of $(28) millionNet cash1 position of $299 million at quarter-end; Total liquidity of $1.2 billionReaffirmed 2026 full-year financial outlookTORONTO, May 7, 2026 /PRNewswire/ - MDA Space Ltd. (TSX: MDA) (NYSE: MDA), a trusted mission partner to the rapidly expanding global space industry, today announced its financial results for the first quarter ended March 31, 2026. "Q1 execution drove a solid start to the year, with the MDA Space team once again delivering on our track record of quarterly year-over-year revenue growth. Our consistent performance reinforces our ability to deliver profitable growth while maintaining balance sheet strength to invest and expand, all of which contributed to a highly successful initial public offering and listing on the New York Stock Exchange.We continue to see the speed at which defence spending and demand for new space capability is shaping the market. In March, we announced a contract with Canada's Defence Investment Agency to deliver three Ground-Based Optical observatories to support space domain awareness for the Department of National Defence. In April, underpinned by the investments we have made in our next generation commercial and dual-use product portfolio, we launched MDA MIDNIGHTTM, a space control platform ideally timed to deliver capabilities urgently needed by defence departments to protect critical space infrastructure.Equally evident was focused execution across the business with our first set of Globalstar satellites signed off and delivered to Florida for the upcoming launch, and the first shipments of our space-grade chips received for integration into MDA AuroraTM.With a $40 billion pipeline, including both commercial and government customer opportunities, we remain confident in our ability to execute on our growth plans and deliver shareholder value."Mike Greenley, CEO of MDA SpaceQ1 2026 HIGHLIGHTSBacklog of $3.7 billion at quarter-end provides revenue visibility for 2026 and beyond. This compares to $4.8 billion as of Q1 2025 with the reduction year-over-year driven by strong conversion of backlog into revenue.Revenues of $464.1 million in Q1 2026 were up 32.2% year-over-year driven by higher volumes across all business areas in the quarter.Adjusted EBITDA of $90.6 million in Q1 2026 increased 32.1% year-over-year driven by higher volumes of work. Adjusted EBITDA margin of 19.5% in Q1 2026 is consistent with the Company's full year margin guidance of 18%-20%.Net income of $29.6 million in Q1 2026 was down 10.0% year-over-year and diluted earnings per share were $0.22 in Q1 2026, a decrease of 11.5% year-over-year driven primarily by the increase in amortization of intangible expenses related to the SatixFy Communications Ltd. acquisition in Q3 2025.1As defined in the "Non-IFRS Financial Measures" sectionAdjusted net income in Q1 2026 was $50.7 million increasing 32.0% year-over-year driven by the higher gross margin, partially offset by investments in SG&A and R&D. Adjusted diluted earnings per share of $0.38 in Q1 2026 increased 26.9% year-over-year as a result of the higher adjusted net income, partially offset by higher average diluted shares outstanding due to a recent equity issuance related to the US IPO.Operating cash flow of $60.9 million in Q1 2026 compared with $267.0 million in Q1 2025. The year- over-year decrease in operating cash flow was primarily due to working capital fluctuations.Free cash flow of $(27.6) million in Q1 2026 compared to $205.3 million in Q1 2025. The year-over- year decrease was driven by reduced operating cash flow as a result of the aforementioned lower working capital contributions as well as higher capital expenditures.Net cash position of $299.3 million at the end of Q1 2026 represented a (0.9)x net debt to adjusted EBITDA ratio and compares to a net debt position of $120.0 million as of December 31, 2025, which represented a 0.4x net debt to adjusted EBITDA ratio. The improved net cash position was largely driven by net proceeds received through an initial public offering in the United States, which was completed in Q1 2026.2026 FINANCIAL OUTLOOKAs a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in attractive markets and geographies, scaling and expanding operations, skills, and talent to meet current and future market demand, leveraging strategic mergers, acquisitions and partnerships to complement organic growth, and continuing to position ourselves as Canada's national defence and space champion and a trusted supplier to partners and allies globally. We continue to make good progress against our long-term strategic plan.MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy.Our fiscal 2026 outlook consists of the following:Revenues of $1.7 - $1.9 billion, representing year-over-year growth of approximately 10% at the mid-point of guidanceAdjusted EBITDA of $320 - $370 million, representing year-over-year growth of approximately 7% at the mid-point of guidanceAdjusted EBITDA margin of 18% - 20%Capital expenditures of $225 - $275 million to support another year of investments related to the production expansion at our Montreal facility and investments in chip developmentFree cash flow to be neutral to negative driven by normal program working capital fluctuationsFINANCIAL OVERVIEW
KEY INDICATORS SUMMARY
First Quarters Ended(in millions of Canadian dollars, except per share data)March 31, 2026March 31, 2025Revenues$            464.1$            351.0Gross profit115.279.7Gross margin24.8 %22.7 %Adjusted EBITDA90.668.6Adjusted EBITDA Margin19.5 %19.5 %Adjusted Net Income50.738.4Adjusted Diluted EPS$             0.38$             0.30

As at(in millions of Canadian dollars, except for ratios)March 31, 2026December 31, 2025BacklogNet debt2 to Adjusted TTM3 EBITDA ratio$ 3,692.7 $(0.9)x4,012.90.4x2As defined in the 'Non-IFRS Financial Measures' section

3TTM: trailing twelve months

REVENUES BY BUSINESS AREA
First Quarters Ended(in millions of Canadian dollars)March 31, 2026March 31, 2025Satellite systems$            313.1$            222.0Robotics and space operations91.677.3Geointelligence59.451.7Consolidated revenues$            464.1$            351.0RevenuesConsolidated revenues for the first quarter of 2026 were $464.1 million, representing an increase of $113.1 million (or 32.2%) from the first quarter of 2025. The year-over-year increase in revenues was driven by higher volumes of work performed across all business areas in the quarter.By business area, revenues in Satellite Systems for the first quarter of 2026 were $313.1 million, which represents an increase of $91.1 million (or 41.0%) from the same period in 2025 driven by the increase in volume of work on the Telesat Lightspeed program and the Globalstar next generation LEO constellation program. Revenues in Robotics & Space Operations for the first quarter of 2026 were $91.6 million, which represents an increase of $14.3 million (or 18.5%) from the same period in 2025 driven by the increase in volume of work on the Canadarm3 program. Revenues in Geointelligence for the first quarter of 2026 were $59.4 million, which represents an increase of $7.7 million (or 14.9%) from the same period in 2025 due to higher volume of work on various programs.Gross Profit and Gross MarginGross profit reflects our revenues less cost of revenues. Q1 2026 gross profit of $115.2 million represents a $35.5 million (or 44.5%) increase over Q1 2025 driven by higher volumes of work performed across all business areas. Gross margin in Q1 2026 was 24.8% and compares to a gross margin of 22.7% in Q1 2025 driven by program mix.Adjusted EBITDA and Adjusted EBITDA MarginAdjusted EBITDA for the first quarter of 2026 was $90.6 million compared with $68.6 million for the first quarter of 2025, representing an increase of $22.0 million (or 32.1%) year-over-year driven by higher work volumes as we continue to convert our backlog. Adjusted EBITDA margin was 19.5% in the first quarter of 2026 compared to 19.5% adjusted EBITDA margin reported in the first quarter of 2025Adjusted Net IncomeAdjusted net income for the first quarter of 2026 was $50.7 million compared with $38.4 million for the first quarter of 2025, representing an increase of $12.3 million (or 32.0%) year-over-year primarily driven by higher operating income.BacklogBacklog is comprised of our remaining performance obligations which represents the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at March 31, 2026 was $3,692.7 million, a decrease of $1,145.7 million compared with the backlog at March 31, 2025 driven by continued conversion of our backlog into revenue. The following table shows the build up of backlog for the three months ended March 31, 2026 as compared with the same period in 2025.First Quarters Ended
First Quarters Ended(in millions of Canadian dollars)March 31, 2026March 31, 2025Opening Backlog$           4,012.9 $4,385.5Less: Revenue recognized(464.1)(351.0)Add: Order Bookings143.9803.9Ending Backlog$           3,692.7 $4,838.4CONFERENCE CALL AND WEBCASTMDA Space will host a conference call and webcast to discuss these financial results on Thursday, May 7, 2026 at 8:30 a.m. ET. Interested parties can join the call by dialing 416-945-7677 (Toronto area) or 1-888-699-1199 (toll-free North America) or +44-800-279-7040 (toll-free United Kingdom) and entering the conference ID 38570. A live webcast of the conference call and an accompanying slide presentation will be available at https://mda-en.investorroom.com/events-presentations. A replay of the webcast will be archived on the MDA Space Investor Relations website. Parties may also access a recording of the call, which will be available until May 14, 2026, by dialing 1-888-660-6345 and entering the passcode 38570 #.NON-IFRS FINANCIAL MEASURESThis press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS), do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non- IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings, Net Debt (Cash) and Free Cash Flow to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures.We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss, ii) unrealized gain or loss on financial instruments, iii) share-based compensation expenses, iv) share of profit or loss of equity-accounted investees, and v) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, iv) share-based compensation expenses, v) share of profit or loss of equity-accounted investees, and vi) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is the dollar sum of contract values of firm customer contracts. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt (Cash) is the total carrying amount of long-term debt including current portions, as presented in the Q1 2026 Financial Statements, less cash and excluding any lease liabilities. Net Debt (Cash) is a liquidity metric used to determine how well the Company can pay its debt obligations if they were due immediately. Free Cash Flow is a supplemental measure used by Management and other users of the financial statements to monitor the availability of discretionary cash generated, and available to the Company to repay debt, make strategic investments, and meet other payment obligations. We define Free Cash Flow as operating cash flows less net capital expenditures.FORWARD-LOOKING STATEMENTSThis news release contains certain statements that may constitute "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"), including but not limited to statements relating to our financial position, business and growth strategies and our revenue pipeline. When used in this news release, forward-looking statements often but not always, can be identified by the use of forward-looking words such as, including but not limited to, "may", "will", "would", "should", "expect", "believe", "intend", "future" and other similar terminology or the negative or inverse of such words or terminology. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, including but not limited to: pipeline opportunities resulting in awarded contracts and realized revenue; retention of material customers; successful execution of our business strategies; consistent and stable economic conditions or conditions in financial markets; government priorities and the growth in the global space industry being consistent with expectations; consistent and stable legislation in the various countries in which we operate; and continued availability of qualified personnel.Forward-looking statements are also subject to risks and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation: economic, political and geopolitical conditions; catastrophic space events, natural disasters and other significant disruptions; policies, priorities, mandates and funding levels of governmental entities; the termination of customer contracts; our revenue pipeline not resulting in firm contracts or realized revenue; the ability to execute large, complex and fixed-price contracts within expected cost, schedule and performance parameters; variability in the timing and realization of revenues from backlog; cybersecurity risks; tariffs or other international trade disputes; the loss, failure or performance degradation of RADARSAT-2; revenue concentration in a small number of contracts; the failure to successfully implement our growth strategy; supplier risks; our ability to develop new technology; risks associated with artificial intelligence and the adoption of emerging technologies; our ability to attract, train and retain employees; regulatory and export control requirements and approvals; financing, liquidity and covenant compliance risks; and the other risks and uncertainties detailed under the "Risk Factors" section of the Company's annual information form dated March 4, 2026. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with the forward- looking statements. There are a number of additional risks and uncertainties affecting or that could affect MDA Space, which could cause actual results and developments to differ materially from those described in, expressed or implied by these forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements or information. These forward-looking statements speak only as of the date of this news release. Except as required by law, MDA Space is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Certain information in this news release, including the section entitled "2026 Financial Outlook", may be considered as "financial outlook" or "future-oriented financial information" within the meaning of applicable securities laws. The purpose of this financial outlook or future-oriented financial information is to provide readers with disclosure regarding MDA Space's reasonable expectations as to the anticipated results of its proposed business activities for the period indicated. Readers are cautioned that the financial outlook or future-oriented financial information may not be appropriate for other purposes.ABOUT MDA SPACEBuilding the space between proven and possible, MDA Space (TSX:MDA; NYSE:MDA) is a trusted mission partner to the global defence and space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The global MDA Space team of more than 4,000 space experts has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of- a-kind mix of experience, engineering excellence and wide-eyed wonder that's been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we'll take you there. For more information, visit www.mda.space. MDA Space Ltd.
Unaudited Interim Condensed Consolidated Statement of Comprehensive Income
For the years ended March 31, 2026 and 2025
(In millions of Canadian dollars except per share figures)
Three monthsended MarchThree monthsended March31, 202631, 2025Revenue$        464.1$        351.0Cost of revenueMaterials, labour and subcontractors(333.9)(257.6)Depreciation and amortization of assets(15.0)(13.7)Gross profit115.279.7Operating expensesSelling, general and administration(30.2)(23.4)Research and development, net(8.6)(5.5)Amortization of intangible assets(30.5)(11.6)Share-based compensation(5.8)(3.9)Operating income40.135.3Other income (expenses)Gain (loss) on financial instruments(0.4)0.1Foreign exchange gain and other8.413.1Finance income1.01.7Finance costs(6.4)(4.9)Share of loss of equity-accounted investee(1.5)—Income before taxes41.245.3Income tax expense(11.6)(12.4)Net income29.632.9Other comprehensive incomeGain (loss) on translation of foreign operations3.2(0.8)Remeasurement loss on defined benefit plans(2.2)(2.0)Total comprehensive income$ 30.6$ 30.1Earnings per share:Basic$          0.23$          0.27Diluted0.220.26Weighted-average common shares outstanding:Basic128,362,554122,239,378Diluted132,699,391127,589,192MDA Space Ltd.
Unaudited Interim Condensed Consolidated Statement of Financial Position
March 31, 2026 and 2025
(In millions of Canadian dollars)As atMarch 31, 2026December 31, 2025Assets Current assets: Cash$                   544.0$                      152.0Trade and other receivables149.0145.3Unbilled receivables207.4187.5Inventories37.023.5Income taxes receivable56.452.9Other current assets46.753.3
1,040.5614.5Non-current assets:Property, plant and equipment666.0649.6Right-of-use assets111.1114.5Intangible assets872.7876.7Goodwill804.9800.4Equity-accounted investees9.811.3Deferred income tax assets15.410.0Other non-current assets275.9279.2
2,755.82,741.7Total assets3,796.33,356.2Liabilities and shareholders' equityCurrent liabilities:Accounts payable and accrued liabilities458.6391.4Income taxes payable12.811.0Contract liabilities710.7798.9Current portion of net employee benefit payable86.877.1Current portion of lease liabilities19.820.2Other current liabilities19.819.2Non-current liabilities:1,308.51,317.8Net employee defined benefit payable23.223.4Lease liabilities116.2118.9Long-term debt244.7272.0Deferred income tax liabilities233.7245.7Other non-current liabilities23.323.4
641.1683.4Total liabilities1,949.62,001.2Shareholders' equityCommon shares1,501.91,042.7Contributed surplus37.936.0Accumulated other comprehensive income30.129.1Retained earnings276.8247.2Total equity1,846.71,355.0Total liabilities and equity$                 3,796.3$                    3,356.2MDA Space Ltd.
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the three months ended March 31, 2026 and 2025
(In millions of Canadian dollars)
Three monthsended March31, 2026Three months
ended March31, 2025
Cash flows from operating activities

Net income$           29.6$        32.9Items not affecting cash:

Income tax expense11.612.4Depreciation of property, plant, and equipment8.77.0Depreciation of right-of-use assets3.73.3Amortization of intangible assets33.815.0Equity-settled share-based compensation4.32.8Investment tax credits accrued(10.6)(8.0)Finance costs, net5.43.2Loss (gain) on financial instruments0.4(0.1)Share of loss of equity-accounted investee1.5—Loss on buy-out of pension liability0.3—Changes in operating assets and liabilities(21.4)195.8
67.3264.3Interest paid(2.3)(2.3)Income tax (paid) received, net(4.1)5.0Net cash generated in operating activities60.9267.0Cash flows from investing activities

Purchases of property and equipment(67.2)(39.8)Purchases/development of intangible assets(21.3)(21.9)Proceeds from disposal of assets—0.2Proceeds from disposal of equity securities9.4—Net cash used in investing activities(79.1)(61.5)Cash flows from financing activities

Proceeds from senior credit facility95.0—Repayments of senior credit facility(125.0)—Payment of lease liability (principal portion)(3.0)(2.4)Proceeds from share issuance, net of transaction costs441.5—Proceeds from stock options exercised2.98.7Net cash generated in financing activities411.46.3Net increase in cash393.2211.8Net foreign exchange difference on cash(3.9)(2.2)Cash, beginning of period prior to restatement for IFRS 9 amendments152.0166.7Adjustment on adoption of IFRS 9 amendments on January 1, 20262.7—Cash, end of period$          544.0$       376.3RECONCILIATION OF NON-IFRS MEASURESThe following table provides a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income:
First Quarters Ended March 31,(in millions of Canadian dollars)20262025Net income$              29.6$               32.9Depreciation and amortization of assets15.713.7Amortization of intangible assets related to business combination30.511.6Income tax expense11.612.4Finance income(1.0)(1.7)Finance costs6.44.9EBITDA$              92.8$ 73.8Unrealized foreign exchange gain(9.7)(11.4)Loss (gain) on financial instruments0.4(0.1)Loss on buy-out of pension liability0.3—Acquisition, integration and reorganization costs1.03.5Equity-settled share-based compensation4.32.8Share of loss of equity-accounted investee$ 1.5$ —Adjusted EBITDA$              90.6$ 68.6First Quarters Ended March 31,
First Quarters Ended March 31,(in millions of Canadian dollars except for adjusted earnings per share)20262025Net income$              29.6$              32.9Amortization of intangible assets related to business combination30.511.6Acquisition, integration and reorganization costs1.03.5Loss on buy-out of pension liability0.3—Loss (gain) on financial instruments0.4(0.1)Unrealized foreign exchange gain(9.7)(11.4)Embedded derivative effects1.01.1Equity-settled share-based compensation4.32.8Share of loss of equity-accounted investee1.5—Income taxes related to the above items (1)(8.2)(2.0)Adjusted net income$              50.7$              38.4Weighted average number of shares outstanding - diluted132,699,391127,589,192Adjusted earnings per share - diluted$              0.38$              0.30(1) Adjusted effective tax rate applied starting 2026 to reflect the Company's actual tax burden and provide a comprehensive view of underlying profitability, consistent with the tax expense reflected Statement of Comprehensive Income, versus the statutory income tax rate applied previously. View original content to download multimedia:https://www.prnewswire.com/news-releases/mda-space-reports-first-quarter-2026-results-302764804.htmlSOURCE MDA Space Original: MDA SPACE REPORTS FIRST QUARTER 2026 RESULTS