MDA Space (MDA)
MDA Space (MDA, TSX) is Canada’s space prime contractor: it builds satellites on its AURORA platform for the Telesat Lightspeed and Globalstar constellations, the Canadarm3 robotics for NASA’s Gateway, and Earth-observation systems. In ETFpedia it represents Global Space Technology as a profitable merchant supplier, after growing Q1 2026 revenue 32.2% to C$464.1 million.
| Ticker | MDA |
|---|---|
| Exchange | TSX |
| Sector | Space Systems · Satellites, Robotics & Earth Observation |
| Country | Canada |
| Related index | Akros Global Space Technology Index (AGSPCT) |
| Wikidata | Q1165227 |
| Last updated | 2026-06-11 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from MDA's usual early-August reporting; not confirmed. Last report: Q1 2026 on 2026-05-07. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-07)
MDA Space grew Q1 2026 revenue 32.2% year over year to C$464.1 million on higher volumes across all business areas, especially the Telesat Lightspeed and Globalstar constellation programs, with adjusted EBITDA up 32.1% to C$90.6 million, net income of C$29.6 million, and a C$3.7 billion backlog.
| Revenue | C$464.1M+32.2%YoY · Growth across all three business areas |
|---|---|
| Adjusted EBITDA | C$90.6M+32.1%YoY · 19.5% margin |
| Net income | C$29.6M · Adjusted net income C$50.7M; adjusted diluted EPS C$0.38 (+26.9%) |
| Backlog | C$3,692.7M · Down YoY on strong backlog-to-revenue conversion |
| Operating cash flow | C$60.9M · Net cash position C$299.3M |
Revenue by segment
| Satellite Systems (Q1 2026) | C$313.1M · 67.5%of revenue |
|---|---|
| Robotics & Space Operations (Q1 2026) | C$91.6M · 19.7%of revenue |
| Geointelligence (Q1 2026) | C$59.4M · 12.8%of revenue |
Guidance:Full-year 2026
| Revenue | C$1.7B-C$1.9B · ~10% growth at midpoint |
|---|---|
| Adjusted EBITDA | C$320M-C$370M · 18-20% margin; ~7% growth at midpoint |
Full-year 2026 guidance issued with FY2025 results on 2026-03-04 and maintained with Q1 2026 results.
Recent & upcoming events
- · Q1 2026 results.Revenue C$464.1M (+32.2%) with adjusted EBITDA of C$90.6M (+32.1%) and net income of C$29.6M; backlog stood at C$3.7B with full-year guidance maintained. (source)
- · NYSE listing and ~US$300M U.S. IPO.Common shares began trading on the NYSE under 'MDA' alongside the TSX listing, with the U.S. initial public offering raising approximately US$300M in gross proceeds. (source)
- · Record FY2025 results.Full-year 2025 revenue grew 51% to a record C$1,633M with record adjusted EBITDA of C$324M (+49%) and adjusted net income of C$189.9M; year-end backlog was about C$4B. (source)
All figures are in Canadian dollars from MDA Space's Q1 2026 (May 7, 2026) and FY2025 (March 4, 2026) releases; results are also furnished to the SEC on Form 6-K. The Q2 2026 earnings date is calendar-estimated.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does MDA Space do?
MDA Space sells the picks and shovels of the constellation era through three businesses. Satellite Systems, 67.5% of Q1 2026 revenue at C$313.1 million, builds spacecraft on the AURORA digitally steered platform that serves as the basis for both the Telesat Lightspeed and Globalstar next-generation LEO satellites. Robotics & Space Operations (C$91.6 million) carries the Canadarm heritage from the Space Shuttle and ISS into Canadarm3 for NASA’s lunar Gateway. Geointelligence (C$59.4 million) sells Earth-observation and maritime surveillance services built on radar satellite expertise from RADARSAT (MDA Space Q1 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.”
— Mike Greenley, CEO, MDA Space (Q1 2026 release)
Why is MDA Space a Global Space Technology company?
The Global Space Technology concept reaches beyond US borders precisely for companies like this one: a profitable, scaled space manufacturer that no US-only basket can hold. MDA Space supplies many operators rather than betting on one, so industry-wide constellation demand flows through its backlog: full-year 2025 revenue grew 51% to a record C$1,633 million with adjusted EBITDA up 49% to C$324 million (MDA Space FY2025). Its customer list also stitches the theme together, building the next-generation satellites for Globalstar and selling Earth-observation services adjacent to Planet Labs. Since March 12, 2026 its shares trade on the NYSE as well as the TSX, following a US IPO that raised about US$300 million (SatNews).
What did MDA Space report most recently?
In Q1 2026 (reported May 7, 2026), revenue rose 32.2% year over year to C$464.1 million, driven by higher volumes across all three business areas, especially the Telesat Lightspeed and Globalstar constellation programs (MDA Space Q1 2026). Adjusted EBITDA grew 32.1% to C$90.6 million, a 19.5% margin, with net income of C$29.6 million, adjusted net income of C$50.7 million, and adjusted diluted EPS of C$0.38, up 26.9%. Backlog stood at C$3,692.7 million, down year over year as contracts converted to revenue, while operating cash flow was C$60.9 million and the company held a net cash position of C$299.3 million.
What is MDA Space’s guidance?
MDA Space guides full-year 2026 revenue to C$1.7 to 1.9 billion, roughly 10% growth at the midpoint, and adjusted EBITDA to C$320 to 370 million at an 18 to 20% margin (MDA Space FY2025). Management points to a pipeline it sized at about C$40 billion at year-end 2025, including roughly C$10 billion of opportunities where MDA has been down-selected or holds follow-on positions with existing customers.
What are the risks for MDA Space?
- Backlog conversion outpacing wins. Backlog fell about C$1.1 billion year over year to C$3.7 billion as revenue converted faster than new awards landed; sustained book-to-bill below 1 would cap growth.
- Program concentration. Telesat Lightspeed and Globalstar dominate Satellite Systems volumes; a delay or descope at either customer would hit the largest segment directly.
- Fixed-price execution. Large satellite and robotics programs carry cost-overrun risk typical of space primes.
- Government and agency cycles. Canadarm3 and geointelligence work depend on Canadian and allied government budgets and policy timelines.
Related securities, concepts & terms
- Global Space Technologyparent
- Globalstar (GSAT)sibling
- Planet Labs (PL)sibling
- Earth Observationrelated
Related indices & ETFs
- Akros Global Space Technology Index (AGSPCT) · Akros Technologies, Inc.MDA Space is a representative constituent of the Global Space Technology concept index.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about MDA Space
What does MDA Space do?
MDA Space is Canada's space prime contractor with three business areas: Satellite Systems, which builds spacecraft on its AURORA digital platform for constellations including Telesat Lightspeed and Globalstar's next generation; Robotics & Space Operations, home of the Canadarm robotics heritage and Canadarm3 for NASA's lunar Gateway; and Geointelligence, which sells Earth-observation data and surveillance services (MDA Space Q1 2026).
Why is MDA Space part of the Global Space Technology theme?
MDA Space is the global theme's Canadian merchant supplier: rather than betting on one constellation, it builds satellites and robotics for many of them, converting industry-wide demand into profitable growth. Q1 2026 revenue grew 32.2% to C$464.1 million with a 19.5% adjusted EBITDA margin and a C$3.7 billion backlog (MDA Space Q1 2026). No US-only basket can hold it, since it lists on the TSX and, since March 2026, the NYSE.
What was MDA Space's latest quarterly revenue?
MDA Space reported Q1 2026 revenue of C$464.1 million, up 32.2% year over year, with adjusted EBITDA of C$90.6 million (a 19.5% margin), net income of C$29.6 million, and adjusted diluted EPS of C$0.38, up 26.9% (MDA Space Q1 2026). For full-year 2025 it posted record revenue of C$1,633 million, up 51% (MDA Space FY2025).
What is MDA Space's guidance for 2026?
MDA Space guides full-year 2026 revenue to C$1.7 to 1.9 billion, roughly 10% growth at the midpoint, and adjusted EBITDA to C$320 to 370 million at an 18 to 20% margin. The guidance was issued with FY2025 results on March 4, 2026 and maintained with the Q1 2026 release (MDA Space).
When does MDA Space report its next earnings?
MDA Space is expected to report Q2 2026 results in early August 2026, in line with its usual cadence. That date is calendar-estimated and not yet confirmed, so check MDA's investor relations site (MDA IR). It last reported Q1 2026 results on May 7, 2026.
Is MDA Space listed in the United States?
Yes. MDA Space's common shares began trading on the New York Stock Exchange under the symbol MDA on March 12, 2026, alongside the existing Toronto Stock Exchange listing, after a US IPO that raised approximately US$300 million in gross proceeds (SatNews). The company reports in Canadian dollars and furnishes results to the SEC on Form 6-K.
Sources & references
- MDA Space Reports First Quarter 2026 Results · MDA Space Ltd., 2026-05-07
- MDA Space Reports Fourth Quarter and Fiscal 2025 Results · MDA Space Ltd., 2026-03-04
- MDA Space Ltd. · Q1 2026 results (Form 6-K exhibit) · MDA Space Ltd. / SEC EDGAR, 2026-05-07
- MDA Space Strategic Growth Cemented by NYSE Listing and S&P/TSX Performance · SatNews, 2026-03-17
- MDA Space Ltd. · Investor Relations (news and events) · MDA Space Ltd., 2026-06-11