Canadian satellite manufacturer MDA<\/b> reported a strong 2023 financial year driven by the company\u2019s constellation contract, growing revenue 26% year-over-year. MDA reported full year 2023 financial results on Feb. 28. <\/p>\n
2023 full year revenue for MDA was 807.6 million Canadian dollars ($595 million), compared to CA$641 million in 2022. <\/p>\n
MDA has three business divisions \u2014 Geointelligence, Robotics and Space Operations, and Satellite Systems. The Satellite Systems division brought in the most revenue, earning CA$362 million, accounting for about 45% of the company\u2019s business. Satellite Systems revenue was up 43% year-over-year. <\/p>\n
The Robotics & Space Operations business grew 28% year-over-year, reporting CA$248.4 million in revenue. Geointelligence revenue was CA$197.5 million, generally in line with 2022 figures. <\/p>\n
MDA is profitable and reported adjusted net income of CA$97.9 million in 2023, up 24% year-over-year, driven by higher operating income and lower finance costs.<\/p>\n
The company improved adjusted EBITDA as well. Full year adjusted EBITDA of CA$174.2 million was up 10.3% year over year driven by higher volumes. Adjusted EBITDA margin was 21.6% for the full year.<\/p>\n
MDA closed out 2023 with a record backlog of CA$3.1 billion. Backlog was up 125% compared to the end of 2022, partially due to the Telesat Lightspeed order. <\/p>\n
The company added 890 new staff in 2023 as part of a focus on talent and recruitment to support growth. MDA also plans to double its workforce in the United Kingdom after acquiring the digital payload division of SatixFy. <\/p>\n
\u201cWe continue to invest in the business to meet current and future growth across our business areas. We are in the early innings of a multi-decade growth cycle playing out in our end markets and MDA is uniquely qualified to take advantage of the growth,\u201d CEO Mike Greenley said on a Wednesday call with investors. <\/p>\n
The company provided guidance for 2024, expecting 25% growth for the year to reach revenues between CA$950 million to CA$1.05 billion. <\/p>\n
Greenley estimates there is a CA$17 billion cumulative pipeline of opportunities for MDA overall over the next five years, and mentioned a growing number of satellite constellation projects. <\/p>\n
\u201cIn satellite systems, we are seeing good momentum, with our teams working to advance multiple requests for communication satellite solutions, and a growing number of constellation projects. We are seeing good activity levels from customers, and our opportunity funnel remains strong,\u201d he said. <\/p>\n
Greenley confirmed MDA has started engineering and procurement activities on the $180 million constellation order from an unnamed customer that the company announced in November. <\/p>\n
Greenley said the full constellation, valued at at least $750 million, is expected to include a minimum of 36 MDA\u2019s newly introduced software-defined digital satellites. The contract for the full constellation is expected this year. <\/p>\n
He also gave an update on the Telesat Lightspeed program, which MDA is building 198 satellites for. \u200b\u200bMDA is currently finalizing supplier selection for the program. <\/p>\n
\u201cOn the Lightspeed program, we made good progress on ramp-up activities in Q4. Our teams have been busy engaging with our supplier base and progressing early design, work systems requirements analysis, and subcontractor tender planning and preparation,\u201d Greenley said. <\/p>\n","protected":false},"excerpt":{"rendered":"
Canadian satellite manufacturer MDA reported a strong 2023 financial year driven by the company\u2019s constellation contract, growing revenue 26% year-over-year. MDA reported full year 2023 financial results on Feb. 28. 2023 full year revenue for MDA was 807.6 million Canadian dollars ($595 million), compared to CA$641 million in 2022. MDA has three business divisions \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":51723,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-51720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51720"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=51720"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/51723"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=51720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=51720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=51720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}