MDA Space reported record revenue for fiscal year 2025, driven largely by strong demand in its satellite manufacturing business.
The Ontario-based company posted annual revenue of CA$1.63 billion ($1.19 billion), representing a 51% increase from the previous year and landing at the upper end of its projected range of CA$1.5 billion to CA$1.65 billion.
MDA Space operates three main divisions: Geointelligence, Robotics and Space Operations, and Satellite Systems. Revenue in the Geointelligence segment rose 6% year-on-year to CA$214.4 million, while Robotics and Space Operations increased 11% to CA$309.3 million.
The Satellite Systems division recorded the strongest performance, with revenue climbing 85.5% to about CA$1.1 billion ($800 million).
The company said the growth was primarily driven by increased work on low-Earth orbit satellite constellations for Globalstar and Telesat’s Telesat Lightspeed project, as well as a military satellite communications contract awarded by the Government of Canada in late 2025.
Mike Greenley said the company is making progress on the Telesat Lightspeed program and expects initial satellite deliveries in 2026.
Greenley told investors the company is approaching the final critical design review for the project and plans to ramp up deliveries in 2027.
For Globalstar, MDA Space said it remains on track to deliver satellites under the updated timeline announced last year, including shipments in 2026 for a 17-satellite system upgrade. The company has also completed the critical design review for Globalstar’s next-generation LEO constellation.
Adjusted net income reached CA$190 million ($139 million), up 71% compared with the previous year.
Looking ahead, MDA Space estimates a pipeline of approximately CA$40 billion ($29 billion) in potential opportunities over the next five years.
Greenley said about 90% of the company’s expected revenue for 2026 is supported by its existing backlog, though the timing of some future contracts remains uncertain.
“The pace at which those can come in is often based on customer activity,” Greenley said during an earnings call. “Some of that customer activity is in areas that are newly emergent, such as the Canadian government’s new defense industrial strategy.”
Last month, the company also launched a new defense-focused subsidiary called 49 North.
MDA Space ended 2025 with a backlog of approximately CA$4 billion ($2.9 billion), a decline of about 10% compared with the previous year.
For 2026, the company forecasts revenue between CA$1.7 billion and CA$1.9 billion and expects free cash flow to remain neutral to slightly negative.
MDA Space is known for its role in civil space programs, including development of the Canadarm robotic arm used on the International Space Station and operation of the RADARSAT‑2 Earth observation satellite.
