MDA SPACE SIGNS $1.1B CONTRACT WITH GLOBALSTAR TO BUILD NEXT GENERATION LEO CONSTELLATION
BRAMPTON, ON, Feb. 10, 2025 /CNW/ - MDA Space Ltd. (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, today announced that it has signed a definitive contract with Globalstar Inc. (NYSE American: GSAT) to be the prime contractor for the satellite operator's next generation low Earth orbit (LEO) constellation, with a total contract value of approximately $1.1 billion*.
As part of the definitive contract for the full LEO constellation, MDA Space will manufacture more than 50 MDA AURORATM software-defined digital satellites for Globalstar.
'We are pleased to once again be working with Globalstar as they develop their next generation LEO constellation,' said Mike Greenley, CEO of MDA Space. 'With the full contract now in place, we are moving full speed ahead on the program.'
The definitive contract announced today is a follow-on to an initial Authorization to Proceed (ATP) contract with an undisclosed customer, previously announced on November 17, 2023.
A contract value of approximately $750 million will be added to the company's backlog in the first quarter of fiscal 2025. This amount is in addition to the ATP value of approximately $350 million that was previously added to backlog, for a total value of $1.1 billion under the definitive contract.
*Contract value is stated in CAD. Management assumed US/CAD exchange rate of 1.43.
ABOUT MDA SPACE
Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global 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 MDA Space team of more than 3,000 space experts in Canada, the US and the UK 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.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the Company's Annual Information Form available on SEDAR+ at www.sedarplus.com. MDA Space does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Shereen Zahawi
647-401-3230
[email protected]
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Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. About Burning Rock Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage. 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Contact: IR@ Selected Operating Data As of March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 In-hospital Channel: Pipeline partner hospitals(1) 28 29 30 29 30 Contracted partner hospitals(2) 59 59 61 63 63 Total number of partner hospitals 87 88 91 92 93(1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company's products. (2) Refers to hospitals that have entered into contracts to purchase the Company's products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals. Selected Financial Data For the three months ended Revenues March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 (RMB in thousands) Central laboratory channel 47,614 48,773 39,984 39,278 38,296 In-hospital channel 57,387 59,872 63,769 43,464 57,687 Pharma research and development channel 20,622 26,888 24,891 43,280 37,099 Total revenues 125,623 135,533 128,644 126,022 133,082 For the three months ended Gross profit March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands) Central laboratory channel 37,002 38,424 33,262 33,153 32,191 In-hospital channel 39,192 44,058 46,580 29,563 43,895 Pharma research and development channel 9,500 12,956 12,004 26,706 21,315 Total gross profit 85,694 95,438 91,846 89,422 97,401 For the three months ended Share-based compensation expenses March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands) Cost of revenues 596 464 289 520 308 Research and development expenses 12,287 12,008 3,180 3,202 1,800 Selling and marketing expenses 508 1,232 1,917 1,353 1,025 General and administrative expenses 55,990 54,407 4,732 2,937 1,413 Total share-based compensation expenses 69,381 68,111 10,118 8,012 4,546 Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) For the three months ended March 31,2024 June 30,2024 September 30, 2024 December 31,2024 March 31, 2025 March 31, 2025 RMB RMB RMB RMB RMB US$ Revenues 125,623 135,533 128,644 126,022 133,082 18,340 Cost of revenues (39,929 ) (40,095 ) (36,798 ) (36,600 ) (35,681 ) (4,918 ) Gross profit 85,694 95,438 91,846 89,422 97,401 13,422 Operating expenses: Research and development expenses (65,985 ) (64,952 ) (49,150 ) (52,203 ) (40,389 ) (5,566 ) Selling and marketing expenses (46,856 ) (48,907 ) (48,411 ) (46,730 ) (40,888 ) (5,635 ) General and administrative expenses (98,681 ) (92,794 ) (32,874 ) (37,289 ) (31,303 ) (4,314 ) Impairment loss on long-lived assets (35,127 ) Total operating expenses (211,522 ) (206,653 ) (130,435 ) (171,349 ) (112,580 ) (15,515 ) Loss from operations (125,828 ) (111,215 ) (38,589 ) (81,927 ) (15,179 ) (2,093 ) Interest income 4,038 3,187 3,173 1,814 2,581 356 Other income (expense), net 434 (82 ) 1 4,353 (652 ) (90 ) Foreign exchange (loss) gain, net (13 ) 262 (129 ) (220 ) (26 ) (4 ) Loss before income tax (121,369 ) (107,848 ) (35,544 ) (75,980 ) (13,276 ) (1,831 ) Income tax expenses (180 ) (190 ) (201 ) (5,314 ) (224 ) (31 ) Net loss (121,549 ) (108,038 ) (35,745 ) (81,294 ) (13,500 ) (1,862 ) Net loss attributable to Burning Rock Biotech Limited's shareholders (121,549 ) (108,038 ) (35,745 ) (81,294 ) (13,500 ) (1,862 ) Net loss attributable to ordinary shareholders (121,549 ) (108,038 ) (35,745 ) (81,294 ) (13,500 ) (1,862 ) Loss per share for class A and class B ordinary shares: Class A ordinary shares - basic and diluted (1.19 ) (1.05 ) (0.35 ) (0.79 ) (0.13 ) (0.02 ) Class B ordinary shares - basic and diluted (1.19 ) (1.05 ) (0.35 ) (0.79 ) (0.13 ) (0.02 ) Weighted average shares outstanding used in loss per share computation: Class A ordinary shares - basic and diluted 85,219,188 85,271,858 85,902,670 86,036,286 90,291,658 90,291,658 Class B ordinary shares - basic and diluted 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 Other comprehensive income (loss), net of tax of nil: Foreign currency translation adjustments 590 940 (4,054 ) 6,009 (72 ) (10 ) Total comprehensive loss (120,959 ) (107,098 ) (39,799 ) (75,285 ) (13,572 ) (1,872 ) Total comprehensive loss attributable to Burning Rock Biotech Limited's shareholders (120,959 ) (107,098 ) (39,799 ) (75,285 ) (13,572 ) (1,872 ) Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets(In thousands) As of December 31, 2024 March 31,2025 March 31,2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 519,849 495,145 68,233 Restricted cash 2,313 2,261 312 Accounts receivable, net 152,013 159,463 21,974 Contract assets, net 13,855 17,178 2,367 Inventories, net 62,625 65,424 9,016 Prepayments and other current assets, net 25,963 22,072 3,042 Total current assets 776,618 761,543 104,944 Non-current assets: Property and equipment, net 47,152 41,162 5,672 Operating right-of-use assets 53,188 43,804 6,036 Intangible assets, net 421 386 53 Other non-current assets 7,926 7,822 1,078 Total non-current assets 108,687 93,174 12,839 TOTAL ASSETS 885,305 854,717 117,783 Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets (Continued)(in thousands) As of December 31,2024 March 31,2025 March 31,2025 RMB RMB US$ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 33,747 35,938 4,952 Deferred revenue 117,895 117,200 16,151 Accrued liabilities and other current liabilities 89,498 76,198 10,501 Customer deposits 592 592 82 Current portion of operating lease liabilities 24,567 22,524 3,104 Total current liabilities 266,299 252,452 34,790 Non-current liabilities: Non-current portion of operating lease liabilities 27,754 19,814 2,730 Other non-current liabilities 10,425 10,649 1,467 Total non-current liabilities 38,179 30,463 4,197 TOTAL LIABILITIES 304,478 282,915 38,987 Shareholders' equity: Class A ordinary shares 124 124 17 Class B ordinary shares 21 21 3 Additional paid-in capital 5,002,255 5,005,991 689,844 Treasury stock (63,264 ) (62,453 ) (8,606 ) Accumulated deficits (4,200,261 ) (4,213,761 ) (580,672 ) Accumulated other comprehensive loss (158,048 ) (158,120 ) (21,790 ) Total shareholders' equity 580,827 571,802 78,796 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 885,305 854,717 117,783 Burning Rock Biotech LimitedUnaudited Condensed Statements of Cash Flows(in thousands) For the three months ended March 31,2024 March 31,2025 March 31,2025 RMB RMB US$ Net cash generated from (used in) operating activities 19,062 (23,527 ) (3,242 ) Net cash used in investing activities (812 ) (1,531 ) (211 ) Net cash used in financing activities (74 ) - - Effect of exchange rate on cash, cash equivalents and restricted cash 5,739 302 43 Net increase in (decrease) cash, cash equivalents and restricted cash 23,915 (24,756 ) (3,410 ) Cash, cash equivalents and restricted cash at the beginning of period 498,247 522,162 71,955 Cash, cash equivalents and restricted cash at the end of period 522,162 497,406 68,545 Burning Rock Biotech LimitedReconciliations of GAAP and Non-GAAP Results For the three months ended March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands) Gross profit: Central laboratory channel 37,002 38,424 33,262 33,153 32,191 In-hospital channel 39,192 44,058 46,580 29,563 43,895 Pharma research and development channel 9,500 12,956 12,004 26,706 21,315 Total gross profit 85,694 95,438 91,846 89,422 97,401 Add: depreciation and amortization: Central laboratory channel 1,919 1,226 1,277 1,010 562 In-hospital channel 1,524 824 798 623 290 Pharma research and development channel 3,856 4,417 3,846 2,534 2,412 Total depreciation and amortization included in cost of revenues 7,299 6,467 5,921 4,167 3,264 Non-GAAP gross profit： Central laboratory channel 38,921 39,650 34,539 34,163 32,753 In-hospital channel 40,716 44,882 47,378 30,186 44,185 Pharma research and development channel 13,356 17,373 15,850 29,240 23,727 Total non-GAAP gross profit 92,993 101,905 97,767 93,589 100,665 Non-GAAP gross margin： Central laboratory channel 81.7% 81.3% 86.4% 87.0% 85.5% In-hospital channel 70.9% 75.0% 74.3% 69.5% 76.6% Pharma research and development channel 64.8% 64.6% 63.7% 67.6% 64.0% Total non-GAAP gross margin 74.0% 75.2% 76.0% 74.3% 75.6%Sign in to access your portfolio
