Latest news with #Foresight-1
Broadcast Pro
16-05-2025
- Business
- Broadcast Pro
Space42 reports $115m in Q1 2025 revenue
Since its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. UAE-based SpaceTech company Space42 PLC, listed on the Abu Dhabi Securities Exchange under the symbol SPACE42, has released its pro forma consolidated financial results for Q1 2025. The company, known for integrating satellite communications, geospatial analytics and AI, continues to push forward on its global growth strategy following its launch in October 2024. In Q1 2025, Space42 generated revenue of $115m, reflecting a 13% year-on-year decrease attributed to timing shifts in milestone recognition within Bayanat Smart Solutions, which is currently undergoing a transformation toward a programmatic market approach. Despite the revenue dip, the company maintained a strong financial position, posting a Normalised Net Profit of $30mon par with the same period in 2024and improving its margin by three percentage points to 26%. The company also reported a Normalised EBITDA of $61m, while capital expenditures reached $74m. Space42 closed the quarter with $895m in cash and short-term deposits, a net leverage ratio of -1.8x, and negative net debt of $488m. The company also reported nearly $7bn in contracted future revenues, demonstrating continued momentum across its strategic pillars and laying the groundwork for long-term scalable growth in the SpaceTech sector. Karim Sabbagh, Managing Director of Space42, commented: 'We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery. 'We launched new assets in space, expanded coverage, and advanced programmes that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics. 'Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway within Bayanat Smart Solutions. 'Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value.' Space42s performance this quarter was underpinned by progress across four core growth pillars. The company advanced its position as a preferred provider of high-quality geospatial data with the successful launch of Foresight-1 and Foresight-2 satellites, laying the groundwork for a robust Earth Observation constellation. It also moved ahead with its Synthetic Aperture Radar (SAR) satellite production facility in Abu Dhabi, slated to begin manufacturing in the second half of 2025. Additionally, its High Altitude Platform Stations (HAPS) site is set to become operational by June, with the capacity to produce over 20 unmanned aerial vehicles annually. In geospatial intelligence and AI platform services, the GIQ platform is being scaled to deliver real-time analytics across civil and defense applications. The company also signed a Memorandum of Understanding with FADA and EDGE to establish a national geospatial ecosystem, unlocking downstream applications valued at more than USD 100 million. Space42 reinforced its leadership in non-terrestrial connectivity (NTN) with the successful launch of Thuraya-4, which is on track for commercial activation in the second half of 2025. This satellite will underpin a new generation of mobility platforms and product offerings. In addition, the company partnered with Viasat to develop a multi-orbit 5G NTN open architecture aimed at enabling global direct-to-device (D2D) and mobile satellite services. The quarter also saw the launch of the IP Neo broadband terminal and the Thuraya One smartphoneboth key steps toward expanding coverage in underserved regions and achieving seamless satellite-terrestrial integration. As a trusted provider of secure connectivity, Space42 advanced its Al Yah 4 and Al Yah 5 satellite programs, which remain on schedule and within budget, with launches targeted for 2027 and 2028. The company also demonstrated operational resilience by rapidly restoring partial Thuraya-3 service across key markets through the redeployment of redundant capacity. With disciplined execution and a clear strategic focus, Space42 is positioning itself as a global leader in space technology, ready to capitalize on long-cycle opportunities and deliver sustainable value across national and international markets.
Mid East Info
15-05-2025
- Business
- Mid East Info
Space42 Advances Strategy Execution with Solid Q1 2025 Results - Middle East Business News and Information
Continued delivery across four strategic pillars provides foundation for multi-year scalable growth Strong balance sheet, USD 895 million in cash and nearly USD 7 billion in contracted future revenue reinforce strategic flexibility Abu Dhabi, UAE,May 2025: Space42 PLC ('Space42' or the 'Company'), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite communications, geospatial analytics, and artificial intelligence capabilities for customers globally, and listed on the Abu Dhabi Securities Exchange ('ADX', under symbol: SPACE42, ISIN: AEE01122B228), today announced its pro forma consolidated financial results for Q1 2025. Since its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. In Q1 2025, revenue reached USD 115 million, down 13% year-on-year due to milestone timing shifts within Bayanat Smart Solutions and while it undergoes its transformation towards programmatic market engagement. Despite this, the Company maintained a strong Normalized EBITDA margin of 53% and delivered a Normalized Net Profit of USD 30 million, in line with Q1 2024. The margin on a normalized basis improved by three percentage points to 26%. Space42 closed the first quarter with USD 895 million in cash and short-term deposits, contracted future revenues of nearly USD 7 billion, and tangible progress across each of its four strategic pillars, enabling it to continue scaling decisively and to capture the next wave of opportunity in SpaceTech. Positioned for Sustainable, Scalable Growth: Karim Sabbagh, Managing Director of Space42, commented, 'We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery. We launched new assets in space, expanded coverage, and advanced programs that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics. Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway within Bayanat Smart Solutions. Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value.' Delivering Across Four Strategic Pillars Space42's disciplined execution continues to drive momentum across its four pillars: Preferred Partner for Premium Geospatial Data Launched Foresight-1 and Foresight-2 satellites, laying the foundation for a scalable Earth Observation constellation that strengthens coverage and revisit rates. Synthetic Aperture Radar (SAR) manufacturing facility is on track to begin production in H2 2025, enabling sovereign production of high-resolution satellites and ensuring full deployment of Foresight-3, -4, and -5. High Altitude Platform Stations (HAPS) development site in Abu Dhabi is to be operational by June 2025. First in the region, the new facility will deliver more than 20 HAPS unmanned aircraft vehicles annually, supporting civil, environmental, and defense applications. Global Leader in Geospatial Intelligence AI Platform Services GIQ platform is being scaled as the digital backbone for real-time, AI-powered geospatial analytics, enabling fast, informed decision-making across civil and defense use cases. MoU signed with FADA and EDGE to establish a national geospatial ecosystem and unlock downstream applications in surveillance, environmental intelligence, and secure mobility, with a total value exceeding USD 100 million. Global Leader in Non-Terrestrial Connectivity (NTN) Thuraya-4 launched successfully; now in-orbit and on track for commercial service in H2 2025. The satellite enables a next-generation mobility platform and a suite of new products offering wider coverage, faster speeds, and enhanced capabilities. MOU signed with Viasat to co-develop a shared multi-orbit standard-based 5G NTN open architecture, creating a globally scalable platform for direct-to-device (D2D) and MSS services. IP Neo broadband terminal launched in Q1, addressing connectivity needs for critical infrastructure, logistics, and maritime sectors across underserved geographies. Thuraya One smartphone introduced as a commercial precursor to full D2D rollout, providing seamless integration of satellite and terrestrial networks through a single consumer-grade device. Trusted Leader in Secure Connectivity Al Yah 4 and Al Yah 5 satellite programs progressing on schedule and within budget; several units are now in testing phase, with satellite launches planned for 2027 and 2028. These assets will enhance national secure communication capabilities across defense and civil domains Thuraya-3 service partially restored across key markets through rapid redeployment of redundant capacity, underscoring operational agility and Space42's commitment to service continuity Key Financial Highlights: Metric Result Revenue USD 115 million (-13% YoY) Normalized Net Profit USD 30 million (in line with Q1 2024 at USD 30 Million); margin up 3 pp to 26% Normalized EBITDA USD 61 million (-14% YoY) Cash CapEx USD 74 million Cash / Short-Term Deposits USD 895 million Negative Net Debt USD 488 million Net Leverage Ratio -1.8x Contracted Future Revenues Nearly USD 7 billion The full set of financial disclosures can be found within the Investor Relations section on Space42's website. Note: The financial information presented in this press release has been prepared on a pro forma basis. This has been done to facilitate like-for-like comparison of financial performance of the combined Company. About Space42: Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Yahsat Space Services and Bayanat Smart Solutions. Yahsat Space Services focuses on upstream satellite operations for both fixed and mobility satellite services. Bayanat Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC. Legal Notice and Cautionary statement regarding forward-looking information: This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, words such as 'expect', 'will', 'looking ahead' and any other words and terms of similar meaning. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments and speak only as of the date of this announcement. Forward-looking statements are based on assumptions of future events and information currently available to the Company which may not prove to be accurate, and the Company does not accept any responsibility for the accuracy or fairness thereof and expressly disclaims any obligation to update any such forward-looking statement. No representation or warranty is made so that any forward-looking statement will come to pass. You are therefore cautioned not to place any undue reliance on forward-looking statements. Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.
Al Etihad
15-05-2025
- Business
- Al Etihad
Space42 advances strategy execution with solid Q1 2025 results
15 May 2025 18:08 ABU DHABI (WAM) Space42 PLC announced on Thursday its pro forma consolidated financial results for Q1 its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. In Q1 2025, revenue reached $115 this, the Company maintained a strong Normalised EBITDA margin of 53% and delivered a Normalised Net Profit of $30 million, in line with Q1 2024. The margin on a normalised basis improved by three percentage points to 26%.Space42 closed the first quarter with $895 million in cash and short-term deposits, contracted future revenues of nearly $7 billion, and tangible progress across each of its four strategic pillars, enabling it to continue scaling decisively and to capture the next wave of opportunity in Sabbagh, Managing Director of Space42, commented, "We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery.'We launched new assets in space, expanded coverage, and advanced programs that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics.'Sabbagh added, "Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway within Bayanat Smart Solutions."Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value."Space42's disciplined execution continues to drive momentum across its four pillars:1. Preferred Partner for Premium Geospatial Data- Launched Foresight-1 and Foresight-2 satellites, laying the foundation for a scalable Earth Observation constellation that strengthens coverage and revisit rates.- Synthetic Aperture Radar (SAR) manufacturing facility is on track to begin production in H2 2025, enabling sovereign production of high-resolution satellites and ensuring full deployment of Foresight-3, -4, and -5.- High Altitude Platform Stations (HAPS) development site in Abu Dhabi is to be operational by June 2025. First in the region, the new facility will deliver more than 20 HAPS unmanned aircraft vehicles annually, supporting civil, environmental, and defence applications.2. Global Leader in Geospatial Intelligence AI Platform Services- GIQ platform is being scaled as the digital backbone for real-time, AI-powered geospatial analytics, enabling fast, informed decision-making across civil and defence use cases.- MoU signed with FADA and EDGE to establish a national geospatial ecosystem and unlock downstream applications in surveillance, environmental intelligence, and secure mobility, with a total value exceeding USD 100 million.3. Global Leader in Non-Terrestrial Connectivity (NTN)- Thuraya-4 launched successfully; now in orbit and on track for commercial service in H2 2025. The satellite enables a next-generation mobility platform and a suite of new products offering wider coverage, faster speeds, and enhanced capabilities.- MoU signed with Viasat to co-develop a shared multi-orbit standard-based 5G NTN open architecture, creating a globally scalable platform for direct-to-device (D2D) and MSS services.- IP Neo broadband terminal launched in Q1, addressing connectivity needs for critical infrastructure, logistics, and maritime sectors across underserved geographies.- Thuraya One smartphone introduced as a commercial precursor to full D2D rollout, providing seamless integration of satellite and terrestrial networks through a single consumer-grade device.4. Trusted Leader in Secure Connectivity- Al Yah 4 and Al Yah 5 satellite programmes progressing on schedule and within budget; several units are now in the testing phase, with satellite launches planned for 2027 and assets will enhance national secure communication capabilities across defence and civil domains - Thuraya-3 service partially restored across key markets through rapid redeployment of redundant capacity, underscoring operational agility and Space42's commitment to service continuity.
Broadcast Pro
27-02-2025
- Business
- Broadcast Pro
Space42 reports strong financial performance
Revenue fell 19% year-on-year to $629m, mainly due to temporary delays in a major Bayanat Smart Solutions programme and the Thuraya-3 service anomaly at Yahsat Space Services. UAE-based AI-powered SpaceTech company Space42 has reported financial performance, with EBITDA reaching $317m and a significant margin increase of 8% points. The company maintains a strong balance sheet, ending the year with a cash position exceeding $1.1bn. This performance reflects Space42s continued focus on operational efficiency and disciplined capital allocation as it progresses in executing its long-term strategy. Since its launch, Space42 has pursued four key objectives: becoming the preferred provider of premium geospatial data, leading in AI-driven geospatial intelligence, establishing dominance in non-terrestrial mobile connectivity and reinforcing its position as a provider of secure communication solutions. In the realm of Earth Observation and geospatial analytics, Space42 has made significant advancements. In August 2024, in collaboration with ICEYE, the company launched Foresight-1, the UAEs first Synthetic Aperture Radar (SAR) satellite. A second satellite was launched in January 2025, with the Foresight system set to become operational later this year. Additionally, in December 2024, Space42 and ICEYE announced a strategic joint venture to manufacture SAR satellites in the UAE, aligning with the countrys National Space Strategy 2030. Further strengthening its geospatial capabilities, Space42 signed an agreement in February 2025 with FADA, an EDGE company, to establish a joint venture for a fully integrated Earth Observation ecosystem in the UAE. This initiative will provide dual-use capabilities for both government and commercial applications. In the same month, Space42 and EDGE entered a partnership valued at over $100m, leveraging data from the Foresight constellation to provide real-time geospatial intelligence for defence, security and environmental applications. Space42 is also reinforcing its leadership in satellite communications. In January 2025, the company launched the Thuraya-4 satellite, significantly enhancing its mobile satellite services with expanded coverage, improved security and greater bandwidth. As a founding member of the Mobile Satellite Services Association (MSSA), established in 2024, Space42 is driving the integration of terrestrial and non-terrestrial network services to enable affordable connectivity for billions of devices. The company is advancing the procurement of two next-generation GEO satellites, Al Yah 4 and Al Yah 5, following the signing of a $5.1bn, 17-year contract with the UAE Government in November 2024. Karim Michel Sabbagh, Managing Director of Space42, commented: 'We are diligently executing on our strategic objectives. In just a few months since its founding, Space42 has significantly enhanced its upstream and downstream Earth Observation capabilities, reinforced its leadership in secure connectivity solutions, and laid the foundation for its next-generation mobile satellite solutions capabilities with the launch of the Thuraya-4 satellite. 'As a founding member of the MSSA and with a strong balance sheet and a revenue backlog exceeding $7bn, we are well positioned to develop the next generation of non-terrestrial networks to unlock the direct-to-device opportunity, bringing connectivity to billions of customers. 'The execution of our strategy is guided by five principles. First, we focus on programmatic growth with major programmes kicking off in 2025, our recently announced multi-year engagements as a case in point. Second, we pursue strategies where we can sustain a distinct advantage as demonstrated through our Foresight system and the associated GIQ platform. Third, we invest in our economic and human capital to build differentiated capabilities that evolve and grow over time. Fourth, we are expanding globally as exhibited through our recent SatCom and Earth Observation programmes. Fifth, we prioritise operational optimisation and strategic capital allocation, ensuring that we deploy cash effectively to achieve our objectives and deliver long-term, sustainable shareholder value.' Key financial highlights include revenue of $629m, reflecting a temporary 19% year-on-year decline due to timing shifts in a major programme and a Thuraya-3 service anomaly. Adjusted EBITDA stood at $317m, maintaining stability with a margin increase to 50%. Normalised EBITDA, excluding one-off items, was $282m, marking a 15% decrease but with strengthened margins at 45%. Net profit reached $166m, slightly lower than the previous year due to the introduction of UAE Corporate Tax, though excluding tax, profit increased by 5%. Space42 ended the period with a strong cash position of $1.1bn, a negative net debt of $505m, and a net leverage ratio of -1.6x. The company also secured over $7bn in contracted future revenues, equivalent to 11 times its full-year revenue, ensuring a solid foundation for continued growth.
Zawya
27-02-2025
- Business
- Zawya
Space42 reports strong first-year pro forma results
RELATED TOPICS EARNINGS RELATED COMPANIES Al Fada Tech Gen Bayanat Smart Solutions Dar Al Thuraya Real Estate Company Yahsat Space Services Iceye Space42 Global Yahsat Resilient financial performance with superior margins and strong balance sheet Execution of strategy underway as Space42 is set to become a global leader in AI-driven space technology Abu Dhabi, UAE: Space42 PLC ('Space42' or the 'Company'), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite communications, geospatial analytics, and artificial intelligence capabilities for customers globally, and listed on the Abu Dhabi Securities Exchange ('ADX', under symbol: SPACE42, ISIN: AEE01122B228), today announced its 2024 pro forma consolidated financial results. The Company delivered a resilient financial performance, reporting EBITDA of USD 317 million with a significant rise in margin, up 8 percentage points, and maintaining a strong balance sheet with a year-end cash position exceeding USD 1.1 billion. This reflects its continued focus on operational efficiency and disciplined capital allocation. Since its formation, the Company has made significant progress in executing its strategy, which was unveiled at its inaugural investor day in November. The strategy is built on four key objectives: becoming the preferred partner for premium geospatial data, leading in geospatial intelligence AI platform services, establishing leadership in non-terrestrial mobile connectivity, and reinforcing its position as a provider of secure connectivity solutions. Space42 has made significant advancements in its Earth Observation and geospatial analytics capabilities. In August 2024, the Company, in partnership with ICEYE, launched Foresight-1, the UAE's first Synthetic Aperture Radar (SAR) satellite. This milestone enhances its upstream Earth Observation capabilities and reinforces its position as a provider of premium geospatial data. A second satellite was launched in January 2025, with the Foresight system set to enter operation this year. In December 2024, Space42 and ICEYE announced a strategic joint venture to manufacture SAR satellites in the UAE, bringing expertise to the region in line with the UAE's National Space Strategy 2030. In February 2025, the Company signed an agreement with FADA, an EDGE company, to establish a strategic joint venture that will develop a fully integrated Earth Observation ecosystem in the UAE. The initiative will deliver dual-use Earth Observation capabilities tailored for government and commercial applications. In the same month, Space42 and EDGE announced a collaboration worth more than USD 100 million. The partnership will leverage data from Space42's Foresight constellation and other systems to provide real-time geospatial insights for defense, security, and environmental applications. Space42 continues to strengthen its leadership in satellite communications and connectivity. In January 2025, the Company launched the Thuraya-4 satellite, significantly expanding its mobile satellite solutions with broader coverage, enhanced security, and greater bandwidth. This reinforces its position as a leader in the global SatCom industry. As a founding member of the Mobile Satellite Services Association (MSSA), established in 2024, Space42 is leading the integration of terrestrial and non-terrestrial network services to deliver scalable and affordable connectivity to billions of devices. The Company has also advanced the procurement of two new next-generation GEO satellites, Al Yah 4 and Al Yah 5, following the signing of a USD 5.1 billion, 17-year contract with the UAE Government in November. This strengthens Space42's position as a leading provider of secure connectivity solutions. Karim Michel Sabbagh, Managing Director of Space42, commented: 'We are diligently executing on our strategic objectives. In just a few months since its founding, Space42 has significantly enhanced its upstream and downstream Earth Observation capabilities, reinforced its leadership in secure connectivity solutions, and laid the foundation for its next-generation mobile satellite solutions capabilities with the launch of the Thuraya-4 satellite. As a founding member of the MSSA and with a strong balance sheet and a revenue backlog exceeding USD 7 billion, we are well positioned to develop the next generation of non-terrestrial networks to unlock the direct-to-device opportunity, bringing connectivity to billions of customers. The execution of our strategy is guided by five principles. First, we focus on programmatic growth with major programs kicking off in 2025, our recently announced multi-year engagements as a case in point. Second, we pursue strategies where we can sustain a distinct advantage as demonstrated through our Foresight system and the associated GIQ platform. Third, we invest in our economic and human capital to build differentiated capabilities that evolve and grow over time. Fourth, we are expanding globally as exhibited through our recent SatCom and Earth Observation programs. Fifth, we prioritize operational optimization and strategic capital allocation, ensuring that we deploy cash effectively to achieve our objectives and deliver long-term, sustainable shareholder value." Highlights for the period include: Revenue of USD 629 million, reflected a 19% year-on-year decrease, primarily due to temporary timing shifts in execution of a major multi-year program within Bayanat Smart Solutions and the Thuraya-3 service anomaly within Yahsat Space Services Adjusted EBITDA of USD 317 million, broadly stable vs. 2023 with a superior margin of 50%, up eight percentage points. Excluding one-off items, primarily USD 30 million income from liquidated damages and USD 13 million profit from the sale of a non-core asset, Normalized Adj. EBITDA of USD 282 million reflects a 15% decrease vs. prior year, while margins strengthened at 45% (up from 43% in 2023) Net Profit of USD 166 million, marginally lower than 2023 (USD 174 million), driven by first-time adoption of UAE Corporate Tax, generated an improved margin of 26%. Excluding tax, Net Profit increased by 5%. Normalized Net Profit of USD 135 million, adjusted for one-off items, decreased from USD 179 million in 2023 with margins broadly stable at 21% Cash CapEx totaled USD 348 million, mainly related to Yahsat Space Services, primarily in respect of Al Yah 4 & 5 satellites procurement Contracted future revenues of more than USD 7 billion, equivalent to 11x full-year revenue, including the landmark 17-year, USD 5.1 billion UAE Government agreement signed in November 2024 Strong balance sheet with cash and short-term deposits exceeding USD 1.1 billion, negative Net Debt of USD 505 million, a net leverage ratio of -1.6x and a further USD 0.5 billion expected to be received in advance payments for Al Yah 4 and Al Yah 5 satellites The full set of financial disclosures can be found within the Investor Relations section on Space42's website. Note The financial information presented in this press release has been prepared on a pro forma basis, as if the merger between Bayanat and Yahsat had taken place on January 1, 2023. This has been done to facilitate like-for-like comparison of financial performance of the combined Company. Normalized Adjusted EBITDA is EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for material, one-off items recorded during the current and comparative periods that would otherwise distort the underlying, like-for-like performance of the business. 2024 Normalized Adjusted EBITDA of USD 282 million reflects adjustments for one-off costs related to the merger between Bayanat and Yahsat (USD 8 million), restructuring (USD 1 million), liquidated damages in relation to the T4 procurement contract (USD 30 million) and a gain on the sale of a building (USD 13 million). 2023 Normalized Adjusted EBITDA of USD 330 million reflects adjustments for one-off restructuring costs (USD 3 million) and costs related to the merger between Bayanat and Yahsat (USD 2 million). 2024 Normalized Net Profit of USD 135 million reflects adjustments made above to derive Normalized EBITDA as well as the related tax impact of these adjustments (USD 3 million) following the introduction of UAE corporate tax. There were no further adjustments for 2023 Normalized Net Profit of USD 179 million. For investor enquiries, please contact: ir@ For media enquiries, please contact: media@ About Space42 Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Yahsat Space Services and Bayanat Smart Solutions. Yahsat Space Services focuses on upstream satellite operations for both fixed and mobility satellite services. Bayanat Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC. For more information, visit: follow us on X: @space42ai
