Latest news with #Foresight-2
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.
