Latest news with #MDASpace
Business Wire
23-05-2025
- Business
- Business Wire
SatixFy Shareholders Overwhelmingly Approve Proposed Acquisition by MDA Space
REHOVOT, Israel--(BUSINESS WIRE)-- SatixFy Communications Ltd. ('SatixFy' or the 'Company') (NYSE American: SATX), today announced that at a special meeting of shareholders (the"Meeting ') on May 23, 2025, holders of the majority of outstanding ordinary shares of SatixFy voted to approve the Agreement and Plan of Merger (the ' Merger Agreement ') with MDA Space Ltd. (' MDA Space '), as amended and announced on May 20, 2025, pursuant to which MDA Space agreed to acquire SatixFy in an all-cash transaction (the " Merger"). Over 99% of the Company's outstanding ordinary shares that were voted at the Meeting in person or by proxy were voted in favor of the adoption of the Merger Agreement and the Merger. "We are pleased that an overwhelming majority of SatixFy shareholders support our merger with MDA Space," said Nir Barkan, Chief Executive Officer of SatixFy. "This significant milestone in the process is confirmation of the shareholder value created by this strategic transaction, and of the strong strategic fit of SatixFy within MDA Space as the market continues to transition from analog to digital technologies.' Forward-Looking Statements This news release contains forward‐looking information within the meaning of applicable securities legislation, which reflects SatixFy's current expectations regarding future events. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the anticipated timing of completion of the Merger and closing; and statements made by the Chief Executive Officer of SatixFy. In particular, there can be no assurance that the Merger between MDA Space and SatixFy will be completed on the terms of the Merger Agreement, if at all. 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 control of SatixFy, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information, including: approvals required in connection with the Merger; the satisfaction or waiver of the closing conditions of the Merger (if at all); adverse changes in applicable laws or regulations; results of operations and performance. While SatixFy considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Additional risks and uncertainties applicable include, but are not limited to, the factors discussed under 'Risk Factors' in SatixFy's Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on April 1, 2025, as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, SatixFy 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. About SatixFy SatixFy develops chips and systems that serve the full satellite communication value chain from gateways through payload subsystems and terminals. Our cutting-edge space grade chipset supports next-generation satellite communications systems, including satellite multi-beam digital space antennas, space processors flat panel user terminals and modems, based on powerful in-house designed chipsets. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X and RCS2. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced VSATs and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, prepared for multi-orbits LEO, MEO and GEO satellite communications systems, for aero/in-flight connectivity systems, communications-on-the-move applications and more. For more information, please visit 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 3,400 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, MDA Space will take you there. For more information, visit SAT-COM
Yahoo
21-05-2025
- Business
- Yahoo
Satixfy Communications price target raised to $3 from $2.10 at Alliance Global Partners
Alliance Global Partners raised the firm's price target on Satixfy Communications (SATX) to $3 from $2.10 and keeps a Neutral rating on the shares after the company and MDA Space (MDALF) agreed to amend the take out price to $3 per share after a third party made a bid. Satixfy has committed to not consider any other acquisition proposals, notes the analyst, who points out that shares are now trading at close to the higher take out price. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on SATX: Disclaimer & DisclosureReport an Issue Satixfy Communications, MDA Space announce amended merger agreement SatixFy Communications Postpones Shareholder Meeting Amid Revised Merger Proposal Satixfy downgraded to Neutral from Buy at Alliance Global Partners SatixFy Communications Announces Special Meeting for Merger Vote SatixFy Reports Robust 2024 Growth and Announces Acquisition by MDA Space Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Shareholders Will Be Pleased With The Quality of MDA Space's (TSE:MDA) Earnings
MDA Space Ltd. (TSE:MDA) just reported healthy earnings but the stock price didn't move much. We think that investors have missed some encouraging factors underlying the profit figures. We check all companies for important risks. See what we found for MDA Space in our free report. Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking. Over the twelve months to March 2025, MDA Space recorded an accrual ratio of -0.62. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of CA$836m in the last year, which was a lot more than its statutory profit of CA$98.5m. Given that MDA Space had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CA$836m would seem to be a step in the right direction. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. As we discussed above, MDA Space's accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Based on this observation, we consider it possible that MDA Space's statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at an extremely impressive rate over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. So feel free to check out our free graph representing analyst forecasts. This note has only looked at a single factor that sheds light on the nature of MDA Space's profit. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
08-05-2025
- Business
- Cision Canada
MDA SPACE ANNOUNCES 2025 ANNUAL GENERAL MEETING RESULTS
BRAMPTON, ON, May 8, 2025 /CNW/ - MDA Space (TSX: MDA) announced today the results of its Annual General Meeting of Shareholders (the "Meeting") which took place virtually on May 8, 2025. A total of 84,928,894 common shares (representing approximately 69.22% of all issued and outstanding common shares of MDA Space) were represented at the Meeting. The complete voting results for each item of business at the Meeting are presented below. Election of Directors The Board of Directors of MDA Space had fixed at nine the number of directors (the "Directors") to be elected at the Meeting. Following the vote at the Meeting, each of the nine nominees listed in the MDA Space Management Information Circular dated March 30, 2025 was duly elected as a Director of the MDA Space Board of Directors until the close of the next annual meeting of shareholders or until their successor is appointed. Appointment of Auditor Following the vote at the Meeting, KPMG LLP was appointed as the independent auditor of MDA Space until the close of the next annual meeting of shareholders, and the Directors were authorized to fix the auditor's remuneration. Advisory Vote on Approach to Compensation The shareholders approved, on an advisory basis, a resolution on MDA Space's approach to executive compensation. 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 3,400 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 SOURCE MDA Space
Cision Canada
08-05-2025
- Business
- Cision Canada
MDA SPACE REPORTS FIRST QUARTER 2025 RESULTS
BRAMPTON, ON, May 8, 2025 /CNW/ - MDA Space Ltd. (TSX: MDA), a trusted space mission partner to the rapidly expanding global space industry, today announced its financial results for the first quarter ended March 31, 2025. "Q1 marked a strong start to the year with the MDA Space team delivering another quarter of solid growth in our top and bottom lines as we continued to execute and convert our backlog," said Mike Greenley, Chief Executive Officer of MDA Space. "With robust momentum in our end-markets, we continue to grow our backlog, which at quarter-end stood at ~$5 billion providing good revenue visibility for 2025 and beyond. Notable awards in Q1 included a contract from Globalstar for its next generation LEO constellation which will include more than 50 MDA AURORA™ digital satellites," continued Mr. Greenley. "Subsequent to quarter-end, we announced that we have entered into a definitive agreement to acquire SatixFy Communications, a transaction that once complete, will further enhance our end-to- end satellite systems offering as demand for next generation digital satellite communications continues to accelerate." Q1 2025 HIGHLIGHTS Backlog of $4.8 billion at quarter-end provides good revenue visibility for 2025 and beyond and was up 46% compared to Q1 2024. The year-over-year increase is driven by new order bookings including the Globalstar next generation LEO constellation award in Q1 2025. Revenues of $351.0 million in Q1 2025 were up 68% year-over-year driven by higher revenues across our business areas with strong contributions from Satellite Systems business. Adjusted EBITDA (1) of $68.6 million in Q1 2025 compared to $42.0 in Q1 2024, representing an increase of 63% year-over-year driven by higher volumes of work. Adjusted EBITDA margin (1) was 19.5% in Q1 2025, in line with 20.1% reported in Q1 2024 and consistent with the Company's full year margin guidance of 19%-20%. Adjusted net income for Q1 2025 was $37.2 million compared to $18.3 in Q1 2024, representing an increase of 103% year-over-year driven by higher operating income. Adjusted diluted earnings per share of $0.29 in Q1 2025 compared to $0.15 in Q1 2024, representing an increase of 93% year-over-year. Operating cash flow was $267.0 million in Q1 2025 compared with $24.7 million in Q1 2024. The year-over-year increase in operating cash flow was driven by positive working capital contributions primarily related to the Globalstar next generation LEO constellation and Telesat Lightspeed constellation programs. Net cash position of $376.3 million at quarter-end, compared to a net cash position of $166.7 million as of December 31 2024 as the Company utilized its strong operating cash flow in 2024 to deleverage the balance sheet. 1 As defined in the "Non-IFRS Financial Measures" section 2025 FINANCIAL OUTLOOK As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan. MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations and are encouraged by the team's solid execution. For fiscal 2025, we reaffirm the previous outlook provided in our Q4 2024 earnings release and continue to expect full year revenues to be $1.50 – $1.65 billion, representing year-over-year growth of approximately 45% at the mid-point of guidance. We continue to expect full year adjusted EBITDA to be $290 – $320 million, representing year-over-year growth of approximately 40% at the mid-point of guidance, and approximately 19% – 20% adjusted EBITDA margin. We reaffirm our expectations that capital expenditures will be $210 – $240 million in 2025, comprising of growth investments to support the previously outlined growth initiatives across our business areas. We continue to expect full year free cash flow to be neutral to positive in 2025. For Q2 2025, we expect revenues to be $360 – $380 million as we continue to execute on our backlog. Note that the provided 2025 financial outlook does not incorporate any potential impact from the U.S. tariffs announced this year on articles imported from Canada or the retaliatory Canadian tariffs imposed on Canadian imports from the U.S. MDA Space continues to work collaboratively with our customers to identify solutions and explore mitigation strategies. The Company will continue to closely monitor developments and may elect to update its financial outlook if deemed necessary. First Quarters Ended (in millions of Canadian dollars, except per share data) March 31, 2025 March 31, 2024 Revenues $ 351.0 $ 209.1 Gross profit 79.7 57.9 Gross margin 22.7 % 27.7 % Adjusted EBITDA 68.6 42.0 Adjusted EBITDA margin 19.5 % 20.1 % Adjusted Net Income 37.2 18.3 Adjusted Diluted EPS $ 0.29 $ 0.15 As at (in millions of Canadian dollars, except for ratios) March 31, 2025 March 31, 2024 Backlog Net debt 2 to Adjusted TTM 3 EBITDA ratio $ 4,838.4 (1.5)x $ 3,312.2 (0.8)x 2 As defined in the 'Non-IFRS Financial Measures' section 3 TTM: trailing twelve months REVENUES BY BUSINESS AREA First Quarters Ended (in millions of Canadian dollars) March 31, 2025 March 31, 2024 Geointelligence $ 51.7 $ 51.5 Robotics & Space Operations 77.3 70.6 Satellite Systems 222.0 87.0 Consolidated revenues $ 351.0 $ 209.1 Revenues Consolidated revenues for the first quarter of 2025 were $351.0 million, representing an increase of $141.9 million (or 67.9%) from the first quarter of 2024. The year-over-year increase in revenues was driven by higher revenues across our business areas with strong contributions from our Satellite Systems business. By business area, revenues in Geointelligence for the first quarter of 2025 were $51.7 million, which represents an increase of $0.2 million (or 0.4%) from the same period in 2024. Revenues in Robotics & Space Operations for the first quarter of 2025 were $77.3 million, which represents an increase of $6.7 million (or 9.5%) from the same period in 2024 driven by the ramp of Phase C of the Canadarm3 Program which was awarded in Q2 2024. Revenues in Satellite Systems for the first quarter of 2025 were $222.0 million, which represents an increase of $135.0 million (or 155.2%) from the same period in 2024 driven by the ramp up of the Telesat Lightspeed program and the Globalstar next generation LEO constellation program, the latter definitized in February 2025. Gross Profit and Gross Margin Gross profit reflects our revenues less cost of revenues. Q1 2025 gross profit of $79.7 million represents a $21.8 million (or 37.7%) increase over Q1 2024 driven by higher volumes of work performed in our Satellite Systems and Robotics & Operations businesses. Gross margin in Q1 2025 was 22.7%, which is in line with our expectations, and compares to a gross margin of 27.7% in Q1 2024 driven by an evolving program mix. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA for the first quarter of 2025 was $68.6 million compared with $42.0 million for the first quarter of 2024, representing an increase of $26.6 million (or 63.3%) year-over-year driven by higher work volumes as we continue to execute on our backlog. Adjusted EBITDA margin was 19.5% for the first quarter of 2025, in line with the 20.1% adjusted EBITDA margin reported for the first quarter of 2024 and consistent with the Company's full year margin guidance of 19%-20%. Adjusted Net Income Adjusted net income for the first quarter of 2025 was $37.2 million compared with $18.3 million for the first quarter of 2024, representing an increase of $18.9 million (or 103.3%) year-over-year largely due to higher operating income in Q1 2025. Backlog Backlog is comprised of our remaining performance obligations which represents the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at March 31, 2025 was $4,838.4 million, an increase of $1,526.2 million compared with the backlog at March 31, 2024 driven by new order bookings partially offset by continued conversion of our backlog into revenue. The following table shows the build up of backlog for three months ended March 31, 2025 as compared with the same periods in 2024. CONFERENCE CALL AND WEBCAST MDA Space will host a conference call and webcast to discuss these financial results on Thursday, May 8, 2025 at 8:30 a.m. ET. Interested parties can join the call by dialing 416-945-7677 (Toronto area) or 1-888-699-1199 (toll-free North America) or +44-800-279-7040 (toll-free United Kingdom) and entering the conference ID 76769. A live webcast of the conference call and an accompanying slide presentation will be available at A replay of the conference will be archived on the MDA Space website following the call. Parties may also access a recording of the call which will be available until May 15, 2025, by dialing 1-888-660-6345 and entering the passcode 76769 #. NON-IFRS FINANCIAL MEASURES This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings, Net Debt and Free Cash Flow, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss ii) unrealized gain or loss on financial instruments and iii) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, and iv) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt is the total carrying amount of long-term debt including current portions, as presented in the Q1 2025 Financial Statements, less cash (or plus bank indebtedness) and excluding any lease liabilities. Net Debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately. Free Cash Flow is a supplemental measure used to monitor the availability of discretionary cash generated, and available to the Company to repay debt, make strategic investments, and meet other payment obligations. We define Free Cash Flow as operating cash flows less net capital expenditures. FORWARD-LOOKING STATEMENTS This press release may contain 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 (AIF) dated March 7, 2025 and available on SEDAR+ at 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. 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 3,400 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 MDA Space Ltd Unaudited Interim Condensed Consolidated Statement of Comprehensive Income For the three months ended March 31, 2025 and 2024 (In millions of Canadian dollars except per share figures) MDA Space Ltd. Unaudited Interim Condensed Consolidated Statement of Financial Position March 31, 2025 and 2024 (In millions of Canadian dollars) As at March 31, 2025 March 31, 2024 Assets Current assets: Cash $ 376.3 $ 166.7 Trade and other receivables 72.1 75.9 Unbilled receivables 271.1 250.1 Inventories 12.4 8.1 Income taxes receivable 48.0 54.0 Other current assets 71.2 71.7 Non-current assets: 851.1 626.5 Property, plant and equipment 529.0 496.6 Right-of-use assets 115.8 115.4 Intangible assets 585.8 580.0 Goodwill 441.6 441.0 Deferred income tax assets 6.0 9.9 Other non-current assets 321.5 328.1 1,999.7 1,971.0 Total assets 2,850.8 2,597.5 Liabilities and shareholders' equity Current liabilities: Accounts payable and accrued liabilities 283.9 248.7 Income taxes payable 2.3 1.9 Contract liabilities 938.3 761.3 Current portion of net employee benefit payable 64.4 60.2 Current portion of lease liabilities 17.9 16.2 Other current liabilities 1.7 2.7 Non-current liabilities: 1,308.5 1,091.0 Net employee defined benefit payable 24.1 23.7 Lease liabilities 120.2 120.6 Deferred income tax liabilities 181.3 185.4 Other non-current liabilities 1.5 0.8 Total liabilities 1,635.6 1,421.5 Shareholders' equity Common shares 991.4 975.8 Contributed surplus 31.5 38.0 Accumulated other comprehensive income 20.7 23.5 Retained earnings 171.6 138.7 Total equity 1,215.2 1,176.0 Total liabilities and equity $ 2,850.8 $ 2,597.5 MDA Space Ltd. Unaudited Interim Condensed Consolidated Statement of Cash Flows For the three months ended March 31, 2025 and 2024 (In millions of Canadian dollars) (In millions of Canadian dollars) Three months ended March 31, 2025 Three months ended March 31, 2024 Cash flows from operating activities Net income $ 32.9 $ 13.8 Items not affecting cash: Income tax expense 12.4 5.7 Depreciation of property, plant, and equipment 7.0 4.2 Depreciation of right-of-use assets 3.3 3.5 Amortization of intangible assets 15.0 15.1 Gain on disposal of assets — (5.8) Equity-settled share-based compensation 2.8 2.5 Investment tax credits accrued (8.0) (8.2) Finance costs, net 3.2 5.4 Unrealized gain on financial instruments (0.1) (0.9) Changes in operating assets and liabilities 195.8 (2.9) 264.3 32.4 Interest paid (2.3) (8.1) Income tax received 5.0 0.4 Net cash generated in operating activities 267.0 24.7 Cash flows from investing activities Purchases of property and equipment (39.8) (27.0) Purchases/development of intangible assets (21.9) (13.2) Proceeds from disposal of assets 0.2 7.4 Acquisition of subsidiary, net of cash — (11.6) Net cash used in investing activities (61.5) (44.4) Cash flows from financing activities Borrowings from senior credit facility — 30.0 Payment of lease liability (principal portion) (2.4) (3.1) Proceeds from stock options exercised 8.7 0.8 Net cash provided by financing activities 6.3 27.7 Net increase in cash 211.8 8.0 Net foreign exchange difference on cash (2.2) (1.2) Cash, beginning of period 166.7 22.5 Cash, end of period $ 376.3 $ 29.3 RECONCILIATION OF NON-IFRS MEASURES The following table provides a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income: First Quarters Ended March 31, 2025 March, 2024 (in millions of Canadian dollars) Net income $ 32.9 $ 13.8 Amortization of intangible assets related to business combination 11.6 12.3 Acquisition, integration and reorganization costs 3.5 — Gain on disposal of assets — (5.8) Unrealized (gain) loss on financial instruments (0.1) (0.9) Net foreign exchange (gain) loss (13.1) (2.3) Embedded derivative effects 1.1 0.4 Equity-settled share-based compensation 2.8 2.5 Income taxes related to the above items (1) (1.5) (1.7) Adjusted Net income $ 37.2 $ 18.3 (1) Standard income tax rate of 26.5% applied SOURCE MDA Space INVESTOR CONTACT: Shereen Zahawi, Senior Director, Investor Relations, 647-401-3230, [email protected]; MEDIA CONTACT: Amy MacLeod, Vice President, Corporate Communications, 613-796-6937, [email protected]
