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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]
Yahoo
01-04-2025
- Business
- Yahoo
MDA SPACE TO ACQUIRE SATIXFY COMMUNICATIONS
Vertical integration of SatixFy expected to further enhance the MDA Space end-to-end satellite offering as demand for digital constellations grows MDA Space to pay US$2.10 per SatixFy share, representing a 75% premium to SatixFy's share price on March 31, 2025 BRAMPTON, ON and REHOVOT, Israel, April 1, 2025 /CNW/ - MDA Space Ltd. (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, and SatixFy Communications Ltd. (NYSE American: SATX), a leader in next-generation satellite communication solutions based on in-house-designed chipsets, today jointly announced that they have entered into a definitive agreement (the "Transaction Agreement") under which MDA Space will acquire all outstanding shares of SatixFy in an all-cash transaction for US$2.10 per share. The transaction, which represents an equity value for SatixFy of approximately US$193 million (approximately C$278 million), is expected to further enhance the end-to-end satellite systems offering of MDA Space as demand for next generation digital satellite communications continues to accelerate. Next Generation Chipsets for Satellite Communications with Robust Patent Portfolio Founded in 2012, SatixFy is a supplier of cutting-edge semiconductors and solutions for the space and the satellite communications value chain. SatixFy's technology enables satellite broadband and direct-to-device constellations with its radiation hardened digital beamformers enabling them to generate hundreds of beams, designed to significantly improve satellite performance and decrease cost. SatixFy has invested approximately US$270 million in research and development to date, and once closed, the transaction will bring to MDA Space a differentiated technology portfolio including more than 60 patents issued and pending, as well as a talented and largely specialized technical employee base of approximately 165 people globally. In addition to chips to support satellite payload solutions and satellite communications, the SatixFy portfolio includes gateways, multi-beam digital antennas, user terminals and modems. "With this acquisition MDA Space is taking a logical next step to further reinforce our technical differentiation as the global market transitions from analog to digital satellite technology," said Mike Greenley, Chief Executive Officer of MDA Space. "Similar to MDA Space, SatixFy is an innovation company at its core, and bringing these two highly skilled teams together adds complementary expertise and technology that will allow us to further enhance our value proposition for current and future customers by providing vertically integrated and differentiated digital satellite solutions." "SatixFy has consistently aimed to revolutionize the market with digital chip-based solutions while establishing a world-leading space technology company. Joining MDA Space marks a significant milestone in that journey," said Nir Barkan, Chief Executive Officer of SatixFy. "This transaction is a testament to the innovation and dedication of our employees over the past decade. It will provide the scale, resources, and stability needed to continue delivering groundbreaking solutions for our customers." Strategic Highlights The market for software-defined digital satellite constellations is rapidly expanding, driven by increased demand for satellite-based broadband, direct-to-device connectivity and the Internet of Things. Market research firm NSR forecasts that over 89% of all communications satellites built in the ten years between 2023 and 2032 will include some level of software-defined technology. The acquisition of SatixFy is expected to enhance MDA Space's capabilities in this growing digital satellite communications market by: Adding complementary technology and a rich IP portfolio to enable end-to-end satellite communications solutions and expand offerings by combining MDA Space technology and capabilities in digital LEO and MEO satellites (MDA AURORATM) with SatixFy's space grade chips and communications systems; Vertically integrating a key and differentiated technology provider for MDA Space Satellite Systems business; Adding a highly specialized and complementary technical team to MDA Space; and Aligning the technology roadmap for MDA Space next generation software-defined digital satellites to continue to meet evolving needs of customers. Transaction Details MDA Space will acquire all outstanding ordinary shares of SatixFy for US$2.10 in cash per share, representing a 75% premium to SatixFy's closing price on March 31, 2025 and a 52% premium to SatixFy's 30-day volume weighted average price as of March 31, 2025. As part of the transaction, MDA Space also intends to retire SatixFy's existing debt of approximately US$76 million (approximately C$109 million) immediately upon closing, which represents a total cash consideration of approximately US$269 million (approximately C$387 million) for the transaction. The transaction is expected to be accretive to MDA Space adjusted earnings in 2027 which will represent the second full year of MDA Space ownership. The transaction is also expected to realize cost savings within 12 months of closing, primarily as a result of the vertical integration of space chips and the elimination of public company costs. The transaction is expected to close in the third quarter of 2025 subject to customary closing conditions and required regulatory approvals. Transaction Supported by Boards of Directors and Major SatixFy Shareholders The transaction has been unanimously approved by the Boards of Directors of MDA Space and SatixFy, as well as a Special Committee and the Audit Committee of SatixFy. Certain of SatixFy's directors, officers and significant shareholders, holding an aggregate of approximately 57% of the outstanding ordinary shares of SatixFy, have entered into voting support agreements in favour of the transaction. Additional Information The Transaction Agreement includes a 45-day go-shop period extending until May 16, 2025 (the "Go-Shop Period"), during which time SatixFy, with the assistance of its financial adviser, will, subject to the requirements and limitations set forth in the Transaction Agreement, including matching rights of MDA Space, be permitted to actively solicit, evaluate and enter into negotiations with third parties that express an interest in acquiring SatixFy with a view to obtaining a potential Superior Proposal (as defined in the Transaction Agreement). The Transaction Agreement includes customary break-fees in certain circumstances. The transaction is subject to, among other things, regulatory approvals and requires the affirmative vote of the holders of the outstanding SatixFy Shares, in accordance with the applicable voting requirements under the Israeli Companies Law at a shareholders' meeting of SatixFy expected to be held in the second quarter of 2025, as well as other customary closing conditions. Approval of the shareholders of MDA Space is not required. Advisors Citi is serving as exclusive financial advisor to MDA Space and Norton Rose Fulbright Canada LLP is serving as legal counsel to MDA Space. TD Cowen is serving as exclusive financial advisor to SatixFy and Goldfarb Gross Seligman & Co. and Sullivan & Worcester LLP are serving as legal counsel to SatixFy. Conference Call MDA Space will host a call and webcast to discuss the transaction on Tuesday, April 1, 2025 at 10:00 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 39693. 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 April 8, 2025, by dialing 1-888-660-6345 and entering the passcode 39693 #. Forward-Looking Statements This news release contains forward–looking information within the meaning of applicable securities legislation, which reflects MDA Space's and SatixFy's current expectations regarding future events. Forward-looking statements in this news release include, but are not limited to, statements with respect to: accretive financial, market and product synergies associated with the transaction; statements made herein (including with respect to NSR forecasts) with respect to the anticipated benefits (if any) of the transaction; the anticipated effect of the transaction on MDA Space's and SatixFy's future growth, costs, opportunities and strategy going forward; the consideration to be received by SatixFy's shareholders; the go-shop process during the Go-Shop Period (including receipt of any Superior Proposal and the resulting effects on MDA Space and the transaction consideration); the payment of a breakup fee by either party (if at all); compliance by MDA Space and SatixFy with various covenants contained in the transaction Agreement; the receipt of regulatory approvals and the satisfaction of the closing conditions of the transaction; the anticipated timing for SatixFy's shareholders' meeting and completion of the transaction; and statements made by the Chief Executive Officer of MDA Space and the Chief Executive Officer of SatixFy. In particular, there can be no assurance that the transaction will be completed on the terms described herein, 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 MDA Space and 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 transaction; compliance with the voting support agreements; the outcome and effects of the go-shop process; the satisfaction or waiver of the closing conditions of the transaction (if at all); adverse changes in applicable laws or regulations; delay or inability of MDA Space to pay the consideration contemplated by the Transaction Agreement; expected growth; results of operations; performance; industry trends and growth opportunities. While MDA Space and SatixFy consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Additional risks and uncertainties applicable to MDA Space include, but are not limited to, the factors discussed under "Risk Factors" in the MDA Space Annual Information Form (AIF) dated March 7, 2025 and available on SEDAR+ at Additional risks and uncertainties applicable to SatixFy 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, 2023 filed with the SEC on March 29, 2024, as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, Neither MDA Space nor SatixFy undertakes 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. In connection with this transaction, SatixFy intends to submit relevant materials to the SEC and other governmental or regulatory authorities, including a proxy statement and form of proxy card. Investors are urged to read these materials carefully when they become available because they will contain important information about SatixFy and this transaction. The proxy statement, proxy card and certain other relevant materials (when they become available) and any other documents submitted by SatixFy to SEC may be obtained free of charge at the SEC's website at Investors are urged to read the proxy statement and the other relevant materials carefully when they become available before making any voting or investment decision with respect to this transaction. 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 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 SOCIAL MEDIA LinkedIn: Facebook: View original content to download multimedia: SOURCE MDA Space View original content to download multimedia: Sign in to access your portfolio
Reuters
10-02-2025
- Business
- Reuters
MDA Space expands contract with Globalstar to C$1.1 billion for next-gen satellites
Feb 10 (Reuters) - Canadian MDA Space ( opens new tab said on Monday that it has expanded its contract with Globalstar (GSAT.A), opens new tab to develop the next generation of low Earth orbit satellites, bringing the total contract value to about C$1.1 billion ($767.19 million). MDA Space will manufacture more than 50 advanced digital satellites for Globalstar, which competes with larger players such as SpaceX's Starlink, amid a global race to capture market share in providing satellite-based services. The Canadian space technology company will add approximately C$750 million to its backlog in the first quarter of fiscal 2025. This is in addition to the C$350 million that was already added when the deal was first announced in late 2023. Covington, Louisiana-based Globalstar - which is owned in part by Apple AAPL.O - controls and operates low Earth orbit satellites for phone and data transmission, as well as observation services for various clients. "With the full contract now in place, we are moving full speed ahead on the program," said MDA Space CEO Mike Greenley. ($1 = 1.4337 Canadian dollars)
Associated Press
10-02-2025
- Business
- Associated Press
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 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 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] SOCIAL MEDIA
Yahoo
10-02-2025
- Business
- Yahoo
MDA SPACE SIGNS $1.1B CONTRACT WITH GLOBALSTAR TO BUILD NEXT GENERATION LEO CONSTELLATION
BRAMPTON, ON, Feb. 10, 2025 /PRNewswire/ - 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 SPACEBuilding 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 FORWARD-LOOKING STATEMENTSThis 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 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. INVESTOR CONTACTShereen ZahawiSenior Director, Investor SOCIAL MEDIALinkedIn: Facebook: View original content to download multimedia: SOURCE MDA Space Sign in to access your portfolio
