The earnings call was predominantly positive, highlighted by strong revenue growth, significant contract wins, and a robust backlog. Despite some challenges in the Geointelligence segment and potential risks related to the EchoStar contract, the overall outlook remains optimistic with a strong emphasis on technological advancements and strategic acquisitions.

Company Guidance

During the second quarter of 2025, MDA Space Limited reported significant financial growth, with revenues totaling $373 million, marking a 54% increase year-over-year. The company achieved an adjusted EBITDA of $76 million, a 57% rise from the previous year, resulting in an adjusted EBITDA margin of 20.4%. Operating cash flow was robust at $53 million, and the firm held a net cash position of $417 million at quarter-end. The company's backlog reached $4.6 billion, providing solid revenue visibility for the future, and further increased to over $6 billion with the inclusion of a new $1.8 billion contract with EchoStar. This contract involves the design, manufacture, and testing of over 100 satellites, with options to expand. MDA Space updated its 2025 financial outlook, now expecting full-year revenues between $1.57 billion and $1.63 billion, and adjusted EBITDA between $305 million and $320 million. Capital expenditures are projected to be $210 million to $240 million, with free cash flow expected to be neutral to positive for the year.

Record Revenue Growth

MDA Space reported Q2 revenues of $373 million, up 54% year-over-year. Adjusted EBITDA was $76 million, up 57% year-over-year, with an adjusted EBITDA margin of 20.4%.

Significant Contract Awards

The company secured a $1.8 billion contract with EchoStar for the world's first 3GPP 5G compliant nonterrestrial network using LEO satellites, with options to increase the contract value to $3.5 billion.

Strong Backlog and Financial Outlook

Backlog increased to over $6 billion, providing good revenue visibility. The company updated its full year revenue guidance to $1.57 billion to $1.63 billion, representing 48% growth at the midpoint.

Acquisition and Integration

MDA completed the acquisition of SatixFy Communications in early July, enhancing its satellite systems offerings.

Technological Milestones

MDA achieved an industry first by demonstrating digital beam forming and steering multiple beams with Ka-band direct radiating array using direct sampling.

MDA Space Ltd (TSE:MDA) Earnings, Revenues Date & History

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TSE:MDA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 07, 2025	2025 (Q3)	0.35 / -	0.28	―	―	―
Aug 07, 2025	2025 (Q2)	0.29 / 0.38	0.19	100.00% (+0.19)	―	―
May 08, 2025	2025 (Q1)	0.25 / 0.29	0.15	93.33% (+0.14)	―	―
Mar 07, 2025	2024 (Q4)	0.27 / 0.28	0.23	21.74% (+0.05)	―	―
Nov 15, 2024	2024 (Q3)	0.20 / 0.28	0.08	250.00% (+0.20)	―	―
Aug 08, 2024	2024 (Q2)	0.13 / 0.19	0.08	137.50% (+0.11)	―	―
May 09, 2024	2024 (Q1)	0.13 / 0.15	0.13	15.38% (+0.02)	―	―
Feb 28, 2024	2023 (Q4)	0.09 / 0.23	0.06	283.33% (+0.17)	―	―
Nov 08, 2023	2023 (Q3)	0.09 / 0.08	0.15	-46.67% (-0.07)	―	―
Aug 11, 2023	2023 (Q2)	0.08 / 0.08	-0.07	214.29% (+0.15)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:MDA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	C$46.18	C$44.46	-3.72%
May 08, 2025	C$24.64	C$24.40	-0.97%
Mar 07, 2025	C$22.79	C$26.83	+17.73%
Nov 15, 2024	C$25.85	C$24.97	-3.40%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.