Karim Sabbagh, Managing Director, Space42

Space42, the space and AI company, had a profit of $53 million for the six months to the end of June. The company however saw a quite significant fall in overall revenues. For the six months to the end of June, the company generated revenues of $226 million, a fall of 17 percent compared to the previous year. These were two of the highlights of the company’s latest half-year results, issued Aug. 7.

In its space services business, it achieved revenues of $100 million in the second quarter this year. This was driven by a double-digit expansion in the Oil & Gas segment. The space services business could be boosted by the recently launched Thuraya-4 satellite that has started commercial operations, offering several new mobile satellite services for defense and security as well as commercial applications. These capabilities are increasingly relevant in the context of recent regional events. Space42 also talked of making “significant progress” in the direct-to-device future space system with key milestones to be announced in H2 2025.

Space42 closed the period with $816 million in cash and short-term deposits and a newly secured $0.7 billion Export Credit Agency (ECA)-backed funding facility, underpinned by contracted future revenues of $6.8 billion.

It has been a busy time for Space42 in recent weeks. In late July, it announced the signing of a $695.5 million ECA-backed financing facility to fund the development of its next-generation geostationary satellites, Al Yah 4 and Al Yah 5. Also, in late July, Space42 signed an MoU with Microsoft and Esri to deliver high-resolution, scalable base maps across all 54 African countries, serving over 1.4 billion people. Known as the “Map Africa Initiative,” the project aims to create the most comprehensive base map of the continent to date, addressing challenges in infrastructure, investment, and institutional gaps.

“H1 2025 demonstrates our commitment to operational excellence and capability building. The momentum across our platform shows that our dual-use capabilities deliver both commercial success and strategic value. With Thuraya-4 entering commercial operation and our programmatic approach taking hold, combined with sustained optimization, we’re positioned for growth aligned with market demand,” Karim Sabbagh, Managing Director, Space42, said in a statement.