MDA Space CEO Mike Greenley. Photo: MDA Space

MDA Space saw a double-digit revenue increase in the second quarter of 2024 with growth in the company’s robotics and satellite businesses. The company reported its financials on Thursday, raising revenue guidance for the year. 

MDA Space on Thursday reported revenue of $242 million Canadian dollars ($176 million) in the second quarter, up 23% year-over-year. The company reported higher work volume across all three business areas, with strong contributions from the Robotics & Space Operations and Satellite Systems businesses.

Robotics & Space Operations led growth during the second quarter. Its CA$78.3 million of revenue ($57 million) was up 33% year-over-year due to increased work on the Canadarm3 program.

Satellite Systems is the company’s highest-earning segment with CA$108.8 million in revenue ($79 million) during the quarter, up 22% year-over-year. The increase was due to work on the Telesat Lightspeed constellation. 

The Geointelligence segment reported CA$55 million ($40 million) in revenue, up 15% year-over-year. 

“The MDA Space team delivered a solid Q2 driven by strong execution as we continued to convert our backlog and deliver on our customer commitments,” said Mike Greenley, Chief Executive Officer of MDA Space. “With robust momentum in our end-markets, we also continue to grow our backlog, which at quarter-end stood at a record CA$4.6 billion ($3.4 billion).” 

MDA Space updated its guidance to CA$1,020 – $1,060 million from CA$950 – $1,050 million previously. This represents growth of about 30% at the mid-point of guidance compared to 2023 levels. 

The company also expects to reach positive free cash flow in 2024, one year ahead of expectations.