Photo: MDA Space

MDA Space posted a 45% year-over-year revenue increase in the third quarter of 2025 led by its satellite business, but the company is facing supply chain delays on both the Globalstar customer program and its own CHORUS constellation. 

MDA Space CEO Mike Greenley told investors on Nov.14 that nine satellites for Globalstar are final satellite integration and test work and scheduled for delivery in early 2026. Globalstar disclosed the delay last week and said it is entitled to liquidated damages from MDA Space. The satellites were originally expected to launch by the end of 2025.

The CHORUS Earth Observation (EO) constellation, a successor to RADARSAT, is also pushed to late 2026 for a launch window due to delays of certain units, Greenley said. 

“In Globalstar and CHORUS, there were some delays in each case, due to activities and suppliers. They are different suppliers, different topics, just different people having challenges that we’ve worked with them to work through,” Greenley said. “In each case, we’ve worked through them and solutions to move forward, but they did cause some delays.” 

On the Globalstar contract, Greenley said MDA Space has liquidated damages clauses with its own suppliers and “all of this is a discussion point.” 

Greenley did not comment on reports that Globalstar could be considering a potential sale, which caused MDA Space’s share price to drop. MDA Space is also building a next-generation constellation for Globalstar’s direct-to-device operations. MDA Space continues to “execute well” on the second, larger order for Globalstar, Greenley said. 

EchoStar Cancellation 

During the quarter, EchoStar canceled its contract with MDA Space to build a direct-to-device constellation, opting instead to sell its spectrum licenses to SpaceX. 

Greenley told investors that MDA Space expects to be compensated for all related termination costs and fees, and is in discussions to finalize the contract termination agreement. 

The cancellation also led to a class action claim over share sales by insiders before the contract was terminated. “MDA Space believes the claims are without merit and intends to vigorously defend itself,” Greenley said. 

MDA Space’s products remain in high demand, Greenley said. SpaceX’s purchase of EchoStar spectrum has triggered a “race to revenue” among other players to get competitive D2D projects moving, he told investors. 

“As a supplier of satellite technology into those markets, there are definitely a number of opportunities in our pipeline for us to provide MDA’s Aurora digital satellite to folks that want to build and operate direct-to-device networks.” 

Satellite Systems Leads Q3 Growth 

MDA Space’s Satellite Systems business drove revenue growth in the third quarter. Overall, the company posted third quarter revenue of $410 million Canadian dollars ($292 million), up 45% year-over-year. 

Satellite Systems revenue was CA$284 million ($202 million) in Q3, a nearly 70% increase over the prior year driven by the ramp-up of the Telesat Lightspeed program and the Globalstar next-generation LEO constellation program.

The Robotics & Space Operations also grew revenue nearly 18% year-over-year, while the Geointelligence business was flat. 

MDA Space reaffirmed its outlook for the full year of revenues between CA$1.57 billion to CA$1.63 billion ($1.12 billion to $1.16 billion). This would mark year-over-year growth of approximately 48% at the midpoint.