Photo: MDA Space

MDA Space reported record revenues again in its fiscal year 2025 briefing on Wednesday, driven by growth in its Satellite Systems division.

The Ontario-based company posted $1.63 billion Canadian dollars ($1.19 billion) in annual revenue, a 51% year-over-year increase. Revenue came in at the upper end of the company’s guidance from last year, when it projected full year revenue of CA$1.5 billion to CA$1.65 billion (~$1.1 billion to ~$1.21 billion).

MDA Space operates three divisions: Geointelligence, Robotics and Space Operations, and Satellite Systems. Geointelligence experienced 6% growth to CA$214.4 million (~$156.9 million), while Robotics and Space Operations grew by 11% to CA$309.3 million ($226.3 million).

Satellite Systems stood out, with an 85.5% increase to CA$1.1 billion ($800 million) in revenue. In a statement, MDA Space said the company’s annual revenue growth was driven by higher volumes of work, primarily in Satellite Systems. This revenue is from MDA’s contracts for Low-Earth Orbit (LEO) constellations for Globalstar and Telesat Lightspeed. MDA Space also highlighted the award in late 2025 with the Canadian government to deliver military satellite communications capabilities.

On Telesat Lightspeed, CEO Mike Greenley told investors the company is making progress on completing the final critical design review and expects to delivering a small number of satellites in 2026, with deliveries ramping up in 2027.

For Globalstar, Greenley said MDA Space is tracking towards the revised timeline issued last year, with deliveries this year for Globalstar’s 17-satellite update. On the next-generation Globalstar LEO constellation, Greenley said MDA Space completed the critical design review.

Adjusted net income of CA$190 million ($139 million) was up 71% year-over-year.

The company projects a pipeline of CA$40 billion ($29 billion) in future opportunities over the next five years.

2026 is projected to have high revenue visibility with 90% of MDA Space’s revenue outlook supported by its backlog, but Greenley said the timelines for some awards are not immediately clear.

“The pace at which those can come in is often based on customer activity,” Greenley said in an earnings call. “Some of that customer activity is in areas that are newly emergent, such as the Canadian government’s new defense industrial strategy, the creation of the new Defense Investment Agency. So we have a lot of new policy and new processes around an expanding defense budget, which assures opportunities in the pipeline, but there’s a little less insight in terms of exactly how fast those things can move.”

Last month, MDA Space opened 49 North, a subsidiary for defense contracting.

MDA Space ended 2025 with a backlog of CA$4 billion ($2.9 billion), a 10% contraction year-over-year. For 2026, the company forecasts revenue between CA$1.7 billion and CA$1.9 billion, with a neutral to negative free cash flow.

MDA Space is a commercial satellite manufacturer best known for its contributions to civil space missions, like Canadarm, a robotic arm used on the International Space Station. It also operates the RADARSAT‑2 synthetic aperture radar (SAR) Earth Observation satellite.