Space42’s overall revenues were flat in the three months to the end of March. However, while overall revenues remained flat, it did see a strong increase in revenues for the Space Services part of its business for this period. It saw a 15% growth in the quarter in this part of the business compared to the same stage last year. These were two of the highlights of the company’s latest financial results, issued May 13.
However, despite growth in Space Services, Space42’s overall revenues of $116 million in the quarter was virtually the same as last year. The company’s net profit for the quarter was $5 million, significantly down from last year.
The growth in Space Services was driven by government business which continued to benefit, year-on-year, from the $700 million, 15-year capacity services contract that commenced on in July last year, following the successful launch of the Thuraya-4 satellite. This trajectory is set to continue as new government and commercial applications are launched during 2026.
Space42 closed the quarter with more than $1 billion in cash and $6.4 billion in contracted future revenues, providing significant capacity to execute its strategy.
“In Q1 2026 Space42 maintained momentum with another quarter of year-on-year revenue growth, rigorous cost discipline and a relentless focus on strategic execution. The business delivered a strong financial performance during a period of regional unrest, reflecting the resilience of our operating model and the firm foundations we have laid,” Karim Michel Sabbagh, managing director of Space42, said in a statement.
In other Space42 news, the company announced it has signed an MoU with Sindan, a specialist in advanced additive manufacturing, to discuss collaboration across satellite connectivity solutions on autonomous systems. The partnership will study synergies between Space42’s satellite communications capabilities and aerospace systems, alongside Sindan’s manufacturing and flight-testing infrastructure. The agreement was announced at Make it in the Emirates 2026.
Under the MoU, Sindan intends to support access to airborne platforms and ground command systems for flight testing, while Space42 will explore deploying its aero and satellite communication solutions. These systems will be examined in representative operating conditions, with real-time monitoring to assess performance and deployment readiness.
