BRAMPTON, Ontario – On Wednesday, March 4, MDA Space Ltd. (TSX: MDA) reported record financial results for the fiscal year 2025, underscored by a 51% year-over-year revenue surge to $1.63 billion CAD. The performance was primarily driven by the company’s Satellite Systems division, which is currently executing on large-scale Low Earth Orbit (LEO) constellations, including Telesat Lightspeed and Globalstar.
Financial Performance and Backlog Conversion
MDA Space concluded 2025 with an adjusted EBITDA of $324 million, representing a 49% increase over 2024, while maintaining a healthy 19.8% margin. The company’s year-end backlog stood at $4.0 billion, reflecting a disciplined conversion of its order book into operational revenue.
Notable highlights from the fiscal year include:
- Satellite Systems: Benefited from the completion of the SatixFy Communications acquisition in July 2025, integrating advanced digital payload technology into the MDA AURORA™ product line.
- Geointelligence: Sustained by the initial contract for the RADARSAT Constellation Mission (RCM) Replenishment satellite.
- Robotics: Continued progress on Canadarm3 for the Lunar Gateway program.
Strategic Pivot: The Launch of 49North
A critical component of MDA’s 2025 strategic shift was the formal launch of 49North in February 2026. This wholly-owned subsidiary, led by CAE veteran Joe Armstrong, is designed to capture a significant portion of Canada’s new $180 billion Defense Industrial Strategy (DIA). Unlike the parent company’s space-centric focus, 49North acts as a “sovereign Canadian provider” for terrestrial and multi-domain C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance) requirements.
Executive Commentary
“FY2025 was another banner year of profitable growth for MDA Space, that once again delivered record revenue and adjusted EBITDA,” said Mike Greenley, CEO of MDA Space. “Our $4 billion backlog provides us with revenue visibility into 2026 and beyond. In addition, our pipeline has now increased to $40 billion, with $10 billion representing government down-selects or follow-on opportunities.”
2026 Outlook and Market Rationale
MDA Space introduced its 2026 financial outlook, projecting revenues between $1.7 billion and $1.9 billion. To support the ramp-up of the Telesat Lightspeed production line at its Montreal facility, the company expects capital expenditures of $225 million to $275 million.
Management noted that while the termination of the EchoStar contract in late 2025 impacted the immediate backlog, the growth in the defense and intelligence pipeline—driven by the U.S. Missile Defense Agency’s SHIELD program award in January 2026—more than offsets the commercial volatility. Production for Globalstar and Telesat is expected to reach maximum throughput by 2027.
