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MDA Space Ltd (MDA) Q3 2026 Earnings Report

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MDA Q3 2026 EPS Results

Actual EPS
$0.26
Consensus EPS
$0.20
Beat/Miss
Beat by +$0.06
One Year Ago EPS
$0.25

MDA Q3 2026 Revenue Results

Actual Revenue
$349.53M
Expected Revenue
$312.58M
Beat/Miss
Beat by +$36.95M
YoY Revenue Growth
+21.55%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
MDA Upcoming Earnings

MDA Space Ltd's next earnings date is estimated for March 11, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:11.17%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. Management reported substantial revenue, adjusted EBITDA, bookings, product, contract, and strategic acquisition progress, raised 2026 revenue and adjusted EBITDA guidance, and described solid growth prospects for 2027 and beyond. The main negatives were lower gross and adjusted EBITDA margins, weaker year-to-date operating and free cash flow, higher investment requirements, a year-over-year backlog decline, pending acquisition approvals, and launch and Telesat scheduling watch points.

Company Guidance

MDA Space raised 2026 guidance to revenue of CAD 1.9 billion-CAD 1.95 billion, implying year-over-year growth of approximately 18% at the midpoint, versus CAD 1.8 billion to CAD 1.9 billion previously, and adjusted EBITDA of CAD 355 million-CAD 375 million, implying year-over-year growth of approximately 13% at the midpoint, versus CAD 330 million to CAD 370 million previously; adjusted EBITDA margin remains 18%-20%, capital expenditures are expected to fall within CAD 225 million and CAD 275 million, and free cash flow is expected to be neutral to negative, with guidance excluding BCT and CLS acquisitions. The company expects fourth-quarter revenue at the higher end of the range to be actually quite similar to the third quarter and reiterated that it will be within its range for the year; for 2027, it is not ready to call out a specific number but expects solid growth, double-digit growth on the current business.

  • Strong Q3 Revenue and Adjusted EBITDA GrowthQ3 revenue was CAD 498 million, up 22% year-over-year, with adjusted EBITDA of CAD 96 million and an adjusted EBITDA margin of 19.3%. Year-to-date revenue reached CAD 1.46 billion, up 29% year-over-year, with adjusted EBITDA of CAD 283 million and a 19.4% margin.
  • Raised Full-Year 2026 GuidanceThe company raised its 2026 revenue guidance to CAD 1.9 billion-CAD 1.95 billion from CAD 1.8 billion-CAD 1.9 billion previously. Adjusted EBITDA guidance increased to CAD 355 million-CAD 375 million from CAD 330 million-CAD 370 million previously. The midpoint implies approximately 18% revenue growth and approximately 13% adjusted EBITDA growth year-over-year.
  • Satellite Systems and Geointelligence Revenue GrowthSatellite Systems revenue was CAD 358 million, up 26% year-over-year, driven by higher volumes on Telesat Lightspeed. Geointelligence revenue was CAD 60 million, up 25%, driven by higher program volumes including the ISTAR program for the Royal Canadian Navy. Robotics and Space Operations revenue was CAD 80 million, up 2%, reflecting steady Canadarm3 activity.
  • Successful Globalstar Satellite DeploymentThe initial replenishment satellites for Globalstar were successfully launched and deployed. All satellites reached their intended orbital planes, communications were established with each satellite, and initial health assessments indicated they were performing as expected. This was MDA Space's first commercial low Earth orbit communications constellation delivered as prime contractor.
  • Globalstar Program Continues to ProgressThe remaining nine satellites in the Globalstar program were progressing well and expected to be delivered later in 2026. The program covers design, assembly, integration, testing, and delivery, and the satellites are intended to extend the life of Globalstar's constellation supporting direct-to-device services and Internet of Things applications.
  • MDA CHORUS Launch Readiness and Commercial TractionMDA CHORUS was approaching launch as a three-satellite, multi-sensor Earth observation constellation anchored by RADARSAT-2. The mission control center in Quebec was already operational and ready to manage the system. The company had announced early customer contracts and letters of interest, with a mix of existing and new customers; Mike Greenley said well over a third of the letters of intent, by recollection, were from new customers, and some letters of intent had already converted into contracts.
  • Expanded Earth Observation OfferingMDA CHORUS is designed to combine a 700-kilometer-wide C-band imaging swath with sub-meter X-band resolution, providing day-or-night imaging in all weather conditions. Its offering includes MDA CHORUS COMMAND, COMMAND PRO with regional ground-station access and faster data downlink, and CHORUS INTELLIGENCE covering raw data through processed intelligence reports.
  • Strategic Acquisitions ProgressingThe Blue Canyon Technologies acquisition was expected to close later in 2026, while the CLS acquisition was expected to complete in late 2026 or early Q1 of the following year, subject to regulatory approvals and other closing conditions. On a pro forma 2026 basis, BCT and CLS together would have contributed almost CAD 700 million of additional revenue.
  • Expected Acquisition Synergies and Recurring Revenue ExpansionBCT is expected to expand MDA Space's U.S. defense footprint and support its development into a prime contractor while retaining the ability to pursue classified U.S. government programs. CLS is expected to accelerate MDA CHORUS and support a vertically integrated global geointelligence business. CLS is also expected to double recurring revenue to over 30% of annual revenue.
  • Innovation Portfolio and Product DevelopmentThe company continued investing in proprietary technologies including MDA AURORA BLACK, MDA MIDNIGHT, MDA SKYMAKER, and MDA AURORA space-grade ASIC chips. AURORA BLACK adds secure end-to-end connections, protected waveforms, anti-jamming capabilities, GPS-spoofing resistance, and perimeter and proximity sensing for government and military communications.
  • Manufacturing Capacity ExpansionThe expanded Montreal facility was described as one of the largest high-volume production facilities in its class. MDA AURORA ASIC chips had been designed and were being shipped, supporting the company's ability to scale production and meet anticipated demand.
  • Progress on Canadarm3 and Lunar RoboticsMDA Space signed a funded task authorization with the Canadian Space Agency for detailed planning of robotic solutions, interfaces, and mission operations technologies for the contemplated multi-phase moon base. The funding also covers planning related to adapting the large Gateway robotic arm to support low Earth orbit missions, with collaboration between NASA and the CSA.
  • Strong Order Momentum and Major Contract AwardsGross bookings were approximately CAD 1.6 billion through the first nine months of 2026. Awards included an expanded Telesat Lightspeed contract for Canadian Arctic connectivity, an order for over 1,300 Airbus antennas, a CSA contract for a RADARSAT constellation replenishment satellite, a next-generation defense communications satellite program with Mitsubishi Electric, an authorization to proceed for IRIS² digital antenna subsystems, three ground-based optical observatories for Canada's Surveillance of Space 2 program, and renewal of 49North's U.S. Air Force Global Procedure Designer contract.
  • Large Backlog and Opportunity PipelineBacklog ended Q3 just under CAD 4 billion, and the company said the backlog had averaged over CAD 4 billion over the past 10 quarters. The opportunity pipeline was CAD 40 billion, including CAD 10 billion of down-selected or follow-on opportunities. The company said the contracted awards represented almost CAD 4 billion of backlog and included opportunities such as ESCP-P.
  • Telesat Lightspeed Execution Remains on Track for MDAManagement said there was no change to the company's financial forecasts for Telesat Lightspeed. MDA Space continued completing Pathfinder satellites and assembling the elements needed for full satellite production. The contract had approximately CAD 1.4 billion of backlog and was expected to generate revenue in 2027, 2028, and 2029.
  • Strong Liquidity and Balance SheetMDA Space ended Q3 with a net cash position of CAD 1.3 billion and total liquidity of CAD 2.9 billion, including CAD 2.2 billion of cash on hand. Management said the majority of the cash was earmarked to fund the BCT and CLS acquisitions.
  • Positive Q3 Cash GenerationThird-quarter operating cash flow was CAD 106 million, and quarterly free cash flow was positive CAD 62 million. Management said the company had consistently converted EBITDA into operating cash and used that cash to fund growth.
  • Expected Continued Growth in 2027Management said it expected solid, double-digit growth in the current business in 2027, driven by continued Telesat Lightspeed work, steady Canadarm3 revenue, new RADARSAT, Mitsubishi Electric, Airbus, and IRIS² contracts, and growth in Geointelligence from CHORUS and existing non-space defense programs. BCT and CLS were expected to add meaningful revenue if completed.
  • Expansion Across Europe, the United States, and Sovereign MarketsManagement described IRIS² as a strategic entry point into a large European communications constellation and cited increasing opportunities tied to sovereign communications and Earth observation programs. The planned BCT transaction would create MDA Space USA and provide access to the U.S. government and Department of Defense market, while the company's productized technologies could also be configured for domestic delivery in the United States and Europe.
  • Drone and Autonomous Systems Activity49North was described as a current and active participant in Canadian military drone programs, including the RPAS program with General Atomics and the ISTAR program delivering drones to the Canadian Navy. Management said autonomous systems remained an important element of 49North's future.
  • LaunchPad Ventures and Ecosystem InvestmentThe company launched LaunchPad Ventures, a strategic program focused on identifying and investing in the next generation of Canadian space and defense companies, broadening MDA Space's access to the Canadian technology ecosystem.

MDA Earnings History

MDA earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 11, 20272026 (Q4)0.22-0.32――
Nov 05, 20262026 (Q3)0.200.260.255.71% (+0.01)
Aug 07, 20262026 (Q2)0.240.250.27-5.26% (-0.01)
May 07, 20262026 (Q1)0.230.270.231.03% (+0.06)
Mar 04, 20262025 (Q4)0.280.320.260.71% (+0.12)
Nov 14, 20252025 (Q3)0.230.250.225.00% (+0.05)
Aug 07, 20252025 (Q2)0.210.270.13100.00% (+0.13)
May 08, 20252025 (Q1)0.170.200.1193.33% (+0.10)
Mar 07, 20252024 (Q4)0.190.200.1621.74% (+0.04)
Nov 15, 20242024 (Q3)0.140.200.06250.00% (+0.14)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed