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MDA Space (MDA) investor relations material
MDA Space Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Q3 2025 revenues reached $409.8 million (CAD 410 million), up 45% year-over-year, driven by strong execution in Satellite Systems and Robotics & Space Operations.
Adjusted EBITDA rose 49% year-over-year to $82.8 million (CAD 83 million), with a margin of 20.2%.
Adjusted net income increased 33% year-over-year to $46.1 million; adjusted diluted EPS was $0.35, up 25%.
Backlog stood at $4.4 billion at quarter-end, providing strong revenue visibility for 2025 and beyond.
Completed the acquisition of SatixFy Communications Ltd., integrating its technology into the satellite systems segment.
Financial highlights
Q3 2025 gross profit was $108.1 million, up 43% year-over-year; gross margin was 26.4%.
Q3 2025 operating cash flow was $33 million, down from $259 million in Q3 2024 due to working capital fluctuations.
Q3 2025 capex was $70 million, primarily for growth investments.
Ended Q3 with $195.7 million in cash and total liquidity of $600 million.
LTM revenues were $1,481 million, up 58% year-over-year; LTM adjusted EBITDA was $299 million, up 59%.
Outlook and guidance
Reaffirmed 2025 full-year revenue guidance of $1.57–$1.63 billion (approx. 48% growth at midpoint).
Full-year adjusted EBITDA expected at $305–$320 million, with a margin of 19–20%.
Capital expenditures for 2025 projected at $210–$240 million; free cash flow expected to be neutral to positive.
Guidance does not factor in potential impacts from new U.S. or Canadian tariffs.
Backlog and a $20 billion opportunity pipeline support continued growth.
Q3 operating cash flow drivers
Q3 order bookings vs. revenue gap explanation
Potential impact of US tariffs on outlook
EchoStar class action: What is the company's defense?
Supplier delays: What are the financial outcomes?
Defense market: Key growth areas for MDA Space?
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Q4 20253 Mar, 2026
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Frequently asked questions
MDA Ltd. offers technology solutions in satellite systems, Earth observation, and space exploration. The company serves commercial, government, and defense customers with services including satellite communications, geospatial imagery, and robotics for space missions. The company is headquartered in Brampton, Canada, and its shares are listed on the TSX.
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