MDA Space (MDA) Citi's Global Industrial Tech and Mobility Conference 2025 summary

Company background and business segments

• MDA Space has a 56-year history in Canada, focusing on radar-based Earth observation, space robotics, and communication satellites.

• The company became independent from Maxar in April 2020 and went public in April 2021.

• Three main business areas: Geointelligence (Earth and space observation), Robotics and Space Operations, and Satellite Systems.

• Geointelligence includes operating RADARSAT-2 and developing CHORUS, launching in mid-2026.

• Robotics business includes Canadarm3 for the lunar Gateway and commercial robotics through MDA SKYMAKER.

Satellite systems and market trends

• Satellite Systems business has shifted from subsystems to full satellites, with the MDA AURORA digital satellite product gaining traction.

• The move from geosynchronous to low Earth orbit (LEO) is driven by demand for lower latency, higher speed, and network resiliency.

• LEO use cases include broadband, direct-to-device, and Internet of Things communications.

• Traditional satellite operators and new entrants like SpaceX and Amazon are expanding in LEO, increasing competition.

• MDA is expanding manufacturing to produce two satellites per day within a year, supporting a $13–$15 billion pipeline over five years.

Technology and competitive advantages

• MDA's full digital dynamic beamforming satellites offer real-time, software-controlled beams, increasing efficiency and reducing the number of satellites needed.

• Digital payloads allow aggregation and de-aggregation of beams, optimizing coverage and operational costs.

• High-volume manufacturing and digital technology are expected to drive revenue growth and potential margin expansion.