MDA Space (MDA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was CAD 498.1M, up 21.5% YoY; Adjusted EBITDA reached CAD 96.0M, up 15.9%, and FY2026 guidance increased.

• Backlog was CAD 3,949.1M and the opportunity pipeline exceeded CAD 40B, supporting revenue visibility and growth opportunities beyond 2026.

• Pending Blue Canyon Technologies and CLS acquisitions could expand market reach, subject to closing conditions and regulatory approvals.

Financial highlights

• Q3 revenue rose to CAD 498.1M from CAD 409.8M; gross profit increased to CAD 125.9M from CAD 108.0M, while gross margin declined to 25.3% from 26.4% on program mix.

• Q3 Adjusted EBITDA was CAD 96.0M versus CAD 82.8M; its 19.3% margin compared with 20.2%, reflecting program mix and higher SG&A investment.

• Adjusted net income grew 26.1% to CAD 60.4M; Adjusted diluted EPS was CAD 0.37, up 0.7% as higher average shares partly offset earnings growth.

• Nine-month revenue increased 28.8% to CAD 1,460.8M; Adjusted EBITDA rose 24.2% to CAD 282.9M, with a 19.4% margin.

• Nine-month adjusted net income was CAD 162.9M versus CAD 135.6M; Adjusted diluted EPS was CAD 1.11 versus CAD 1.05.

Outlook and guidance

• FY2026 revenue guidance increased to CAD 1.90B–CAD 1.95B from CAD 1.8B–CAD 1.9B, implying ~18% YoY growth at the midpoint.

• FY2026 Adjusted EBITDA guidance increased to CAD 355M–CAD 375M from CAD 330M–CAD 370M, implying ~13% midpoint growth; margin guidance remains 18%–20%.

• FY2026 capital expenditure guidance remains CAD 225M–CAD 275M; free cash flow is expected to be neutral to negative amid program working-capital fluctuations.

• MDA CHORUS launch was planned for later in 2026, with launch availability and execution among the factors affecting plans.