MDA Space (MDA) Registration Filing summary

Company overview and business model

• Operates across three core business areas: Satellite Systems, Robotics & Space Operations, and Geointelligence, serving civil, commercial, defense, and national security customers.

• Provides end-to-end mission solutions, including engineering, manufacturing, integration, mission operation, and maintenance.

• Satellite Systems accounted for 68% of 2025 revenue, Robotics & Space Operations 19%, and Geointelligence 13%.

• Customers include governments, space agencies, commercial space companies, and defense/aerospace contractors, with 70% of 2025 revenue from commercial clients and 30% from government.

• Geographic revenue split for 2025: 63% Canada, 30% US, 5% Europe, 2% rest of world.

Financial performance and metrics

• FY 2025 revenue reached $1.6B, representing 51% year-over-year growth.

• FY 2025 adjusted EBITDA was $324M, up 49% year-over-year, with a 19.8% adjusted EBITDA margin.

• FY 2025 ending backlog was $4.0B, providing strong revenue visibility.

• Net debt at year-end 2025 was $120M, with a net debt to adjusted EBITDA leverage ratio of 0.4x.

• Cash position at December 31, 2025 was $152M, with $669M available liquidity under the revolving credit facility.

Use of proceeds and capital allocation

• Net proceeds will support growth strategies, including expanding the customer base, supporting existing customers, and pursuing acquisitions or investments.

• A portion may be used for general corporate purposes, including repayment of amounts outstanding under the Syndicated Credit Facility.

• Capital allocation priorities include internal investment for organic growth, maintaining a strong balance sheet, and executing strategic M&A.