MDA Space Lifts 2026 Outlook as Q2 Revenue Surges 34% to C$499M on Satellite Demand

summarizeSummary

MDA Space reported Q2 2026 revenue of C$498.6 million, up 34% YoY, and raised its full-year revenue and EBITDA guidance. Backlog increased to C$4.0 billion, and the company holds a net cash position of C$152.8 million.

check_boxKey Events · Earnings and Guidance · MDA

• Q2 Revenue +34% to C$498.6M

  Revenue rose 33.6% year-over-year to C$498.6 million, driven by higher volumes across all business areas, especially the Telesat Lightspeed satellite program.

• Adjusted EBITDA +26% to C$96.3M

  Adjusted EBITDA increased 26.2% to C$96.3 million, with margin of 19.3% in line with full-year guidance of 18–20%.

• Backlog Grows to C$4.0B

  Backlog rose C$310 million sequentially to C$4.0 billion, supported by strong bookings including contracts with the Canadian Space Agency and Japan Ministry of Defense.

• 2026 Guidance Raised

  Full-year revenue guidance narrowed to C$1.8–1.9 billion (midpoint raised) and Adjusted EBITDA to C$330–370 million (midpoint raised), reflecting a strong first half.

auto_awesomeAnalysis · MDA · Manufacturing

A standout quarter saw revenue jump 34% year-over-year to C$498.6 million, fueled by the Telesat Lightspeed satellite program. Adjusted EBITDA climbed 26% to C$96.3 million, and the company raised the midpoint of its full-year revenue and EBITDA guidance. Backlog expanded by C$310 million sequentially to C$4.0 billion, underscoring robust demand. The balance sheet flipped to a net cash position of C$152.8 million from net debt at year-end, providing ample liquidity for the pending Blue Canyon Technologies and CLS acquisitions. Free cash flow was negative C$150 million due to working capital swings on large contracts, a normal feature of the program cycle. This earnings beat and guidance raise reinforce the growth narrative ahead of transformative M&A.