MDA Space Lifts 2026 Outlook as Q2 Revenue Surges 34% to C$499M on Satellite Demand
MDA has more than doubled off its 52-week low of $15.
Summary
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.
Key Events · Earnings and Guidance · MDA
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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.
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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%.
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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.
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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.
Analysis · 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.
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In the 30 days to Sep 22, 2026, 34.8% of the 1044 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MDA was trading at $34.60 on NYSE in the Manufacturing sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $15.00 to $49.37. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.