MDA Space CEO Mike Greenley. Photo: MDA Space

MDA Space posted modest revenue growth of 3.6% year-over-year in the first quarter of 2024, and a 169% year-over-year increase in backlog.  

The company reported $209 million Canadian dollars ($153 million) in revenue on May 9, citing strong contributions from its Robotics & Space Operations business.

Revenue in the Robotics & Space Operations increased 12% year-over-year to CA$71 million ($52 million). This year over year increase was driven by the higher volume of work on Canadarm3, Canada’s contribution to the Gateway lunar outpost.

Revenue in the Geointelligence and Satellite Systems segments was roughly flat year-over-year. Satellite Systems is the largest segment by revenue, with CA$87 million ($64 million) in revenue during the quarter.  

MDA Space’s backlog at the end of the quarter stood at CA $3.3 billion ($2.4 billion) — more than double the same time last year. The boost in backlog includes the CA$2.1 billion ($1.5 billion) deal for Telesat Lightspeed. 

Adjusted EBITDA of CA$42 million ($31 million) decreased 14% year-over-year due to evolving program mix. 

MDA Space’s adjusted EBITDA margin of 20.1% in Q1 is consistent with the company’s full year margin guidance of 19% to 20%. 

Adjusted net income for the first quarter of 2024 was $18.1 million compared with $26.5 million for the first quarter of 2023, representing a decrease of $8.4 million (or 31.7%) year over year driven by the aforementioned gross profit variance.

“The MDA Space team delivered another quarter of strong performance as we continued to convert our backlog and deliver on our customer commitments,” CEO Mike Greenley said. “We are energized by the momentum we are seeing in our business and end markets. With our backlog at a record level, the MDA Space team is laser focused on execution and delivering another successful year for customers, shareholders and our team.”