- MDA Space (TSX:MDA), a space technology manufacturer, has signed a C$1.1 billion agreement with Globalstar (NYSE American:GSAT), a global telecom infrastructure provider, to serve as contractor for its new low Earth orbit satellite constellation
- MDA Space is a partner to the global space industry specializing in robotics, satellite systems and geointelligence
- Shares of MDA Space have added 67.97 per cent year-over-year
MDA Space (TSX:MDA), a space technology manufacturer, has signed a C$1.1 billion agreement with Globalstar (NYSE American:GSAT), a global telecom infrastructure provider, to serve as contractor for its new low Earth orbit (LEO) satellite constellation.
The agreement will see MDA Space build more than 50 MDA Aurorasoftware-defined digital satellites, resulting in about C$750 million to be added to its backlog in Q1 fiscal 2025.
The remaining C$350 million is tied to an authorization-to-proceed contract with an anonymous client announced on November 17, 2023.
MDA space has been increasingly profitable over its past three fiscal years, generating net income of C$2.90 million in 2021, C$26.30 million in 2022 and C$48.80 million in 2023, plus over C$50 million through Q3 2024.
Leadership insights
“We are pleased to once again be working with Globalstar as they develop their next-generation LEO constellation,” Mike Greenley, MDA Space’s chief executive officer, said in a statement. “With the full contract now in place, we are moving full speed ahead on the program.”
About MDA Space
MDA Space is a partner to the global space industry specializing in robotics, satellite systems and geointelligence. The company brings over 55 years of experience across more than 450 missions, including the development of the Canadarm robotic arm system.
Shares of MDA Space (TSX:MDA) last traded at C$21.92 and have added 67.97 per cent year-over-year.
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(Top image: MDA Space)