MDA Space (TSE:MDA) Issues Quarterly Earnings Results

MDA Space (TSE:MDA) posted its quarterly earnings results on Thursday. The company reported C$0.38 earnings per share for the quarter, FiscalAI reports. The company had revenue of C$464.10 million during the quarter. MDA Space had a net margin of 6.64% and a return on equity of 8.38%.

Here are the key takeaways from MDA Space’s conference call:

• Q1 revenue grew 32% YoY to CAD 464 million with adjusted EBITDA of CAD 91 million (19.5% margin); management reiterated full-year 2026 guidance of CAD 1.7–1.9 billion revenue and CAD 320–370 million adjusted EBITDA.
• The company completed a successful U.S. IPO and began trading on the NYSE, raising gross proceeds of USD 341 million, and ended the quarter with CAD 544 million cash and CAD 1.2 billion total available liquidity.
• MDA Space cites a CAD 40 billion opportunity pipeline (including CAD 10 billion of downselected opportunities) and recent commercial/defense wins — US MDA SHIELD IDIQ selection, an MOU with Hanwha, formation of 49 North, DIA optical observatory contract, Airbus repeat antenna order, and MLS/CAD 200M DND launchpad deal — signalling strong booking potential.
• Several operational and technology milestones were reached, including receipt of production-ready Prime Two ASIC chips for MDA AURORA/Telesat programs, delivery of the first satellites under the Globalstar 17-satellite contract, and completion of CHORUS thermal vacuum testing ahead of its late-2026 launch window.
• Cash flow and investment profile tightened in Q1 as CapEx rose to CAD 88 million (Montreal production ramp) and free cash flow was negative CAD 28 millionCAD 225–275 million and expects free cash flow to be neutral-to-negative, while backlog modestly declined to CAD 3.7 billion due to program execution.

MDA Space Trading Up 6.1%

Shares of MDA Space stock opened at C$46.67 on Friday. MDA Space has a 12-month low of C$20.85 and a 12-month high of C$50.98. The company has a market cap of C$6.43 billion, a price-to-earnings ratio of 55.56 and a beta of -0.92. The company has a current ratio of 0.47, a quick ratio of 1.00 and a debt-to-equity ratio of 30.34. The company’s 50-day moving average price is C$42.03 and its 200-day moving average price is C$34.15.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MDA shares. Morgan Stanley upgraded shares of MDA Space from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from C$32.00 to C$46.00 in a research report on Friday, January 16th. Scotiabank upgraded shares of MDA Space to a “strong-buy” rating in a research report on Thursday, March 19th. Desjardins increased their target price on shares of MDA Space from C$51.00 to C$53.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. BMO Capital Markets increased their target price on shares of MDA Space from C$45.00 to C$50.00 in a research report on Thursday, March 5th. Finally, Stifel Nicolaus increased their target price on shares of MDA Space from C$48.00 to C$57.00 in a research report on Thursday, March 5th. Three analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$48.50.

About MDA Space

Building the space between proven and possible, MDA Space (TSX:MDA; NYSE:MDA) is a trusted mission partner to the global defence and space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The global MDA Space team of more than 4,000 space experts has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that’s been in our DNA since day one.