MDA Space Q3 2026 results
Updated from live prices and SEC filings
MDA Space revenue rose 21.5% to C$498.1M and net income reached C$30.9M, up from C$27.0M, while adjusted EBITDA grew 15.9% to C$96.0M. It raised 2026 revenue guidance to C$1.90B to C$1.95B; backlog stood at C$3.95B.
MDA Space (MDA) reported results for the three months to 30 September 2026 on 5 Nov 2026. Revenue up 21.5% to C$498.1M, 2026 guidance raised.
The numbers
| Measure | Q3 2026 | Change |
|---|---|---|
| Revenue | C$498.1M | +21.5% (from C$409.8M) |
| Satellite Systems revenue | C$358.3M | +26.4% |
| Robotics & Space Operations revenue | C$79.9M | +2.0% |
| Geointelligence revenue | C$59.9M | +24.8% |
| Gross margin | 25.3% | from 26.4% |
| Net income | C$30.9M | from C$27.0M |
| Adjusted EBITDA | C$96.0M | +15.9%; 19.3% margin, from 20.2% |
| Adjusted diluted EPS | C$0.37 | flat (C$0.37) |
| Bookings | C$444.2M | from C$174.2M |
| Backlog | C$3,949.1M | from C$4,392.8M; in line with Q2 |
| Free cash flow | C$61.6M | from -C$36.7M |
| Net cash | C$1,328.0M | from net debt of C$120.0M at end of 2025 |
Revenue by segment
| Segment | Q3 2026 | Change | Share of revenue |
|---|---|---|---|
| Satellite Systems | C$358.3M | +26.4% | 71.9% |
| Robotics & Space Operations | C$79.9M | +2.0% | 16.0% |
| Geointelligence | C$59.9M | +24.8% | 12.0% |
| Total | C$498.1M | +21.5% | 100% |
2026 guidance
| Measure | New | Previous |
|---|---|---|
| Revenue | C$1.90B to C$1.95B | C$1.8B to C$1.9B |
| Adjusted EBITDA | C$355M to C$375M | C$330M to C$370M |
| Adjusted EBITDA margin | 18% to 20% | 18% to 20% |
| Capital expenditure | C$225M to C$275M | C$225M to C$275M |
What stood out
- Satellite Systems growth was driven mainly by the Telesat Lightspeed programme; Robotics revenue came from steady Canadarm3 work.
- Selected to take part in Europe's IRIS2 satellite programme.
- Deployed the first satellites it built for Globalstar's existing constellation and began operations at a new high-volume satellite factory.
- Launched two defence-focused products, MDA MIDNIGHT and MDA AURORA BLACK, and issued C$600M of senior unsecured notes in August.
- Total liquidity of C$2.9B is earmarked partly for the pending acquisitions of CLS and Blue Canyon Technologies.
Analysis
One programme is driving the growth
Satellite Systems, where the Telesat Lightspeed constellation is the main contract, grew by about C$75M and accounted for 71.9% of revenue. Robotics, built around Canadarm3, grew 2.0%, and Geointelligence grew 24.8% on new programmes.
That mix explains the slight margin squeeze. Large satellite manufacturing work carries lower margins than MDA's other lines, and gross margin slipped to 25.3% from 26.4% while adjusted EBITDA margin fell to 19.3% from 20.2%, still inside the 18% to 20% full-year range.
Guidance points to a quieter Q4
MDA booked C$1,460.8M of revenue in the first nine months, up 28.8%. The new full-year range therefore implies Q4 revenue of about C$439M to C$489M and Q4 adjusted EBITDA of about C$72M to C$92M, both below Q3's C$498.1M and C$96.0M. Raising the annual number while implying a softer final quarter indicates management does not expect Q3's pace to repeat in Q4.
Backlog is being consumed faster than it is replaced
Bookings rose to C$444.2M from C$174.2M, but that was still less than revenue, a book-to-bill ratio of 0.89. Backlog of C$3,949.1M was 10.1% lower than a year earlier, though level with Q2.
For a company whose revenue rests on a few very large programmes, the size of the next big award matters more than any single quarter. MDA cites a C$40B opportunity pipeline, and its selection for Europe's IRIS2 programme is one route to refilling the backlog.
Turning cash into a broader business
MDA ended the quarter with C$1,328.0M of net cash, against C$120.0M of net debt at the end of 2025, and C$2.9B of total liquidity after issuing C$600M of senior unsecured notes in August. Free cash flow was C$61.6M in the quarter.
That cash is earmarked for the pending acquisitions of CLS and Blue Canyon Technologies. Blue Canyon, bought from RTX's Raytheon business for US$620M in cash, makes small satellites and components in Colorado and gives MDA a manufacturing base in the US defence market; MDA said it adds US$3.5B to its opportunity pipeline and expects it to add to adjusted EBITDA and adjusted earnings per share in 2027.
Alongside its own CHORUS Earth observation constellation, due to launch later in 2026, and the MDA MIDNIGHT and MDA AURORA BLACK defence products, the deals move MDA from a contract manufacturer towards a company that also owns satellites, sells data and competes for US defence work.
Profit per share is not keeping up
Adjusted net income rose 26.1% to C$60.4M, but adjusted diluted earnings per share was flat at C$0.37 because of a higher average share count. Net income rose 14.4% to C$30.9M.
Analysis by Orbit Alpha from the MDA Space results release and the sources below. Percentages, implied figures and totals not stated by MDA Space are Orbit Alpha calculations from reported figures.
Outlook
MDA raised 2026 guidance to revenue of C$1.90B to C$1.95B (from C$1.8B to C$1.9B) and adjusted EBITDA of C$355M to C$375M (from C$330M to C$370M), and reaffirmed an 18% to 20% adjusted EBITDA margin.
What to watch next
- Completion of the Blue Canyon Technologies acquisition, expected by the end of 2026, and the CLS deal.
- Launch of the CHORUS constellation, scheduled for later in 2026.
- Q4 bookings and backlog, after a book-to-bill of 0.89 in Q3.
- Q4 revenue against the C$439M to C$489M implied by full-year guidance.
- Contract awards under Europe's IRIS2 programme.
Questions and answers
Did MDA Space raise its guidance?
Yes. MDA raised 2026 revenue guidance to C$1.90B to C$1.95B from C$1.8B to C$1.9B, and adjusted EBITDA guidance to C$355M to C$375M from C$330M to C$370M.
What is MDA Space's backlog?
MDA's backlog was C$3,949.1M at 30 September 2026, down from C$4,392.8M a year earlier and in line with Q2 2026.
Are MDA Space's figures in Canadian dollars?
Yes. MDA reports in Canadian dollars, and all figures on this page are in C$ unless stated.
More on MDA Space
- MDA stock: live price, filings, insider trades and contracts
- Chart MDA on TradingView ($15 off a paid plan)
- All space stock results
- Space stocks earnings calendar
Sources
- MDA Space Reports Third Quarter 2026 Results (PR Newswire)
- MDA Space investor relations
- MDA Space reports $30.9M Q3 profit, raises guidance for full year (CTV News)
- MDA Space to acquire Blue Canyon Technologies, Form 6-K, June 2026 (SEC EDGAR)
Figures as reported by the company; changes are against the same quarter a year earlier unless stated. Orbit Alpha is information, not investment advice.
Orbit Alpha may earn a commission from some links on this page, at no extra cost to you.
Orbit Alpha is a free space stocks dashboard and weekly newsletter covering 30 listed space companies, with live prices, launches, earnings dates, SEC filings, insider trades and US government contracts in one place.