MDA, the Canadian space technology company, announced its financial results for the third quarter. While there was a decline in net income, revenue exceeded expectations, largely due to the strong performance of its key segments.
Decrease in Net Income
MDA’s net income for the quarter was reported at 9.3 million Canadian dollars ($6.8 million), or C$0.08 a share. This is a decrease from the comparable quarter last year when it stood at C$17.9 million, or C$0.15 a share.
Growth in Adjusted EBITDA
However, there was a rise in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). MDA recorded a figure of C$42.8 million, compared to C$38.8 million in the previous year.
Strong Revenue Performance
MDA’s revenue for the quarter witnessed a significant increase of 19% and reached C$204.7 million. The company attributes this growth to the strong contributions from its satellite systems and robotics and space operations businesses.
Analyst Expectations Surpassed
While analysts predicted a rise in revenue, their estimate fell short as they pegged the figure at C$195.2 million.
Increase in New Orders and Bookings
In addition to the positive revenue performance, MDA secured new orders and bookings during the quarter. Notably, this includes the Telesat Lightspeed low-earth-orbit constellation contract, which contributed to a rise of C$1.66 billion. As a result, MDA’s backlog stood at C$3.07 billion by the end of the quarter.
MDA continues to make strides in the space technology industry, solidifying its position as a key player.