MDA Space Ltd (TSX:MDA)

Q2 2026 Mda Space Ltd Earnings Call Transcript

Aug 7, 2026 / 12:30 PM GMT

Release Date Price: C$48.22 (+0.23%)

Transcript

Key Points

Positve

Revenue up 34% YoY in Q2, with adjusted EBITDA of $96 million and a 19.3% margin, leading to raised full-year guidance.
Strong order momentum with a book-to-bill ratio of 1.6x in Q2, and a pro forma backlog of $4.4 billion after the Telesat expansion.
Strategic acquisitions of Blue Canyon Technologies and CLS are expected to add $5 billion to the pipeline and double recurring revenue, expanding market reach.
New contracts from Telesat, CSA, Mitsubishi Electric, BAE Systems, and OHB demonstrate diversified growth across defense, lunar, and commercial programs.
Inauguration of a new high-volume satellite manufacturing facility in Montreal doubles floor space, supporting future constellation production.
Development of new business models like MDA Midnight and Space RAM, with potential for on-orbit services and sovereign networks, funded through partnerships.
Strong balance sheet with net cash of $153 million and successful capital raises of $1.75 billion, maintaining leverage within target range.

Negative

Free cash flow turned negative at -$178 million in H1 2026, due to working capital fluctuations and higher CapEx.
Operating cash flow declined significantly to $33 million in H1 2026 from $320 million in the prior year.
Adjusted EPS remained flat at $0.36 in Q2, as higher net income was offset by increased share count from equity issuance.
Second-half revenue growth is expected to slow to ~2% at the midpoint, due to program phasing on key contracts like Global Star.
Integration risks associated with the two large acquisitions (BCT and CLS) could impact execution and synergies.
Dependence on government and defense contracts exposes the company to geopolitical and procurement delays.
The company's pivot to lunar and defense programs may face technical and contractual uncertainties, as seen with the Canarm3 pivot.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MDA.TO - MDA Space Ltd.
Q2 2026 Mda Space Ltd Earnings Call
Aug 07, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the MDA Space Conference call and webcast.

This call is being recorded on August 7th, 2026 at 8:30 a.m. Eastern Time.

Following the presentation, we will conduct a question-and-answer session.

Instructions will be provided at the time for you to queue up for questions.

For those participating via webcast, please note that the company has included a presentation that will follow along with today's discussion.

If anyone experiences audio difficulties during the conference call, please press star, followed by the 0 for operator assistance at any time.

I'd like to now turn the call over to Tim Flores, Vice President of Investor Relations at NDA Space.

Thank

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