IRIS² CONSTELLATION: MDA SPACE TO PROVIDE THALES ALENIA SPACE WITH DIGITAL ANTENNA SUBSYSTEMS FOR 66 EARLY-DELIVERY SATELLITES

The authorization allows work to begin, while the definitive contract for the full scope remains subject to finalization.

Rhea-AI Summary

MDA Space (TSX: MDA; NYSE: MDA) has signed an authorization-to-proceed agreement with Thales Alenia Space valued at more than $100M.

The agreement starts work on MDA AURORA digital phased array antennas and a digital antenna controller for 66 Layer 1 IRIS² satellites in low Earth orbit. The satellites are scheduled to launch in 2029 under the EU Secure Connectivity Programme. MDA Space will include the agreement in its backlog in the fourth quarter of fiscal 2026. The definitive contract for its full scope of work remains subject to contract finalization.

2 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointMore than $100M agreement with Thales Alenia Space authorizes antenna subsystem work for 66 IRIS² satellites. 2.1% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Fiscal 2026 fourth-quarter backlog will include the IRIS² authorization-to-proceed contract.

Negative

• Moderate pointDefinitive contract for the full scope remains subject to contract finalization.

Key Figures

ATP agreement value: More than $100M Satellite scope: 66 satellites Planned launch: 2029 +1 more

ATP agreement value

More than $100M

Authorization to proceed agreement

Satellite scope

66 satellites

Layer 1 IRIS2 satellites

Planned launch

2029

First set of Layer 1 IRIS2 satellites

Backlog inclusion

Q4 fiscal 2026

IRIS2 ATP contract

Key Terms

authorization to proceed, digital phased array antennas, digital beamforming, low Earth orbit, +1 more

5 terms

authorization to proceed financial

"The authorization to proceed (ATP) agreement is valued at more than $100M."

Authorization to proceed is an official go‑ahead from a regulator, board, customer, or other decision‑maker that allows a project, clinical trial, contract or major expense to begin. It matters to investors because it turns plans into action—reducing uncertainty, unlocking spending and revenue timelines, and often triggering milestone payments or resource allocation much like a green light at a construction site starts work and commits money and schedules.

digital phased array antennas technical

"MDA AURORATM broadband digital phased array antennas and digital antenna controller"

An antenna system made of many small radiating elements whose individual signal phases (and often amplitudes) are controlled electronically so the combined radio beam can be steered, shaped, or split without moving parts. Beam steering works by introducing tiny phase shifts across the element array so signals add constructively in some directions and cancel in others; this enables fast, precise pointing, multi-beam operation, and adaptive nulling for interference suppression. Practical limits include increased complexity, digital signal-processing and calibration requirements, power and heat management, and reduced per-element range compared with a single large dish of equivalent aperture.

digital beamforming technical

"With their digital beamforming capabilities and performance"

Digital beamforming is a way to shape and steer radio or sound signals using software and fast computers instead of moving parts, like aiming many tiny flashlights so their beams combine to point in one direction. For investors, it matters because it improves signal quality, capacity and energy use in networks and devices, enabling better performance, lower costs and new services that can drive sales and competitive advantage.

low Earth orbit technical

"the 66 "Layer 1" IRIS2 satellites in low Earth orbit"

Low Earth orbit (LEO) is the region of space close to Earth, roughly from about 160 to 2,000 kilometers above the surface, where satellites and spacecraft circle the planet quickly—think of it as a busy highway just overhead. It matters to investors because many communications, imaging and data services rely on satellites in LEO; their shorter lifespans, lower launch costs, crowded lanes and debris risks directly affect the cost, revenue potential and operational risks of companies that build, launch or use these satellites.

direct radiating arrays technical

"the MDA AURORATM direct radiating arrays (DRA)"

An array of antenna elements in which each element actively transmits and/or receives radio waves and is connected to the feed network so the array’s overall radiation pattern is the direct sum of those element signals. Direct radiating arrays are used to form, steer, or shape beams by adjusting the amplitude and phase fed to individual elements; unlike reflectors or passive parasitic arrays, they rely on each element as a radiating source. Their behavior depends on element spacing and the feed-phase control (incorrect spacing or phase settings can produce unwanted sidelobes or grating lobes).

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TORONTO, Oct. 30, 2026 /PRNewswire/ -- MDA Space Ltd. (TSX: MDA) (NYSE: MDA), a trusted mission partner to the global defence and space industry, has entered into an agreement with Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), to begin work on MDA AURORA^TM broadband digital phased array antennas and digital antenna controller for the 66 "Layer 1" IRIS² satellites in low Earth orbit. IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite), the EU Secure Connectivity Programme, will be the new standard bearer for Europe's autonomous and sovereign space capability. The authorization to proceed (ATP) agreement is valued at more than $100M.

With their digital beamforming capabilities and performance, the MDA AURORA^TM direct radiating arrays (DRA) will serve as key enablers within this strategic program.

"Entering into this ATP to deliver critical digital antenna subsystems for the first set of Layer 1 IRIS² satellites, to be launched in 2029, is a landmark moment for MDA Space and our MDA AURORA^TM technology," said Mike Greenley, CEO of MDA Space. "This critical role reflects the confidence Thales Alenia Space and the European Commission have placed in our ability to offer quickly performing, interoperable connectivity that meets the requirements of the Layer 1 satellites."

MDA Space draws on decades of proven expertise in high‑performance satellite payloads and experience delivering critical SATCOM technology to the private sector and governments around the world, and this mandate adds to the MDA Space national sovereign programs of record. The MDA AURORA™ system and associated subsystems are engineered for high‑volume production and are designed, manufactured and tested in MDA Space's state-of-the-art facility in Montréal.

The IRIS² ATP contract will be included in MDA Space's backlog in the fourth quarter of fiscal 2026. The definitive contract for MDA Space's full scope of work is subject to contract finalization.

FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the company's current expectations regarding future events. Such forward-looking information includes, but is not limited to, the entering into of any subsequent contract for further work that is connected to this ATP, the capabilities, performance and functionality of the goods being delivered by MDA Space and their ability to meet the needs of the ultimate customer, the conversion of any amounts in MDA Space's backlog into actual revenue and the award of any follow-on work in connection with the IRIS² constellation.  Forward-looking statements are based on certain assumptions and analyses made by MDA Space in light of management's experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties and other factors which may cause the actual results, performance or achievements of MDA Space to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation the risks and uncertainties detailed under the "Risk Factors" section of MDA Space's annual information form dated March 4, 2026.

Although MDA Space believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with the forward-looking statements. There are a number of additional risks and uncertainties affecting or that could affect MDA Space, which could cause actual results and developments to differ materially from those described in, expressed or implied by these forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements or information included within this press release. These forward-looking statements speak only as of the date of this news release. Except as required by law, MDA Space is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we'll take you there. For more information, visit mda.space.

SOCIAL MEDIA
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SOURCE MDA Space

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is MDA Space's IRIS² agreement with Thales Alenia Space worth?

The authorization-to-proceed agreement is valued at more than $100M. It allows MDA Space to begin work on digital phased array antennas and a digital antenna controller for 66 Layer 1 IRIS² satellites.

Is MDA Space's full IRIS² contract finalized?

The definitive contract for MDA Space's full scope of work remains subject to contract finalization. The signed authorization-to-proceed agreement enables work to begin and will be included in backlog in the fourth quarter of fiscal 2026.