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MDA Space Ltd. reported strong growth for the quarter ended June 30, 2026, with revenue of $498.6 million compared with $373.3 million a year earlier. Gross profit rose to $125.9 million and Adjusted EBITDA increased to $96.3 million, while Adjusted Net Income was $51.8 million and Adjusted Diluted EPS remained $0.36.
Order Bookings jumped to $808.9 million, and ending backlog stood at $4,003.0 million, supporting future revenue visibility. GAAP net income was $27.9 million with diluted EPS of $0.20. Management highlighted nine early customer contracts, 32 letters of interest across five regions, and the inauguration of a new high-volume satellite manufacturing facility in Montreal.
The company signed agreements to acquire Blue Canyon Technologies and CLS, which it describes as profitable, cash-generating and complementary businesses that support expansion of its $40 billion pipeline. Cash on hand was $397.8 million, though net cash used in operating activities for the first half was $32.5 million amid increased investment and working capital movements. Management reiterated confidence in its updated 2026 outlook and long-term growth strategy.
MDA Space Ltd. reported higher activity for Q2 2026. Revenue was $498.6 million, up 33.6% year over year, with growth across Satellite Systems, Robotics & Space Operations and Geointelligence. Gross margin was 25.3%. Adjusted EBITDA was $96.3 million (19.3% margin), while net income was $27.9 million or $0.20 basic EPS.
For the first half of 2026, revenue reached $962.7 million, up 32.9%, and Adjusted EBITDA was $186.9 million. Backlog was $4,003.0 million as of June 30, 2026. Cash was $397.8 million and long‑term debt $245.0 million, giving a net debt to TTM Adjusted EBITDA ratio of -0.4x.
In March 2026 the company completed a U.S. IPO, issuing 11.2 million shares for net proceeds of $441.5 million. On June 18, 2026 it signed a definitive agreement to acquire Blue Canyon Technologies LLC for US$620 (approximately C$874), to be funded in part by new 6.50% notes, which must be redeemed at par with accrued interest if the acquisition does not close.
MDA Space Ltd. completed a private placement of C$600 million aggregate principal amount of 6.50% senior unsecured notes due 2033. The notes were sold through a syndicate led by RBC Capital Markets, BMO Capital Markets and Scotiabank to accredited investors in Canada and certain institutional investors in and outside the United States.
The company intends to use the net proceeds to fund a portion of the purchase price for its pending acquisition of Blue Canyon Technologies LLC and related fees and expenses. Closing of the acquisition is expected by the end of 2026, subject to customary conditions. If the acquisition is not completed, MDA Space must redeem all notes at 100% of principal plus accrued and unpaid interest.
MDA Space Ltd. has been awarded an additional $474 million to expand its work on the Telesat Lightspeed low Earth orbit constellation. Telesat is increasing the constellation by 69 satellites to 225 fully funded satellites; for MDA Space this adds 27 satellites to the 198 previously under contract.
The higher contract value covers the new satellites, the addition of 500 MHz of military Ka-band spectrum on Lightspeed satellites in place of an equal amount of commercial Ka-band spectrum, and other long-lead items. The majority of the $474 million increase will be added to MDA Space’s backlog in the third quarter of 2026.
Under Canada’s Enhanced Satellite Communications Project-Polar program, the Government of Canada named MDA Space as prime contractor for a secure Ultra-High Frequency and X-band constellation in Medium Earth Orbit, with Telesat as subcontractor; negotiations on this component are underway and contract details will be disclosed once finalized.
Connor, Clark & Lunn Investment Management Ltd., based in Vancouver, British Columbia, reports beneficial ownership of 7,726,685 common shares of MDA Space Ltd. on an amended Schedule 13G.
The position represents 5.6% of MDA Space’s common stock. The filer has sole voting power6,992,086 shares and sole dispositive power7,726,685 shares, with no shared voting or dispositive power reported.
MDA Space Ltd. has priced a private placement of C$600 million aggregate principal amount of 6.50% senior unsecured notes due August 5, 2033. The notes will be issued at C$1,000 per C$1,000 principal amount and the offering is expected to close on or about August 5, 2026, subject to customary closing conditions. Interest will be paid semi-annually in arrears on February 5 and August 5, commencing February 5, 2027. The notes will be senior unsecured obligations ranking pari passu with all existing and future senior unsecured indebtedness, including the Company’s C$250,000,000 7.00% senior unsecured notes due December 23, 2030, and will be guaranteed by certain subsidiaries.
The Company intends to use the net proceeds to fund a portion of the purchase price for its planned acquisition of Blue Canyon Technologies LLC and related acquisition fees and expenses, with that transaction expected to close by the end of 2026 subject to customary conditions. If the acquisition does not close, MDA Space will be required to redeem all outstanding notes at 100% of principal plus accrued and unpaid interest. The offering is led by RBC Capital Markets, BMO Capital Markets and Scotiabank, and is being made to accredited investors in Canada, to qualified institutional buyers in the United States under Rule 144A, and to offshore investors under Regulation S.
MDA Space Ltd. plans to acquire a majority stake in Collecte Localisation Satellites (CLS) through a firm, irrevocable offer. The cash purchase price is approximately €567 million (C$920 million), with an additional €198 million to retire CLS’s existing indebtedness if it is not refinanced at closing. At completion, MDA Space expects to hold about 70% of CLS, while France’s space agency CNES would retain about 30%.
To help finance this transaction, MDA Space completed a bought-deal equity offering of 23,000,000 common shares at US$35.60 per share, generating aggregate gross proceeds of US$819 million, and granted underwriters a 15% over-allotment option for up to 3,450,000 additional shares. Net proceeds are intended to fund part of the acquisition price, potential repayment of CLS debt, and related fees and transaction expenses. Completion is subject to French employee consultation procedures and multiple foreign direct investment and other regulatory approvals, and is expected by the end of 2026 or early 2027.
MDA Space completed an upsized bought deal offering of 23,000,000 common shares at US$35.60 per share, generating aggregate gross proceeds of approximately US$819 million. The underwriters also hold an over-allotment option for up to an additional 15% of these shares, exercisable for 30 days after closing at the same price.
The company intends to use the net proceeds primarily to fund a portion of the cash purchase price for its planned acquisition of approximately 70% of Collecte Localisation Satellites. Remaining proceeds may be applied to repay CLS indebtedness and related fees and expenses, depending on other financing arrangements. The offering was underwritten by a syndicate led by BMO Capital Markets and RBC Capital Markets, with J.P. Morgan, Scotiabank and BofA Securities as joint active bookrunners.
MDA Space Ltd. entered into an amended and restated underwriting agreement for a primary equity offering of 23,000,000 common shares at $35.60 per share, replacing a prior July 8, 2026 agreement. Underwriters led by BMO Nesbitt Burns and RBC Dominion Securities receive an over-allotment option for up to 3,450,000 additional shares on the same terms, exercisable within 30 days after closing.
The share issuance is tied to two announced transactions: acquisition of approximately 70% of C3 Holding, parent of Collecte Localisation Satellites, and acquisition of 100% of Blue Canyon Technologies through subsidiary MDA Buzz USA from Raytheon Company. MDA uses a Form F‑10 shelf under the MJDS, with conditional TSX and NYSE listing approval for the new shares and extensive representations on financial reporting, regulatory compliance, sanctions, anti‑bribery controls and absence of material adverse changes.
MDA Space Ltd. is launching a treasury offering of 20,000,000 common shares at US$35.60 per share, for gross proceeds of US$712 million, with an over-allotment option for up to an additional 15% of the shares. The company plans to use the net proceeds primarily to fund the cash purchase price of an approximately 70% interest in Collecte Localisation Satellites (CLS), repay some or all of CLS’s existing debt, and cover related fees and expenses, or for general corporate and growth purposes if the acquisition does not close. MDA Space has entered into a firm and irrevocable offer to acquire this 70% CLS stake for about €567 million (C$920 million) in cash, and may also fund approximately €198 million to retire CLS’s existing indebtedness if it cannot be refinanced. CLS is expected to generate roughly €286 million (C$465 million) of revenue in 2026, reflecting about 22% average annual growth since 2023, with expected Adjusted EBITDA margins in line with MDA Space’s 2026 outlook of 18%–20%, and management expects the deal to be accretive to Adjusted EBITDA and Adjusted EPS within the first year and to roughly double MDA Space’s recurring revenue stream.