MDA Space (MDA) Registration Filing summary

Company overview and business model

• Operates as a mission partner for advanced space programs, offering dual-use technology and services to civil, commercial, defense, and national security customers.

• Business is structured into three areas: Satellite Systems (68% of 2025 revenue), Robotics & Space Operations (19%), and Geointelligence (13%).

• Provides vertically integrated satellite solutions, robotics for space infrastructure, and Earth observation data and analytics.

• Maintains a global presence with significant operations in Canada, the US, UK, and Israel, serving a diversified customer base.

• Holds over 700 patents and invests heavily in R&D, ranking among Canada’s top corporate R&D spenders.

Financial performance and metrics

• FY 2025 revenue reached $1.63B, up 51% YoY, with adjusted EBITDA of $324M (19.8% margin, up 49% YoY).

• Net income for 2025 was $108.5M, up 36.6% YoY; diluted EPS was $0.84, up 33.3%.

• Backlog at year-end 2025 was $4.0B, providing strong revenue visibility for 2026.

• Operating cash flow for 2025 was $407.5M; free cash flow was $165.3M.

• Net debt to adjusted EBITDA ratio was 0.4x at year-end, reflecting a conservative balance sheet.

Use of proceeds and capital allocation

• Proceeds from the IPO will support growth strategies, including customer and solution expansion, strategic acquisitions, and general corporate purposes such as debt repayment.

• Capital allocation prioritizes organic growth, maintaining a strong balance sheet, and disciplined M&A.

• Recent investments include facility expansions and technology development to increase capacity and meet customer demand.