MDA Space reported strong second-quarter results, highlighting growth across its robotics and satellite businesses. The company's revenue reached CA$242 million ($176 million) in the second quarter, representing a 23% year-over-year increase.
Robotics & Space Operations led the growth, with revenue reaching CA$78.3 million ($57 million), a 33% year-over-year increase. This growth was primarily driven by increased work on the Canadarm3 program.
Satellite Systems, the company's highest-earning segment, generated CA$108.8 million ($79 million) in revenue during the quarter, up 22% year-over-year. The increase was attributed to work on the Telesat Lightspeed constellation.
Geointelligence reported CA$55 million ($40 million) in revenue, representing a 15% year-over-year increase.
"The MDA Space team delivered a solid Q2 driven by strong execution as we continued to convert our backlog and deliver on our customer commitments," said Mike Greenley, Chief Executive Officer of MDA Space. "With robust momentum in our end-markets, we also continue to grow our backlog, which at quarter-end stood at a record CA$4.6 billion ($3.4 billion)."
MDA Space revised its revenue guidance for 2024 to CA$1,020 – $1,060 million, up from the previous forecast of CA$950 – $1,050 million. This revised guidance represents an estimated 30% growth at the midpoint compared to 2023 levels.
The company also anticipates achieving positive free cash flow in 2024, a year ahead of its initial expectations.