-- MDA Space (MDA.TO, MDA) reported higher adjusted net income and revenues in the first quarter, and reaffirmed its 2026 full-year financial outlook, the company said on Thursday.
First quarter adjusted net income was C$50.7 million, compared to $38.4 million in the corresponding year-ago quarter, increasing 32% year-over-year driven by the higher gross margin, partially offset by investments in SG&A and R&D, the company said.
Adjusted diluted earnings per share for the quarter was $0.38 per share, up from $0.30 per share in the year-ago quarter, as a result of the higher adjusted net income, partially offset by higher average diluted shares outstanding due to a recent equity issuance related to the US IPO, stated the company.
First quarter revenues rose to $464.1 million, up 32.2% from $351 million in the year-ago quarter, driven by higher volumes across all business areas in the quarter, added the company. The consensus estimates compiled by FactSet for sales was $413.8 million.
The company also reaffirmed its 2026 full-year financial outlook.
"We continue to see the speed at which defence spending and demand for new space capability is shaping the market," said Mike Greenley, Chief Executive Officer of MDA Space. "In March, we announced a contract with Canada's Defence Investment Agency to deliver three Ground-Based Optical observatories to support space domain awareness for the Department of National Defence. In April, underpinned by the investments we have made in our next generation commercial and dual-use product portfolio, we launched MDA MIDNIGHT, a space control platform ideally timed to deliver capabilities urgently needed by defence departments to protect critical space infrastructure."
"Equally evident was focused execution across the business with our first set of Globalstar satellites signed off and delivered to Florida for the upcoming launch, and the first shipments of our space-grade chips received for integration into MDA Aurora," added the CEO.