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August 15, 2022

MDA posts revenue of $121.09m in the second quarter of 2022

The 22% increase was attributed to higher revenues in the Robotics and Space Operations and Satellite Systems divisions.

Canadian space technology provider MDA has reported a 22% year-on-year (YoY) increase in revenue in the second quarter of this year.

The figure was $121.09m (C$154.7m), compared to $99.17m (C$126.7m) in the same quarter a year ago.

According to the company, the performance was driven by higher revenues in its Robotics and Space Operations and Satellite Systems divisions. 

Gross profit for the quarter that ended on 30 June 2022 was $40.23m (C$51.4m), a jump of 15.2% from the previous year’s $34.91m (C$44.6m).   

The company posted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $24.49m (C$31.3m), with a 20.2% margin.  

Adjusted EBITDA was $27.16m (C$34.7m), an 11.9% decrease YoY, while the adjusted EBITDA margin fell to 22.4%, from 31.1% in 2021.    

The company also had a $1.18bn (C$1.52bn) backlog at the end of the second quarter, a YoY increase of 138%.

MDA’s Geointelligence business posted a revenue of $36.78m (C$47.0m), compared to the $37.72m (C$48.2m) reported a year ago.

The Robotics and Space Operations division contributed a revenue of $38.19m (C$48.8m), a jump of 37.1%. This was attributed to the ‘higher volume of work performed on the Canadarm3 programme’.

Revenue in the Satellite Systems business stood at $46.10m (C$58.9m), a 37.3% increase from $33.57m (C$42.9m) reported in the previous year’s quarter. 

The company expects fiscal year 2022 revenue to be between $493.12m (C$630m) and $508.78m (C$650m), according to the revised outlook.   

MDA chief executive officer Mike Greenley said: “Our team delivered a strong performance in the second quarter, driven by the steady conversion of our healthy backlog and laser focus on operational execution to meet customer commitments.

“While we are disappointed with the revised outlook, as our Q2 results show, MDA continues to execute on a strong backlog. We also remain well positioned to capitalise on an expanding opportunity set in the rapidly growing commercial and government space sectors.”

In April 2020, Maxar Technologies completed the sale of MDA to a group of investors led by Northern Private Capital in a deal valued at $712m (C$1bn). 

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