# MDA earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/MDA) · [Earnings tab](https://www.lopjlb.com/stock/MDA?tab=earnings) Updated: 2026-08-08T08:27:16 Quarters analyzed: 8 ## Cross-quarter narrative Across eight quarters MDA Space has sustained high revenue growth (38%→68%→45%→32%→34% YoY) while backlog held near $4‑4.6B and a $40B pipeline was introduced. The CHORUS program slipped six months in 2024 Q3 but reappeared as advancing toward a 2026 launch. Globalstar follow‑on ($1.1B) was awarded in 2024 Q4 and deliveries progressed. Telesat Lightspeed and Canadarm3 remained on track, with Canadarm3 adding a lunar pivot. New defense initiatives (49North, SPACERAN) and acquisitions (SatixFy, BCT, CLS) signal a strategic pivot. Guidance was raised in 2024 Q3, maintained through 2025, then raised again in 2026 Q2. Concerns evolved from CHORUS delay and an unnamed ATP contract to pipeline conversion timing, defense procurement uncertainty, margin compression from defense mix, capex pressure ($225‑275M), commercial constellation risk, and legal overhangs (EchoStar termination, class action). Tariff exposure was consistently described as manageable. Cash conversion variability noted in 2024 Q3 gave way to neutral‑to‑negative FCF expectations for 2026. Management tone oscillated between confident (0.8) and neutral (0.0) with QA pressure appearing only in detailed calls. Execution delays on satellite deliveries were acknowledged but revised timelines tracked. The narrative is one of scaling revenue and pipeline amid shifting program mix and rising capital intensity. Key shifts: commercial LEO/constellation focus deepening; defense share growing; chip development internalized; acquisition pace accelerating; margin profile under pressure from mix; cash flow turning negative on capex. Unresolved: pipeline-to-backlog conversion rate; defense award timing; CHORUS launch execution; commercial mega‑constellation order; legal outcomes. Overall trajectory: top‑line momentum strong, visibility high, but profitability and cash conversion face headwinds from mix and investment cycle. The company is transitioning from a GEO‑centric satellite builder to a diversified space ## Latest CallCard · Q2 MDA Space reports Q2 revenue up 34% YoY, raises FY2026 guidance midpoint to $1.85B revenue/$350M adj EBITDA, announces BCT and CLS acquisitions, advances CHORUS launch, SPACERAN initiative, and Canadarm3 lunar pivot.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Prepared remarks emphasize meet-or-beat H **Guidance:** vague **Tone:** mgmt 0 · Q&A pressure 0 · divergence 0 ## Quarter one-liners - **2026 Q2:** MDA Space reports Q2 revenue up 34% YoY, raises FY2026 guidance midpoint to $1.85B revenue/$350M adj EBITDA, announces BCT and CLS acquisitions, advances CHORUS launch, SPACERAN initiative, and Canadarm3 lunar pivot.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Prepared remarks emphasize meet-or-beat H - **2026 Q1:** MDA Space reports strong Q1 2026 with 32% revenue growth, 19.5% adj EBITDA margin, reiterates FY26 guidance, highlights defense wins, Globalstar delivery, Canadarm3 progress, and $40B pipeline.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Prepared remarks emphasize strong Q1 results, 32% revenue growth - **2025 Q4:** MDA Space posted record Q4/2025 revenue and EBITDA, highlighted a $4B backlog and $40B pipeline, and gave 2026 guidance of $1.7‑$1.9B revenue with 18‑20% EBITDA margin while noting execution and conversion uncertainties. - **2025 Q3:** MDA Space reports Q3 revenue $410M (+45% YoY), reaffirms 2025 outlook, but faces EchoStar contract termination, Globalstar/CHORUS delays, and class action lawsuit.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights strong financial performance, backlog growth, and defense opportunity, b - **2025 Q2:** — - **2025 Q1:** MDA Space delivered strong Q1 with 68% revenue growth, reaffirmed 2025 guidance, awarded $1.1B Globalstar follow-on, advancing Telesat, Canadarm3, CHORUS, and acquiring SatixFy; tariffs manageable.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlighted strong Q1 execution, 68% revenue grow - **2024 Q4:** MDA Space reports strong 2024 results with $1.1B revenue (+34%), $217M adj EBITDA (+25%), $615M free cash flow; guides 2025 revenue $1.5-1.65B (+45% midpoint), adj EBITDA $290-320M; backlog $4.4B; Globalstar $1.1B follow-on contract; tariff exposure manageable.','tone': {'mgmt': 0.8, 'mgmt_rationale - **2024 Q3:** MDA Space posted a strong Q3 with 38% revenue growth, raised full‑year revenue guidance, highlighted a $4.6B backlog and progress on key programs, but noted a six‑month CHORUS launch delay and uncertainty around an unnamed ATP contract. ## Guidance path 2024 Q3:raised → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:vague → 2026 Q2:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/MDA`