• Like Maxar Technologies for satellite systems and radar-based Earth observation.
• A space-focused Kuka Robotics or Boston Dynamics, building sophisticated robotic arms for space stations and lunar missions.
• A specialized Lockheed Martin or Northrop Grumman for advanced space hardware, from robotic arms to entire satellite systems.

• Space Robotics: Develops advanced robotic systems for space exploration, station maintenance, and on-orbit servicing, including the iconic Canadarm series.
• Satellite Systems: Designs, manufactures, and integrates communication, Earth observation, and space exploration satellites and their subsystems for governmental and commercial clients.
• Geospatial Intelligence: Provides satellite imagery, data analytics, and intelligence solutions derived from Earth observation satellites to support defense, environmental monitoring, and other critical applications.

Major Customers of MDA Space (MDA)

MDA Space primarily serves government agencies and commercial satellite operators and aerospace prime contractors. Its major customers include:

• Canadian Space Agency (CSA): A key government customer for MDA, especially for advanced robotics (like the Canadarm program) and Earth observation missions (e.g., RADARSAT). The CSA is a government agency and not a public company.
• National Aeronautics and Space Administration (NASA): A major US government customer, particularly for MDA's robotics and space operations expertise, including contributions to the International Space Station. NASA is a government agency and not a public company.
• Telesat (TSX: TSAT): A leading Canadian satellite operator that has historically partnered with and procured satellite systems and services from MDA for its communication satellite constellations.
• Various National Defence and Intelligence Organizations: MDA provides satellite imagery, surveillance, and related services to defense and intelligence agencies in Canada and internationally. These are government entities and not public companies.

• Airbus (Euronext: AIR)
• Boeing (NYSE: BA)
• Lockheed Martin (NYSE: LMT)
• Maxar Technologies (formerly NYSE: MAXR, now part of Advent International) - historically a partner/supplier in some contexts, but not a pure supplier to MDA in the traditional sense, and is now private. Given the request is for "major suppliers" and not "partners," I will focus on the more direct supply chain.
• Northrop Grumman (NYSE: NOC)
• L3Harris Technologies (NYSE: LHX)
• Honeywell (NASDAQ: HON)

Mike Greenley, Chief Executive Officer

Mike Greenley joined MDA Space in 2018 and led the company to go public in 2021 (TSX:MDA). He possesses over 25 years of experience within the defense and security sectors. Prior to his tenure at MDA Space, he served as Sector President of L-3 WESCAM and held Vice President and General Manager positions at CAE Canada, as well as Vice President roles at General Dynamics (GD) Canada and GD Mission Systems. Greenley's career commenced with Greenley & Associates Incorporated, a consulting firm specializing in defense systems. He was recognized as a PROFIT 100 CEO for leading one of Canada's fastest-growing companies for three consecutive years.

Guillaume Lavoie, Chief Financial Officer

Guillaume Lavoie was appointed Chief Financial Officer of MDA Space in November 2024. He brings over two decades of financial expertise from both publicly traded and privately owned companies. Before joining MDA Space, he served as Executive Vice President and CFO at Sofina Foods Inc., a global food manufacturer, where he was instrumental in executing the company's growth strategy and integrating a significant European acquisition. His experience also includes a role as Vice President of Financial Planning & Analysis at Bombardier Inc. starting in 2015, and he began his career in 2003 at Pratt and Whitney. Lavoie is a Chartered Professional Accountant (CPA).

Stephanie McDonald, Chief People, Culture and Transformation Officer

Stephanie McDonald is the Chief People, Culture and Transformation Officer at MDA Space.

Cameron Ower, Chief Technology Officer

Cameron Ower serves as the Chief Technology Officer for MDA Space.

Dr. Minda Suchan, Vice President, Geointelligence

Dr. Minda Suchan holds the position of Vice President, Geointelligence at MDA Space.

The key risks to MDA Space's business are primarily centered around its customer base, intense competition, and the complex nature of its contracts.

1. Customer Concentration and Contract Dependency: A significant portion of MDA Space's revenue is derived from a limited number of major contracts, notably with customers such as Telesat, Globalstar, and the Government of Canada. In 2024, approximately 87.45% of the company's revenue originated from its top 10 customers. This high customer concentration means that the loss or termination of a single large contract can, and has, significantly impact the company's financial performance and stock value, as seen with the termination of the EchoStar contract.
2. Intense Competition, Particularly from Vertically Integrated Players: MDA Space faces substantial competition, especially from large, vertically integrated satellite operators like SpaceX (Starlink) and Amazon (Amazon Leo). These companies design, manufacture, and operate their own large-scale satellite constellations, directly competing with MDA Space for contracts and market share in satellite systems. The termination of MDA Space's EchoStar contract, for example, was partly due to EchoStar selling its spectrum rights to SpaceX.
3. Execution Risk and Project Delays: The nature of MDA Space's business involves large, long-cycle contracts for complex space systems and robotics. There is a significant execution risk associated with these programs, including the challenge of successfully deploying new satellite capacity and the potential for delays or cancellations on major government-backed initiatives and large constellation orders. Such delays or cancellations can lead to substantial financial setbacks and impact the company's ability to convert its backlog into profitable growth.

The rapid emergence and growth of the "New Space" industry, characterized by agile startups, constellations of small, standardized, and significantly cheaper satellites, and reduced launch costs, poses a clear emerging threat. This model challenges MDA Space's traditional focus on large, complex, and high-cost satellite systems and bespoke missions. If clients increasingly opt for more frequent data and services from these lower-cost, high-volume satellite constellations, it could lead to market share erosion in satellite manufacturing, Earth observation services, and related ground systems for MDA Space.

MDA Space (symbol: MDA) operates in three main business areas: Geointelligence, Robotics and Space Operations, and Satellite Systems. Here are the addressable market sizes for these areas:

Geointelligence

The global Earth Observation market, which encompasses geointelligence solutions, was valued at approximately USD 5.1 billion in 2024 and is projected to reach USD 7.2 billion by 2030, growing at a CAGR of 6.2% from 2025 to 2030. Other estimates place the global market size at USD 6.8 billion in 2024, expanding to USD 14.6 billion by 2034 with an 8% CAGR, or USD 7.04 billion in 2025, growing to USD 14.55 billion by 2034 with a CAGR of 8.31%. The satellite-based Earth observation market alone reached USD 3.8 billion in 2025 and is expected to reach USD 5.9 billion by 2034. North America accounted for a significant share of this market, holding over 45% in 2024 and 34.97% in 2025.

Robotics and Space Operations

The global space robotics market, which includes robotics and space operations, was estimated at USD 5.4 billion in 2025 and is projected to grow to USD 12.4 billion by 2035, at a CAGR of 8.6% from 2026 to 2035. Another estimate places the global market size at USD 5.71 billion in 2025, reaching approximately USD 12.09 billion by 2034 with a CAGR of 8.70%. North America dominates this market, holding the largest market share of 38.5% in 2025 and 56% in 2024.

Satellite Systems

This segment includes satellite communications and satellite constellations. The global satellite communication (SATCOM) market was valued between USD 25.2 billion and USD 99.2 billion in 2025. Projections estimate the global SATCOM market to reach between USD 82.30 billion and USD 223.06 billion by 2033 or 2034. North America held a substantial share of this market, ranging from 34.5% in 2025 to 45.6% in 2025.

The global satellite constellations market was estimated at USD 8.78 billion in 2025, with a projected growth to USD 19.94 billion by 2032. The global satellite mega constellations market was valued at USD 5.56 billion in 2025 and is projected to reach USD 40.72 billion by 2034, exhibiting a CAGR of 24.11%. The commercial-satellite constellations market, specifically, was projected to reach USD 12.6 billion in 2022 and an anticipated USD 43.1 billion by 2032. North America was the largest region in the commercial satellite constellations market in 2025, also dominating the satellite mega constellations market with a 49.28% share in 2025.

Here are 3-5 expected drivers of future revenue growth for MDA Space (symbol: MDA) over the next 2-3 years:

1. Strong and Expanding Backlog and Pipeline of Opportunities: MDA Space ended fiscal year 2025 with a robust $4.0 billion backlog, which offers significant visibility into future revenue for 2026 and beyond, representing approximately seven times its 2020 level. Furthermore, the company has identified a substantial pipeline of $40 billion in opportunities over the next five years, with about $10 billion already in advanced stages, either through down-selection by government customers or anticipated follow-on awards from existing clients. This pipeline includes considerable opportunities across Satellite Systems ($13B+), Geointelligence ($4B+), and Robotics & Space Operations ($3B+).
2. Growth in the Satellite Systems Business and Strategic Investments: The Satellite Systems business was a primary catalyst for revenue growth in 2025, experiencing an 85% increase. MDA Space is strategically focusing on expanding its satellite production capacity, which includes significant investments in expanding its Montreal facility to support continued growth in this segment. Key new contracts, such as the $1.8 billion LEO constellation award from EchoStar announced after Q2 2025, are expected to significantly boost the backlog and contribute to future revenue, driven by strong demand for low Earth orbit satellite constellations.
3. Strategic Investments in New Technologies and Capabilities: The company is making focused investments in advanced technologies and product lines to build the next generation of space capabilities. These include MDA AURORA™, MDA SKYMAKER™, and the MDA CHORUS™ Earth Observation Mission, which is anticipated for mid-2026. Additionally, MDA Space has engaged in strategic acquisitions, such as SatixFy, to further develop chip technology, enhancing its technological differentiation. These investments are crucial for capturing a larger share of future market opportunities.
4. Increasing Global Demand for Defense and Space Technology: Management consistently highlights the growing global demand for defense and space technology, services, and capabilities as a key market trend. MDA Space is well-positioned to capitalize on this demand through its diverse and proven technology offerings and its established presence, which allows it to pursue foreign contracts effectively. The launch of the 49North defense tech organization further underscores its commitment to leveraging this market trend.

Share Repurchases

• MDA Space's 5-Year Share Buyback Ratio was -1.60% as of December 2025, indicating potential share issuance rather than repurchases.
• The 3-Year Share Buyback Ratio as of December 2025 was -2.00%, and the 1-Year Share Buyback Ratio was -4.00%, both suggesting no significant share buybacks.
• The dollar amount of share repurchases for the trailing twelve months ended December 2025 was reported as $0 million.

Share Issuance

• On March 16, 2026, MDA Space completed its initial public offering (IPO) in the United States, raising approximately US$300 million through the sale of 9,836,065 common shares.
• Underwriters exercised an over-allotment option on March 20, 2026, purchasing an additional 1,344,071 common shares for approximately US$41 million, bringing the total gross proceeds from the offering to about US$341 million.
• MDA Ltd. completed its initial public offering on April 7, 2021, issuing 28,571,500 common shares at $14.00 per share, resulting in gross proceeds of approximately $400 million.

Outbound Investments

• On November 3, 2025, MDA Space made a $10 million equity investment in Maritime Launch Services Inc., becoming an equity owner and strategic partner to advance Canada's sovereign launch capability.
• MDA Space completed the acquisition of SatixFy Communications Ltd. on July 2, 2025, to enhance its satellite systems business with next-generation communication solutions.
• In February 2026, MDA Space established 49North, a wholly-owned subsidiary, to focus on terrestrial and multi-domain Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) capabilities, aligning with Canada's updated defense strategy.

Capital Expenditures

• MDA Space's capital expenditures for the fiscal year 2025 were reported as approximately -$198.22 million.
• For the upcoming fiscal year 2026, capital expenditures are projected to be between $225 million and $275 million.
• A primary focus of capital expenditures includes finalizing a new manufacturing facility in Quebec, which is expected to double the company's satellite production capacity by 2027.