MDA

MDA Space has secured an entry point into a major U.S. defence program after signing an IDIQ contract with the Missile Defense Agency under its SHIELD initiative. The Brampton-based space manufacturer can now bid on future tasks tied to the proposed $175-billion Golden Dome missile defence project, which carries a broader $151-billion task envelope.

MDA said the work could span land, sea, air, cyber, and space defence. Investors reacted positively, sending shares up five percent on Thursday. The contract follows recent Canadian defence wins and continued revenue growth despite prior setbacks.

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MDA Space remains optimistic about fiscal 2025 despite losing a $1.8-billion EchoStar contract after SpaceX purchased the company’s spectrum assets. The Brampton firm posted strong third-quarter results, reporting $409.8 million in revenue—up 45% year-over-year—driven largely by satellite systems, which earned $283.5 million.

Gross profit rose 43% to $108.1 million, and shares climbed eight percent after earnings, though the stock remains down nearly 20% this year. CEO Mike Greenley said over half of MDA’s $20-billion opportunity pipeline involves satellite constellations. MDA also invested $10 million in Maritime Launch to strengthen Canada’s space ecosystem.

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Shares of Canadian satellite manufacturer MDA Space fell nearly 16 percent Thursday following reports that client Globalstar may be in talks to sell to Elon Musk’s SpaceX. Analysts warned a deal could jeopardize MDA’s $1.1-billion contract to build Globalstar’s low-Earth-orbit satellites, as SpaceX manufactures its own hardware.

MDA said it is monitoring market speculation but does not comment on rumours. The company’s stock closed below $29 on the Toronto exchange. The drop follows a 25-percent decline in September when EchoStar cancelled a $1.8-billion contract after selling spectrum to SpaceX.

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Brampton-based MDA Space has lost a $1.8-billion CAD contract with U.S. telecom EchoStar after the latter abruptly terminated the agreement. MDA was set to design and build over 100 satellites for EchoStar’s low-earth-orbit direct-to-device constellation, with options potentially raising the deal to $3.5 billion.

EchoStar’s reversal followed its decision to sell wireless spectrum to Elon Musk’s SpaceX for US$17 billion in stock and cash. MDA emphasized that the termination was unrelated to its performance and confirmed it will be compensated for costs. Shares in MDA fell 20 percent Monday, though the firm maintains a $4.6-billion project backlog.

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