MDA reports Q1 profit

An artist’s concept of Canadarm3, Canada’s smart robotic system, located on the exterior of the Gateway, a small space station in orbit around the Moon. (Credit: Canadian Space Agency)

The space technology firm says its profit amounted to seven cents per diluted share for the quarter ended March 31 compared with a loss of two cents per diluted share a year earlier. Revenue totalled $128.4 million, up from $123.4 million in the first three months of 2021.

The company says revenue at its robotics and space operations business rose to $42.4 million compared with $34.3 million a year ago, while its geointelligence business reported $48.9 million in revenue, down from $49.0 million last year.

Revenue at MDA’s satellite systems business fell to $37.1 million compared with $40.1 million a year earlier.

MDA’s backlog at March 31 stood at $1.52 billion, up from $684.7 million at the end of March last year and $864.3 million at Dec. 31, 2021.

“With triple digit year over year growth in backlog, strong margins, and healthy operating cash flow in the first quarter, MDA is building momentum with our full focus on delivering for customers and capitalizing on new opportunities” said Mike Greenley, Chief Executive Officer of MDA, in a press release. “We continue to execute on our strategy and gain market traction with several sizeable wins across the business, including Globalstar’s LEO constellation and Phase B of Canadarm3. As we enter our second year as a public company, we are energized by the recent progress and highly focused on growing the business and strengthening our position in core markets.”
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