Connect with us

Technology

MDA SPACE REPORTS THIRD QUARTER 2024 RESULTS

Published

1 year ago

on

Q3 2024 Highlights Significant backlog of $4.6 billion at quarter-end, up 49% YoYStrong top line growth with revenues of $282.4 million, up 38% YoYSolid profitability with adjusted EBITDA1 of $55.5 million, up 30% YoY, and adjusted EBITDA margin1 of 19.7%Solid adjusted net income1 of $34.7 million, up 60% YoY, and adjusted diluted earnings per share1 of $0.28, up 56% YoY Strong operating cash flow of $258.8 millionNet debt to adjusted EBITDA1 ratio of 0.8x at quarter-end Updated 2024 full-year financial outlookRaised revenue guidance, narrowed adjusted EBITDA guidance and reaffirmed capital expenditures guidanceReaffirmed positive free cash flow in 2024

BRAMPTON, ON, Nov. 15, 2024 /PRNewswire/ – MDA Space Ltd. (TSX: MDA), a trusted space mission partner to the rapidly expanding global space industry, today announced its financial results for the third quarter ended September 30, 2024.     

“In Q3, the MDA Space team delivered another strong quarter with double digit growth in our top and bottom lines as we continued to execute and convert our backlog,” said Mike Greenley, Chief Executive Officer of MDA Space.

“The team continued to execute on our major programs, successfully conducting the preliminary design review for the Canadarm3 program, a critical milestone for the program. We also made significant progress on MDA CHORUS™, our next generation Earth Observation constellation, completing the spacecraft assembly and commencing spacecraft integration and testing. And in our Satellite Systems business, the team made solid progress advancing the engineering work for the Telesat Lightspeed program. In Q3, we also broke ground on our Satellite Systems facility expansion in Quebec which will add 185,000 square feet of advanced manufacturing capacity,” continued Mr. Greenley.

“I am also pleased to welcome Guillaume Lavoie to the MDA Space Team as Chief Financial Officer. Guillaume brings a wealth of financial leadership experience and will be instrumental in supporting our long-term growth plans and helping us deliver successfully for our customers and shareholders.”   

Q3 2024 HIGHLIGHTS  

Backlog of $4.6 billion at quarter-end provides good revenue visibility for 2025 and beyond and was up 49% compared to Q3 2023. The year-over-year increase in backlog is driven by new order bookings including the $1 billion award for Phases C/D of the Canadarm3 program announced in Q2 2024.Revenues of $282.4 million in Q3 2024 were up 38.0% year-over-year driven by higher work volumes across the business with strong contributions from the Satellite Systems and Robotics & Space Operations businesses.Adjusted EBITDA of $55.5 million in Q3 2024 compared to $42.8 million in Q3 2023, representing an increase of $12.7 million (or 29.7%) year-over-year. Adjusted EBITDA margin of 19.7% in Q3 2024 is consistent with the Company’s full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.9% reported in the third quarter of 2023.Adjusted net income for Q3 2024 was $34.7 million compared to $21.7 million in Q3 2023, representing an increase of $13.0 million (or 59.9%) year-over-year driven by higher operating income. Adjusted diluted earnings per share of $0.28 in Q3 2024 compared to $0.18 in Q3 2023, representing an increase of 55.6% year-over-year.Operating cash flow was $258.8 million in Q3 2024 compared to $(30.0) million in Q3 2023. The year-over-year increase in operating cash flow was driven by positive working capital contributions primarily related to the Telesat Lightspeed program.At quarter-end, net debt to adjusted EBITDA ratio was 0.8x compared to 2.4x as of December 2023 (2.0x as of June 30, 2024) as the Company utilized its strong operating cash flow in Q3 2024 to make repayments to its revolving credit facility and deleverage the balance sheet while continuing to invest in its growth initiatives.

_______________________

1  As defined in the “Non-IFRS Financial Measures” section

2024 FINANCIAL OUTLOOK

As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan.

MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations and are encouraged by the team’s solid execution.

For fiscal 2024, we are raising our full year revenue guidance to $1,045 – $1,065 million from $1,020 – $1,060 million previously, representing robust year-over-year growth of approximately 30% at the mid-point of guidance compared to 2023 levels. We are narrowing our full year adjusted EBITDA range to $205 – $210 million from $200 – $210 million previously, representing approximately 19% – 20% adjusted EBITDA margin. We reaffirm our expectations that capital expenditures will be $200 – $220 million, comprising primarily growth investments to support CHORUS and the previously outlined growth initiatives across our three business areas. We continue to expect favourable working capital contributions related to the Telesat Lightspeed program to result in positive free cash flow in 2024 allowing us to continue to deleverage our balance sheet

FINANCIAL OVERVIEW  

KEY INDICATORS SUMMARY

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars, except per share data)

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Revenues

$

282.4

$

204.7

$

733.5

$

602.6

Gross profit

$

75.7

$

57.7

$

199.8

$

186.2

Gross margin

26.8 %

28.2 %

27.2 %

30.9 %

Adjusted EBITDA2

$

55.5

$

42.8

$

146.2

$

132.1

Adjusted EBITDA margin2

19.7 %

20.9 %

19.9 %

21.9 %

Adjusted Net Income2

$        34.7

$     21.7

$       76.0

$      70.1

Adjusted Diluted EPS2

$        0.28

$     0.18

$       0.61

$      0.58

As at

(in millions of Canadian dollars, except for ratios) 

September 30, 2024

 December 31, 2023

Backlog

$

4,578.1

$

3,097.0

Net debt2 to Adjusted TTM3 EBITDA ratio

0.8x

2.4x

REVENUES BY BUSINESS AREA

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars)

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Geointelligence

$

48.3

$

48.4

$

154.7

$

147.6

Robotics & Space Operations

66.5

61.9

215.1

183.5

Satellite Systems

167.6

94.4

363.7

271.5

Consolidated revenues

$

282.4

$

204.7

$

733.5

$

602.6

Revenues

Consolidated revenues for the third quarter of 2024 were $282.4 million, representing an increase of $77.7 million (or 38.0%) from the third quarter of 2023. The year-over-year increase in revenues was driven by higher work volumes across our business, with strong contributions from our Satellite Systems and Robotics & Space Operations businesses.

By business area, revenues in Geointelligence for the third quarter of 2024 were $48.3 million, which represents a decrease of $0.1 million (or 0.2%) from the same period in 2023 reflecting steady work volumes. Revenues in Robotics & Space Operations for the third quarter of 2024 were $66.5 million, which represents an increase of $4.6 million (or 7.4%) from the same period in 2023. The year-over-year increase is primarily driven by higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems for the third quarter of 2024 were $167.6 million, which represents an increase of $73.2 million (or 77.5%) from the same period in 2023 driven by higher contributions in the latest quarter from new programs including Telesat Lightspeed and the authorization to proceed (ATP) for an undisclosed customer for a NGSO satellite constellation (announced in Q4 2023). 

Consolidated revenues for the nine months ended September 30, 2024 were $733.5 million, representing an increase of $130.9 million (or 21.7%) from the same period of 2023. The year-over-year increase in revenues was primarily driven by increased work volume from our Satellite Systems and Robotics & Space Operations businesses.

By business area, revenues in Geointelligence for the first nine months of 2024 were $154.7 million, which represents an increase of $7.1 million (or 4.8%) from the same period in 2023 reflecting higher work volume on CSC and other new programs in 2024. Revenues in Robotics & Space Operations for the first nine months of 2024 were $215.1 million, which represents an increase of $31.6 million (or 17.2%) from the same period in 2023. The year-over-year increase is primarily driven by the higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems for the first nine months of 2024 were $363.7 million, which represents an increase of $92.2 million (or 34.0%) from the same period in 2023 driven by higher contributions from new programs including the Telesat Lightspeed program and the ATP for an undisclosed customer for a NGSO satellite constellation. 

________________________

2  As defined in the “Non-IFRS Financial Measures” section
3  TTM: Trailing twelve months

Gross Profit and Gross Margin

Gross profit reflects our revenues less cost of revenues. Q3 2024 gross profit of $75.7 million represents a $18.0 million (or 31.2%) increase over Q3 2023 driven by higher work volume in the current quarter. Gross margin in Q3 2024 was 26.8%, which is in line with the Company’s expectations and compares to gross margin of 28.2% in Q3 2023. The year- over-year change in gross margin is driven by evolving program mix and higher depreciation expense as new assets come into service. 

For the nine months ended September 30, 2024, gross profit of $199.8 million represents a $13.6 million (or 7.3%) increase over 2023 levels. Gross margin for the nine months ended September 30, 2024 was 27.2% which is in line with the Company’s expectations and compares to 30.9% for the same period in 2023. The year-over-year change in gross profit and gross margin metrics is driven by evolving program mix and higher depreciation expense as new assets come into service. 

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA for the third quarter of 2024 was $55.5 million compared with $42.8 million for the third quarter of 2023, representing an increase of $12.7 million (or 29.7%) year-over-year driven by higher volume of work and steady operating expenses. Adjusted EBITDA margin of 19.7% for the third quarter of 2024 is consistent with the Company’s full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.9% reported in the third quarter of 2023.

Adjusted EBITDA for the nine months ended September 30, 2024 was $146.2 million compared with $132.1 million for the same period in 2023, representing an increase of $14.1 million (or 10.7%) year-over-year. The improvement was driven by higher volumes of work performed year-over-year somewhat offset by program mix. Adjusted EBITDA margin was 19.9% for the nine months ended September 30, 2024 compared with 21.9% for the same period in 2023.

Adjusted Net Income

Adjusted net income for the third quarter of 2024 was $34.7 million compared with $21.7 million for the third quarter of 2023, representing an increase of $13.0 million (or 59.9%) year-over-year driven by higher operating income in the latest quarter.

Adjusted net income for the nine months ended September 30, 2024 was $76.0 million compared with $70.1 million for the same period in 2023, representing a increase of $5.9 million (or 8.4%) year-over-year driven by the aforementioned gross profit variance. 

Backlog

Backlog is comprised of our remaining performance obligations which represent the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at September 30, 2024 was $4,578.1 million, an increase of $1,509.4 million compared with the backlog at September 30, 2023 driven by new order bookings, partially offset by continued conversion of our backlog into revenue. The following table shows the build up of backlog for Q3 2024 as compared with the same period in 2023. 

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Opening Backlog

$

4,596.0

$

1,098.3

$

3,097.0

$

1,378.2

Less: Revenue recognized

(282.4)

(204.7)

(733.5)

(602.6)

Add: Order Bookings

264.5

2,175.1

2,214.6

2,293.1

Ending Backlog

$

4,578.1

$

3,068.7

$

4,578.1

$

3,068.7

CONFERENCE CALL AND WEBCAST

MDA Space will host a conference call and webcast to discuss these financial results on Friday, November 15, 2024 at 8:30 a.m. ET. Interested parties can join the call by dialing 416-764-8609 (Toronto area) or 1-888-390-0605 (toll-free North America) or +44-800-652-2435 (toll-free United Kingdom) and entering the conference ID 94799731. A live webcast of the conference call and an accompanying slide presentation will be available at https://mda-en.investorroom.com/events-presentations.

A replay of the conference will be archived on the MDA Space website following the call. Parties may also access a recording of the call which will be available until November 22, 2024, by dialing 1-888-390-0541 and entering the passcode  799731 #.

NON-IFRS FINANCIAL MEASURES

This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings, Net Debt and Free Cash Flow, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss ii) unrealized gain or loss on financial instruments and iii) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, and iv) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt is the total carrying amount of long-term debt including current portions, as presented in the Q2 2024 Financial Statements, less cash (or plus bank indebtedness) and excluding any lease liabilities. Net Debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately. Free Cash Flow is a supplemental measure used to monitor the availability of discretionary cash generated, and available to the Company to repay debt, make strategic investments, and meet other payment obligations. We define Free Cash Flow as operating cash flows less net capital expenditures.

FORWARD-LOOKING STATEMENTS

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to the factors discussed under “Risk Factors” in the Company’s Annual Information Form (AIF) dated February 28, 2024 and available on SEDAR+ at www.sedarplus.com. MDA Space does not undertake any obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

ABOUT MDA SPACE

Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,000 space experts in Canada, the US and the UK has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that’s been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we’ll take you there. For more information, visit www.mda.space.

MDA Space Ltd.
Unaudited Interim Condensed Statement of Comprehensive Income
For the three and nine months ended September 30, 2024 and 2023
(In millions of Canadian dollars except per share figures) 

Three months
ended Sept. 30,
2024

Three months
ended Sept. 30,
2023

Nine months
ended Sept. 30,
2024

Nine months
ended Sept. 30,
2023

Revenue

$

282.4

$

204.7

$

733.5

$

602.6

Cost of revenue

Materials, labour and subcontractors

(197.0)

(138.2)

(502.6)

(394.0)

Depreciation and amortization of assets

(9.7)

(8.8)

(31.1)

(22.4)

Gross profit

75.7

57.7

199.8

186.2

Operating expenses

Selling, general and administration

(18.4)

(17.8)

(57.9)

(52.2)

Research and development, net

(7.2)

(10.4)

(25.0)

(30.8)

Amortization of intangible assets

(11.6)

(11.0)

(35.5)

(34.8)

Share-based compensation

(3.0)

(2.8)

(8.6)

(6.9)

Operating income

35.5

15.7

72.8

61.5

Other income (expenses)

Unrealized gain (loss) on financial instruments

—

1.0

1.2

(0.1)

Foreign exchange gain (loss)

7.2

0.6

8.7

(0.8)

Finance income

2.3

0.3

3.7

0.3

Finance costs

(4.4)

(2.7)

(18.4)

(7.0)

Other income

—

—

6.6

—

Income before income taxes

40.6

14.9

74.6

53.9

Income tax expense

(11.1)

(5.6)

(20.3)

(18.6)

Net income

29.5

9.3

54.3

35.5

Other comprehensive income

Gain (loss) on translation of foreign operations

(0.8)

0.3

(1.0)

—

Gain (loss) on cash flow hedges

(5.1)

2.2

(3.2)

4.1

Remeasurement gain on defined benefit plans 

12.7

4.7

12.1

6.4

Total comprehensive income    

$

36.3

$

16.5

$

62.2

$

45.8

Earnings per share:

Basic

$

0.25

$

0.08

$

0.45

$

0.30

Diluted

0.24

0.08

0.44

0.29

Weighted-average common shares outstanding:

Basic

120,107,965

119,329,839

119,874,946

119,191,837

Diluted

124,286,353

121,912,874

123,610,686

120,546,321

MDA Space Ltd.
Unaudited Interim Condensed Statement of Financial Position
September 30, 2024
(In millions of Canadian dollars) 

As at

September 30, 2024

December 31, 2023

Assets

Current assets:

Cash

$

139.2

$

22.5

Trade and other receivables

143.7

169.5

Unbilled receivables

266.5

183.1

Inventories

10.1

9.9

Income taxes receivable

44.7

47.3

Other current assets

78.9

24.3

683.1

456.6

Non-current assets:

Property, plant and equipment

448.8

369.1

Right-of-use assets

87.2

71.8

Intangible assets

580.5

582.5

Goodwill

441.0

439.8

Deferred income tax assets

14.2

14.9

Other non-current assets

315.0

227.0

1,886.7

1,705.1

Total assets

$

2,569.8

$

2,161.7

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable and accrued liabilities

$

235.2

$

219.1

Income taxes payable

3.1

4.4

Contract liabilities

523.1

76.9

Current portion of net employee benefit payable

48.7

57.4

Current portion of lease liabilities

13.6

10.9

Other current liabilities

1.7

4.5

825.4

373.2

Non-current liabilities: 

Net employee defined benefit payable

23.2

22.8

Lease liabilities

90.9

75.2

Long-term debt

293.8

438.9

Deferred income tax liabilities

190.0

180.8

Other non-current liabilities

6.6

6.1

604.5

723.8

Total liabilities

1,429.9

1,097.0

Shareholders’ equity

Common shares

963.6

956.1

Contributed surplus

36.8

31.3

Accumulated other comprehensive income

26.5

18.6

Retained earnings

113.0

58.7

Total equity

1,139.9

1,064.7

Total liabilities and equity

$

2,569.8

$

2,161.7

MDA Space Ltd.
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the three and nine months ended September 30, 2024 and 2023
(In millions of Canadian dollars) 

Three months
ended Sept. 30,

Three months
ended Sept. 30,

Nine months
ended Sept. 30,

Nine months
ended Sept. 30,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$

29.5

$

9.3

$

54.3

$

35.3

Items not affecting cash:

Income tax expense

11.1

5.6

20.3

18.6

Depreciation of property, plant and equipment

4.1

3.5

14.2

9.4

Depreciation of right-of-use assets

2.4

2.5

8.1

6.8

Amortization of intangible assets

14.8

13.8

44.3

41.0

Gain on disposal of assets

—

—

(5.8)

—

Write-down of assets 

—

4.8

—

4.8

Share-based compensation expense

2.2

2.8

7.7

6.9

Investment tax credits accrued

(10.5)

(6.0)

(29.7)

(18.7)

Finance costs, net

2.1

2.4

14.7

6.7

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Changes in operating assets and liabilities

200.7

(59.9)

315.4

(38.8)

256.4

(22.2)

442.3

72.1

Interest paid

(6.9)

(4.9)

(19.4)

(12.9)

Income tax received (paid)

9.3

(2.9)

9.6

(4.5)

Net cash from operating activities

258.8

(30.0)

432.5

54.7

Cash flows from investing activities

Purchases of property and equipment

(36.8)

(37.1)

(86.4)

(100.7)

Purchase/development of intangible assets

(16.6)

(12.3)

(46.1)

(34.9)

Proceeds from disposal of assets

—

—

7.4

—

Investment in equity securities 

—

—

(9.2)

—

Acquisition of subsidiary, net of cash 

(4.0)

—

(27.3)

—

Net cash used in investing activities

(57.4)

(49.4)

(161.6)

(135.6)

Cash flows from financing activities

  Borrowings from senior credit facility

—

55.0

110.0

90.0

  Repayments to senior credit facility

(105.0)

—

(255.0)

(30.0)

  Payment of lease liability (principal portion)

(1.6)

(1.7)

(6.1)

(5.6)

  Proceeds from stock options exercised

2.2

0.2

3.0

0.6

Net cash provided by financing activities

(104.4)

53.5

(148.1)

55.0

Net decrease in cash

97.0

(25.9)

122.8

(25.9)

Net foreign exchange differences on cash

(4.2)

0.3

(6.1)

—

Cash, beginning of period

46.4

39.0

22.5

39.3

Cash, end of period

$

139.2

$

13.4

$

139.2

$

13.4

RECONCILIATION OF NON-IFRS MEASURES

The following tables provide a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income:

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30 2023

Net income

$

29.5

$

9.3

$

54.3

$

35.3

Depreciation and amortization of assets

9.7

8.8

31.1

22.4

Amortization of intangible assets related to business combination

11.6

11.0

35.5

34.8

Income tax expense

11.1

5.6

20.3

18.6

Finance income

(2.3)

(0.3)

(3.7)

(0.3)

Finance costs

4.4

2.7

18.4

7.0

EBITDA

$

64.0

$

37.1

$

155.9

$

117.8

Unrealized foreign exchange loss (gain)

(10.7)

(0.9)

(10.4)

2.5

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Impairment of long-lived assets

—

4.8

—

4.8

Gain on disposal of assets

—

—

(5.8)

—

Share-based compensation

2.2

2.8

7.7

6.9

Adjusted EBITDA

$

55.5

$

42.8

$

146.2

$

132.1

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Net Income

$          29.5

$           9.3

$           54.3

$            35.3

Amortization of intangible assets related to business combination

11.6

11.0

35.5

34.8

Impairment of long-lived assets

—

4.8

—

4.8

Gain on disposal of assets

—

—

(5.8)

—

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Net foreign exchange (gain) loss 

(7.2)

(0.6)

(8.7)

0.8

Embedded derivative effects

0.5

—

2.2

—

Share-based compensation

2.2

2.8

7.7

6.9

Income taxes related to the above items3

(1.9)

(4.6)

(8.0)

(12.6)

Adjusted Net income

$        34.7

$          21.7

$           76.0

$           70.1

Weighted average number of shares outstanding – diluted

124,286,353

121,912,874

123,610,686

120,546,321

Adjusted EPS – diluted

$       0.28

$       0.18

$           0.61

$           0.58

3 Standard income tax rate of 26.5% applied

View original content to download multimedia:https://www.prnewswire.com/news-releases/mda-space-reports-third-quarter-2024-results-302306490.html

SOURCE MDA Space

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

TiTE x IHT 2026: The Definitive Hub for Taiwan’s Hardware Manufacturing Excellence

Published

2 hours ago

on

May 6, 2026

By

TAICHUNG, May 6, 2026 /PRNewswire/ — When sourcing from Taiwan, location is the ultimate strategic advantage. Don’t be misled by smaller, general trade shows held in city centers like Taipei. To truly connect with the source, you must go where the products are born. TiTE x IHT (Oct 20-22, 2026) in Taichung is the undisputed largest and most vital hardware industrial expo on the island. Hosted directly in the heart of Taiwan’s precision manufacturing cluster, this event features 1,000+ booths and 500+ top-tier manufacturers, offering a scale and industrial depth that no other exhibition can replicate.

Why Global Buyers Choose the Taichung Source Over Urban Trade Shows:

The Revolutionary “Exhibition as Factory” Model: Taichung is the global epicenter for hardware, home to 70% of Taiwan’s industry output. Our unique location enables the “30-Minute Sourcing Circle.” This allows you to verify high-end samples on the show floor in the morning and audit world-class production lines by the afternoon. By eliminating the travel gap between the booth and the factory, we reduce traditional procurement cycles from weeks to hours, providing unmatched transparency for R&D, capacity assessment, and quality control.ESG & CBAM Compliance for Western Markets: As the EU’s Carbon Border Adjustment Mechanism (CBAM) and global ESG mandates reshape trade, our exhibitors are already ahead of the curve. Discover CBAM-ready solutions and green manufacturing processes specifically designed to meet the strict sustainability requirements of the European and American markets. We provide more than just tools; we provide carbon-footprint-managed resilience for your brand.AI-Driven Smart Manufacturing: Address global labor shortages and rising costs with Taiwan’s latest innovations. The 2026 expo focuses on “AI Empowerment,” showcasing collaborative robotics, automated digital inspection, and data-driven supply chain management. These technologies ensure lead-time stability and high-precision consistency for premium global brand owners.Direct Sourcing & Global Matchmaking: Skip the middlemen and trading agencies. Our “Global Buyer Day” offers exclusive, pre-arranged matchmaking with the actual OEMs/ODMs. This is the primary decision-making platform for major distributors seeking resilient, direct-to-factory partnerships that guarantee the best pricing and priority production slots.

Experience the synergy of smart manufacturing and global trade. Stop at the source—where the world’s hardware is actually built. Secure your competitive edge in the true heart of the industry.

【TiTE x IHT】

Date: October 20-22, 2026Venue: TICEC, Taichung, TaiwanRegister Now: https://accu.ps/g8MZ1SHousing Subsidy: https://forms.gle/34VHVxSrEw7g8GxDAOfficial Website: https://www.hardwareexpotw.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/tite-x-iht-2026-the-definitive-hub-for-taiwans-hardware-manufacturing-excellence-302763625.html

SOURCE TiTE x IHT

Continue Reading

Technology

KIST Accelerates U.S. Expansion of Quantum Deep-Tech Startups Through SelectUSA 2026

Published

2 hours ago

on

May 6, 2026

By

SEOUL, South Korea, May 5, 2026 /PRNewswire/ — The Korea Institute of Science and Technology (KIST) President Oh Sang-rok announced that it will participate in the SelectUSA Investment Summit 2026 as part of a Korean delegation, together with quantum technology startups supported by the Ministry of SMEs and Startups under the Deeptech Project (DIPS).

The initiative, supported by South Korea’s Ministry of SMEs and Startups (MSS), is part of the government’s “Deeptech Incubator Project for Startups” (DIPS) initiative, which aims to nurture globally competitive deep-tech ventures.

KIST, which serves as the lead institution for the quantum technology sector under the program, said it will oversee the global commercialization efforts of participating firms. In particular, the “Global Bridge Program,” jointly developed with the U.S. Embassy in Korea in September 2025, is an official program designed to generate tangible overseas expansion outcomes by linking investment attraction with local market entry through diplomatic channels.

Organized by the U.S. Department of Commerce, the SelectUSA Investment Summit is the largest investment promotion event in the US, connecting international startups with venture capital firms, corporate investors and state-level economic development agencies.

It serves as an execution-oriented platform that extends to investment, corporate establishment, site selection, and tax incentives, and is considered a key entry gateway for deep-tech companies, including those in quantum technology.

KIST said participation in the summit is particularly significant for deep-tech sectors such as quantum technology, where access to the US innovation ecosystem is seen as key to growth.

The program is conducted in two stages. From April 30 to May 1, companies took part in a spin-off program hosted by the State of Maryland, which included visits to research institutions and tours of the regional quantum technology ecosystem.

During this period, the delegation also conducted localized activities with the Maryland state government and its economic development agencies, focusing on investment attraction, corporate collaboration, and joint R&D. In addition, on May 5, the delegation held discussions with U.S. Department of Commerce Deputy Secretary William Kimmitt on potential areas of cooperation.

The delegation will also meet officials from Fairfax County Government to explore collaboration and investment opportunities.

The main summit, currently ongoing from May 3 to May 6, features exhibitions, pitching sessions and meetings with US state representatives, with participating firms expected to engage in discussions on investment and market entry.

The delegation is structured to encompass the entire quantum industry rather than a single technology domain.

The Korean delegation comprises five startups, alongside Kyung Hee University Department of Future Science & Technology Commercialization Policy and Entrepreneurship, with approximately 20 participants forming an integrated ecosystem that combines research institutes, academia, and startups, enabling a full-cycle support system from technology validation to commercialization and global expansion.

One of the firms, OptiQ-Labs, was selected for an official pitching session on May 4, where it presented its laser-based optical modules designed for ion-trap quantum computing systems.

This highly competitive program selects only around 100 companies from more than 20,000 applicants worldwide. If selected as the winner of the pitching session, the company will receive follow-up meetings with U.S. state governments and economic development agencies, access to global investor networks, support for local entity establishment, and connections to site selection and tax incentive programs.

Other participating companies include QUAD, which develops single-photon detection technology; SLEEX, focused on underwater sensing; Elixir (StatUp AI), which works on quantum-classical hybrid algorithms for healthcare; and SQK (QMEDIC), specializing in physics-based imaging solutions.

KIST Project Director, Kang Sunjoon, said, “This program represents a critical milestone for Korean quantum startups to directly connect with global investors and industry ecosystems. Via the DIPS program, we are actively promoting the global commercialization of quantum technologies.”

Through its participation in SelectUSA, KIST has established a package-type global expansion model that integrates technology validation, investment attraction, and U.S. market entry.

The summit serves as a turning point for South Korea’s quantum sector, enabling startups to move into the next phase of validation, investment, and overseas expansion.

For more information, visit https://eng.kist.re.kr/.

About KIST 

KIST was established in 1966 as the first government-funded research institute in South Korea. KIST now strives to solve national and social challenges and secure growth engines through leading and innovative research.

About Participating Quantum Startups

QUAD, led by Chief Executive Officer, Oh Byung-doo, develops quantum sensing technologies based on superconducting nanowire single-photon detectors (SNSPDs), offering high sensitivity and precision with applications spanning quantum communication, quantum computing, semiconductor inspection, and defense.

SLEEX is developing an advanced perception technology that combines quantum LiDAR and electric field sensing to overcome limitations of existing underwater sensors, particularly by eliminating blind zones within the 0–2 meter range, with strong potential in autonomous navigation, maritime security, and defense, with Lee Jeho at the helm as Chief Executive Officer.  (https://www.thesleex.com)

Elixir, headed by Chief Executive Officer Jang Jung-kwon, develops a drug discovery and biomarker analysis platform based on quantum-classical hybrid algorithms, targeting the precision medicine market through the integration of bioinformatics and quantum machine learning. (statupai.com)

SQK develops medical imaging AI based on quantum-physics constraints, addressing the hallucination issues of conventional AI by ensuring physical consistency in CT and MRI reconstruction. Under the leadership of Chief Executive Officer Kim Yoon-hak, SQK is improving reliability and reducing the need for re-scans in clinical settings. (www.sqkcloud.com)

View original content to download multimedia:https://www.prnewswire.com/news-releases/kist-accelerates-us-expansion-of-quantum-deep-tech-startups-through-selectusa-2026-302763636.html

SOURCE The Korea Institute of Science and Technology (KIST)

Continue Reading

Technology

Former Visa Asia Pacific Executive David Tay Joins YeahPay as Global Vice President

Published

2 hours ago

on

May 6, 2026

By

SINGAPORE, May 6, 2026 /PRNewswire/ — YeahPay, the international payment brand under YEAHKA (9923.HK), has appointed David Tay, a former senior executive at Visa Asia Pacific, as Global Vice President, tasking him with overseeing the strategic direction and product ecosystem development of YEAHKA’s overseas payment business. The appointment comes as global digital trade enters a new phase defined by ecosystem integration, with payment infrastructure undergoing a generational shift in acceleration.

David Tay, a Singaporean national, is a rising leader in the payments industry. During his career at Visa, David played a key role in driving business growth across multiple Southeast Asian markets, demonstrating early promise in commercial insight and innovation. He subsequently moved into Visa’s Innovation division, where he rose to serve as Head of Innovation, leading Visa Pacific’s product innovation and new business.

In that capacity, David led the commercialization of cutting-edge payment paradigms including Visa Flex Credential and Pay by Palm. He was also involved in the evaluation and governance of strategic partners across the region, accumulating deep expertise in collaborating with banks, fintechs, and large-scale enterprise merchants.

David’s track record spans the full go-to-market lifecycle, from concept to pilot to scale, as well as deep capabilities in cross-institutional partnerships and ecosystem development. His appointment comes at an inflection point for YEAHKA’s international expansion. According to YEAHKA’s 2025 annual report, its overseas business delivered full-year Gross Payment Volume (GPV) surpassing RMB 5 billion, representing a 323.3% year-on-year surge from RMB 1.1 billion in 2024.

View original content:https://www.prnewswire.com/apac/news-releases/former-visa-asia-pacific-executive-david-tay-joins-yeahpay-as-global-vice-president-302763652.html

SOURCE Yeahka

Continue Reading

Trending