Canadian space technology and satellite firm MDA (MDA) reported better-than-expected
financial results as it swung to a profit in this year’s first quarter.
MDA said that its net income amounted to $8.4 million in Q1 compared with a net loss of -$1.6
million in the same quarter a year ago as its revenue edged up 4%.
The Brampton, Ontario-based firm said its profit amounted to $0.07 per diluted share for the
quarter ended March 31 compared with a loss of -$0.02 per diluted share in Q1 last year.
The company’s revenue totalled $128.4 million, up from $123.4 million in the first three months
of 2021.
MDA said revenue at its robotics and space operations business rose to $42.4 million compared
with $34.3 million a year ago, while its geo-intelligence 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 in
the first quarter of 2021.
MDA's order backlog on March 31 stood at $1.52 billion, up from $684.7 million a year earlier,
and $864.3 million at the end of the fourth and final quarter of 2021.
Year to date, MDA’s stock has declined 15% to trade at $8.24 per share.
