The strong top-line growth is positive, but the sharp drop in order bookings and negative free cash flow signal potential headwinds. Watch for Q2 order intake and cash flow trends; the stock may react positively to the revenue beat but remain capped by profitability and cash concerns.
Price Chart
Executive Summary
MDA Space reported Q1 2026 revenue of $464.1M (+32% YoY) and adjusted EBITDA of $90.6M (+32% YoY), both beating expectations. However, GAAP net income fell 10% to $29.6M due to acquisition-related amortization, and free cash flow turned negative at -$27.6M. Order bookings dropped sharply to $143.9M from $803.9M a year ago, while backlog decreased to $3.7B. The company reaffirmed its FY2026 outlook, but the mixed financial signals warrant caution.
Key Facts
- Revenue of $464.1M, up 32% YoY (all business areas grew)
- Adjusted EBITDA of $90.6M, up 32% YoY, margin stable at 19.5%
- GAAP net income of $29.6M, down 10% YoY; diluted EPS $0.22 vs $0.26
- Operating cash flow dropped to $60.9M from $267.0M; free cash flow -$27.6M
- Order bookings of $143.9M, down 82% YoY from $803.9M
- Backlog of $3.7B, down from $4.8B a year ago due to revenue conversion
- Net cash position of $299.3M after US IPO raised $441.5M in Q1
- FY2026 guidance reaffirmed: revenue $1.7-1.9B, adjusted EBITDA $320-370M
Financial Impact
Revenue grew 32% YoY; GAAP net income fell 10%; free cash flow swung from +$205.3M to -$27.6M
Risk Factors
- Order bookings slowdown could pressure future revenue growth
- Negative free cash flow and elevated capex ($225-275M guided) may strain liquidity
- GAAP earnings decline due to amortization from SatixFy acquisition may weigh on sentiment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-056789 |
| Document: tm2613608d3_6k.htm | 0001104659-26-056789 |
| Document: 0001104659-26-056789-index-headers.html | 0001104659-26-056789 |
| Document: 0001104659-26-056789-index.html | 0001104659-26-056789 |
| Document: 0001104659-26-056789.txt | 0001104659-26-056789 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Press Release | $28.67 $26.80 | ▼ −6.52% | ▼ −5.51% | $28.36 (−1.08%) |
Oct 15, 2026 12d ago | Press Release | $28.67 $26.80 | ▼ −6.52% | ▼ −5.51% | $28.36 (−1.08%) |
Oct 14, 2026 13d ago | SC 13D | $27.57 $28.72 | ▲ +4.17% | ▲ +3.72% | $28.36 (+2.87%) |
Sep 21, 2026 5w ago | 6-K | $31.79 $31.05 | ▼ −2.33% | ▼ −1.31% | $28.36 (−10.79%) |
Aug 7, 2026 11w ago | 6-K | $34.59 $35.21 | ▲ +1.79% | ▲ +1.39% | $28.36 (−18.01%) |
Aug 7, 2026 11w ago | 6-K | $34.59 $35.21 | ▲ +1.79% | ▲ +1.39% | $28.36 (−18.01%) |
Aug 5, 2026 11w ago | 6-K | $33.94 $35.63 | ▲ +4.98% | ▲ +4.63% | $28.36 (−16.44%) |
Jul 20, 2026 14w ago | 6-K | $30.00 $29.57 | ▼ −1.43% | ▼ −1.01% | $28.36 (−5.47%) |
Jul 14, 2026 15w ago | 6-K | $33.89 $30.00 | ▼ −11.48% | ▼ −10.18% | $28.36 (−16.32%) |
Jul 9, 2026 15w ago | 6-K | $34.00 $31.42 | ▼ −7.59% | ▼ −7.03% | $28.36 (−16.59%) |
US Market Status
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