Core Insights - MDA Space Ltd. reported strong financial results for Q3 2025, showcasing double-digit revenue growth and robust profitability as the company continues to execute its backlog [1][10][11] Financial Performance - Q3 2025 revenues reached $409.8 million, a 45.1% increase year-over-year, driven by higher volumes in Satellite Systems and Robotics & Space Operations [10][14] - Adjusted EBITDA for Q3 2025 was $82.8 million, up 49.2% from Q3 2024, with an adjusted EBITDA margin of 20.2% [10][20] - Adjusted net income for Q3 2025 was $46.1 million, reflecting a 32.9% increase year-over-year, with adjusted diluted earnings per share of $0.35, up 25% [10][22] Backlog and Revenue Visibility - The backlog at the end of Q3 2025 stood at $4.4 billion, providing revenue visibility for 2025 and beyond, although it decreased from $4.6 billion in Q3 2024 due to ongoing revenue conversion [10][11][24] Business Segments - Revenue breakdown for Q3 2025 included: - Geointelligence: $48.0 million, down 0.6% year-over-year - Robotics & Space Operations: $78.3 million, up 17.7% - Satellite Systems: $283.5 million, up 69.2% [15][16] Strategic Initiatives - MDA Space is focused on targeted growth strategies, including investments in next-generation space technology, expanding in high-growth markets, and leveraging strategic M&A to complement organic growth [5][6] Financial Outlook - The company reaffirmed its full-year 2025 revenue guidance of $1.57 to $1.63 billion, representing approximately 48% year-over-year growth at the midpoint [7][10] - Expected adjusted EBITDA for 2025 is projected to be between $305 million and $320 million, with a margin of approximately 19% to 20% [7][10]