Latest news with #BayanatSmartSolutions
Broadcast Pro
16-05-2025
- Business
- Broadcast Pro
Space42 reports $115m in Q1 2025 revenue
Since its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. UAE-based SpaceTech company Space42 PLC, listed on the Abu Dhabi Securities Exchange under the symbol SPACE42, has released its pro forma consolidated financial results for Q1 2025. The company, known for integrating satellite communications, geospatial analytics and AI, continues to push forward on its global growth strategy following its launch in October 2024. In Q1 2025, Space42 generated revenue of $115m, reflecting a 13% year-on-year decrease attributed to timing shifts in milestone recognition within Bayanat Smart Solutions, which is currently undergoing a transformation toward a programmatic market approach. Despite the revenue dip, the company maintained a strong financial position, posting a Normalised Net Profit of $30mon par with the same period in 2024and improving its margin by three percentage points to 26%. The company also reported a Normalised EBITDA of $61m, while capital expenditures reached $74m. Space42 closed the quarter with $895m in cash and short-term deposits, a net leverage ratio of -1.8x, and negative net debt of $488m. The company also reported nearly $7bn in contracted future revenues, demonstrating continued momentum across its strategic pillars and laying the groundwork for long-term scalable growth in the SpaceTech sector. Karim Sabbagh, Managing Director of Space42, commented: 'We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery. 'We launched new assets in space, expanded coverage, and advanced programmes that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics. 'Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway within Bayanat Smart Solutions. 'Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value.' Space42s performance this quarter was underpinned by progress across four core growth pillars. The company advanced its position as a preferred provider of high-quality geospatial data with the successful launch of Foresight-1 and Foresight-2 satellites, laying the groundwork for a robust Earth Observation constellation. It also moved ahead with its Synthetic Aperture Radar (SAR) satellite production facility in Abu Dhabi, slated to begin manufacturing in the second half of 2025. Additionally, its High Altitude Platform Stations (HAPS) site is set to become operational by June, with the capacity to produce over 20 unmanned aerial vehicles annually. In geospatial intelligence and AI platform services, the GIQ platform is being scaled to deliver real-time analytics across civil and defense applications. The company also signed a Memorandum of Understanding with FADA and EDGE to establish a national geospatial ecosystem, unlocking downstream applications valued at more than USD 100 million. Space42 reinforced its leadership in non-terrestrial connectivity (NTN) with the successful launch of Thuraya-4, which is on track for commercial activation in the second half of 2025. This satellite will underpin a new generation of mobility platforms and product offerings. In addition, the company partnered with Viasat to develop a multi-orbit 5G NTN open architecture aimed at enabling global direct-to-device (D2D) and mobile satellite services. The quarter also saw the launch of the IP Neo broadband terminal and the Thuraya One smartphoneboth key steps toward expanding coverage in underserved regions and achieving seamless satellite-terrestrial integration. As a trusted provider of secure connectivity, Space42 advanced its Al Yah 4 and Al Yah 5 satellite programs, which remain on schedule and within budget, with launches targeted for 2027 and 2028. The company also demonstrated operational resilience by rapidly restoring partial Thuraya-3 service across key markets through the redeployment of redundant capacity. With disciplined execution and a clear strategic focus, Space42 is positioning itself as a global leader in space technology, ready to capitalize on long-cycle opportunities and deliver sustainable value across national and international markets.
Mid East Info
15-05-2025
- Business
- Mid East Info
Space42 Advances Strategy Execution with Solid Q1 2025 Results - Middle East Business News and Information
Continued delivery across four strategic pillars provides foundation for multi-year scalable growth Strong balance sheet, USD 895 million in cash and nearly USD 7 billion in contracted future revenue reinforce strategic flexibility Abu Dhabi, UAE,May 2025: Space42 PLC ('Space42' or the 'Company'), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite communications, geospatial analytics, and artificial intelligence capabilities for customers globally, and listed on the Abu Dhabi Securities Exchange ('ADX', under symbol: SPACE42, ISIN: AEE01122B228), today announced its pro forma consolidated financial results for Q1 2025. Since its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. In Q1 2025, revenue reached USD 115 million, down 13% year-on-year due to milestone timing shifts within Bayanat Smart Solutions and while it undergoes its transformation towards programmatic market engagement. Despite this, the Company maintained a strong Normalized EBITDA margin of 53% and delivered a Normalized Net Profit of USD 30 million, in line with Q1 2024. The margin on a normalized basis improved by three percentage points to 26%. Space42 closed the first quarter with USD 895 million in cash and short-term deposits, contracted future revenues of nearly USD 7 billion, and tangible progress across each of its four strategic pillars, enabling it to continue scaling decisively and to capture the next wave of opportunity in SpaceTech. Positioned for Sustainable, Scalable Growth: Karim Sabbagh, Managing Director of Space42, commented, 'We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery. We launched new assets in space, expanded coverage, and advanced programs that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics. Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway within Bayanat Smart Solutions. Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value.' Delivering Across Four Strategic Pillars Space42's disciplined execution continues to drive momentum across its four pillars: Preferred Partner for Premium Geospatial Data Launched Foresight-1 and Foresight-2 satellites, laying the foundation for a scalable Earth Observation constellation that strengthens coverage and revisit rates. Synthetic Aperture Radar (SAR) manufacturing facility is on track to begin production in H2 2025, enabling sovereign production of high-resolution satellites and ensuring full deployment of Foresight-3, -4, and -5. High Altitude Platform Stations (HAPS) development site in Abu Dhabi is to be operational by June 2025. First in the region, the new facility will deliver more than 20 HAPS unmanned aircraft vehicles annually, supporting civil, environmental, and defense applications. Global Leader in Geospatial Intelligence AI Platform Services GIQ platform is being scaled as the digital backbone for real-time, AI-powered geospatial analytics, enabling fast, informed decision-making across civil and defense use cases. MoU signed with FADA and EDGE to establish a national geospatial ecosystem and unlock downstream applications in surveillance, environmental intelligence, and secure mobility, with a total value exceeding USD 100 million. Global Leader in Non-Terrestrial Connectivity (NTN) Thuraya-4 launched successfully; now in-orbit and on track for commercial service in H2 2025. The satellite enables a next-generation mobility platform and a suite of new products offering wider coverage, faster speeds, and enhanced capabilities. MOU signed with Viasat to co-develop a shared multi-orbit standard-based 5G NTN open architecture, creating a globally scalable platform for direct-to-device (D2D) and MSS services. IP Neo broadband terminal launched in Q1, addressing connectivity needs for critical infrastructure, logistics, and maritime sectors across underserved geographies. Thuraya One smartphone introduced as a commercial precursor to full D2D rollout, providing seamless integration of satellite and terrestrial networks through a single consumer-grade device. Trusted Leader in Secure Connectivity Al Yah 4 and Al Yah 5 satellite programs progressing on schedule and within budget; several units are now in testing phase, with satellite launches planned for 2027 and 2028. These assets will enhance national secure communication capabilities across defense and civil domains Thuraya-3 service partially restored across key markets through rapid redeployment of redundant capacity, underscoring operational agility and Space42's commitment to service continuity Key Financial Highlights: Metric Result Revenue USD 115 million (-13% YoY) Normalized Net Profit USD 30 million (in line with Q1 2024 at USD 30 Million); margin up 3 pp to 26% Normalized EBITDA USD 61 million (-14% YoY) Cash CapEx USD 74 million Cash / Short-Term Deposits USD 895 million Negative Net Debt USD 488 million Net Leverage Ratio -1.8x Contracted Future Revenues Nearly USD 7 billion The full set of financial disclosures can be found within the Investor Relations section on Space42's website. Note: The financial information presented in this press release has been prepared on a pro forma basis. This has been done to facilitate like-for-like comparison of financial performance of the combined Company. About Space42: Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Yahsat Space Services and Bayanat Smart Solutions. Yahsat Space Services focuses on upstream satellite operations for both fixed and mobility satellite services. Bayanat Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC. Legal Notice and Cautionary statement regarding forward-looking information: This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, words such as 'expect', 'will', 'looking ahead' and any other words and terms of similar meaning. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments and speak only as of the date of this announcement. Forward-looking statements are based on assumptions of future events and information currently available to the Company which may not prove to be accurate, and the Company does not accept any responsibility for the accuracy or fairness thereof and expressly disclaims any obligation to update any such forward-looking statement. No representation or warranty is made so that any forward-looking statement will come to pass. You are therefore cautioned not to place any undue reliance on forward-looking statements. Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.
Zawya
15-05-2025
- Business
- Zawya
Space42 advances strategy execution with solid Q1 2025 results
Continued delivery across four strategic pillars provides foundation for multi-year scalable growth Strong balance sheet, USD 895 million in cash and nearly USD 7 billion in contracted future revenue reinforce strategic flexibility Abu Dhabi, UAE: Space42 PLC (' Space42 ' or the ' Company '), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite communications, geospatial analytics, and artificial intelligence capabilities for customers globally, and listed on the Abu Dhabi Securities Exchange (' ADX ', under symbol: SPACE42, ISIN: AEE01122B228), today announced its pro forma consolidated financial results for Q1 2025. Since its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. In Q1 2025, revenue reached USD 115 million, down 13% year-on-year due to milestone timing shifts within Bayanat Smart Solutions and while it undergoes its transformation towards programmatic market engagement. Despite this, the Company maintained a strong Normalized EBITDA margin of 53% and delivered a Normalized Net Profit of USD 30 million, in line with Q1 2024. The margin on a normalized basis improved by three percentage points to 26%. Space42 closed the first quarter with USD 895 million in cash and short-term deposits, contracted future revenues of nearly USD 7 billion, and tangible progress across each of its four strategic pillars, enabling it to continue scaling decisively and to capture the next wave of opportunity in SpaceTech. Positioned for Sustainable, Scalable Growth Karim Sabbagh, Managing Director of Space42, commented, "We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery. We launched new assets in space, expanded coverage, and advanced programs that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics. Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway within Bayanat Smart Solutions. Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value." Delivering Across Four Strategic Pillars Space42's disciplined execution continues to drive momentum across its four pillars: Preferred Partner for Premium Geospatial Data Launched Foresight-1 and Foresight-2 satellites, laying the foundation for a scalable Earth Observation constellation that strengthens coverage and revisit rates. Synthetic Aperture Radar (SAR) manufacturing facility is on track to begin production in H2 2025, enabling sovereign production of high-resolution satellites and ensuring full deployment of Foresight-3, -4, and -5. High Altitude Platform Stations (HAPS) development site in Abu Dhabi is to be operational by June 2025. First in the region, the new facility will deliver more than 20 HAPS unmanned aircraft vehicles annually, supporting civil, environmental, and defense applications. Global Leader in Geospatial Intelligence AI Platform Services GIQ platform is being scaled as the digital backbone for real-time, AI-powered geospatial analytics, enabling fast, informed decision-making across civil and defense use cases. MoU signed with FADA and EDGE to establish a national geospatial ecosystem and unlock downstream applications in surveillance, environmental intelligence, and secure mobility, with a total value exceeding USD 100 million. Global Leader in Non-Terrestrial Connectivity (NTN) Thuraya-4 launched successfully; now in-orbit and on track for commercial service in H2 2025. The satellite enables a next-generation mobility platform and a suite of new products offering wider coverage, faster speeds, and enhanced capabilities. MOU signed with Viasat to co-develop a shared multi-orbit standard-based 5G NTN open architecture, creating a globally scalable platform for direct-to-device (D2D) and MSS services. IP Neo broadband terminal launched in Q1, addressing connectivity needs for critical infrastructure, logistics, and maritime sectors across underserved geographies. Thuraya One smartphone introduced as a commercial precursor to full D2D rollout, providing seamless integration of satellite and terrestrial networks through a single consumer-grade device. Trusted Leader in Secure Connectivity Al Yah 4 and Al Yah 5 satellite programs progressing on schedule and within budget; several units are now in testing phase, with satellite launches planned for 2027 and 2028. These assets will enhance national secure communication capabilities across defense and civil domains Thuraya-3 service partially restored across key markets through rapid redeployment of redundant capacity, underscoring operational agility and Space42's commitment to service continuity Key Financial Highlights Metric Result Revenue USD 115 million (-13% YoY) Normalized Net Profit USD 30 million (in line with Q1 2024 at USD 30 Million); margin up 3 pp to 26% Normalized EBITDA USD 61 million (-14% YoY) Cash CapEx USD 74 million Cash / Short-Term Deposits USD 895 million Negative Net Debt USD 488 million Net Leverage Ratio -1.8x Contracted Future Revenues Nearly USD 7 billion The full set of financial disclosures can be found within the Investor Relations section on Space42's website. The financial information presented in this press release has been prepared on a pro forma basis. This has been done to facilitate like-for-like comparison of financial performance of the combined Company. About Space42 Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Yahsat Space Services and Bayanat Smart Solutions. Yahsat Space Services focuses on upstream satellite operations for both fixed and mobility satellite services. Bayanat Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC.
Al Arabiya
30-04-2025
- Climate
- Al Arabiya
UAE using AI, space tech to revolutionize, ramp-up cloud seeding operations
The UAE is revolutionizing its cloud seeding program from experimental technology into a data-driven operation using AI and space tech that forms a critical component of the nation's water security strategy, according to experts at the country's leading space technology company. In a region receiving less than 100 millimeters of rainfall annually and facing growing water scarcity concerns, the UAE is leveraging artificial intelligence (AI) and Earth Observation (EO) technologies to maximize the effectiveness of its weather modification efforts. 'AI and satellite imagery have turned the UAE's cloud seeding efforts from guesswork into a precise, data-driven tool for weather modification,' Dr. Prashanth Marpu, Chief Technology Officer at Bayanat Smart Solutions, which operates under Space42, the UAE's national space technology company, told Al Arabiya English. The advancements come one year after unprecedented rainfall caused significant flooding across parts of the UAE, highlighting both the potential and risks associated with weather modification technologies. The UAE has conducted cloud seeding operations for more than two decades – with as many as 300 cloud-seeding missions carried out across the country in 2024, according to the UAE Research Program for Rain Enhancement Science – National Center of Meteorology (UAEREP-NCM) – but recent technological developments have elevated these efforts to new levels of sophistication and effectiveness. 'What was once a nascent practice is now guided by predictive analytics, real-time modelling, and advanced environmental monitoring,' Marpu said. Space42 integrates synthetic aperture radar (SAR) satellites and high-resolution optical sensors to provide continuous monitoring of atmospheric and ground conditions. GIQ, the company's AI-powered platform, processes these inputs, which forecasts cloud behavior, wind dynamics, and terrain saturation. The system operates in three phases, explained Marpu. 'First, our Foresight SAR Constellation provides high-resolution, all-weather imaging, complemented by ongoing High Altitude Platform Stations monitoring. Second, GIQ aggregates and analyzes these data streams. Third, the platform generates actionable insights that guide authorities in deploying targeted weather modification efforts.' The UAE's intensified focus on water security comes amid rising water usage across the arid country. In 2022, the total quantity of water consumption in UAE was approximately 1.75 billion cubic meters – rising from 1.37 billion cubic meters in 2010, according to research company Statista. The UAE's Water Security Strategy 2036 has set targets for reducing water demand by 21 percent and increasing the reuse of treated water to 95 percent. 'In the UAE, where per capita water consumption ranks among the highest globally and over 80 percent of freshwater comes from desalination, water security has become a national priority,' said Marpu. 'The UAE Water Security Strategy 2036 sets out clear goals to reduce overall demand, diversify sustainable water supplies, and enhance emergency preparedness.' As part of this goal, cloud seeding has evolved from an experimental approach to what Marpu described as an operational capability driven by data, precision, and measurable impact. Learning from 2024 floods Last April's extreme rainfall event – the highest-ever recorded rainfall in more than 75 years – which caused widespread disruption across the UAE, served as both a challenge and an opportunity for the country's weather monitoring and forecasting capabilities. Space42's systems were put to the test during the 2024 floods. 'Digital Twin simulations predicted high-risk zones ahead of the storm, giving authorities time to prepare,' Marpu said. 'As the storm unfolded, SAR satellites provided real-time imagery through dense cloud cover, while GIQ processed the data instantly.' This real-time intelligence enabled emergency teams to deploy resources rapidly, prioritize evacuations, and plan supply routes once the storm passed, according to Space42. The company claims similar technology has been applied to sandstorm forecasting. 'During the Touz sandstorm in April 2025, Space42's customized dust monitoring model tracked dust emission, transport, and deposition, delivering early alerts that allowed governments to issue public health warnings and mitigate the storm's peak impact,' Marpu explained. These applications demonstrate how the same technologies being deployed for cloud seeding can be repurposed for broader climate risk management. AI-led cloud seeding missions A key advantage of AI-driven cloud seeding is the technology's ability to learn from each mission, creating a continuously improving system. 'With every seeding mission, we collect new data that strengthens future predictions and seeding plans,' said Dr. Marpu. 'Over time, this builds a smarter, more cost-effective program that can support national goals for water security and climate resilience.' This feedback loop is transforming cloud seeding from a static intervention into what Space42 describes as a 'continuously responsive system.' The current approach uses a combination of satellite data, weather forecasting, and AI to identify optimal cloud seeding windows, ensuring efforts are targeted and effective while reducing waste. 'Our AI platform, GIQ, integrates real-time satellite imagery, weather data, and ground-level information to forecast environmental conditions,' Marpu said. 'It helps identify the optimal cloud seeding windows, ensuring efforts are targeted and effective, reducing waste and improving results.' AI is expected to take on an even more prominent role in weather modification operations. 'AI is set to make weather modification smarter, faster, and more adaptive. What is emerging today will become standard practice within the next decade,' Marpu predicted. 'In the near term, AI will coordinate end-to-end cloud seeding missions, detect optimal atmospheric conditions, chart flight paths, and direct unmanned aerial vehicle-based payload releases with minimal human input.' This automation is expected to reduce response times, increase precision, and improve overall mission efficiency. The long-term vision is even more ambitious. 'Looking further ahead, AI systems will become self-learning. Drawing on live atmospheric data, seasonal climate trends, and mission histories, these models will adjust deployment strategies in real-time, modifying seeding efforts mid-flight based on evolving conditions,' said Marpu. This evolution would represent a significant advancement in weather modification technology, potentially making such operations more economically viable and environmentally responsible. Beyond cloud seeding The technologies being deployed for cloud seeding have applications that extend far beyond weather modification, according to Space42. 'Advanced Earth Observation and AI technologies open new frontiers in climate risk management,' Marpu said. 'Our combination of SAR satellite imagery, HAPS monitoring, and AI-powered analytics supports a range of climate-related applications. Beyond optimizing cloud seeding, these systems help forecast floods, monitor drought conditions, and model long-term environmental changes such as sea-level rise.' Space42 is also expanding into marine conservation through partnerships with government entities and other organizations. 'One example is our partnership with the Environment Agency – Abu Dhabi, OceanX, and M42 to support marine biodiversity and fisheries conservation,' said Marpu. 'By deploying Digital Twins and GIQ, we help map ocean ecosystems, monitor environmental conditions, and provide a clearer picture of marine life, supporting informed conservation strategies and sustainable marine resource planning.' While the technologies supporting cloud seeding operations have advanced significantly, measuring the precise impact of these interventions remains challenging. Research from the National Center of Meteorology has suggested that cloud seeding can increase rainfall by 15–30 percent in a clean atmosphere, and by up to 14 percent in a dusty atmosphere. However, isolating the effects of cloud seeding from natural rainfall variability requires sophisticated modeling and long-term data collection. Space42's systems aim to address this challenge by providing more comprehensive monitoring before, during, and after cloud seeding operations. 'Our system models real-time environmental conditions, pinpoints the most effective cloud seeding windows, and tracks water distribution outcomes, ensuring each intervention contributes meaningfully to national water security,' Marpu said.
Broadcast Pro
27-02-2025
- Business
- Broadcast Pro
Space42 reports strong financial performance
Revenue fell 19% year-on-year to $629m, mainly due to temporary delays in a major Bayanat Smart Solutions programme and the Thuraya-3 service anomaly at Yahsat Space Services. UAE-based AI-powered SpaceTech company Space42 has reported financial performance, with EBITDA reaching $317m and a significant margin increase of 8% points. The company maintains a strong balance sheet, ending the year with a cash position exceeding $1.1bn. This performance reflects Space42s continued focus on operational efficiency and disciplined capital allocation as it progresses in executing its long-term strategy. Since its launch, Space42 has pursued four key objectives: becoming the preferred provider of premium geospatial data, leading in AI-driven geospatial intelligence, establishing dominance in non-terrestrial mobile connectivity and reinforcing its position as a provider of secure communication solutions. In the realm of Earth Observation and geospatial analytics, Space42 has made significant advancements. In August 2024, in collaboration with ICEYE, the company launched Foresight-1, the UAEs first Synthetic Aperture Radar (SAR) satellite. A second satellite was launched in January 2025, with the Foresight system set to become operational later this year. Additionally, in December 2024, Space42 and ICEYE announced a strategic joint venture to manufacture SAR satellites in the UAE, aligning with the countrys National Space Strategy 2030. Further strengthening its geospatial capabilities, Space42 signed an agreement in February 2025 with FADA, an EDGE company, to establish a joint venture for a fully integrated Earth Observation ecosystem in the UAE. This initiative will provide dual-use capabilities for both government and commercial applications. In the same month, Space42 and EDGE entered a partnership valued at over $100m, leveraging data from the Foresight constellation to provide real-time geospatial intelligence for defence, security and environmental applications. Space42 is also reinforcing its leadership in satellite communications. In January 2025, the company launched the Thuraya-4 satellite, significantly enhancing its mobile satellite services with expanded coverage, improved security and greater bandwidth. As a founding member of the Mobile Satellite Services Association (MSSA), established in 2024, Space42 is driving the integration of terrestrial and non-terrestrial network services to enable affordable connectivity for billions of devices. The company is advancing the procurement of two next-generation GEO satellites, Al Yah 4 and Al Yah 5, following the signing of a $5.1bn, 17-year contract with the UAE Government in November 2024. Karim Michel Sabbagh, Managing Director of Space42, commented: 'We are diligently executing on our strategic objectives. In just a few months since its founding, Space42 has significantly enhanced its upstream and downstream Earth Observation capabilities, reinforced its leadership in secure connectivity solutions, and laid the foundation for its next-generation mobile satellite solutions capabilities with the launch of the Thuraya-4 satellite. 'As a founding member of the MSSA and with a strong balance sheet and a revenue backlog exceeding $7bn, we are well positioned to develop the next generation of non-terrestrial networks to unlock the direct-to-device opportunity, bringing connectivity to billions of customers. 'The execution of our strategy is guided by five principles. First, we focus on programmatic growth with major programmes kicking off in 2025, our recently announced multi-year engagements as a case in point. Second, we pursue strategies where we can sustain a distinct advantage as demonstrated through our Foresight system and the associated GIQ platform. Third, we invest in our economic and human capital to build differentiated capabilities that evolve and grow over time. Fourth, we are expanding globally as exhibited through our recent SatCom and Earth Observation programmes. Fifth, we prioritise operational optimisation and strategic capital allocation, ensuring that we deploy cash effectively to achieve our objectives and deliver long-term, sustainable shareholder value.' Key financial highlights include revenue of $629m, reflecting a temporary 19% year-on-year decline due to timing shifts in a major programme and a Thuraya-3 service anomaly. Adjusted EBITDA stood at $317m, maintaining stability with a margin increase to 50%. Normalised EBITDA, excluding one-off items, was $282m, marking a 15% decrease but with strengthened margins at 45%. Net profit reached $166m, slightly lower than the previous year due to the introduction of UAE Corporate Tax, though excluding tax, profit increased by 5%. Space42 ended the period with a strong cash position of $1.1bn, a negative net debt of $505m, and a net leverage ratio of -1.6x. The company also secured over $7bn in contracted future revenues, equivalent to 11 times its full-year revenue, ensuring a solid foundation for continued growth.
