BRAMPTON, ON, Feb. 10,
2025 /PRNewswire/ - MDA Space Ltd. (TSX: MDA), a
trusted mission partner to the rapidly expanding global space
industry, today announced that it has signed a definitive contract
with Globalstar Inc. (NYSE American: GSAT) to be the prime
contractor for the satellite operator's next generation low Earth
orbit (LEO) constellation, with a total contract value of
approximately $1.1 billion*.
As part of the definitive contract for the full LEO
constellation, MDA Space will manufacture more than 50 MDA
AURORATM software-defined digital satellites for
Globalstar.
"We are pleased to once again be working with Globalstar as they
develop their next generation LEO constellation," said Mike Greenley, CEO of MDA Space. "With the full
contract now in place, we are moving full speed ahead on the
program."
The definitive contract announced today is a follow-on to an
initial Authorization to Proceed (ATP) contract with an undisclosed
customer, previously announced on November
17, 2023.
A contract value of approximately $750
million will be added to the company's backlog in the first
quarter of fiscal 2025. This amount is in addition to the ATP value
of approximately $350 million that
was previously added to backlog, for a total value of $1.1 billion under the definitive contract.
*Contract value is stated in CAD. Management assumed
US/CAD exchange rate of 1.43.
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.
FORWARD-LOOKING STATEMENTS
This press release
contains 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 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.
INVESTOR CONTACT
Shereen Zahawi
Senior Director, Investor Relations
647-401-3230
shereen.zahawi@mda.space
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SOURCE MDA Space