Space42, the UAE-based AI-powered SpaceTech company with global reach, has posted a nine-month (9M) net profit of $49 million (31% YoY) with 12% margin and a revenue rise of rise 11% to $404 million. Normalised EBITDA was $194 million, a jump of 30%.
Karim Michel Sabbagh, Managing Director of Space42, commented: "Space42 has delivered another outstanding performance, with both business units delivering double-digit revenue growth during the nine-month period, underpinned by a robust government business, increased demand for Earth Observation (EO) and geospatial analytics and continued strategic execution.
“Space Services delivered a record performance whilst Smart Solutions continued to advance its transformation towards programmatic, higher-value dual-use engagements focused on its core capabilities of EO and geospatial analytics.
“During the period Space42 continued to focus on strategic execution, culminating in the binding agreement with Viasat to co-found Equatys, thereby creating the first shared space and ground infrastructure platform for global Direct-to-Device and advanced MSS connectivity."
Scalable, dual-use applications
Both its businesses, Space Services and Smart Solutions, grew strongly as they continued to deliver scalable, dual-use applications.
Space Services delivered a record performance, growing revenue by 11% to $340 million, driven by a robust government business including the $700 million, 15-year capacity services contract that commenced on July 1, 2025, following the successful launch of the Thuraya-4 satellite. The business remains on course to deliver its strongest ever annual performance in 2026.
Smart Solutions increased revenue by 16% year-on-year, driven by rising government demand for geospatial intelligence and situational awareness, reinforced by sovereign requirements.
Turnaround
The group generated a superior EBITDA margin of 48%, reflecting the turnaround within Smart Solutions and its return to profitable growth as its strategic transformation gathers pace.
Space42 continued to maintain a strong balance sheet, closing the period with an enhanced cash position of over $1.3 billion and a backlog of $6.2 billion, providing a firm foundation upon which to deliver its strategic objectives.
During the period, Space42 successfully progressed its share buyback programme of up to 2.5% of the Company's issued share capital, with approximately 37% now completed. The programme reflects the company’s confidence in its long-term future and its belief that the current share price undervalues the intrinsic value of the business.
Delivering across four strategic pillars and sectorial priority
Delivering across four strategic pillars and sectorial priority
Premium geospatial data – Global
•Foresight -3, -4, and -5 satellites entered service during the period with their imagery now commercialised across multiple dual-use applications, further reinforcing Smart Solutions programmatic capabilities
•Mira Aerospace, in collaboration with Telespazio Ibérica, began wildfire monitoring in Spain using the ApusNeo18 HAPS, demonstrating real-time monitoring capabilities and advancing emergency response applications
GeoInt AI-enabled platform and services – Global
•Continued enhancement of the GIQ platform through strengthened security, multi-source data integration and further development of its weather application, alongside continued progress on the GIX platform
Non-Terrestrial Network services – Global
•Continued ramp-up of Thuraya-4 operations, expanding services across South Africa whilst rolling out third-party Thuraya-4 compatible smart devices, demonstrating the potential of the satellite network to deliver voice and SMS connectivity across a broader range of devices
•Space42 and Viasat signed binding agreement to co-found Equatys, creating the first shared space and ground infrastructure platform for global direct-to-device and advanced MSS connectivity
•Terrestar Solutions joined with Equatys, expanding shared satellite infrastructure for global direct-to-device and advanced MSS connectivity while preserving national sovereignty
Secure connectivity - Regional
•Continued progress on the Al Yah 4 and Al Yah 5 satellite programme, which remains on budget, underpinned by a $5.1 billion, 17-year government contract
•Further advanced LEO/MEO broadband dual-use capabilities under a multi-orbit strategy designed to complement Al Yah 4 and Al Yah 5, integrating low-latency NGSO connectivity to enhance secure communications
Autonomous mobility as sectorial priority - Regional
•Signed first commercial agreement with Autonomous A2Z, South Korea’s leading autonomous driving company, to advance the deployment of Level-4 autonomous mobility solutions in the UAE, combining Space42 AI, geospatial and connectivity capabilities with autonomous driving technology.—TradeArabia News Service
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