MDA 6-K SEC Filing Analysis

Latest settled — T+20d

MDA ▲ +17.52% at T+20d

NEUTRAL call ✓ call won +17.52% · α vs SPY +14.38% · entry $34.25 → $40.25

Next anchor: T+60d in 8w

Last close $38.81 (close Jun 8) · +13.31% from $34.25 entry

Entry anchored
May 6, 03:59 PM ET
via Databento tick

T+1d

+1.05%

call +1.05% · α +0.22%

$34.61

settled 5w ago

T+5d

+11.82%

call +11.82% · α +10.32%

$38.30

settled 27d ago

T+20d

+17.52%

call +17.52% · α +14.38%

$40.25

settled 5d ago

T+60d

—

call — · α —

—

in 8w

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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.

Actionable Insight

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.

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

revenuegaap net incomefree cash floworder bookingsbacklog

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

Exchange

NYSE

Sector

Guided Missiles & Space Vehicles & Parts

Analyst Consensus

92% bullish (12 analysts)

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

2 reports for MDA

T+1T+5T+20T+60

Filters

Reports for MDA — sortable, filterable
	Type				Now
May 7, 2026 4w ago	6-K MIXED ★ 6/10	$34.25 $40.25	▲ +17.52%	▲ +14.38%	$38.81 (+13.31%)
Apr 10, 2026 8w ago	6-K NEUTRAL ★ 3/10	$30.59 $34.25	▲ +11.96%	▲ +3.44%	$38.81 (+26.87%)

US Market Status

Market Closed — Opens in 6h 27m

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