Space42 Lifts Nine-Month Revenue 11% to $404 Million as Government Demand Grows

Adjusted earnings before interest, tax, depreciation and amortisation rose 30% to $194 million, giving a margin of 48%, the company said in its results for the period to September 30. It ended the period with more than $1.3 billion in cash and a contract backlog of $6.2 billion. Space42 did not give a net profit figure in its announcement.

The results show a company that makes most of its money from long-term government contracts while building out commercial lines in satellite-to-phone connectivity, Earth observation and AI-based analytics.

Space Services, the larger division, grew revenue 11% to a record $340 million. The company credited government business, including a 15-year, $700 million capacity services contract that took effect on July 1, 2025, after the launch of the Thuraya-4 satellite. Space42 said the division was on track for the best year in its history.

Revenue in the Smart Solutions division rose 16%, which the company put down to growing government demand for geospatial intelligence and situational awareness services. Space42 said the division had returned to profitable growth and was moving towards dual-use programmes with higher added value.

"Both business units delivered double-digit revenue growth," managing director Karim Michel Sabbagh said, according to the company's statement in Arabic, citing government business and demand for Earth observation and geospatial analytics.

Satellites, Phones and Driverless Cars

During the period Space42 signed a binding agreement with Viasat to set up Equatys, a shared space and ground infrastructure platform for direct-to-device and advanced mobile satellite services, and TerreStar Solutions joined the platform. The company also expanded Thuraya-4 coverage across southern Africa as third-party handsets that work with the satellite came to market.

Three Earth observation satellites, Foresight-3, Foresight-4 and Foresight-5, entered service and their imagery is now being sold for dual-use applications. Space42 said it continued to develop its GIQ space data analytics centre, its weather application and its GIX platform. Its Mira Aerospace unit began monitoring forest fires in Spain with Telespazio Ibérica, using the ApusNeo18 high-altitude platform.

The Al Yah 4 and Al Yah 5 secure communications satellites remain on budget, backed by a 17-year government contract worth $5.1 billion, the company said. It also reported progress on dual-use broadband in low and medium Earth orbit that would add low-latency links to the Al Yah system.

In its first commercial deal in autonomous driving, Space42 signed an agreement with South Korea's Autonomous A2Z to support Level 4 self-driving deployments in the UAE, combining its AI, geospatial and connectivity capabilities with A2Z's driving technology.

Space42 has completed about 37% of a share buyback programme covering up to 2.5% of its issued capital.