Business
Space42 reports $116mln revenue in Q1 2026
Space42 reports $116mln revenue in Q1 2026
About this update from Space42 Plc
Staff WriterABU DHABI - Space42 on Thursday announced its consolidated revenues of US$116 million for the first quarter of 2026, underpinned by record Q1 performance in Space Services, which saw revenues rise by 15 percent, marking the fourth consecutive quarter of revenue expansion.The growth was driven by a robust government business which continued to benefit, year-on-year, from the $700 million, 15-year capacity services contract that commenced on 1st July 2025, following the successful launch of the Thuraya-4 satellite.This trajectory is set to continue as new government and commercial applications are launched during 2026.Space42's EBITDA reached $52 million, while net profit stood at $5 million, with a profit margin of 4 percent.Smart Solutions continued its strategic and operational transformation as it refocused on scalable and programmatic engagements aligned to its core capabilities of Earth Observation, geospatial analytics, and AI.Space42 maintained a strong balance sheet, closing the quarter with more than $1 billion in cash and $6.4 billion in contracted future revenues, providing significant capacity to execute its strategy.Karim Michel Sabbagh, Managing Director of Space42, said the company maintained momentum in the first quarter through revenue growth, cost discipline, and strategic execution despite regional challenges."The strong performance also underscored the dual-use remit of Space42. Space Services delivered its highest-ever Q1 revenue while Smart Solutions continued its strategic transformation toward programmatic, higher-value engagements aligned to our core capabilities. We continue to invest in the infrastructure, partnerships, and capabilities that will define Space42 in the years to come," he added.During the quarter, Space42 completed in-orbit testing of the Foresight-3, -4 and -5 satellites developed with ICEYE, with commercial operations expected to begin in the second quarter of 2026.The company also signed an MoU with the International Fund for Houbara Conservation to deploy aerial imaging and unmanned aerial systems for wildlife monitoring and biodiversity protection, leveraging high-resolution imagery and AI analytics.It also continued advancing the development of Mira Aerospace's ApusNeo18 and next-gen ApusNeo30 High Altitude Platform Systems (HAPS), paving the way for large-scale commercialisation.In geospatial int...