MDA Space shares up after signing $1.1B deal with Globalstar

BRAMPTON, Ont. — Shares of MDA Space Ltd. were up more than 10 per cent after it signed a contract worth $1.1 billion with satellite operator Globalstar Inc.

Shares in MDA rose $2.83 to $24.75 in early trading on the Toronto Stock Exchange.

Under the agreement, MDA will be the prime contractor for a low Earth orbit constellation of satellites.

It will build more than 50 satellites for Globalstar.

MDA says the definitive contract is a follow-on to a previously announced contract with what was an undisclosed customer that was announced in November 2023.

The company says about $750 million will be added to its backlog in the first quarter of its 2025 financial year in addition to $350 million that was previously added.

This report by The Canadian Press was first published Feb. 10, 2025.

Companies in this story: (TSX:MDA)

The Canadian Press