Abu Dhabi: Space42 PLC today announced its pro forma consolidated financial results for Q1 2025. Since its launch in October 2024, Space42 has continued to execute across its four strategic growth pillars, building the operational and financial foundation needed to scale globally. In Q1 2025, revenue reached US$115 million.
According to Emirates News Agency, the Company maintained a strong Normalised EBITDA margin of 53% and delivered a Normalised Net Profit of US$30 million, consistent with Q1 2024. The margin on a normalised basis improved by three percentage points to 26%. Space42 closed the first quarter with US$895 million in cash and short-term deposits, contracted future revenues of nearly US$7 billion, and tangible progress across each of its four strategic pillars, enabling it to continue scaling decisively and to capture the next wave of opportunity in SpaceTech.
Karim Sabbagh, Managing Director of Space42, commented on the company's achievements, stating, "We entered 2025 with a clear strategy and a platform built to scale. This quarter reinforced our discipline on margins, the momentum across our four strategic pillars and our focus on long-cycle delivery." Sabbagh highlighted the company's initiatives, including launching new assets in space, expanding coverage, and advancing programs that strengthen sovereign capabilities, positioning Space42 to scale internationally.
Sabbagh further emphasized the company's focus on programmatic and long-term engagements with key customers, a strategy well-established within Yahsat Space Services and undergoing appropriate transformation within Bayanat Smart Solutions. "Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building and the differentiated outcomes we are delivering across national and international markets, with the latter segment to grow in relevance over time. That is how we create enduring value," Sabbagh added.
Space42's disciplined execution continues to drive momentum across its four pillars:
1. Preferred Partner for Premium Geospatial Data: The launch of Foresight-1 and Foresight-2 satellites laid the foundation for a scalable Earth Observation constellation. The Synthetic Aperture Radar (SAR) manufacturing facility is set to begin production in H2 2025, facilitating the sovereign production of high-resolution satellites. Additionally, the High Altitude Platform Stations (HAPS) development site in Abu Dhabi is expected to be operational by June 2025.
2. Global Leader in Geospatial Intelligence AI Platform Services: The GIQ platform is expanding as the digital backbone for real-time, AI-powered geospatial analytics. An MoU signed with FADA and EDGE aims to establish a national geospatial ecosystem with a total value exceeding USD 100 million.
3. Global Leader in Non-Terrestrial Connectivity (NTN): The successful launch of Thuraya-4, now in-orbit, sets the stage for commercial service in H2 2025. An MoU signed with Viasat will co-develop a shared multi-orbit standard-based 5G NTN open architecture.
4. Trusted Leader in Secure Connectivity: The Al Yah 4 and Al Yah 5 satellite programs are progressing on schedule, with several units in the testing phase. Thuraya-3 service was partially restored across key markets through rapid redeployment of redundant capacity.
