Continued delivery across four strategic pillars provides foundation for multi-year scalable growth
Strong balance sheet, USD 895 million in cash and nearly USD 7 billion in contracted future revenue reinforce strategic flexibility
Abu Dhabi, UAE, 15 May 2025: Space42 PLC ( Space42 or the Company ), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite communications, geospatial analytics, and artificial intelligence capabilities for customers globally, and listed on the Abu Dhabi Securities Exchange ( ADX , under symbol: SPACE42, ISIN: AEE01122B228), 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 USD 115 million, down 13% year-on-year due to milestone timing shifts within Bayanat Smart Solutions and while it undergoes its transformation towards programmatic market engagement. Despite this, the Company maintained a strong Normalized EBITDA margin of 53% and delivered a Normalized Net Profit of USD 30 million, in line with Q1 2024. The margin on a normalized basis improved by three percentage points to 26%.
Space42 closed the first quarter with USD 895 million in cash and short-term deposits, contracted future revenues of nearly USD 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.
Positioned for Sustainable, Scalable Growth
Karim Sabbagh, Managing Director of Space42, commented, 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.
We launched new assets in space, expanded coverage, and advanced programs that strengthen sovereign capabilities and position us to scale internationally. We are executing a model anchored in differentiated infrastructure and downstream applications in satellite communications and AI-enabled geospatial analytics.
Our focus is on programmatic and long-term engagements with our key customers. This go-to-market approach is well established within Yahsat Space Services, and the appropriate transformation is underway 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.
Delivering Across Four Strategic Pillars
Space42's disciplined execution continues to drive momentum across its four pillars:
1. Preferred Partner for Premium Geospatial Data
Launched Foresight-1 and Foresight-2 satellites, laying the foundation for a scalable Earth Observation constellation that strengthens coverage and revisit rates.
Synthetic Aperture Radar (SAR) manufacturing facility is on track to begin production in H2 2025, enabling sovereign production of high-resolution satellites and ensuring full deployment of Foresight-3, -4, and -5.
High Altitude Platform Stations (HAPS) development site in Abu Dhabi is to be operational by June 2025. First in the region, the new facility will deliver more than 20 HAPS unmanned aircraft vehicles annually, supporting civil, environmental, and defense applications.
2. Global Leader in Geospatial Intelligence AI Platform Services
GIQ platform is being scaled as the digital backbone for real-time, AI-powered geospatial analytics, enabling fast, informed decision-making across civil and defense use cases.
MoU signed with FADA and EDGE to establish a national geospatial ecosystem and unlock downstream applications in surveillance, environmental intelligence, and secure mobility, with a total value exceeding USD 100 million.
3. Global Leader in Non-Terrestrial Connectivity (NTN)
Thuraya-4 launched successfully; now in-orbit and on track for commercial service in H2 2025. The satellite enables a next-generation mobility platform and a suite of new products offering wider coverage, faster speeds, and enhanced capabilities.
MOU signed with Viasat to co-develop a shared multi-orbit standard-based 5G NTN open architecture, creating a globally scalable platform for direct-to-device (D2D) and MSS services.
IP Neo broadband terminal launched in Q1, addressing connectivity needs for critical infrastructure, logistics, and maritime sectors across underserved geographies.
Thuraya One smartphone introduced as a commercial precursor to full D2D rollout, providing seamless integration of satellite and terrestrial networks through a single consumer-grade device.
4. Trusted Leader in Secure Connectivity
Al Yah 4 and Al Yah 5 satellite programs progressing on schedule and within budget; several units are now in testing phase, with satellite launches planned for 2027 and 2028. These assets will enhance national secure communication capabilities across defense and civil domains
Thuraya-3 service partially restored across key markets through rapid redeployment of redundant capacity, underscoring operational agility and Space42's commitment to service continuity
Key Financial Highlights
Metric
Result
Revenue
USD 115 million (-13% YoY)
Normalized Net Profit
USD 30 million (in line with Q1 2024 at USD 30
Million); margin up 3 pp to 26%
Normalized EBITDA
USD 61 million (-14% YoY)
Cash CapEx
USD 74 million
Cash / Short-Term Deposits
USD 895 million
Negative Net Debt
USD 488 million
Net Leverage Ratio
-1.8x
Contracted Future Revenues
Nearly USD 7 billion
The full set of financial disclosures can be found within the Inves
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
31/08/2025
Legrand | AV, a global specialist and industry leader in audiovisual solutions, returns to CEDIA Expo 2025, taking place Sept. 4-6 in Denver, with a powerful li...
31/08/2025
Global media technology company Backlight will unveil new capabilities in its Iconik, Wildmoka, and Zype product lines at IBC2025 (booth #1.D09), September 12 1...
30/08/2025
WASHINGTON The Federal Communications Commission has adopted its FY 2025 Regulatory Fees Order that establishes the regulatory fee rates for the broadcast stati...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
Continued delivery across four strategic pillars provides foundation for multi-year scalable growth
