Space 42 reported consolidated revenues of $116 million for the first quarter of 2026, supported by record performance in its Space Services division and continued growth across strategic government and commercial projects.
The company said Space Services revenue increased 15 percent year-on-year during the quarter, marking its fourth consecutive quarter of revenue expansion. Growth was driven primarily by strong government business linked to the $700 million, 15-year capacity services contract that began in July 2025 following the successful launch of the Thuraya-4 satellite.
Space42 reported EBITDA of $52 million for the quarter, while net profit was $5 million, with a 4 percent profit margin.
The company also maintained a strong financial position, ending the quarter with more than $1 billion in cash and $6.4 billion in contracted future revenues.
Karim Michel Sabbagh said the company continued to demonstrate resilience 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,” he said.
During the quarter, Space42 completed in-orbit testing for the Foresight-3, Foresight-4, and Foresight-5 satellites developed in partnership with ICEYE, with commercial operations expected to begin in the second quarter of 2026.
The company also signed a memorandum of understanding with the International Fund for Houbara Conservation to deploy aerial imaging and unmanned aerial systems for wildlife monitoring and biodiversity protection using AI analytics and high-resolution imagery.
Space42 continued developing Mira Aerospace’s ApusNeo18 and next-generation ApusNeo30 High Altitude Platform Systems (HAPS), aimed at enabling large-scale commercialization of advanced aerial connectivity systems.
The company also expanded its geospatial intelligence AI platform GIQ, which is now available on the Microsoft Azure marketplace and supports applications in disaster management, infrastructure monitoring, defence and security.
In satellite connectivity, Space42 advanced operations related to Thuraya-4 and continued developing Equatys in partnership with Viasat to provide global Direct-to-Device satellite connectivity services.
The company said the Al Yah 4 and Al Yah 5 satellite programme, backed by a $5.1 billion, 17-year government contract, remains on schedule and is expected to generate annual revenues of approximately $300 million from the fourth quarter of 2026 onward.
Additionally, Space42 signed strategic agreements with the Integrated Transport Center and Abu Dhabi Police to support sovereign mapping platforms, smart security systems, and autonomous mobility technologies.
