According to Amac News, the company reported revenue of $629 million in 2024, down 19% year-on-year due to timing changes in a major Bayanat Smart Solutions project and an anomaly in Thuraya-3 services.
Adjusted EBITDA was $317 million, flat compared to 2023, with a margin of 50%, up eight percentage points.
Excluding one-off items, normalized adjusted EBITDA was $282 million, down 15%, with a margin of 45%. Net profit was $166 million, down slightly from $174 million in 2023, driven by the UAE corporate tax.
Excluding tax, net profit increased 5%, while normalized adjusted net profit was $135 million, down from $179 million in 2023. Capital expenditures were $348 million, primarily for the Al Yah 4 and Al Yah 5 satellites.
The company reported more than $7 billion in future contract revenues, including a $5.1 billion 17-year contract with the UAE government. Its strong balance sheet reflects cash and short-term deposits of more than $1.1 billion, negative net debt of $505 million, a net leverage ratio of -1.6x, and an additional $500 million in expected prepayments for Al Yah 4 and Al Yah 5.
Normalized Adjusted EBITDA includes one-time items, including a $30 million cash loss, $13 million gain on the sale of a non-core asset, and $9 million in merger and acquisition costs.
2023 Normalized Adjusted EBITDA was $330 million, adjusted for $5 million in one-time charges. 2024 Normalized Adjusted Net Income was $135 million, including the same adjustments, including a $3 million tax impact.
2023 Normalized Adjusted Net Income was $179 million, with no further adjustments.
Since its inception, Space42 has made progress in line with its strategy, focusing on premium geospatial data, geospatial AI, non-terrestrial mobile connectivity, and secure connectivity solutions.
In August 2024, Space42 launched the Foresight-1 satellite, the UAE’s first Synthetic Aperture Radar (SAR) satellite, in partnership with ICEYE. The second satellite was launched in January 2025, and the entire Foresight system is scheduled to be operational this year.
In December 2024, Space42 and ICEYE formed a joint venture to produce SAR satellites in the UAE, in line with the UAE’s National Space Strategy 2030.
In February 2025, Space42 signed an agreement with FADA, an EDGE company, to develop an Earth observation ecosystem for government and commercial applications. In the same month, Space42 and EDGE announced a collaboration worth more than $100 million that will leverage data from the Foresight constellation and other systems for defense, security, and environmental applications.
In January 2025, Space42 launched the Thuraya-4 satellite, which will expand mobile satellite services with greater coverage, security, and bandwidth.
As a founding member of the Mobile Satellite Services Association (MSSA), established in 2024, Space42 is making progress in integrating terrestrial and non-terrestrial networks. The company is also moving forward with two next-generation GEO satellites, Al Yah 4 and Al Yah 5, following a $5.1 billion, 17-year contract with the UAE government in November 2024, strengthening its position in secure connectivity solutions.