Space42 Achieves Strong Q1 2025 Results With US$115 Million Revenue And Strategic Growth Focus

Space42 PLC has released its pro forma consolidated financial results for the first quarter of 2025. Since its inception in October 2024, the company has been focusing on four strategic growth areas to build a robust operational and financial base for global expansion. In Q1 2025, Space42 achieved revenue of US$115 million while maintaining a strong Normalised EBITDA margin of 53% and a Normalised Net Profit of US$30 million, consistent with Q1 2024 figures.

The company ended the quarter with US$895 million in cash and short-term deposits. It also secured nearly US$7 billion in contracted future revenues. Progress across its strategic pillars positions Space42 to continue scaling effectively and seize new opportunities in SpaceTech.

Karim Sabbagh, Managing Director of Space42, stated, "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." He highlighted the launch of new space assets, expanded coverage, and enhanced programs that bolster sovereign capabilities and international scaling potential.

Sabbagh further explained that their approach focuses on programmatic and long-term engagements with key customers. This strategy is well established within Yahsat Space Services, with Bayanat Smart Solutions undergoing appropriate transformation. "Our strategy is demonstrated by the dual-use satellite communication and earth observation platforms we are building," he added.

Space42's disciplined execution is evident across its four pillars. As a preferred partner for premium geospatial data, they launched Foresight-1 and Foresight-2 satellites to build a scalable Earth Observation constellation. The Synthetic Aperture Radar (SAR) manufacturing facility is set to begin production in H2 2025 for high-resolution satellites.

The High Altitude Platform Stations (HAPS) development site in Abu Dhabi will be operational by June 2025. It will deliver over 20 HAPS unmanned aircraft vehicles annually for civil, environmental, and defence applications.

Connectivity Innovations

In non-terrestrial connectivity (NTN), Thuraya-4 was successfully launched and is expected to begin commercial service in H2 2025. This satellite supports a next-generation mobility platform offering wider coverage and faster speeds. An MoU with Viasat aims to develop a shared multi-orbit standard-based 5G NTN open architecture.

The IP Neo broadband terminal was introduced in Q1 to meet connectivity needs in critical infrastructure sectors across underserved regions. Additionally, the Thuraya One smartphone was launched as a precursor to full D2D rollout, integrating satellite and terrestrial networks into one device.

Secure Connectivity Leadership

Space42 continues as a trusted leader in secure connectivity. The Al Yah 4 and Al Yah 5 satellite programmes are progressing on schedule with launches planned for 2027 and 2028. These assets will enhance national secure communication capabilities across defence and civil domains.

The Thuraya-3 service was partially restored through rapid redeployment of redundant capacity, demonstrating operational agility and commitment to service continuity.

Overall, Space42's strategic initiatives are driving momentum across its core areas, ensuring sustained growth and value creation both nationally and internationally.

With inputs from WAM