Space42 PLC, a UAE-based AI-powered SpaceTech company, has announced its 2024 pro forma consolidated financial results, delivering resilient performance despite a slight decline in revenue. The Company reported an EBITDA of USD 317 million, a strong margin increase of 8 percentage points, and a year-end cash position exceeding USD 1.1 billion.
The Company made significant strides in its strategic initiatives, particularly in Earth Observation and geospatial analytics. Space42 launched the Foresight-1 satellite in August 2024, in partnership with ICEYE, marking the UAE’s first Synthetic Aperture Radar (SAR) satellite. This launch, along with a second satellite scheduled for 2025, enhances the Company’s position in the premium geospatial data market. In addition, Space42 and ICEYE formed a joint venture to manufacture SAR satellites in the UAE, contributing to the UAE’s National Space Strategy 2030.
In satellite communications, Space42 launched the Thuraya-4 satellite in January 2025, expanding its mobile satellite solutions. The Company also secured a landmark contract with the UAE government for two new GEO satellites, Al Yah 4 and Al Yah 5, for USD 5.1 billion. Space42’s strategic initiatives are aligned with Saudi Arabia’s Vision 2030, driving the next generation of non-terrestrial network development.
The Company’s revenue for 2024 reached USD 629 million, a 19% decrease from the previous year, primarily due to timing shifts in execution and service anomalies. Adjusted EBITDA remained stable at USD 317 million, with a margin increase to 50%. Net profit decreased slightly to USD 166 million, but normalized profits showed an increase of 5%. Space42’s contracted future revenues exceed USD 7 billion, providing a robust foundation for long-term growth.
With a strong balance sheet, a revenue backlog of USD 7 billion, and ongoing strategic projects, Space42 is well-positioned to continue its leadership in satellite communications, geospatial intelligence, and secure connectivity solutions globally.
Highlights for 2024 include:
- Revenue of USD 629 million, reflecting a 19% year-on-year decrease
- Adjusted EBITDA of USD 317 million, with a 50% margin, an 8 percentage point increase
- Net profit of USD 166 million, down slightly from 2023, but 5% increase excluding tax impacts
- Strong cash balance exceeding USD 1.1 billion and negative net debt of USD 505 million
- USD 7 billion in contracted future revenues, with a significant 17-year, USD 5.1 billion agreement with the UAE Government
