“`html

Space 42 Announces 2024 Financial Results,Highlights Strategic Advancements

Table of Contents

• Space 42 Announces 2024 Financial Results,Highlights Strategic Advancements
  • Strategic Progress and key Initiatives
  • Strengthening Satellite Telecommunications Leadership
  • Key Financial Highlights for 2024
  • About Space 42
  • Space 42’s Stellar Ascent: Is the UAE Poised to Dominate the Global Space Technology Market?
  • Space 42’s Soaring Success: Is the UAE on Track to Lead Global Space Technology?

Abu Dhabi,United Arab Emirates – Space 42 General Public Limited (“Space 42”),a leading Emirati space technology company listed on the Abu Dhabi Securities Market (ADX: SPACE42,International definition code AEE01122B228),has released its consolidated financial results for 2024.The company, integrating satellite telecommunications, geospatial data, and artificial intelligence to deliver global customer value, reported resilient financial performance and important strategic progress. Space 42’s cash reserves exceeded $1.1 billion by year’s end, demonstrating its commitment to operational efficiency and effective capital management.

Space 42 achieved profits before interest, taxes, consumption, and firefighting amounting to $317 million. The company also saw an increase in its profit margin by 8 percentage points. With cash reserves exceeding $1.1 billion by the end of the year, Space 42 maintains a strong public budget, demonstrating its commitment to operational efficiency and effective capital management.

Strategic Progress and key Initiatives

Since its inception, Space 42 has been actively implementing its strategic vision, initially unveiled during the investor day in November. This strategy focuses on four key objectives: becoming the preferred partner for providing distinguished geospatial data, achieving leadership in geometrical analysis platforms powered by artificial intelligence, consolidating its position in the mobile telecommunications sector via satellite, and enhancing its role as a provider of secure dialogue solutions.

The company has made significant progress in Earth monitoring and geometrus. in August 2024, space 42, in partnership with ICEYE, launched Forsite satellite-1, the first radar satellite (SAR) in the United Arab Emirates. this milestone strengthens space 42’s land monitoring capabilities and solidifies its position as a distinguished geospatial data provider. Building on this momentum, Space 42 announced the triumphant launch of the second stage of the Forsite satellite constellation in January, with the Forsite system scheduled to enter service this year.

Further expanding its capabilities, Space 42 and ICEYE announced a joint venture in December 2024 to manufacture radar satellites (SAR) in the UAE. This initiative aims to bring satellite manufacturing expertise to the region and aligns with the Emirates National Space Strategy 2030. In February 2025, Space 42 signed agreements with the EDGE group’s “Space” company to develop an integrated land monitoring system in the UAE, providing dual-use land monitoring capabilities for government and commercial applications. That same month,Space 42 and EDGE announced a contract exceeding $100 million,leveraging data from the Forsite constellation and othre systems to deliver real-time gyival visions supporting defense,security,and environmental applications.

Strengthening Satellite Telecommunications Leadership

Space 42 has continued to strengthen its leadership in satellite telecommunications. Last month, the company completed the launch of its Thuraya 4 telecommunications satellite, expanding its advanced satellite fleet and providing greater capacity, advanced safety levels, higher speeds, and wider coverage. This launch reinforces the company’s leading position in the satellite telecommunications sector.

As a founding member of the Mobile Satellite Services Union (MSSA), established in 2024, Space 42 is actively involved in integrating terrestrial and non-terrestrial network services to provide flexible and accessible connectivity to billions of devices. The company is also progressing with its program to supply two new satellites, Yah 4 and wah 5, following a $5.1 billion contract signed with the UAE government in November to provide biomed and secure space telecom services for 17 years. This agreement further solidifies Space 42’s position as a pioneering provider of secure communication solutions.

We are committed to hard work to achieve our strategic goals, and we have been able to only a few months as the establishment of Space 42 to strengthen the company’s capabilities in the field of Earth’s monitoring, and to consolidate its leadership in safe communication solutions. We also set the basis for developing mobile communication solutions via the satellite from the generation of the generation The new, through the launch of the Thuraya satellite 4.

Karim Michel Al-Sabbagh, Managing Director of Space 42

al-Sabbagh further emphasized the company’s strategic positioning:

As a founding member of the Mobile Satellite Services union (MSSA), With our strong public budget and a contracting future revenue exceeding $7 billion, we are in an ideal location to develop the new generation of non -terrestrial networks, which provides remarkable opportunities to provide direct communication services to devices with satellites for billions of users around the world.

Karim Michel Al-Sabbagh, Managing Director of Space 42

Al-Sabbagh concluded by outlining the core principles driving Space 42’s strategy:

The implementation of our strategy is based on five basic principles represented in systematic growth by launching major projects in the year 2025, and our long -term partnerships that we recently announced as evidence of this. We also follow strategies through which we can maintain a strong competitive advantage, and this is evident in the Forcet system and the GIC platform and we invest in human and material capital to build capabilities Distinguished and grows over time.Besides, we continue to expand our business globally, as we appear in our recent satellite communications programs and land.

Karim Michel Al-Sabbagh, Managing Director of Space 42

Key Financial Highlights for 2024

• revenue: $629 million, a 19% decrease year-over-year, primarily due to temporary changes in the implementation and delivery dates of a long-term major program within smart solution data, and a defect on board the chandelier 3 satellite of Sat Space Services.
• Profits Before Deducting Benefits,Taxes,Consumption and Firefighting: Approximately $317 million,remaining stable compared to 2023,with an exceptional margin of 50%,an increase of eight percentage points. Excluding unexplained items, which mainly include an income of $30 million of pre-established compensation and profits of $13 million from the sale of one of the non-basic assets, the average printed profits before deducting benefits, taxes, consumption and extinguishing were about $282 million, reflecting a 15% decrease compared to the previous year, while the profit margins improved to 45% (compared to 43% in 2023).
• Net Profit: $166 million, a slight decrease from $174 million in 2023, due to the application of corporate tax in the UAE for the first time, with the margin advancement to 26%. excluding taxes, the net profit increased by 5%. The printed net profit decreased after modifying the unexpected items from $179 million in 2023 to $135 million, with profit margins in general at 21%.
• Cash Capitalist Expenses: Totaled $348 million, mainly related to SAT satellite services, especially the purchase of the two satellites, 4 and 5.
• Contracted Future revenues: Exceeding $7 billion, equivalent to 11 times the annual revenue, including the ancient agreement signed with the UAE government in november 2024, valued at $5.1 billion over 17 years.
• Public Budget: A strong public budget with cash liquidity and short-term deposits exceeding $1.1 billion, with a net negative debt worth $505 million, while the financial lever rate reached 1.6 times. The company expects to receive half a billion dollars in new introductions during the construction period of the two satellites,Al-Hah 4 and Al-hah 5.

Full financial disclosures are available on the Space 42 website in the investor relations department.

About Space 42

Space 42 (ADX: SPACE42) is a UAE-based space technology company that integrates satellite communications, geospatial data, and artificial intelligence capabilities to monitor Earth from space. Founded in 2024 after the successful integration between Waht Sat data,Space 42 meets the advanced needs of its customers in governments,companies,and societies. The company comprises two commercial units: yah Sat satellite services and smart solution data. The yah Sat satellite Services Unit focuses on primary satellite operations for both fixed and mobile satellite solutions. The smart solution data unit incorporates geomet and processing with artificial intelligence to provide decision-makers with data, enhance geomic awareness, and improve operational efficiency. Key shareholders in Space 42 include G42, Mbalab, and IHC.

Space 42’s Stellar Ascent: Is the UAE Poised to Dominate the Global Space Technology Market?

The UAE’s Space 42 just reported remarkable financial results,exceeding expectations and solidifying its position as a major player in the global space tech arena. but what does this mean for the future of space exploration and commercialization?

interviewer (Senior Editor, world-today-news.com): Dr. Anya Sharma, a leading expert in aerospace engineering and global space policy, welcome to world-today-news.com. Space 42’s recent financial report paints a picture of remarkable success. Can you unpack the key factors contributing to their remarkable performance?

Dr. Sharma: Certainly. Space 42’s success stems from a strategic confluence of factors.First, their diversified business model, integrating satellite telecommunications, geospatial data analytics, and artificial intelligence, creates significant revenue streams and resilience against market fluctuations. This diversification, frequently enough referred to as a “multi-faceted” approach, is key to long-term sustainability in a competitive sector.

Second, their focus on strategic partnerships, notably with ICEYE for satellite manufacturing and the EDGE Group for integrated land monitoring systems, demonstrates a shrewd understanding of collaborative innovation. these alliances unlock access to advanced technologies and expertise, accelerating development and market penetration. The establishment of joint ventures, a commonly used term in the business world, but notably relevant here, illustrates a commitment to building enduring international relationships for mutual benefit.

Third, Space 42’s commitment to technological advancement is evident in initiatives like the Forsite satellite constellation. These advanced Earth observation capabilities provide invaluable data for various sectors,from defense and security to environmental monitoring and resource management. This focus on creating a robust, highly capable Earth observation system represents a clear competitive advantage.The term “geospatial intelligence” is frequently enough associated with Earth observation of this kind.

Interviewer: The report highlights significant investments in satellite telecommunications infrastructure. How pivotal is this sector to Space 42’s overall strategy, and what are the broader implications for global connectivity?

Dr. Sharma: Satellite telecommunications are absolutely central to Space 42’s strategy. Their investment in advanced satellite fleets, such as the Thuraya 4 and planned Yah 4 and Wah 5 satellites, signifies a commitment to providing high-speed, reliable, and secure communication services.This is particularly significant in remote or underserved areas lacking robust terrestrial infrastructure. This expansion directly addresses the global demand for enhanced connectivity, contributing to bridging the digital divide and fostering economic development in regions across the globe.The increasing demand for secure, reliable communication through satellite technology will increasingly impact global connectivity.

Interviewer: Space 42’s financial report mentions a large contract with the UAE government. What does this signify regarding the role of governments in driving space technology development?

Dr. Sharma: The substantial contract with the UAE government highlights the crucial role governments play in fostering the growth of national space programs. Government funding and support are often essential for high-risk, high-reward endeavors like satellite development; they can provide the initial financial backing necessary to initiate the early stages of space technology development and deployment. Such partnerships typically come with a level of national security and strategic importance built in, making them a cornerstone of such national strategies. Moreover, such large-scale contracts act as substantial catalysts, attracting further private investment and stimulating innovation within the space tech ecosystem. This is a critical component of overall growth.

Interviewer: looking ahead, what are the key challenges and opportunities for Space 42 and the broader UAE space program?

Dr. Sharma: Space 42 faces the typical challenges of the space industry

Space 42’s Soaring Success: Is the UAE on Track to Lead Global Space Technology?

The UAE’s Space 42 has just announced breathtaking financial results, exceeding expectations adn firmly establishing itself as a major player in the global space technology market. But what does this mean for the future of space exploration and commercialization?

Interviewer (Senior Editor, world-today-news.com): Dr. Anya Sharma, a leading expert in aerospace engineering and global space policy, welcome to world-today-news.com. Space 42’s recent financial report depicts a remarkable achievement. Can you break down the key elements driving their extraordinary performance?

Dr. Sharma: Absolutely. Space 42’s success is a result of a strategic convergence of factors.Firstly, their diversified buisness model, integrating satellite telecommunications, geospatial data analytics, and artificial intelligence, creates robust revenue streams and resilience against market fluctuations. This diversification,often called a “multi-faceted” approach,is crucial for long-term sustainability in a highly competitive sector. Their ability to leverage these interconnected technologies is a meaningful strength.

Secondly, their emphasis on strategic partnerships, notably with ICEYE for satellite manufacturing and the EDGE Group for integrated land monitoring systems, showcases their understanding of collaborative innovation. These alliances provide access to advanced technologies and expertise, accelerating development and market penetration. The formation of joint ventures is a key strategy here, demonstrating a commitment to building lasting international relationships for mutual benefit.

Thirdly, Space 42’s dedication to technological advancement is evident in initiatives like the Forsite satellite constellation. These advanced Earth observation capabilities offer invaluable data for diverse sectors, ranging from defense and security to environmental monitoring and resource management. This focus on building a robust, high-performing Earth observation system provides a clear competitive edge. The term “geospatial intelligence” is frequently enough associated with this type of Earth observation.

Interviewer: The report highlights significant investments in satellite telecommunications infrastructure. How crucial is this sector to Space 42’s overall strategy, and what are the broader implications for global connectivity?

Dr. sharma: Satellite telecommunications are undeniably central to Space 42’s strategy. Their investments in advanced satellite fleets,including thuraya 4 and the planned Yah 4 and Wah 5 satellites,demonstrate a commitment to providing high-speed,reliable,and secure communication services. This is especially significant in remote or underserved regions lacking robust terrestrial infrastructure. This expansion directly addresses the global need for enhanced connectivity, contributing to bridging the digital divide and fostering economic growth worldwide. The increasing demand for secure, reliable satellite communication will significantly impact global connectivity.

Interviewer: Space 42’s financial report mentions a substantial contract with the UAE government. What does this signify regarding the role of governments in driving space technology development?

Dr. Sharma: The significant contract with the UAE government underscores the vital role governments play in fostering the growth of national space programs. Government funding and support are often indispensable for high-risk, high-reward ventures like satellite development; they provide the initial financial backing needed to launch the early stages of space technology development and deployment. These partnerships usually have a national security and strategic importance aspect, making them cornerstones of national strategies.Moreover, such large-scale contracts act as powerful catalysts, attracting further private investment and stimulating innovation within the space tech ecosystem—a critical aspect of overall growth.

interviewer: Looking ahead, what are the key challenges and opportunities for Space 42 and the broader UAE space program?

Dr. Sharma: Space 42 faces the typical challenges of the space industry: intense competition, the high cost of development and launch, and the need to adapt to rapidly evolving technologies. though, opportunities abound.The increasing demand for satellite-based services, coupled with the UAE’s strategic location and commitment to innovation, positions Space 42 and the nation for significant growth. They should continue focusing on strategic partnerships, technological innovation, and securing contracts that align with global needs. Successfully navigating these challenges will require strong leadership, effective risk management, and a relentless pursuit of technological advancement.

Interviewer: Thank you, Dr. Sharma, for your insightful analysis.Your expertise has provided valuable perspective on Space 42’s remarkable success and the broader implications for the UAE’s space program and the global space technology market.

Dr. Sharma: My pleasure. The future of space technology is radiant,and Space 42 is well-positioned to play a leading role.