Abu Dhabi-based Space42 has reported a 13 per cent decline in revenue and a 40 per cent decline in adjusted EBITDA for the three months ending March 31st 2025. However, the company says it expects revenues to improve as the year progresses.

One of the key reasons for the financial decline is a delay in implementing a large, multi-year contract for its Bayanat Smart Solutions subsidiary. Bayanat is a geophysical analytics business and Space42 says the contract should be in place later this year.

Space42 was created in October last year with the merger of Yahsat and Bayanat, and helped by solid contracts from the Abu Dhabi government.

Yahsat’s business has secured a significant backlog of some $7 billion which is 93 per cent of Space42’s business.

Its Q1 financial pressure was not helped by the failure of its Thuraya-3 satellite in 2024, and the delay in the availability of the follow-on Thuraya-4 satellite. Space42 was compensated by a $30 million payment from satellite builder Airbus Defence & Space. Thuraya-4 was successfully launched in January and should come on line by September.

Space42 explained that it expects to begin offering a commercial direct-to-device (D2D) messaging service from its Thuraya-4 L-band-equipped satellite later this year.

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Tags: satellite, space42, yahsat