Earnings Report

Space42

H1 26

1. Company Overview & Earnings Context

Space42 PLC is an ADX-listed space technology company providing satellite communications, geospatial intelligence and AI-driven smart solutions. The Group operates through two business segments: Space Services, which delivers secure satellite connectivity and mobility solutions, and Smart Solutions, which provides earth observation and AI-powered geospatial intelligence through its GIQ platform. During H1 2026, Space42 delivered revenue growth despite lower profitability, supported by continued demand across both business segments.

2. Financial Performance Snapshot

Revenue: USD 259.51 Million (+14.6% YoY)
Adjusted EBITDA: USD 115.79 Million (+5.6% YoY)
Operating Profit: USD 18.11 Million (-32.1% YoY)
Profit Before Tax: USD 17.42 Million (-57.7% YoY)
Net Profit: USD 14.96 Million (-59.5% YoY)
Earnings Per Share (EPS): USD 0.384 Cents (-51.0% YoY)

Compared with H1 2025:

Revenue increased 14.6% to USD 259.51 million.
Adjusted EBITDA increased 5.6% to USD 115.79 million.
Operating profit declined 32.1% to USD 18.11 million.
Profit before tax declined 57.7% to USD 17.42 million.
Net profit declined 59.5% to USD 14.96 million.
Earnings per share declined from 0.784 cents to 0.384 cents.

3. Operational Highlights & Key Metrics

Total Assets: USD 3.76 Billion
Total Equity: USD 1.80 Billion
Cash & Cash Equivalents: USD 1.15 Billion
Property, Plant & Equipment: USD 1.52 Billion
Intangible Assets & Goodwill: USD 675.27 Million
Capital Expenditure: USD 100.82 Million

4. Key Performance Drivers

Revenue growth was driven by continued expansion across both operating segments, with Space Services revenue increasing to USD 224.86 million and Smart Solutions contributing USD 34.65 million during H1 2026. Adjusted EBITDA also improved, although higher depreciation, amortisation, financing costs and expected credit loss provisions weighed on reported profitability, resulting in lower operating and net profit compared with the prior year.

5. Outlook & Forward Guidance

Space42 continues to invest in expanding its satellite infrastructure, AI-powered geospatial capabilities and smart solutions platform. During H1 2026, the Group invested over USD 100 million in capital expenditure while maintaining a strong liquidity position with more than USD 1.15 billion in cash and cash equivalents, supporting its long-term growth strategy.

6. Investor Takeaway

Space42 delivered healthy top-line growth and higher Adjusted EBITDA during H1 2026, demonstrating continued demand for its satellite communications and AI-driven smart solutions. Although higher operating costs, depreciation and financing expenses reduced profitability, the company remains supported by a strong balance sheet, substantial cash reserves and ongoing investments that position it for long-term growth.