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In a statement carried by the Emirates News Agency, Space42 reported revenue of $260 million for the first six months of 2026, a 15 percent rise year on year that marked a record performance for the UAE-based company. Space Services delivered its strongest contribution yet after a $700 million 15-year government capacity contract began in July 2025 following the Thuraya-4 satellite launch, according to the firm. Smart Solutions revenue climbed 14 percent in the period while its second-quarter takings more than doubled on higher government demand for geospatial intelligence and Earth observation capabilities. The company noted that normalised EBITDA also reached a record level though it did not disclose the exact figure.
Space42 closed the first half with cash holdings exceeding $1.1 billion and an order backlog of $6.3 billion that offers multi-year revenue visibility. The financial strength supports execution of its growth strategy across satellite communications, geospatial analytics and AI-powered solutions, the firm said in the announcement. Shareholders approved a programme to repurchase up to 2.5 percent of issued share capital at the recent general assembly.
The buyback is scheduled to start in the third quarter of 2026 once the Abu Dhabi Securities Exchange grants approval, Space42 stated. Management believes the shares are undervalued and the move signals confidence in long-term prospects, according to the release. The company maintained that its businesses demonstrated resilience amid a dynamic operating environment.
Karim Michel Sabbagh, managing director of Space42, said, “In H1 2026, Space42 delivered an exceptional performance, achieving year-on-year revenue growth of 15%, underpinned by the strength of its government business, rising demand for Earth observation (EO) and geospatial analytics, and disciplined strategic execution. Space Services delivered a record performance, while Smart Solutions accelerated its transformation toward programmatic, higher-value dual-use engagements centered on its core capabilities in EO and geospatial analytics. Equally important, Space42 demonstrated outstanding operational resilience and business continuity, ensuring uninterrupted execution despite a dynamic operating environment. We enter the second half of the year with strong momentum and renewed confidence, continuing to invest in our four strategic pillars, differentiated capabilities, and focused partnerships that will define Space42’s long-term competitive advantage and create enduring value.”
The firm brought its Foresight-3, Foresight-4 and Foresight-5 satellites to full operational status during the period, bolstering dual-use geospatial intelligence capacity. Development continued on high-altitude platform systems at subsidiary Mira Aerospace, including enhancements to the ApusNeo18 and initial production of the ApusNeo30 prototype. Space42 expanded its GIQ artificial intelligence platform on the Microsoft Azure Marketplace with new applications and automated data ordering features while deploying the GIX platform for sovereign customers.
Commercial rollout of Thuraya-4 services advanced under the long-term government agreement and the company successfully tested direct-to-device SMS and SOS capabilities on standard smartphones with partner Skylo Technologies, with full deployment expected before the end of 2026. Formation of the Equatys joint venture with Viasat progressed toward delivery of global direct-to-device connectivity using 5G non-terrestrial network technology. The Al Yah 4 and Al Yah 5 satellite programme stayed on schedule and within budget under its $5.1 billion 17-year government contract and is projected to contribute around $300 million in annual revenue starting in the fourth quarter of 2026.
Space42 signed an agreement with Abu Dhabi Mobility’s Integrated Transport Centre to build a national geospatial navigation platform that enhances digital sovereignty across the emirate. It also moved forward with a joint venture alongside Autonomous A2Z to introduce Level-4 autonomous driving solutions in the Middle East and Africa. The company is developing a multi-orbit architecture that combines low-Earth and medium-Earth orbit broadband with its existing geostationary network.
