- MDA, a technology provider for the global space industry, will be added to the S&P/TSX Composite Index prior to market open on March 18
- The company created the popular Canadarm robotic arms, which have been used in the space industry for more than 40 years
- MDA is an international space mission partner with a more than 50-year history specializing in robotics, satellite systems and geointelligence
- MDA stock has added 84.24 per cent over the past year, but remains down by 14 per cent since going public in 2021
MDA (TSX:MDA), a technology provider for the global space industry, will be added to the S&P/TSX Composite Index prior to market open on March 18.
The S&P/TSX Composite Index tracks the performance of 225 of Canada’s largest public companies, with a median market capitalization of a little more than C$4 billion. The index’s eligibility criteria, including market capitalization and liquidity, are indicative of successful operations, as demonstrated by MDA turning an increasing profit over the past three years. The company earned C$48.80 million in 2023, more than 26 times the C$2.9 million it earned in 2021.
MDA’s milestones over the years are foundational to its industry, and a testament to the value it has been able to generate for its stakeholders, including:
- Creating the popular Canadarm robotic arms, which debuted on the second U.S. space shuttle mission in 1981, and were used to deploy the Hubble space telescope on Space Shuttle Discovery in 1991.
- Launching Radarsat-1, the world’s first commercial radar satellite, in 1995, followed by MSAT-1, the world’s first mobile communications satellite system, in 1996.
- Delivering on contracts for the likes of SpaceX, the European Space Agency, NATO, NASA, Northrup Grumman and the Canadian Department of Defence.
The space stock is focused on more than doubling its presence in the United Kingdom – where a flourishing space industry is keen on capitalizing on the satellite and low-orbit markets – and advancing more than C$250 million worth of new contracts with the Government of Canada/General Atomics Aeronautical Systems and an undisclosed customer.
“Inclusion in the S&P/TSX Composite Index is an important milestone in our life as a public company, reflecting our record of delivering consistent and strong revenue and profitability growth as a leading space mission partner,” Mike Greenley, MDA’s chief executive officer, said in a statement. “I want to thank our entire team of more than 3,000 talented employees for their hard work and dedication to get us to this point, and look forward to reaching a broader group of investors as we continue to deliver value for our shareholders.”
MDA is an international space mission partner with a more than 50-year history specializing in robotics, satellite systems and geointelligence. The company is actively advancing on the path to viable Moon colonies, enhanced Earth observation, and hyper-connected communication.
MDA stock (TSX:MDA) is up by 1.7 per cent trading at C$14.96 per share as of 10:07 am ET. The stock has added 84.24 per cent over the past year, but remains down by 14 per cent since going public in 2021.
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