Official name
Space42
ADX · SPACE42
Space42
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- Detailed review in preparation
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- Technology
- Reporting context
- FY2025 audited; Q1 2026 reviewed IAS 34
Company overview
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- Ticker
- SPACE42
- ISIN
- AEE01122B228
- Market identifier code (MIC)
- XADS
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- ADX-SPACE42
- Industry evidence
- Satellite communications, Earth observation and geospatial AI
- Sector
- Technology
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- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- FY2025 audited; Q1 2026 reviewed IAS 34
- Identity evidence checked
- 2026-08-11
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Space42 · What the issuer can provide
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Ticker
SPACE42
Exchange and MIC
ADX · XADS
ISIN
AEE01122B228
Instrument type
Listed equity
Sector and industry
Technology · Satellite communications, Earth observation and geospatial AI
Listing status
Primary active route confirmed
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ADX · SPACE42 · Company profile
SPACE42: business, group and financial profile
Business, assets, shareholders, annual and interim results, risks and official contacts.
Reading time: 10 min
Original Dubaist profile. Information, not investment advice. Source dates differ by section.
Identity and reporting perimeter
As of: 2025-12-31
Space42 PLC is an ADGM public company limited by shares, listed on ADX. Bayanat and Yahsat merged on 1 October 2024. The accounts identify Group 42 Holding as parent and Fount Trust as ultimate parent.
The listed group, its shareholders’ wider businesses and its pre-merger predecessors are different reporting perimeters. Their financial histories cannot simply be joined into a continuous organic-growth series.
S1 · p. 3, 20How the businesses earn revenue
As of: 2025-12-31
Space Services sells satellite connectivity; Smart Solutions supplies geospatial and AI capabilities. The FY 2025 release describes a shift toward repeatable programs and subscription services. This combines infrastructure income with a project-and-platform business rather than a single uniform revenue model.
For readers, the key distinction is between selling access to communications capacity and turning observation data into usable intelligence. Success in one activity does not automatically establish the margin, cash conversion or scalability of the other.
S5Satellite communications assets
As of: 2026-08-31
Thuraya-4 serves the Middle East, Africa, Central Asia and Europe. The official connectivity page reports migration of legacy voice, messaging and packet-data services from Thuraya-2 in February 2026. Al Yah 4 and Al Yah 5 remain development programs on that page.
Satellite capacity, ground infrastructure and customer terminals form a service chain. A satellite’s coverage footprint is not the number of paying customers; development milestones should not be described as completed commercial capacity.
S6Earth observation and analytics
As of: 2026-08-31
Foresight uses synthetic-aperture radar for day-and-night imaging through cloud cover. GIQ combines satellite imagery, sensors and AI for change detection and other analytical applications. HAPS aircraft add a stratospheric layer; they are not satellites.
The customer value lies in interpreting changing conditions, not merely collecting images. Application quality, repeat demand and the cost of delivering usable analysis matter alongside the number of observation assets.
S7Operating scale and principal risks
As of: 2025-12-31
The annual report counts six geostationary and five low-Earth-orbit satellites at end-2025. It identifies satellite and ground-system disruption, launch failure, project delay, cost overruns and cyber incidents as risks. Insurance includes exclusions.
A larger constellation can expand capability while increasing replacement and development obligations. Neither insurance nor a successful launch eliminates service-performance risk. Investors should distinguish operational assets, assets under construction and future plans.
S2 · p. 5, 30, 31Statutory annual results
As of: 2025-12-31
The table shows statutory consolidated FY 2025 figures in USD million. Parent-shareholder loss differs from total group loss. Pro forma and normalized results use different adjustments and are not substitutes for this table.
S1 · p. 15Cash conversion and reinvestment
As of: 2025-12-31
FY 2025 operating cash flow was USD 457.444 million; cash purchases of equipment and intangibles were USD 252.164 million and USD 17.189 million. Contract-liability growth supported operating cash flow.
Advance customer funding can precede the costs of fulfilling long contracts. Consequently, a positive cash balance or operating inflow does not represent money freely distributable without considering delivery obligations, investment and financing commitments.
S1 · p. 19Interim update and contracted revenues
As of: 2026-06-30
The H1 2026 release reports revenue of USD 260 million, EBITDA of USD 116 million, net profit of USD 18 million, cash/short-term deposits of USD 1,151 million and contracted future revenues of USD 6.3 billion. These are management-release measures for the half year.
Backlog provides potential revenue visibility, not an equivalent cash balance or guaranteed profit. Delivery timing, contract conditions, collection and the cost of providing capacity determine its eventual contribution. The interim release should not be treated as a full-year outcome.
S3Strategy and autonomous mobility
As of: 2026-08-10
The corporate strategy links geospatial data, AI platforms, non-terrestrial connectivity and secure communications. Autonomous mobility is an adjacent application of these capabilities, not evidence that satellite and vehicle businesses have identical economics.
On 10 August 2026, Space42 announced a USD 7 million direct supply agreement with Autonomous A2Z, separate from their joint venture. Pilots require operational testing and demand assessment before expected expansion. The agreement is a commercial milestone, not proof of completed deployment or recognized revenue.
S10 S9Buyback and capital allocation
As of: 2026-08-14
On 14 August 2026 the company announced ADX approval for a buyback of up to 2.5% of issued capital, funded from existing cash through market purchases. Completed transactions require separate disclosures. Approval is not proof that the maximum quantity has been purchased.
Repurchases compete with investment and other uses of cash. Their value depends on execution price and remaining funding requirements; the announcement alone does not establish a return to any particular investor.
S8Shareholders, leadership and public contacts
As of: 2026-08-31
The investor-relations page identifies G42, Mubadala and IHC as major shareholders. No current percentage or free-float calculation is inferred here. The corporate page names Karim Michel Sabbagh as Managing Director.
For investor enquiries, the official IR page publishes +971 2 641 0000 and an email link. Use that page’s contact route; an obscured email address has not been guessed. Corporate website: https://space42.ai/. Contacts were checked on 31 August 2026.
S4 S10Sources
- S1 · FY 2025 financial statements · 2026-02-25
- S2 · Annual report 2025 · 2025-12-31
- S3 · H1 2026 release · 2026-08-06
- S4 · Investor relations · 2026-08-31
- S5 · FY 2025 results release · 2026-02-26
- S6 · Secure connectivity · 2026-08-31
- S7 · Earth observation · 2026-08-31
- S8 · Buyback approval · 2026-08-14
- S9 · Autonomous A2Z agreement · 2026-08-10
- S10 · About Space42 · 2026-08-31
Business model
Operates satellite infrastructure and sells secure government/mission-critical communications, mobility, broadband and IoT through Space Services; Smart Solutions combines Earth-observation and ground data with the GIQ AI platform to provide mapping, geospatial intelligence, autonomous-mobility and industry solutions. Contract concentration, satellite availability/capacity, backlog conversion, contract-asset collection and heavy constellation CAPEX drive value and risk.
Space42: net cash of USD727m that a customer paid before delivery
The net cash arrived before the service did
At the close of 2025 Space42 held USD995.017m in cash and short-term deposits against USD267.690m of principal borrowings, giving net cash of USD727.327m. The same balance sheet carried USD774.449m of contract liabilities, of which USD721.682m was non-current and USD755.241m was owed to related parties, alongside USD451.964m of contracted capital commitments. USD800m of that money had already been received as government advances for the Al Yah 4 and 5 programme, with a further USD200m expected. The cash exists; what sits against it is capacity the group has not yet flown. Six months later the pile was larger — USD1,151m of cash and deposits, negative net debt of USD620m, net leverage of minus 2.8 times — and the same reservation holds.
Three histories, none of which join up
Bayanat and Al Yah Satellite Communications merged on 1 October 2024. Bayanat survived and took the name Space42 PLC; Yahsat was dissolved and delisted. Statutory 2024 accounts therefore hold Yahsat for one quarter only, and the comparison printed in the strategic section is unaudited pro forma built as though the merger had happened on 1 January 2023, with purchase-price adjustments excluded. Behind that break lie two unlike records: Bayanat earned AED1,159.600m in 2023, of which AED1,153.304m — 99.46 per cent — came from related parties, while Yahsat reported USD407.6m, USD433.0m and USD456.7m across 2021 to 2023. FY2025 is the first complete statutory year of the merged group: revenue USD576.667m, a loss attributable to owners of USD83.408m, operating cash flow USD457.444m and cash capital spending USD269.353m.
Named spacecraft, dated contracts, priced capacity
Space Services delivered USD452.408m, 78.45 per cent of 2025 revenue, and Smart Solutions USD124.259m. Underneath those two labels are specific objects with specific terms. Thuraya-4 is operating, and the issuer states that all legacy Thuraya voice, SMS and packet traffic has moved off Thuraya-2 onto it; its government capacity contract runs 15 years for USD700m and began on 1 July 2025. Al Yah 4 and Al Yah 5 are being built under a USD5.1bn, 17-year government contract that management expects to add USD300m of revenue a year from the last quarter of 2026, and USD147m of 2025 capital expenditure went into them. Three radar satellites, Foresight-3, -4 and -5, were fully operational by mid-2026. Mira Aerospace is developing the ApusNeo18 and ApusNeo30 high-altitude platforms with a prototype in manufacture, and the Equatys venture with Viasat holds more than 100 MHz of harmonised spectrum. A USD696m export-credit facility for Al Yah 4/5 was signed and untouched at the year end.
One buyer, and a provision that changed method at the year end
A single customer supplied USD343.4m, 59.55 per cent of 2025 revenue; in the first quarter of 2026 one customer accounted for USD94.5m, or 81.78 per cent of the quarter. Related-party revenue reached USD435.803m, 75.57 per cent of the total. At the year end the group moved Smart Solutions contract assets onto a stricter expected-credit-loss method and recognised an extra USD124.505m of allowance, USD49.945m of it from a prospective change in accounting estimate. The contract-asset allowance rose from USD8.368m to USD115.971m against gross contract assets of USD321.512m; of the USD284m of gross Smart balances the auditor examined, USD198m had been outstanding beyond a year and USD38m beyond three. G42 held 41.6 per cent and is named as controlling party, Mamoura 29.0 per cent and International Tech Group 8.1 per cent — and two of the three directors the issuer classified as independent held senior Mubadala positions.
What the 2026 file does not yet contain
The half-year reviewed notes are absent: USD260m of revenue, USD116m of EBITDA and USD18m of profit are release figures with no statutory cash flow, receivable ageing or segment split behind them. Contracted future revenue slipped from USD6.8bn at mid-2025 to USD6.3bn at mid-2026 while revenue grew, and no award, burn, cancellation or currency bridge explains the movement. A buyback of up to 2.5 per cent of capital carries general-assembly approval and remains conditional on the exchange, with no execution recorded. Current independence classifications and the full committee map are unpublished. No price conclusion follows from any of this.
The old summary table is temporarily withheld because its display did not preserve the exact relationship between metrics, periods and labels. This is a limitation of the website table, not a claim that the issuer did not disclose the data. The review text and sources are preserved. Review documents and sources.
Key reported figures
Physical assets
- Thuraya-4 in service; the issuer states all legacy Thuraya voice, SMS and packet data have moved from Thuraya-2 onto it
- Thuraya-4 government capacity services contract worth USD700m over 15 years, commenced 1 July 2025
- Al Yah 4 and Al Yah 5 under construction under a USD5.1bn, 17-year government contract, expected to add USD300m of annual revenue from Q4 2026
- USD147m of FY2025 capital expenditure attributed to Al Yah 4/5; total FY2025 cash capital expenditure USD269.353m
- Foresight-3, Foresight-4 and Foresight-5 radar satellites fully operational at H1 2026
- Mira Aerospace high-altitude platforms ApusNeo18 and ApusNeo30, prototype in manufacture
- Equatys joint venture with Viasat carrying more than 100 MHz of globally harmonised spectrum
- contracted capital commitments USD451.964m at 31 December 2025, mainly Al Yah 4/5, low-orbit and high-altitude assets
Group entities
- G42 — 41.6% at 31 December 2025 and named as parent and controlling party
- Mamoura — 29.0%; International Tech Group — 8.1%; derived residual 21.3% is not evidence of tradable float
- Thuraya, YahClick, GIQ and Mira Aerospace — operating brands listed by the issuer
- Al Yah Satellite Communications — dissolved and delisted on 1 October 2024; Bayanat AI PLC survived and was renamed Space42 PLC
Geographic footprint
- United Arab Emirates — incorporated in ADGM, sovereign contracts dominate the order book
- one customer supplied 59.55% of FY2025 revenue and 81.78% of Q1 2026 revenue
- satellite coverage marketed globally; Equatys spectrum described as globally harmonised
How to read this company's economics
Numerical values remain in the separate source-document checkHow the operating model becomes revenue and cash
Technology businesses convert software, compute, data, integration or managed services into licence, usage, subscription, project and support revenue. Contracted value can precede delivery and cash.
Five questions before reading the headline
1. What created demand?
Separate contracted backlog, active users, usage, project milestones and renewals.
2. What was actually delivered?
Tie licences, subscriptions and projects to exact delivery and revenue rules.
3. What determines the margin?
Read product, cloud, people, partner and hardware mix before gross margin.
4. Where is cash tied up?
Trace capitalised development, receivables, deferred revenue and contract assets.
5. What must be funded next?
Match compute and development investment to utilisation, retention and monetisation.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Technology infrastructure analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Backlog and contracted revenue
- Signed remaining contract value with scope, duration, cancellation terms and expected recognition window.
- Recurring revenue mix
- Managed services, subscriptions, hosting or capacity revenue separated from hardware and project delivery.
- Capacity and utilisation
- Available and used compute, satellite, data-centre or specialist capacity on one dated physical basis.
- Delivery margin
- Gross or contribution margin by solution or service with vendor, energy and staff costs stated.
- CAPEX and cash conversion
- Growth and maintenance investment matched to contract assets, receivables, customer advances and operating cash.
What changed
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Sources
Identity evidence
- Identity evidence
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- Identity record checked
- 2026-08-11
- Evidence host
- apigateway.adx.ae
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