AI-powered space technology firm Space42 reported a net income of USD 166 mn in 2024, a 4.6% decline from USD 174 mn in 2023, largely due to the introduction of UAE corporate tax, according to its earnings release (pdf). Net income rose 5% y-o-y before taxes. Revenue stood at USD 629 mn, down 19% due to timing shifts in a key Bayanat Smart Solutions program and a service anomaly with Thuraya-3.

REFRESHER- Formed through the October 2024 merger of Bayanat and Al Yah Satellite Communications (Yahsat), Space42 integrates satellite communications, geospatial analytics, and AI. Bayanat holds a 54% stake, while Yahsat owns the remainder. Major shareholders include G42, Mubadala, and International Holding Company.

Space42 has been busy: Since the merger, the company has launched two satellites — Foresight-1 and Thuraya 4 — kicked off the second phase of its Foresight satellite constellation, and formed a joint venture with Edge’s space unit Fada to develop the UAE’s first sovereign Earth Observation ecosystem. It also secured an AED 18.7 bn contract with the UAE government to extend its services by 17 years, including AED 3.7 bn in advance payments for the construction of Al Yah 4 and Al Yah 5, set to launch in 2027 and 2028.

Looking ahead: The company is backed by a robust contracted revenue backlog exceeding USD 7 bn — equivalent to 11x its full-year revenue — anchored by its agreement with the UAE government. “We are well positioned to develop the next generation of non-terrestrial networks,” Managing Director Karim Michel Sabbagh said.

The company plans to focus on five key pillars — programmatic growth, implementing its Foresight system, investing in talent, expanding globally in SatCom and Earth Observation, and optimizing operations and capital allocation to maximize shareholder value, the release reads.

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