News Summary

Ontario-based MDA Space, a Canadian satellite firm known for creating the Canadarm and Canadarm2, experienced a significant setback after losing a major contract with EchoStar Corporation. The deal, initially valued at $1.3 billion USD and potentially expanding to $2.5 billion USD, involved building over 100 software-defined AURORA D2D satellites. EchoStar decided to sell its wireless spectrum to SpaceX, changing its business strategy to support Starlink’s expansion. This unexpected shift led to the contract’s cancellation, causing MDA’s shares to drop by 25%. Despite this, MDA maintains a $4.6-billion order backlog and remains optimistic about future contracts in digital satellite constellations.