Space42, the Abu Dhabi-based AI and space technology company, has announced a strong financial performance for the first quarter of 2026, posting revenues of $116 million. The results reflect continued momentum from late 2025, largely powered by a significant increase in its Space Services division and anchored by major long-term government contracts.
Quick Facts
- Q1 2026 revenue reached $116 million.
- Over $1 billion in cash reserves.
- Contracted future revenues stand at $6.4 billion.
Government Contracts Propel Space Services Growth
The company’s Space Services division was a standout performer, with revenues climbing 15% in Q1 2026, its fourth consecutive quarter of expansion. This growth is significantly influenced by a 15-year, $700 million capacity services contract that began in mid-2025 following the successful launch of the Thuraya-4 satellite.
While Space Services surged, the Smart Solutions unit continued its strategic shift, focusing on high-value projects in Earth Observation and geospatial analytics powered by AI.
Karim Michel Sabbagh, Managing Director of Space42, commented: “In Q1 2026 Space42 maintained momentum with another quarter of year-on-year revenue growth, rigorous cost discipline and a relentless focus on strategic execution. The business delivered a strong financial performance during a period of regional unrest, reflecting the resilience of our operating model and the firm foundations we have laid.”
Expanding with New Ventures and AI Platforms
Space42 advanced several key strategic initiatives during the quarter. The company completed in-orbit testing for three new satellites developed with partner ICEYE, with commercial operations set to begin in Q2 2026.
Its geospatial intelligence platform, GIQ, is now available on the Microsoft Azure marketplace and has been updated with new applications for disaster management and infrastructure monitoring.
The company is also moving forward with its direct-to-device satellite connectivity venture, Equatys, in partnership with Viasat. This project aims to deliver 5G non-terrestrial network (NTN) coverage to remote and underserved areas globally.
Securing the Future with Multi-Billion Dollar Programs
A cornerstone of Space42’s long-term stability is its portfolio of large-scale government contracts. The Al Yah 4 and Al Yah 5 satellite program, backed by a 17-year, $5.1 billion government contract, is progressing on schedule and is expected to generate $300 million in annual revenues starting in late 2026.
In Abu Dhabi, Space42 has also secured several Memoranda of Understanding to bolster the emirate’s autonomous mobility ecosystem. This includes collaborations with the Integrated Transport Centre to develop a sovereign mapping platform and with Abu Dhabi Police to create smart security and autonomous vehicle systems.
About Space42
Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities. Formed in 2024 by the merger of Bayanat and Yahsat, Space42’s global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Major shareholders include G42, Mubadala and IHC.
Source: Zawya
