12:01 PM EST, 02/10/2025 (MT Newswires) -- (Updates shares.)

MDA Space ( MDALF ) on Monday said it signed a $1.1-billion contract with Globalstar ( GSAT ) to be the prime contractor for the U.S.-listed satellite operator's next-generation low earth orbit (LEO) satellite constellation.

As part of the contract, MDA Space ( MDALF ) will manufacture more than 50 MDA AURORA software-defined digital satellites for Globalstar ( GSAT ).

The contract is a follow-on to an initial Authorization to Proceed contract with an undisclosed customer in November 2023.

A contract value of about $750 million will be added to the company's backlog in the first quarter of fiscal 2025. This is in addition to the ATP value of about $350 million previously added to the backlog.

MDA Space ( MDALF ) shares were last seen up $2.62 to $24.54 on the Toronto Stock Exchange.

Price: 24.56, Change: +2.64, Percent Change: +12.04