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Maxar Technologies Inc.

maxar.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed May 3, 2023. Its latest SEC filing is a 15-12G from May 15, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides satellite imagery, geospatial data and analytics to government and commercial customers, and builds space infrastructure for satellite operators and government agencies.

How Did They Make Money?

Government and commercial customers buy imagery and geospatial services; revenue comes as satellite capacity is provided, imagery is delivered, or subscriptions run over time. Satellite operators and government agencies buy long-term satellite construction, with revenue tied to progress on the work.

revenue
SegmentShareRevenue
Product
Recurring

33%
FY2019: 34%
Service
Mix

67%
FY2019: 66%

Who Were Their Customers?

Government agencies and commercial customers buy imagery, geospatial data and analytics, while satellite operators and government agencies buy space infrastructure. Imagery customers can license archives or order satellite collection, and products are delivered through distribution methods and subscription services.

Customers above 10% of revenue, FY2022
of revenue from one customer
FY2020: 11% from one customer

Did Revenues Turn Into Profits?

Not on paper. It lost $150M in FY2022, but brought in more cash than it spent: $99M of free cash flow.

Operating income, FY2022
1% of revenue
▼ −94% vs FY2021 ($176M, 10%)
Net income, FY2022
−9% of revenue
▼ Now a loss vs FY2021 ($46M, 3%)
Free cash flow, FY2022
6% of revenue
▼ −32% vs FY2021 ($146M, 8%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q1 FY2023, the three months to Mar 31, 2023
Revenue
▲ +3%
vs $405M in Q1 FY2022
Net income
▲ +100% (Loss)
vs −$7M in Q1 FY2022
Service share of revenue vs 62.0% in Q1 FY2022
  • May 3, 2023 Advent and BCI completed Maxar's acquisition; Maxar became private Maxar became a wholly owned subsidiary of Parent, and its common stock ceased trading on the New York Stock Exchange.

Shrank. Revenue fell 11% in 4 years, from $1.8B in FY2018 to $1.6B in FY2022, about 3% a year.

MDA sale and segment mix The earlier report included MDA, a supplier of radar imagery, robotics, defense and satellite components, and said it was being sold. The latest report describes Earth Intelligence and Space Infrastructure as its reportable segments.

Revenue over time
Product Service
$2B$1B$0

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