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Maxar Technologies (NYSE:MAXR) has announced a renewal of its Option Year 3 contract with the U.S. National Geospatial-Intelligence Agency (NGA) for the Global Enhanced GEOINT Delivery (G-EGD) program, valued at $44 million. This renewal is part of a total contract value of $176 million initiated on September 1, 2022. The G-EGD program, pivotal for over 400,000 U.S. government users, provides access to Maxar's extensive imagery archive and commercial data. The contract integration includes five synthetic aperture radar data providers by the end of 2023.
Maxar Technologies (NYSE:MAXR) announced the planned retirement of CFO Biggs Porter, effective sometime in 2023, followed by a consulting role until March 2024 to facilitate the transition. The company is actively searching for Porter's successor. Under his leadership since August 2018, Maxar has reduced leverage, achieved topline growth, expanded margins, and increased free cash flow. These contributions have bolstered Maxar’s position as a global space leader, paving the way for sustained growth.
Maxar Technologies (NYSE:MAXR) has announced that its senior management will participate in two upcoming investor conferences. The RBC Capital Markets Global Industrials Conference is set for September 14, 2022 in Las Vegas, Nevada, featuring 1x1 meetings only. Following that, the Morgan Stanley 10th Annual Laguna Conference will take place on September 15, 2022, at 12:50 p.m. PDT in Dana Point, California. Attendees can access a webcast through Maxar's investor webpage for further details.
Maxar Technologies reported Q2 2022 financial results with revenues of $438 million, down from $473 million in Q2 2021. The company posted a net loss of $30 million compared to a net income of $45 million in the previous year, primarily due to increased interest expenses and a $53 million loss on debt extinguishment. Adjusted EBITDA was $119 million, yielding a margin of 27.2%. The firm secured a significant 10-year contract worth up to $3.24 billion under the Electro-Optical Commercial Layer Program, indicating strong revenue visibility and growth opportunities ahead.
Maxar Technologies (NYSE:MAXR) has been selected by L3Harris Technologies to design and produce 14 spacecraft platforms for the Tranche 1 Tracking Layer contract with the Space Development Agency. This contract emphasizes Maxar's capabilities in providing robust solutions for national security, focusing on missile warning and tracking. The modular satellite platforms will be manufactured in Palo Alto and San Jose, California, with deliveries scheduled for 2024 and launches beginning in April 2025. This partnership highlights Maxar's role in addressing evolving missile threats.
Maxar Technologies (NYSE:MAXR) has secured a Phase A study contract from NASA for the NOAA's GeoXO Spacecraft mission. Over ten months, Maxar will develop the spacecraft's concept and mature technologies, analyzing performance, risks, costs, and scheduling for a next-gen constellation of weather monitoring satellites. This contract follows Maxar's legacy of building the first two generations of GOES satellites, which exceeded their operational lifetimes. The GeoXO program aims to enhance Earth observations from geostationary orbit, addressing critical environmental challenges in the U.S.
Maxar Technologies (NYSE:MAXR) announced a quarterly dividend of $0.01 per share, payable on September 30, 2022, to shareholders on record as of September 15, 2022. This decision reflects the company's commitment to returning value to its investors. Maxar is recognized for its comprehensive space solutions and geospatial intelligence services, catering to both government and commercial sectors. With a workforce of 4,400 across 20 locations globally, the company aims to leverage space technologies to improve global understanding and communications.
Maxar Technologies (NYSE:MAXR) will release its Q2 2022 financial results on August 9, 2022. The earnings call, featuring CEO Daniel Jablonsky and CFO Biggs Porter, will start at 3:00 p.m. MT (5:00 p.m. ET). Interested participants must register in advance at this link. A replay of the call will be available from August 9 at 6:00 p.m. MT until August 23, 2022. For more details, visit Maxar's investor page.
Maxar Technologies (NYSE:MAXR) announced a multiyear agreement with Esri to enhance the World Imagery layer with its Vivid basemaps in the Living Atlas. This upgrade will boost the resolution of nearly half the global landmass from 1.2 m to 60 cm. Maxar has become the largest provider of satellite imagery for Esri, supplying quarterly updates to keep imagery current. Esri users will benefit from improved mapping and data analysis capabilities. This partnership underscores the significance of high-quality geospatial data in various applications.
