SALT LAKE CITY, UT— Space42 of Abu Dhabi, the product of an October 2024 merger of fixed and mobile satellite fleet operator Yahsat and startup AI/geospatial analytics platform Bayanat, reported a 17% decline in revenue for the six months ending June 30, to $226 million, as the former Bayanat business, now called Smart Solutions, reported continued delays in the signing expected contracts.
The company’s adjusted EBITDA dropped 30%, to $110 million, for a 48% margin, down from 58% last year.
Stripping . . .
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