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NEWS RELEASE IMDA MDA LTD . REPORTS FIRST QUARTER FISCAL 2021 FINANCIAL RESULTS • Q1 revenue increased 19.6 % or $ 20.2 million over Q1 2020 to $ 123.4 million Adjusted EBITDA ( 1 ) increased 129.6 % or $ 22.0 million over Q1 2020 to $ 39.1 million Backlog ( 2 ) increased 21.7 % or $ 122.5 million over Q4 2020 to $ 685 million Selected to provide one of the critical technology sub - systems on Telesat Lightspeed Awarded the initial contract for the Canadian Surface Combatant program Subsequent to the conclusion of Q1 , the Company successfully completed its IPO process raising $ 460 million to fund MDA's robust growth agenda including execution of the recently awarded flagship programs Canadarm3 , Canadian Surface Combatant and Telesat Lightspeed May 12 , 2021 ( Brampton , Ontario ) - MDA Ltd. ( " MDA " or the " Company " ) ( TSX : MDA ) , a leading provider of advanced technology and services to the rapidly expanding global space industry , today announced its financial results for the three - month period ended March 31 , 2021. All figures are in Canadian dollars unless otherwise stated . " Q1 2021 shows positive signs with strong financial performance across all three business areas over the same period last year . Our Satellite Systems segment in particular has returned to normal operating levels and that positions us well to deliver on our growth plans , " said Mike Greenley , Chief Executive Officer , MDA . Total revenue in the three month period ended March 31 , 2021 ( " Q1 2021 " ) was $ 123.4 million , up $ 20.2 million or 19.6 % over the same three month period ended March 31 , 2020 ( " Q1 2020 " ) . Geolntelligence revenue was $ 49.0 million in Q1 2021 , $ 4.7 million or 10.6 % ahead of Q1 2020 , primarily due to an increase in sales of satellite imagery and analytics services . Robotics and Space Operations revenue was $ 34.3 million in Q1 2021 , $ 8.2 million or 31.4 % ahead of Q1 2020 , primarily due to the new Canadarm3 program and stronger program performance .