Desk notes
What happened, dated and sourced.
Short records of the things that move the research: a quarterly result, a deal, a policy decision, a data release, a market close. Each one cites the document it came from and says in a sentence why a U.S. reader should care. The briefs do the interpreting; the notes keep the record.
4 notes in Canadian Defense
August 2026
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Results / Canadian Defense
CAE's first-quarter revenue rises 6.8% as Defense orders lag sales
Revenue of C$1,173.4 million and C$104.0 million of free cash flow for the quarter ended June 30, 2026, against operating income cut to C$86.8 million by C$48.3 million of restructuring; adjusted backlog was C$19,192.3 million, with C$1,657.7 million of it unfunded orders and options.
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Results / Canadian Defense
MDA Space lifts Q2 2026 revenue 34% while free cash flow turns negative
Revenue of C$498.6 million and C$808.9 million of bookings lifted backlog to C$4.0 billion, up C$310 million from March but down C$565 million from a year earlier; operating cash flow was an outflow of C$93.4 million and guidance was narrowed upward.
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Policy / Canadian Defense
Canada awards a C$2.3 billion Arctic satellite communications contract; MDA Space builds the satellites
The Defence Investment Agency gave Telesat an initial contract of about C$2.3 billion for military Ka-band capacity on Lightspeed, with 69 more satellites to be built by MDA in Montréal; MDA's own release values its follow-on Telesat order at C$474 million.
July 2026
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Deal / Canadian Defense
MDA Space sells 23,000,000 shares at US$35.60 to fund its CLS purchase
Six days after making a firm offer of about €567 million for 70% of France's CLS, MDA closed an upsized bought deal of 23,000,000 common shares for gross proceeds of about US$819 million, its second equity raise of 2026.