NorthStar Legacy Business Posts C$17.2 Million in Q3 Revenue, C$11.58 EPS

NorthStar Earth & Space Inc., the operating company referred to as Legacy NorthStar, generated C$17.21 million in revenue and C$7.65 million in net income for the quarter ended Sept. 30. The results cover operations before its parent completed a combination with Viking Acquisition Corp. I.

NorthStar Earth & Space Enterprises Inc. completed the combination Oct. 1, after the quarter ended. Legacy NorthStar’s revenue rose from C$1.44 million in the year-earlier quarter, when it recorded a C$6.20 million net loss. Operating income was C$10.36 million, compared with an operating loss of C$3.06 million a year earlier.

Basic and diluted earnings were C$11.58 per share. The calculation used 636,214 weighted-average Class A and B common shares and deducted a C$280,000 preferred dividend. NorthStar Earth & Space Enterprises had 41.3 million common shares outstanding as of Nov. 11, a different share base from the one used for Legacy NorthStar’s quarterly earnings per share.

The pre-merger public shell that became NorthStar Earth & Space Enterprises had no operating revenue for the quarter and recorded a US$213,504 net loss, or US$0.01 per share. Those figures cover the shell, while Legacy NorthStar’s results reflect the operating business.

Legacy NorthStar attributed the revenue increase to progress on its 3 Canadian Space Division program and new awards. It recognized C$16.8 million in revenue from the 3 CSD contract, which accounted for about 98% of quarterly revenue. At Sept. 30, the company had eight active government contracts across Canada, the United States and Europe.

“With revenue growth of $15.8 million from Q3 2025, we continue to advance the expansion of the NorthStar Skylark Constellation,” said Stewart Bain, NorthStar’s founder and chief executive officer.

NorthStar reiterated 2026 revenue guidance of C$41 million, or US$30 million, compared with C$10.6 million in 2025. For the first nine months of 2026, revenue totaled C$25.90 million, including C$330,600 in grant income.