SES Announces Better Than Expected Q1 2023 Earnings

Image: SES

SES, a satellite telecommunications network provider from Luxembourg, reported Q1 financial results above market expectations on Thursday. 

Overall financials:

  • Revenue = €490M ($540M), a 9.6% increase YoY
  • Adjusted EBITDA = €265M ($292M), a 3.2% decrease YoY
  • Cash & cash equivalents = -€1.1B (-$1.2B)
  • SES-17 & O3b mPOWER backlog = $1B 

SES’s next system: The company expects to begin commercial service in Q3 of its O3b mPOWER system, a communication satellite network that will serve customers such as Microsoft and Orange. SES launched two O3b mPOWER satellites this quarter, with the fifth and sixth satellites planned to launch in June. 

Looking ahead: Officials didn’t provide any updates on the possible merger with Intelsat, but CEO Steve Collar echoed his positive views about consolidation in the industry.