Mr. Stephen Matier reports

MARITIME LAUNCH SERVICES REPORTS Q3 2026 RESULTS

Maritime Launch Services Inc. has released financial results for the three-month and nine-month periods ended Sept. 30, 2026. These filings and additional information regarding the company are available on SEDAR+.

Management commentary

Stephen Matier, president and chief executive officer of Maritime Launch, said: "In the third quarter of 2026, we reported revenue of $5.6-million and net income of $3.5-million. These results represent the continued momentum from a series of milestones for Maritime Launch, including our commercial lease with the Department of National Defence and the advancement of our partnership with Isar Aerospace into the execution phase.

"We continue to advance construction at Spaceport Nova Scotia toward the first orbital launch in 2028 and we feel we are well funded with over $29-million in cash on the balance sheet and contractual payments from our launch partners. We are also actively progressing discussions with new launch partners and developing the infrastructure required to support both light- and medium-class vehicles. Demand for reliable launch capacity continues to grow rapidly, reinforcing the strategic importance of sovereign access to space. Our focus is on executing for our existing customers, adding new launch partners and building Spaceport Nova Scotia into Canada's gateway to space."

Recent milestones

Key company milestones this fiscal year and subsequent to quarter-end include:

• In March, 2026, the company signed a 10-year, $200-million launch-pad lease agreement with the Canadian Department of National Defence (DND), marking the company's first major long-term government customer commitment.
• In May, 2026, the company signed an initial letter of intent with Germany-based Isar Aerospace to explore bringing the Spectrum orbital launch system to Spaceport Nova Scotia.
• In July, 2026, the company finalized a $112.5-million (U.S.), 10-year facilities usage agreement with Isar Aerospace to build and operate their dedicated launch complex for the Spectrum vehicle. This secured four payments of $3.75-million (U.S.) in the first year with a 30-month gap period before payments resume.
• In August, 2026, the company reported its first operating profit, with revenue of $5.6-million and net income of $3.2-million, driven primarily by the transition of Spaceport Nova Scotia into an operational leasing model.
• In September, 2026, the company finalized the statement of work and programmatic milestones with Isar Aerospace, satisfying a major contract condition and moving the partnership directly into the infrastructure execution and buildout phase.
• On Nov. 1, 2026, the road construction to the Isar launch pad was completed by the MLS construction contractor, Nova Construction, meeting the company's contractual deadline with Isar.
• In November, 2026, the company commenced trading on the Toronto Stock Exchange to strengthen its visibility and reach within the Canadian capital markets.

For the three-month and nine-month periods ended Sept. 30, 2026, the company recognized revenue of $5,566,148 and $12,100,567, respectively, compared with nil in the corresponding periods of 2025. The increase was primarily attributable to the commencement of revenue recognition under new long-term commercial agreements during 2026, comprising lease revenue from spaceport infrastructure and launch services revenue.

For the three-month and nine-month periods ended Sept. 30, 2026, the company earned net income and comprehensive income of $3,518,473 and $5,659,004, respectively, compared with a net loss and comprehensive loss of $5,745,870 and $6,906,904 for the comparable periods in the prior year. The improvement in profitability primarily reflected higher revenue from the company's long-term commercial agreements.

Outlook

Given strong market demand, the longer-term focus for the company and the spaceport is to support multiple launch companies operating their vehicles multiple times per year. Accordingly, alongside the launch of smaller vehicles, construction on the spaceport will continue to develop the necessary infrastructure to accommodate the launch of medium-class launch vehicles. Capacity for medium-class launch vehicles is a primary goal in the spaceport's development as this aligns with the broader growth of launch vehicles in the industry and is already approved for construction by the Province of Nova Scotia.

Current site plans are for four launch pads. One is operational and the remaining three are being co-developed with customers in 2026 and 2027. Additional launch pads can be developed to support concurrent launches or accommodate different types of launch vehicles, including medium-class launch vehicles.

The company is in active discussions with multiple launch vehicle companies, the total of which exceeds the number of launch pads being developed in the current phase and includes payload capacities ranging from 150 kilograms to over 15,000 kilograms. Most of these companies have similar facility needs, which allows for the site's development of launch support infrastructure to continue while new customer contracts are negotiated.

Over time, the spaceport can also expand into ancillary markets, including launching larger vehicles, enabling space tourism, or supporting R&D (research and development) initiatives for advanced propulsion systems and hypersonic vehicle launches.

Proposed share consolidation

The company expects to call a special meeting of its shareholders in the first quarter of 2027 to approve a consolidation of the company's common shares on the basis of a ratio to be determined by the company's board of directors. A share consolidation could enhance their marketability for investment purposes, expand the company's financing opportunities and improve the liquidity of its common shares.

About Maritime Launch Services Inc.

Maritime Launch Services is a Canadian-owned commercial space company based in Nova Scotia. Maritime Launch is developing Spaceport Nova Scotia, a dual-use commercial spaceport designed to support both civil and defence-related space missions. The spaceport will provide satellite launch services to domestic and international clients across the global commercial space market, supporting a wide range of orbital inclinations from a single location.

Spaceport Nova Scotia is Canada's first commercial orbital launch complex, enabling light- and medium-class launch vehicles to place satellites into low Earth orbit.

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