GOMspace: FY’22 guidance reiterated, despit strong Q1 - ABG

Strong Q1’22 beat – revenues 54% higher than cons.
New orders in Q1, driven by higher-margin segments
We expect a positive share reaction today

Gross margin improvements of 29pp y-o-y
Strong Q1’22, beating ABGSCe and FactSet consensus estimates. Q1 saw revenues grow 122%, reporting SEK 78m (54% above cons) with the gross margin also seeing positive improvements of 29pp y-o-y, reaching 32.3% or SEK 25m (cons. 22.9% or 12m). Lastly, we also saw a positive EBIT contribution in Q1, with the company reporting an EBIT of SEK 4m or 5.3% EBIT margin (cons. SEK -11m).

FY’22 guidance stands at sales of SEK 264-292 (cons. 278m)
With the stronger than expected Q1’22, GomSpace is in a solid position for reaching FY’22 guidance, which despite the strong beat in Q1, is being reiterated. FY’22 guidance stands at revenues of SEK 264-292m (cons. SEK 278m) and an EBIT margin of “better than -15%” (cons. -13%).

New orders up 74% y-o-y and driven by higher margin orders
In Q1, GomSpace won new orders worth SEK 41m, up 74% y-o-y. The majority of the new orders registered in Q1, were higher-margin orders (platforms, payloads and subsystems), which help improve the expected profitability of the total order backlog, which stands at SEK 502m.
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