GomSpace (provider of nanosatellites) announces its quarterly results for the fourth quarter 2022

Stockholm, February 7, 2022. GomSpace Group AB (the “Company”) announces its interim report for the fourth quarter of 2022. The report is available on the Company’s homepage (www.gomspace.com). The following is taken from the quarterly report:

Fourth quarter summary

1 October – 31 December 2022 (2021)

• Order intake was to T.SEK 27,880 (286,667)
• The customer of the large suspended customer project has terminated the contract and consequently withdrew the performance guarantees of T.SEK 17,577
• Net revenues decreased to T.SEK 50,659 (81,125)
• Gross margin decreased to negative 51% (38%) due to the cancelled large customer project and spillover effects
• Operating profit (EBIT) decreased to negative T.SEK 80,364 (negative 3,958)
• Earnings per share were negative SEK 1.28 (negative 0.07)

1 January – 31 December 2022 (2021)

• Order intake decreased to T.SEK 165,947 (552,959)
• Net revenues decreased to T.SEK 198,379 (213,605)
• Gross margin decreased to negative 26% (23%) due to the cancelled large customer project and spillover effects
• Operating profit (EBIT) decreased to negative T.SEK 231,995 (negative 29,524)
• Earnings per share were negative SEK 3.76 (negative 0.52)

• The Board proposes not to pay dividends for 2022

Outlook 2022

• We reached our revised full-year revenue outlook for 2022 of M.SEK 190-250 with full-year revenue of M.SEK 198
• We did not meet the revised outlook for the EBIT margin of -90% to -70%, with an EBIT margin of -117%. Primarily due to the customer’s withdrawal of the performance guarantees, which increased costs.

Outlook 2023

• We expect to generate M.SEK 250-290 in revenue, including Third-Party low margin revenue
• We expect the EBIT to be -25% to -15%
   

CFO & Interim CEO, Troels Dalsgaard, said: “Due to the cancellation of a large commercial project in the third quarter, 2022 became a very challenging year for GomSpace. However, corrective actions have been taken based on a well-defined road map for fast recovery.

From a financial perspective, short-term financing has been secured with a credit facility from the European Investment Bank as well as a convertible loan agreement. Furthermore, a significant reduction of the organization has taken place with effect from the end of January 2023 in order to match the current activity level.

As earlier communicated, it is the intention to raise capital through a rights issue in Q1 2023 to improve GomSpace’s capital structure and strengthen future financial robustness. “
 

Fourth quarter presentation

The interim report for fourth quarter 2022 will be presented at a webinar today 7 February at 12:00 CET, hosted by HC Andersen Capital. Register for the event here.
 

For more information, please contact:
Troels Dalsgaard, CFO
Phone: +45 31 50 11 82
E-mail: trn @ gomspace.com
 

About GomSpace Group AB
The company’s business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden Ab is the Company’s Certified Adviser. For more information, please visit our website on www.gomspace.com.

Miscellaneous
GomSpace Group AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. CET on February 7, 2023.