GomSpace Q2 2024 interim and half-year report
GomSpace shows positive free cashflow and significant increase in order intake in its Q2 2024 interim report. The guidance for positive free cashflow in 2nd half of 2024 is maintained. The company is expecting to surpass the revenue from 2023 for the full year of 2024.
SECOND QUARTER OF 2024
• Order intake increased by 779% to T.SEK 199,233 (22,671)
• Revenue increased by 31% to T.SEK 65,935 (50,275)
• The gross margin significantly improved to 38% (-30%)
• Operating profit (EBIT) improved to negative T.SEK 8,356 (negative 36,114)
• Earnings per share was negative SEK 0.07 (negative 0.25)
• Free cash flow improved to positive T.SEK 6,564 (negative 27,849)
FIRST HALF-YEAR OF 2024
• Order intake increased by 380% to T.SEK 256,345 (53,388)
• Revenue decreased by 10% to T.SEK 116,097 (128,425)
• The gross margin significantly improved to 31% (-5%)
• Operating profit (EBIT) improved to negative T.SEK 30,555 (negative 50,192)
• Earnings per share was negative SEK 0.25 (negative 0.35)
• Free cash flow was negative T.SEK 5,489 (negative 70,254)
Q3 Trading Statement will be published on 31 October 2024.
COMMENTS FROM THE CEO
CEO Carsten Drachmann comments: “In Q2 2024, our focus on free cash flow and customer engagement yielded positive results. We significantly bolstered our order backlog, adding to the stability the company needs and improving our platform for growth in the coming years. Our Program Business Unit led the improvement with two major contracts from a new customer in Singapore and our strong and long-term partner, Unseenlabs in France. Both customers have chosen GomSpace to develop Micro Satellite platforms for them. This is a major achievement, opening the doors for capturing market share in a growing market for mid-size satellites able to deliver more power and higher performance”.
Carsten Drachmann continuous: “The free cashflow returned to positive in the second quarter and we remain on track to keep that positive free cash flow in the second half of 2024, as forecasted. Further to this and based on our strengthened order backlog, we expect 2024 to surpass 2023’s revenue record, assuming that we are delivering on our current contracts as planned. While EBIT in the first half of the year improved 20 M.SEK compared to the same period last year, it is still at negative 30 M.SEK. The road to positive profits is via a continuous control of costs balanced to activity levels and a focus on keeping healthy gross margins in everything we do. There is still some way to go, but the trend is moving in the right direction with a positive 31% gross margin in the first half 2024, compared to a negative 5% gross margin in the same period last year.”
As previously announced, GomSpace has agreed to deliver a first demonstrator satellite for Indonesia this year as part of the contract with KKP. The satellite was successfully launched with SpaceX last week on August 16. An update on the full agreement with KKP will be given by the end of the third quarter.
Second quarter presentation
The interim report for second quarter 2024 will be presented at a webinar today August 23 at 11:30 CET, hosted by HC Andersen Capital. Register for the event here.
The report is available on the Company’s homepage (www.gomspace.com).
For more information, please contact:
Anne Breüner (Head of Corporate Affairs)
Tel: +45 40 200 192
E-mail: anbr @ 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
This information is information that GomSpace is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 08:00 a.m. CET on August 23, 2024.