GomSpace suspends all activities on a large customer project due to unpaid invoices and therefore adjusts outlook for 2022
GomSpace have suspended all work on a large customer project due to unpaid invoices.
This will impact the outlook for 2022. Revenue outlook will be lowered to M.SEK 190 to 250 (previously M.SEK 264 to 292) and EBIT margin will be reduced to -90% to -70% (previously better than -15%). The outlook reflects both the direct effect of the suspension and the indirect consequences.
As communicated in the Q2 financial report, ‘changes and missing payments from one large commercial customer has resulted in a negative cash flow from primary operating activities. We now conclude that the financial exposure amounts to M.SEK 57, whereof M.SEK 39 is unpaid invoices and M.SEK 18 work-in-progress not yet invoiced. GomSpace will write down the balance in Q3 2022.
The reason for the suspension is significant scope increase. The customer has not been willing to pay for the extra work, which has been requested by the customer and performed by GomSpace.
GomSpace has informed the customer that work will not be continued until outstanding invoices has been paid. In the meantime, GomSpace will allocate its resources to other customer and development projects.
For more information, please contact:
Niels Buus (CEO, GomSpace)
Phone: +45 40 31 55 57
E-mail: nbu @ 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, 17.31 p.m. CET on October 07, 2022.