In its Q4 2023 interim report, GomSpace shows strong evidence of the financial turnaround being on track with improved positive free cashflow of MSEK 21. Additionally, the company delivers a record high revenue for the full year of MSEK 235, and an order intake of MSEK 103, the highest since 2021.

GomSpace Group AB (the “Company”) announces its interim report for the fourth quarter of 2023.

Highlights

Fourth quarter 2023 (2022)

• Order intake was T.SEK 103,291 (27,880)
• Net revenues decreased by 24% to T.SEK 38,403 (50,659)
• Gross margin increased to 12% (negative 51%)
• Operating profit (EBIT) increased to negative T.SEK 26,441 (negative 80,364)
• Earnings per share was negative SEK 0.31 (negative 1.28)
• Free cash flow improved to positive T.SEK 21,190 (negative 50,749)

Full year 2023 (2022)

• Order intake increased by 18% to T.SEK 195,690 (165,947)
• Net revenue increased by 18% to T.SEK 234,534 (198,379)
• Gross margin increased to 4% (negative 26%)
• Operating profit (EBIT) increased to negative T.SEK 93,644 (negative -231,955)
• Earnings per share were negative SEK 1.14 (negative 3.76)

CEO Carsten Drachmann comments: “2023 marks a year of transformation, re-aligning the organization and business, and effectively overcoming the challenges faced in 2022. Throughout the year, our primary emphasis has been on cash and profitability. I'm thrilled to observe that, for the first time in several years, our free cash flow in Q4 reflects a positive figure of MSEK 21, and we reached MSEK 103 in order intake, the highest since Q4 2021. Furthermore, we achieved a solid year-end cash balance of MSEK 61, an increase from the mid-year balance of MSEK 55. 

Although we experienced a very satisfying increase in revenue, reaching a record MSEK 235, compared to the MSEK 214 in 2021, it is evident that our EBIT and profitability still requires attention. We have outlined three key focus areas for our 2024 operation, which I firmly believe will lead us in the right direction: 1) Grow product sales, 2) Capture market in North America, 3) Focus on profitable projects in our program and mission business. Effective execution of each focus area will enhance overall profitability. While striving for an improved EBIT, our primary emphasis in 2024 remains on cash, aiming for a stable positive free cash flow by the second half of the year.”

Fourth quarter presentation

The interim report for fourth quarter 2023 will be presented at a webinar today 27 February at 13:00 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:
Carsten Drachmann (CEO)
Tel: +45 40 63 40 36
E-mail: cdra @ 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 27, 2024.