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

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

Stockholm, July 25, 2022. GomSpace Group AB (the “Company”) announces its interim report for the second quarter of 2022. The report is available on the Company’s homepage (www.gomspace.com). The following is taken from the quarterly report:

Second quarter summary

1 April – 30 June 2022 (2021)

· Order intake decreased by 78% to T.SEK 43,931 (199,459) The decrease is due to GomSpace in 2021 signed a large contract with Indra of EUR 14,5 million (147 million SEK)
· Net revenues increased by 8% to T.SEK 51,253 (47,535)
· Gross margin decreased to 6% (14%)
· Operating profit (EBIT) decreased to negative T.SEK 31,281 (negative 12,331)
· Earnings per share were negative SEK 0.45 (negative 0.22)


1 January – 30 June 2022 (2021)

· Order intake decreased by 62% to T.SEK 85,428 (223,257)
· Net revenues increased by 57% to T.SEK 129,618 (82,780)
· Gross margin increased to 22% (9%)
· Operating profit (EBIT) decreased to negative T.SEK 27,115 (negative 26,242)
· Earnings per share were negative SEK 0.43 (negative 0.45)

Events

· In June, GomSpace signed a contract to deliver two 12-unit CubeSats to the German Space Agency, DLR. The CubeSats will be used as research objects by DLR’s Responsive Space Cluster Competence Center, RSC3, in Trauen, Germany. The contract value is 13 MSEK, and delivery will be in January 2023
· In June, an extraordinary general meeting was held in GomSpace Group AB (publ) to discharge Jesper Jespersen, upon his request, from the board of directors and to elect Kenn Herskind as a new board member
· In July, GomSpace received an authorization to proceed (ATP) from Unseen Labs to initiate the production of key products for an upcoming satellite project. The ATP value is 12 MSEK, and the products are expected to be delivered end of 2022

“In the second quarter, the order intake was M.SEK 44. The majority of orders were with high product content where we have a high margin. Revenue was M.SEK 52, an improvement from last year's M.SEK 48.

Cash flow from primary operating activities was negative M.SEK 44 due to changes and delayed payments in one single large commercial project.

We continue to see a strong financial performance in delivering platforms, payloads and subsystems. However, this is not enough to offset the increased cost of completing one large commercial project and a few other scientific satellite solutions with a high degree of non-recurring engineering. Furthermore, we continue to tie up working capital due to the same large commercial customer and fewer than expected prepayments from scientific orders.

Overall financial performance in the first half of 2022 improved from last year, and we maintain our full-year 2022 guidance since we expect the second half of 2022 financials to improve.” CEO Niels Buus commented.


For more information, please contact:
Niels Buus (CEO)
Tel: +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, info@fnca.se, +46-8-528 00 399 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 July 25, 2022.
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The following files are available for download:
https://mb.cision.com/Main/14387/3604962/1607313.pdf Q2.Online
https://mb.cision.com/Public/14387/3604962/ac92b15294af943a.pdf Press release - Q2 2022 Interim Report - summary
https://news.cision.com/gomspace-a-s/i/financial-report,c3072360 Financial report