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

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

Stockholm, November 28, 2022. GomSpace Group AB (the “Company”) announces its interim report for the third quarter of 2022. The report is available on the Company’s homepage (www.gomspace.com). The following is taken from the quarterly report:

Third quarter summary

1 July – 30 September 2022 (2021)

· Order intake increased by 22% to T.SEK 52,639 (43,034)
· We suspended a large customer project resulting in a canceled order value of T.SEK 76,895, with a negative effect on revenue, gross margin, and gross profit (EBIT)
· Net revenues decreased to T.SEK 18,102 (49,700)
· Gross margin decreased to negative 298% (20%)
· Operating profit (EBIT) decreased to negative T.SEK 124,516 (negative 7,240)
· Earnings per share were negative SEK 1.95 (negative 0.14)

1 January – 30 September 2022 (2021)

· Order intake decreased to T.SEK 139,482 (266,291)
· Net revenues increased to T.SEK 147,720 (132,480)
· Gross margin decreased to negative 17% (14%)
· Operating profit (EBIT) decreased to negative T.SEK 151,631 (negative 33,482)
· Earnings per share were negative SEK 2.46 (negative 0.59)

Events

· In September, we signed a contract with Unseenlabs to deliver six more satellites. The total contract value is M.SEK 43, including the authorization to proceed contract valued at M.SEK 11. The expected delivery of the satellites is in the second half of 2023.
· In October, we suspended all work on a large customer project due to unpaid invoices. The financial exposure amounts to M.SEK 57, of which M.SEK 39 is unpaid invoices, and M.SEK 18 is work-in-progress not yet invoiced.
· In November, we entered a credit facility with the European Investment Bank of M.SEK 198, paid out in three tranches.
· In November, we entered a convertible loan agreement of SEK 53.6 million, and the board of directors intends to resolve a rights issue of between SEK 100 to 125 million.

“In the third quarter, the order intake was M.SEK 53, and the most significant order was additional six satellites to our valued customer Unseenlabs.

Revenue was only M.SEK 18, primarily due to the suspension of a large commercial customer project. The suspension directly impacts earnings with M.SEK 57 and our financials are indirectly impacted by the suspension, where other projects have to carry spillover effects with increased costs as well as leading to impairment of specific development projects we now do not intend to finalize.

We maintain our full-year 2022 guidance of revenue M.SEK 190 to 250.

In November, we strengthened our financial position with a growth credit facility of M.SEK 198 from the European Investment Bank. Furthermore, we have entered into a convertible loan agreement of M.SEK 53.6. The Board of Directors intends to resolve a rights issue of approximately M.SEK 100 to 125 in the first quarter of 2023 with the intention to convert the loan amount of M.SEK 53.6 into new shares” 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 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 November 28, 2022.
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The following files are available for download:
https://mb.cision.com/Main/14387/3673616/1697556.pdf Q3.2022_online
https://mb.cision.com/Public/14387/3673616/8f1048938cbe91cb.pdf Press release - Q3 2022 Interim Report - summary
https://news.cision.com/gomspace-a-s/i/financial-report,c3117968 Financial report