GomSpace

THIRD QUARTER OF 2024 (2023)

• Order intake increased to T.SEK 68,666 (39,011)
• Net revenue is T.SEK 57,698 (67,706)
• Free cashflow this quarter is T.SEK 12,007 (-6,311)
• Operating profit (EBIT) is T.SEK -13,292 (-17,011)
• Earnings per share were negative SEK 0.16 (negative SEK 0.24)

COMMENTS FROM THE CEO

CEO Carsten Drachmann comments: “The 3rd quarter has been a quarter of execution and getting our new programs off to a good start, including development of Micro Satellites for Singapore and Unseenlabs in France. We are progressing well and have reached the first milestones and deliveries planned for the quarter.

Free cashflow in the quarter is positive with +12 MSEK and we maintain the guidance of a positive free cashflow for the 2nd half of 2024.

We delivered a respectable quarter of revenue and EBIT. EBIT improved year-to-date with 23 MSEK, from -67 MSEK to -44 MSEK. It is worth noting that this is on a lower revenue year-to-date in 2024 compared to 2023, which is implying an improvement in our profitability in the activities we are doing, in line with our goals. We have also increased the order backlog slightly by 10 MSEK, keeping up the momentum in creating a more stable and predictable business.

For revenue, I foresee another strong execution in the fourth quarter and expect the full year 2024 revenue to surpass that of 2023, including an improved EBIT for the full year compared to 2023”.

Carsten Drachmann continues: “Concerning Indonesia, and the KKP program for 20 satellites awarded to GomSpace and our partner Ellipse Projects in December 2023 with a total contract value of EUR 150 million, I would like to provide a few facts. Consistent with approval given in 2023, the KKP program for 20 satellites is listed in the latest revision of the Indonesian “Green Book” dated September 2024. The Green Book lists programs which have been approved by the Indonesian government to receive foreign financing. The specific line item in the book is number 32, “Satellite Constellation Mission for Marine and Fisheries Resources”, listing Denmark as the sole supplier, which in turn, as per our signed commercial contract in December 2023, means GomSpace and Partners, with the necessary financing from EIFO approved in June 2024. There is a process that needs to be followed in Indonesia to accept and finalize the financing agreement between Denmark and Indonesia. While I cannot give a specific date for the completion, and notwithstanding any potential challenges in agreeing the terms of financing between Denmark and Indonesia, there is no new information leading me to believe that the Indonesian government will not process the program in due time. I am, patiently, waiting for that process to be completed. You may have noticed that a new government is now in place in Indonesia as of October 21, 2024, and I am happy to note that our main customer and the KKP commercial contract holder, Minister Trenggono, continues his tenure as Minister of Maritime Affairs and Fisheries in the new seated government. A warm congratulations to Mr. Trenggono!”.

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 October 31, 2024.