GomSpace

GomSpace Group AB (the “Company”) has decided to postpone publishing the interim report from February 14 to February 27, due to heavy workload, and extended internal review process in agreement with the auditors.

The company reconfirms the video conference and CEO interview scheduled for February 14 at 12 noon and releases some selected preliminary unaudited key figures for Q4 2023 as follows:

• Free cashflow reached a positive 21 MSEK for Q4 2023, compared to -6 MSEK in Q3 2023.
• End of year 2023 cash balance of 61 MSEK, up from 46 MSEK in Q3 2023.
• The company maintains its guidance of reaching a stable positive free cashflow in the second half of 2024.
• The company maintains its indication for a record high year for revenue in 2023, surpassing revenues of 214 MSEK recorded in 2021.
   

In addition, the Company highlights order intake in key focus areas:

• Product order intake shows a continuous positive trend with 39 MSEK for Q4 (incl. North America), compared to 22 MSEK in Q3 2023.
• The annual global Product order intake amounted to 95 MSEK in 2023, a strong improvement over the 60 MSEK recorded in 2022.
• North America exhibited momentum with a Q4 product order intake of 7.5 MSEK, bringing the annual total to 15 MSEK.
• 46-52 MSEK contract signed with Startical on December 11, 2023. This includes a final settlement to GomSpace of 16 MSEK and concludes all open points from the previous contract.
• 17 MSEK contract for Mission Control Software development on December 20, 2023.
• 10 MSEK contract for Juventas Mission Control on December 5, 2023.

CEO Carsten Drachmann comments: “Due to heavy workload and in coordination with our auditors, we have opted to delay the publication of the Q4 report. However, to uphold our commitment to continuous communication flow, I have decided to proceed with the release of preliminary information focusing on key areas such as cashflow and order intake”.  

Carsten Drachmann continuous: “I'm delighted that the Q4 results indicate we are making progress in alignment with our transformation efforts. Looking ahead to 2024, our emphasis remains on effective cash management, and we maintain our goal of achieving a steady positive free cashflow in the second half of 2024.

To reach that goal, the strategic focus for 2024 encompasses three key areas:

1. Outperforming the 2023 Product order intake globally, with a specific emphasis on solidifying our Product business as a substantial contributor to company profitability.
2. Capitalizing on North America's position as the largest global market for new space, anticipating sustained growth beyond 2023 through a mix of small and mid-size deals, with potential for larger contracts.
3. In the Program business, dedicated to building specialized satellites for various missions, our objective is to at least maintain current activity levels with an emphasis on improved profitability. In addition, exploring larger opportunities remains a constant focus.”

One such significant opportunity is the contract with the Indonesian Government, announced on December 18, 2023, with an update on December 22. The Company advises that there are no changes to the upcoming guidance and funding update timeline, and both are anticipated in the first quarter of 2024.

Preliminary fourth quarter presentation

The Company will give a market update on the original planned time for the fourth quarter 2023 report, at a webinar on February 14 at 12:00 CET, hosted by HC Andersen Capital. Register for the event here.

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 01:35 p.m. CET on February 12, 2024.