GomSpace
GomSpace reports a strong improvement in the free cash flow for the third quarter of 2023
GomSpace Group AB (the “Company”) announces its interim report for the third quarter of 2023.
Highlights
Third quarter 2023 (2022)
- Order intake was T.SEK 39,011 (52,639)
- Net revenues increased significantly by 274% to T.SEK 67,706 (18,102)
- Gross margin increased to 15% (negative 298%) mainly due to an improved project portfolio, as a result of the optimization of a specific project.
- Operating profit (EBIT) increased to negative T.SEK 17,011 (negative 124,516)
- Earnings per share was negative SEK 0.24 (negative 1.95)
- Free cash flow improved to negative T.SEK 6,311 (negative 44,417)
First three quarters 2023 (2022)
- Order intake decreased by 33% to T.SEK 92,399 (138,067)
- Net revenue increased by 33% to T.SEK 196,131 (147,720)
- Gross margin increased to 2% (negative 17%)
- Operating profit (EBIT) increased to negative T.SEK 67,203 (negative 151,631)
- Earnings per share were negative SEK 0.82 (negative 2.46)
CEO Carsten Drachmann comments: “During Q3, our primary emphasis remained on the continuous execution of our turnaround and transformation plan. We successfully accomplished three pivotal objectives for the quarter, namely the implementation of our new organizational structure, enhancement of free cashflow, and improvement in product sales. The organizational goals are well-defined, and we are effectively integrating into our business units, witnessing the new operational mode take effect.
In terms of achieving positive cashflow, we are progressing well towards our target of reaching free cashflow positivity by the second half of 2024. Notably, the free cashflow for Q3 2023 amounted to a negative MSEK 6.3, a significant improvement compared to Q2 2023's negative MSEK 27.8 and Q1 2023's negative MSEK 42.2. This accomplishment aligns well with our strategic plans.
Further worth highlighting is the revenue for the initial three quarters of 2023, which stands at 196 MSEK, parallel to the full-year revenue of 198 MSEK in 2022. We anticipate surpassing the highest revenue recorded in 2021, which was 214 MSEK, by the end of this year.” CEO Carsten Drachmann commented.
Third quarter presentation
The interim report for third quarter 2023 will be presented at a webinar today 16 November at 12:00 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 November 16, 2023.
Datum | 2023-11-16, kl 08:00 |
Källa | Cision |
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