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Q1 GOMSPACE 1 JANUARY - 31 MARCH 2021 . TAG - H OUTLOOK FOR 2021 • Our outlook is unchanged for 2021 , we expect to convert between SEK 210-235 million into revenue FIRST QUARTER OF 2021 Order intake increased to T.SEK 23,798 ( 18,448 ) Net revenues decreased to T.SEK 35,245 ( 40,455 ) Gross margin decreased to 3 % ( 24 % ) Operating profit ( loss ) decreased to a negative T.SEK 13,911 ( a negative 8,478 ) Earnings per share were a negative SEK 0.24 ( a negative 0.14 ) EVENTS . GomSpace and J.P. Morgan test blockchain transaction on GOMX - 4 constellation In April , GomSpace signed a contract to continue developing and delivering nanosatellite platforms to UnseenLabs in France . The contract has a value of T.SEK 35,500 FINANCIAL SUMMARY 10 Q1 Full year 2021 2020 ▲ % 2020 T.SEK Orders received Net revenue 23,798 18,448 29 % 270,703 35,245 40,455 -13 % 194,576 Gross profit 1,025 9,810 -90 % 47,646 Gross margin 3 % 24 % Operating profit ( loss ) -13,911 -8,478 -21 pp . -64 % -As a percentage of revenues -39 % -21 % Profit ( loss ) before tax -13,548 -8,188 -18 pp . -65 % 24 % -30,261 -16 % -47,659 -As a percentage of revenues -38 % -20 % -18 pp . -24 % Profit ( loss ) for the period -12,497 -7,490 -67 % -43,566 -As a percentage of revenues -35 % -19 % -16 pp . -22 % Cost of goods sold 34,220 30,645 12 % 146,930 -As a percentage of revenues 97 % 76 % 21 pp . Sales and distribution costs 6,355 5,888 -As a percentage of revenues 18 % 15 % Development costs 1,721 4,577 3 pp . -62 % -As a percentage of revenues 5 % 11 % Administrative costs 6,870 7,983 8 % -6 pp . -14 % 76 % 28,640 15 % 20,387 10 % 30,875 -As a percentage of revenues 19 % 20 % -1 pp . 16 % Balance sheet items Intangible assets 123,102 126,959 -3 % 117,603 Property , plant and equipment 61,967 82,537 Working capital Net cash and cash equivalents 1,898 110,693 120,851 -22,432 -25 % -108 % 65,044 10,682 -8 % 135,502 Equity Liabilities 239,042 132,210 296,293 137,693 -19 % -4 % 199,160 155,627