Earnings release
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Q1 TRADING STATEMENT 1 January – 31 March 2025 GomSpace Group AB | Ulls Väg 29A | SE-756 51 Uppsala | Sweden EBITDA (adj.)* INCREASED TO 11.3 M.SEK (Q1 2024 AT -16.6 M.SEK) REVENUE INCREASED BY 77% TO 88.8 M.SEK (Q1 2024 AT 50.2 M.SEK) FREE CASHFLOW 4.7 M.SEK (Q1 2024 AT -12.1 M.SEK)
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Dear Reader, GomSpace has entered 2025 with strength and clarity. For the first time in years, we are reporting a strong operational EBITDA and a positive net profit in Q1 — proof that our strategy is working, and that sustainable profit- ability is within reach. Operational focus driving results After securing financial stability through disciplined cash management in 2023–2024, we are now firmly focused on operational performance. Improving EBITDA is our top priority for 2025, and the first quarter sets a solid foundation. Products Business: Setting new records Our Products Business Unit outperformed expectations, delivering strong revenue and achieving a record order intake of 44 M.SEK, lifting the backlog to 64 M.SEK. In a fast-turnover business, a growing backlog strengthens revenue visibility and operational stability. We are actively building long-term customer relationships and key partnerships to secure multi-year agreements, further locking in predictability and growth. Programs Business: Executing with discipline Our Programs Business Unit delivered as expected, contributing positively to EBITDA through improved margins across projects. While order intake was limited in Q1, the strong execution gives us confidence. We expect a rebound in orders in Q2 and Q3, ensuring a steady order backlog and continued momentum. North America: Full speed ahead Our North American operations are advancing according to plan, with increased year-on-year revenue and breakeven EBITDA in Q1. At the Space Symposium in Colorado Springs, I engaged directly with key customers and partners. Despite ongoing international trade tensions, we see no barriers to our growth ambitions. Our strategy for North America remains unchanged — and aggressive. Asia-Pacific: Strategic expansion In recent months, I visited Singapore and Jakarta to strengthen GomSpace’s presence in Southeast Asia. Singapore is rapidly emerging as a regional space leader, with strong government backing, and GomSpace is well integrated into its growing space ecosystem. In Jakarta, I joined Foreign Minister Lars Løkke Rasmussen for meetings with key stakeholders. Indonesia is committed to investing in satellite infrastructure to monitor its vast maritime territory. A key focus of the new President’s policies is national self-sufficiency in food supply — particularly fish, which accounts for 85% of the country’s protein intake. As these policies move toward execution, GomSpace remains engaged and ready to contribute as planned. Strengthened balance sheet: Ready to scale In March, we announced a planned strengthening of our balance sheet with a 196 M.SEK investment from our main shareholder, Peter Hargreaves. I am grateful for his continued trust and confidence, and proud of the GomSpace team whose work made this possible. This capital injection will not just bring financial stability — it is a catalyst. We will now be positioned to pursue larger opportunities, particularly in government and defense markets, and to accelerate our global expansion. The path ahead is clear: execute with discipline, grow with ambition, and deliver sustainable value for our shareholders, customers, partners, and employees. With the warmest regards, Carsten Drachmann CEO WORDS FROM THE CEO Building Momentum TRADING STATEMENT FOR Q1 2025
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TRADING STATEMENT FOR Q1 2025 FINANCIAL SUMMARY Q1 Full year T.SEK 2025 2024 ▲% 2024 Revenue 88,803 50,162 77% 257,046 EBITDA (adjusted)* 11,324 -16,610 -12,069 EBITDA (adjusted)* as a percentage of revenue 13% -33% -5% EBIT 796 -22,199 -64,806 EBIT as a percentage of revenue 1% -44% -23% Profit (loss) for the period 1,345 -25,097 -86,684 Earnings per share 0,01 -0,18 -0,62 Free cash flow 4,729 -12,053 42,655 Net cash and cash equivalents 72,344 45,843 58% 82,698 Revenue breakdown Programs 49,148 20,374 141% 147,523 Products 32,106 23,187 38% 90,364 North America 7,549 6,601 14% 19,159 Total revenue 88,803 50,162 77% 257,046 EBITDA (adjusted)* breakdown Programs 5,233 -12,038 -5,159 Products 5,819 -3,286 -5,733 North America 272 -1,286 -1,177 Total EBITDA (adjusted)* 11,324 -16,610 -12,069 Business units T.SEK Programs Products North America Total Order backlog 1 January 2025 302,935 53,034 6,722 362,691 Currency adjustment -3,889 -1,196 -541 -5,626 Order intake 4,815 43,966 8,604 57,385 Converted to revenue -49,148 -32,106 -7,549 -88,803 Order backlog 31 March 2025 254,713 63,698 7,236 325,647 Order backlog 1 January 2024 92,616 54,045 5,950 152,611 Currency adjustment 563 1,154 -82 1,634 Order intake 36,354 16,025 4,733 57,112 Converted to revenue -20,374 -23,187 -6,601 -50,162 Order backlog 31 March 2024 109,159 48,036 4,001 161,196 Order intake per business unit % of orders 77% 8% 15% Programs Products North AmericaQ1 Q2 Q3 Q4 Q1 200 150 100 50 0 Order intake M.SEK 57.4 149.8 68.6 199.2 57.1 * Adjusted EBITDA excluding 2.6 M.SEK sharebased payment.
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• Revenue: 320 to 380 M.SEK • EBITDA margin: -2% to +10% (EBITDA adjusted margin: -1% to +11%) • Free cash flow: Positive for the full year of 2025 The guidance is based on the following assumptions: Revenue for the Programs Business Unit: At the beginning of the year, the BU entered the first quarter with a strong order backlog, with more than 70% of the expected revenue already contracted. While Programs BU order intake during the period was modest, this does not impact our overall revenue guidance for the year since the Products Business Unit has performed better than the expected low double-digit growth compared to 2024. For the North America Business Unit, we still anticipate high double-digit growth. The EBITDA margin during the first quarter exceeded expectations, providing support for the full year; however, it will still rely on the intake of new orders in the Business Unit for Products and North America. During the period, the SEK has strengthened against the EUR, which slightly reduced our margin reported in SEK, as our guidance assumed constant exchange rates for 2025. Product orders, which include standardized modules, platforms, and payloads, have a three to four-month visibility period and are expected to convert into revenue within three months of placing the order. Conversely, the Projects in the Programs Business Unit offer longer-term visibility, and we still rely on timely execution and securing new contracts in the second half of 2025 to utilize capacity efficiently. We had positive free cash flow in the first quarter and expect to maintain it in 2025, though fluctuations are likely due to payment milestones and order timing. Prepayments from late 2024 will still negatively impact cash flow in the first half of 2025, but we anticipate a recovery in the second half from new program orders. 2025 EXPECTATIONS AND ASSUMPTIONS The strong performance in the first quarter has strengthened our confidence in our guidance, which remains unchanged TRADING STATEMENT FOR Q1 2025 GomSpace Group AB | Ulls Väg 29A | SE-756 51 Uppsala | Sweden Revenue M.SEK EBITDA (adjusted) M.SEK Revenue end of quarter EBITDA (adj.) end of quarterRevenue LTM EBITDA (adj.) LTM Q1 Q1Q2 Q2Q3 Q3 Q4 Q4 Q1 Q1 100 80 60 40 20 0 15 10 5 0 -5 -10 -15 -20 300 240 180 120 60 0 50.2 83.3 Operating profit (EBIT) M.SEK EBIT end of quarter EBIT LTM 57.7 11.3 66 88.8 0.8 -2.3 6 -16.6 Q1 Q2 Q3 Q4 Q1 5 0 -5 -10 -15 -20 -25 25 0 -25 -50 -75 -100 -125 0.8 -22.2 -8.3 -13.3 -21 Free cash flow M.SEK Free cash flow end of quarter Free cash flow LTM Q1 Q2 Q3 Q4 Q1 40 30 20 10 0 -10 -20 80 60 40 20 0 -20 -40 4.7 36.1* 6.6 -12.1 40 20 0 -20 -40 -60 12 * We have revised the reported free cash flow (FCF) for Q4 2024 due to a technical accounting adjustment related to working capital.