GomSpace Group (GOMX) Q3 2024 TU earnings summary

Financial performance and cashflow

• Achieved positive free cashflow of 12 MSEK in Q3 2024, a significant turnaround from the previous year's negative figure.

• Year-to-date EBIT improved by 23 MSEK, moving from -67 MSEK to -44 MSEK, despite lower revenue.

• Order intake rose to 68.7 MSEK, while net revenue was 57.7 MSEK, down from 67.7 MSEK in Q3 2023.

• Operating profit (EBIT) for the quarter was -13.3 MSEK, an improvement over -17.0 MSEK last year.

• Earnings per share were negative SEK 0.16, better than negative SEK 0.24 in Q3 2023.

Operational highlights and outlook

• Successfully initiated new programs, including Micro Satellites for Singapore and Unseenlabs in France, reaching key milestones.

• Order backlog increased by 10 MSEK, supporting a more stable and predictable business.

• Management expects strong execution in Q4 and forecasts full-year 2024 revenue and EBIT to surpass 2023 levels.

Indonesia KKP satellite program update

• The 20-satellite KKP program for Indonesia remains listed in the government's Green Book, confirming approval for foreign financing.

• Denmark is listed as the sole supplier, with GomSpace and partners contracted and financing approved by EIFO in June 2024.

• The process to finalize the financing agreement between Denmark and Indonesia is ongoing, with no indication of cancellation.

• Minister Trenggono, the main customer and contract holder, continues in his role in the new Indonesian government.