GomSpace Group (GOMX) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of SEK 145 million, up 75% year-on-year, and full-year revenue of SEK 441-442 million, a 72% increase over 2024, with positive EBIT of 9.7 MSEK after prior year losses.

• Full-year EBITDA reached SEK 53 million (9% margin), the first time above zero, with adjusted EBITDA closer to 12%, outperforming industry averages.

• Order intake increased 12% to 518 MSEK, and order backlog grew 13% to 410 MSEK, supporting future growth.

• Maintained a strong balance sheet with over SEK 200 million in cash at year-end, aided by a directed share issue and a SEK 74 million credit facility.

• Strategic focus on scaling operations, industrialization, and expanding production capacity.

Financial highlights

• Q4 revenue of SEK 145 million, up 75% year-on-year; full-year revenue of SEK 441.8-442 million, up 72%; EBIT: 9.7 MSEK (vs. -64.8 MSEK in 2024); Net loss: -26.1 MSEK.

• Adjusted EBITDA: 53 MSEK (4 MSEK in 2024); EBITDA margin: 9%-12%.

• Free cash flow for the year was negative SEK 95-132 million, mainly due to delayed customer payment of SEK 145 million.

• Programs business revenue more than doubled to SEK 300 million; products up 34%.

• Cash and cash equivalents: 209 MSEK (83 MSEK in 2024); equity ratio: 32% (12% in 2024); total assets: 670 MSEK.

Outlook and guidance

• 2026 revenue guidance set at SEK 540-640 million, implying ~30% growth.

• EBITDA margin guidance of 5%-12%, with confidence in delivering positive EBITDA.

• Negative free cash flow expected in 2026 due to significant investments in R&D and production capacity.

• Focus on increasing product business, high-volume satellite delivery, and capturing EU/national space budgets.

• Strong order backlog (~SEK 400 million) supports 2026 targets; additional contracts needed to reach upper guidance.