GomSpace (provider of nanosatellites) announces its quarterly results for the third quarter 2018

Stockholm, November 6, 2018. GomSpace Group AB (the “Company”) announces its interim report for the third quarter of 2018. The report is available on the Company’s homepage (www.gomspace.com). The following is taken from the quarterly report:

“The net revenue in the first three quarters of 2018 amounted to T.SEK 113,167 compared to T.SEK 66,786 in the first three quarters of 2017. This corresponds to a growth rate of 69%, which is in line with our new long-term ambitions. Without the impact of the elimination of sales to associated companies, the growth rate corresponds to 77%. The gross margin amounts to 32%; without elimination, it would have been 37%, which reflects a slight improvement compared to the first half of 2018.

During the summer, we have revised our 5-year business plan. This work has resulted in a new set of ambitions that was an­nounced in a press release on 28 September 2018.

We have experienced a favorable development of our com­mercial situation as a high number of customers have bought or are likely to buy In Orbit Demonstration (IOD) projects from GomSpace. The IOD projects are predecessors for full constel­lation projects that typically contain 100-200 satellites and thus provide a great potential for GomSpace going forward. The majority of the IOD customers are new disruptive companies with new services to the market. This typically means that their business models are venture capital funded and the funding process is critical for their success.”

CEO Niels Buus commented.

Third quarter summary

1 July – 30 September 2018 (2017)

  •  Net revenues increased to T.SEK 33,608 (21,697), a growth of 55%. Without the partial elimination of the associated company, growth was 53%
  •  Gross margin increased to 34% (25%)
  •  Operating profit (loss) decreased to a negative T.SEK 30,357 (a negative 16,065)
  •  Earnings per share were a negative SEK 0.82 (a negative 0.58)
  •  Order book amounts to T.SEK 735,085 as at 30 September 2018. We expect to convert SEK 35-55 million of the cur­rent backlog into revenue during the remaining part of 2018
  •  The Board of Directors of GomSpace Group intends to carry out a rights issue of indicatively SEK 300 million to support the new long-term ambitions 
  •  GomSpace Group presents new long-term ambitions. Targets are to generate sales above SEK 1.5 billion in 2023, supported by the strong underlying market as well as to target a gross margin exceeding 50%, in the medium term

1 January – 30 September 2018 (2017)

  •  Net revenues increased to T.SEK 113,167 (66,786), a growth of 69%. Without the partial elimination of the asso­ciated company, growth was 77%
  •  Gross margin increased to 32% (29%)
  •  Operating profit (loss) decreased to a negative T.SEK 72,087 (a negative 44,514)
  •  Earnings per share were a negative SEK 2.13 (a negative 1.63)

Subsequent events

  •  Extraordinary general meeting held in GomSpace Group AB (publ)

For more information, please contact:
Niels Buus (CEO)

Tel: +45 40 31 55 57
Email:
nbu@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      

This information is information that GomSpace is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 8:00 a.m. CET on November 6, 2018.

About Us

GomSpace is a globally leading manufacturer and supplier of cubesat & small satellite solutions for customers in the academic, government and commercial markets. Our positions of strength include systems integration, cubesat platforms, advanced miniaturized radio technology and satellite operations. Our international team is devoted to understanding our customer’s requirements and to delivering flawlessly. We are more than 130 employees, from many different nationalities, and we serve our customers in more than 60 countries. We were founded in 2007 and are today a listed company at the Nasdaq stock exchange in Stockholm (GOMX). We have our main headquarters in Aalborg in Denmark, our propulsion technology center in Uppsala in Sweden and our satellite & constellations operations center in Luxembourg. Our American customers are served through our project and business development office in Washington. We believe nanosatellites should be put to work delivering revenue and/or mission critical services for their owners, and we can deliver the - often complex - products and solutions that enable our customers in doing so. With more than 13 years of experience in the market and a track record of multiple successful missions accomplished, we have developed profound knowledge and competencies within Radio Technology, Cubesat Platforms, Project Management as well as Innovation. We provide the solutions that enables our customers to succeed in their business - whether this is a product, a subsystem, support or a full customized solution. We deliver these projects based on our strong in-house portfolios of established products and rich capabilities.

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