GomSpace issues a market update highlighting a positive free cashflow in Q2 and a strong improvement on order backlog

GomSpace issues a market update on key performance parameters for Q2 2024, highlighting a positive free cashflow of 6.6 MSEK and an order backlog by the end of Q2 at 299 MSEK.  

The company announces selected unaudited key figures for Q2 2024 as follows:

• Free cashflow reached a positive 6.6 MSEK for Q2 2024, compared to -12 MSEK in Q1 2024.
• End of Q2 cash balance of 51 MSEK, up from 46 MSEK in Q1 2024.
• The Program Business Unit had a strong Q2 order intake of 185 MSEK.
• The Product Business Unit closed twice as many orders compared to the same period last year, but with a lower average contract value, yielding an order intake of 12 MSEK in the quarter.
• The North America Business Unit was at 8 MSEK in order intake.
• The total order backlog at the end of Q2 is 299 MSEK, up from 161 MSEK at the end of Q1 2024.
• The order backlog is strengthening as expected and the company reconfirms the guidance of reaching a positive free cashflow in the second half of 2024.

CEO Carsten Drachmann comments: “In keeping with our ambition to release quarterly results as soon as possible to the market, I am happy to release an early market update ahead of the half year report on August 23. We managed to reach another free cashflow positive quarter, a further testament to our improved business management.”

Carsten Drachmann continues: “Equally important, we saw strong growth in order backlog for the quarter, especially in the Program Business Unit. North America is on track in establishing GomSpace footprint in the region. The Product Business Unit closed twice as many orders compared to the same period last year, but with a lower average contract value, giving a lower than anticipated order intake in the quarter. This is expected to improve in Q3, evidenced with the order from Unseenlabs of 10 MSEK announced on July 16. It is worth noting that this not only represents an overall strengthening of our order backlog but also includes contributions with healthy margins, providing a solid foundation for further business performance improvements.”.  

GomSpace Group AB provides a Q2 2024 market update ahead of the planned interim report for first half year on August 23, 2024. Remember the CEO interview scheduled for 11.30am CET the same day, hosted by HC Andersen Capital. Register for the event here.

For more information, please contact:
Anne Breüner (Head of Corporate Affairs)
Tel: +45 40 200 192
E-mail: anbr @ 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
GomSpace Group AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 10:00 a.m. CET on July 24, 2024.