GomSpace provides an end of quarter update on the Maritime Domain Awareness program in Indonesia

The government-to-government process on financing of the Maritime Domain Awareness program in Indonesia is ongoing.

CEO, Carsten Drachmann comments:” It has been a long journey that started more than 3 years ago, and I know it seems like an even longer wait here at the end, but things will take the time they take, when it comes to government business. Our Danish Embassy in Jakarta is doing a fantastic job in supporting us and helping the deal to closure.”

The Company summarizes the key milestones achieved towards closing the final contract for Marine Domain Awareness program with Indonesia:

• On December 22, 2023, a commercial agreement was signed between EPGS Partners (a GomSpace subsidiary and joint venture with Ellipse Projects) and the Indonesian Ministry of Marine Affairs & Fisheries. The scope is an end-to-end solution for marine surveillance, including 20 satellites. The total contract is 150 MEUR, of which GomSpace’ part is approximately 60 MEUR (650 MSEK). For this contract to come into full effect, government-to-government financing is required.
• Denmark and Indonesia have signed an MoU for financing Danish Export up to 1 BEUR via EIFO. On June 20, 2024, EIFO concluded that GomSpace and EPGS Partners meet the criteria for an export loan of 135 MEUR for the end-to-end project.  
• Based on the contract signed in December 2023, it was agreed to launch the first satellite already in the Summer of 2024. To ensure momentum on the timeline, the parties agreed to start the assembly and launch of the satellite immediately and the satellite was successfully launched on August 16, 2024. The satellite is now operational and has delivered the first pictures of Jakarta.

Carsten Drachmann continues: “While we are all waiting for the final conclusion, I would like to highlight the significant achievements that have been accomplished thus far. We signed a commercial contract in December 2023, ahead of several other competitors for one of the most significant Marine Domain Awareness programs. GomSpace has not previously been approved by EIFO to receive export financing, but this changed in June 2024, through a very positive engagement with EIFO. This approval is a turning point for GomSpace and it will open the door for other similar opportunities, especially in Southeast Asia and Africa. Finally, we managed to build an earth observation satellite in record time with a successful launch in August 2024. All of this speaks to the capabilities of GomSpace, its ability to partner, and sets new standards for what we can achieve in the future.”

The company informs that regardless of the timing of the final closure of the Indonesian contract, it maintains that it will deliver a positive free cashflow in the second half of 2024, as well as a 2024 revenue superseding that of 2023.

The company will provide a further update on the Indonesian program as new information is available, latest by the end of Q4 2024.

For more information, please contact:
Anne Breuner (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.