Danish Aerospace Company (DAC) H2 2024 earnings summary

Executive summary

• Revenue declined to DKK 17.7 million in 2024, below the outlook of DKK 22-24 million, mainly due to project contract delays and high project expenses.

• EBITDA was DKK -3.0 million, impacted by one-off costs related to E4D project completion and financial support/audit costs.

• Net loss for the year was DKK -3.9 million, compared to a profit of DKK 2.0 million in 2023.

• Key technological milestones included the completion and delivery of E4D exercise devices and successful operation of the FERGO ergometer on the ISS.

• The company expanded its dual-use technology applications, securing defense-related contracts and extending its ESA astronaut health monitoring contract.

Financial highlights

• Revenue fell 40% year-over-year to DKK 17.7 million; gross profit dropped to DKK 12.2 million from DKK 20.6 million.

• EBITDA margin was -17.05% versus 16.16% in 2023; equity ratio decreased to 33.75% from 35.2%.

• Net loss of DKK -3.9 million, down from a net profit of DKK 2.0 million in 2023.

• Total assets decreased to DKK 26.4 million from DKK 34.2 million; equity fell to DKK 7.9 million.

• Earnings per share was DKK -0.36, compared to DKK 0.19 in 2023.

Outlook and guidance

• 2025 revenue expected at DKK 21-23 million; EBITDA forecasted at DKK 1-3 million.

• Gross cash inflow of DKK 30.3 million anticipated in 2025, with DKK 27.6 million from signed contracts.