GomSpace Group (GOMX) Q2 2025 earnings summary

Executive summary

• Q2 2024 revenue increased 45% year-over-year to SEK 95.9 million, with H1 revenue up 59% to SEK 184.7 million, driven by strong order intake and backlog growth.

• Adjusted EBITDA turned positive, reaching SEK 9.1 million in Q2 and SEK 20.4 million in H1, reflecting operational improvements.

• Free cash flow was negative SEK 45.1 million in Q2 and SEK 40.4 million in H1, mainly due to upfront investments and deferred customer payments, but is expected to recover in Q3.

• A significant contract for 18 satellites worth SEK 215 million was secured, boosting confidence for 2025 and beyond.

• Equity ratio restored to over 40% after capital injection and EIB loan transfer; cash and equity exceeded SEK 200 million, with SEK 260 million in the bank by mid-August.

Financial highlights

• Q2 order intake rose 29% to SEK 257.8 million; H1 order intake up 23% to SEK 315.2 million.

• EBIT improved to minus SEK 0.7 million in Q2 and SEK 0.1 million in H1, nearing break-even.

• Net loss for Q2 was SEK 29.4 million, impacted by a SEK 26.7 million non-cash warrant adjustment; H1 net loss was SEK 34.8 million.

• Cash and cash equivalents at period end were SEK 29.4 million, rising to SEK 260 million after capital injections.

• Q2 adjusted EBITDA margin: 9%; H1: 11%.

Outlook and guidance

• Revenue guidance for 2024 maintained at SEK 320–380 million, with 30–50% growth expected.

• EBITDA margin guidance up to 11%, with positive free cash flow expected for the full year and recovery in Q3.

• Order backlog and new contract wins underpin confidence in achieving record annual revenue and continued momentum into 2025.