GomSpace Group (GOMX) Q2 2025 earnings summary

Executive summary

• Q2 revenue grew 45% year-over-year to 95.9–96.9 MSEK, with adjusted EBITDA improving to 9.1 MSEK from near breakeven last year.

• H1 revenue increased 59% year-over-year to 184.7 MSEK, and adjusted EBITDA reached 20.4 MSEK from -16.1 MSEK.

• Free cash flow was negative at -45.1 MSEK in Q2 and -40.4 MSEK in H1, mainly due to upfront investments for a major contract and deferred customer payments.

• A major contract for 18 satellites worth 215 MSEK was secured, supporting backlog and confidence for 2025 and beyond.

• Equity ratio restored to about 40% after capital injections, with cash and equity exceeding 200 MSEK and 260 MSEK in the bank by mid/late August.

Financial highlights

• Q2 revenue: 95.9–96.9 MSEK; H1 revenue: 184.7 MSEK, both up strongly year-over-year.

• Q2 adjusted EBITDA: 9.1 MSEK; H1 adjusted EBITDA: 20.4 MSEK (vs. -16.1 MSEK last year).

• Q2 free cash flow: -45.1 MSEK; H1 free cash flow: -40.4 MSEK, reflecting early investments.

• EBIT improved to -0.7 MSEK in Q2 and 0.1 MSEK in H1, with net profit negative due to non-cash warrant liability valuation.

• Cash and cash equivalents at period end were 29.4 MSEK, rising to 260 MSEK after capital increases.

Outlook and guidance

• Full-year revenue guidance maintained at 320–380 MSEK, with adjusted EBITDA margin between -1% and +11%.

• Positive free cash flow expected for Q3 and the full year, with recovery as contract payments are received.

• Strong order backlog and new contract wins underpin confidence for 2025 and cautious optimism for 2026.