GomSpace Group (GOMX) Q3 2025 TU earnings summary

Financial performance and guidance

• Q3 revenue increased 94% year-on-year to 111.7 MSEK, with year-to-date revenue up 71% and all business units achieving double-digit growth.

• Adjusted EBITDA for Q3 was 15.0 MSEK, with year-to-date EBITDA at 35.4 MSEK, a significant improvement from negative SEK 17 million last year.

• Free cash flow was negative SEK 38 million in Q3 due to delayed milestone payments, but positive free cash flow is expected for the full year as payments are anticipated to be resolved in Q4.

• Net cash and cash equivalents increased to 255.2 MSEK, reflecting strengthened liquidity.

• Full-year 2025 revenue guidance was raised to 420–450 MSEK (from 320–380 MSEK), with EBITDA margin guidance now at 6–13%.

Operational highlights and business units

• Strong execution on order backlog and healthy margins are driving profitability.

• Product business, including satellite platform kits, is a key growth area, enabling internal scaling and offering integrated solutions.

• North America saw a SEK 15 million order, doubling recent intake, with expectations for further growth.

• Order intake for Q3 was 58.5 MSEK, down 14.7% year-over-year, but year-to-date order intake increased 15%.

• Operating profit is positive year-to-date, though net profit remains negative due to technicalities related to financial instruments.

Market trends and strategic positioning

• The market for dual-use satellites is expanding, with increased defense and civil applications such as Earth observation and maritime surveillance.

• Significant public investments in space are underway in Europe, including Germany’s €35 billion, the EU’s €800 million, and Denmark’s tripled ESA contribution.

• The company anticipates further opportunities from national and joint Nordic space initiatives.

• The company is well positioned to benefit from growing European and global demand for sovereign space assets.

• The transformation over the past 24 months is delivering financial, commercial, and operational results.