GomSpace Group (GOMX) Q4 2021 earnings summary

Executive summary

• 2021 revenue rose 10% YoY to SEK 213.6m; EBIT loss narrowed 2% to SEK 29.5m despite lower gross margin and project rework.

• Order intake more than doubled to SEK 553.0m, lifting year-end backlog to SEK 540.0m; commercial orders expanded its share of backlog.

• Growth execution was constrained by semiconductor shortages and slower-than-planned hiring; operating cash flow remained positive for a second consecutive year.

Financial highlights

• Net revenue was SEK 213.605m versus SEK 194.576m; gross profit was SEK 49.016m versus SEK 47.646m.

• EBIT loss was SEK 29.524m versus SEK 30.261m; net loss was SEK 27.327m versus SEK 43.566m.

• Operating cash flow was SEK 3.201m versus SEK 43.444m; cash and cash equivalents were SEK 99.271m at year-end versus SEK 135.502m.

• Cash flow for the year was negative SEK 39.5m, mainly reflecting investment and working-capital movements.

Outlook and guidance

• 2022 revenue guidance: SEK 264–292m, implying 30% growth; EBIT margin expected to be better than -15%.

• Guidance assumes recruitment of skilled employees, especially in Technology, and easing of electronic-component shortages.

• Lower-margin non-recurring engineering projects and higher R&D weigh on profitability; increased R&D is intended to enable greater standard-platform reuse and improve margins over time.

• A five-year strategy targets more standard product content and European nanosatellite manufacturing, followed by expansion into satellite data and services.