GomSpace Group (GOMX) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of SEK 257 million for 2024, up from SEK 238 million in 2023, with positive free cash flow of SEK 23 million, marking a turnaround from negative SEK 55 million in 2023.

• Order backlog increased to SEK 363 million at year-end, up SEK 210 million from last year, reflecting strong sales momentum.

• EBIT improved to SEK -65 million in 2024 from SEK -84 million in 2023, with a notable SEK 19-20 million negative adjustment for inventory and warranty.

• Secured SEK 250 million in microsatellite contracts with three customers and received a SEK 650 million export guarantee approval for Indonesia.

• Strategic focus on marine domain awareness and operational clarity through three business units: Products, Programs, and North America.

Financial highlights

• Q4 revenue reached SEK 83 million; full-year revenue at SEK 257 million, with Q4 order intake of SEK 138 million.

• Free cash flow positive for both Q4 (SEK 17 million) and full year (SEK 23 million); cash position increased to SEK 82 million at year-end.

• Adjusted EBIT for Q4 was SEK -2 million (excluding SEK 19-20 million in one-time warranty and inventory adjustments); reported EBIT was SEK -21 million.

• Gross margin improved from 8% in 2023 to 29% in 2024; Q4 gross margin was 7% due to one-time charges.

• Earnings per share for 2024 was negative SEK 0.62, improved from negative SEK 0.91 in 2023.

Outlook and guidance

• 2025 revenue guidance set at SEK 320–380 million, implying at least 25% growth; EBITDA margin expected between -2% and +10%.

• Positive free cash flow targeted for 2025, with over 70% of Programs revenue already contracted.

• Products unit expects low double-digit growth; North America unit anticipates high double-digit growth.

• Guidance does not include potential Indonesia contract; any upside from this would be incremental.

• Continued investment in digitalization and AI to improve efficiency and reliability.