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 over 25% year-over-year growth and a 22% CAGR since listing.

• Positive free cash flow of SEK 23 million for 2024, a turnaround from negative SEK 55 million in 2023.

• Order backlog increased to SEK 363 million at year-end, up SEK 210 million from the previous year, reflecting strong program contracts and sales momentum.

• 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, leveraging heritage, reliability, and end-to-end solutions for growth.

Financial highlights

• Q4 revenue reached SEK 83 million, with order intake of SEK 138 million; full-year revenue up 8% to SEK 257 million.

• Q4 EBIT was SEK -21 million; adjusted for one-time warranty and inventory provisions, operational EBIT was SEK -2 million.

• Gross margin improved from 8% in 2023 to 29% in 2024, despite Q4 margin dropping to 7% due to one-time charges.

• Cash position increased to SEK 82 million from SEK 61 million year-over-year.

• Full-year EBIT at SEK -65 million, improved from SEK -84 million 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%, with positive free cash flow targeted for the year.

• Over 70% of 2025 program business revenue already contracted, providing high visibility.

• Guidance does not include potential Indonesia contract; any closure would be incremental.

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