GomSpace Group (GOMX) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of SEK 257 million for 2024, with year-over-year growth over 8% and a significant increase in order intake to SEK 463.5 million, outpacing market averages.

• Positive free cash flow for 2024 at SEK 23.3 million, a turnaround from negative SEK 55.4 million in 2023.

• Order backlog increased to SEK 363 million by year-end, up from SEK 152 million, reflecting strong sales momentum and focus on profitable contracts.

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

Financial highlights

• Q4 revenue reached SEK 83.3 million, up 117% year-over-year; full-year revenue at SEK 257 million, up from SEK 238 million in 2023.

• 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.

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

• Cash and cash equivalents at year-end were SEK 82.5 million, up 35% year-over-year.

Outlook and guidance

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

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

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