GomSpace Group (GOMX) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of SEK 145.6 million, up 75% year-on-year, and full-year revenue of SEK 441.8 million, a 72% increase, with adjusted EBITDA turning positive at SEK 52.9 million (9% margin) for the first time.

• Outperformed the satellite market's 14% CAGR, with strong growth in both contract and product businesses.

• Maintained a strong balance sheet with year-end cash of SEK 209.1 million and a SEK 74 million credit facility.

• Secured major contracts, including with a European defense contractor, a North American lunar exploration company, and a constellation contract for 18 satellites valued at SEK 215 million.

• Order backlog increased 13% year-on-year to SEK 410 million, providing a strong foundation for 2026.

Financial highlights

• Q4 revenue of SEK 145.6 million (up 75% YoY); full-year revenue of SEK 441.8 million (up 72% YoY).

• Adjusted EBITDA improved to SEK 17.5 million in Q4 and SEK 52.9 million for the year, with EBITDA margin at 12% for Q4 and 9% for the year.

• EBIT turned positive at SEK 9.7 million for the year, while net loss narrowed to SEK -27.2 million.

• Free cash flow for the year was negative SEK 94.8 million, mainly due to delayed customer payment of SEK 145 million.

• Programs business revenue more than doubled to SEK 301.9 million; products up 34% to SEK 121 million.

Outlook and guidance

• 2026 revenue guidance set at SEK 540–640 million, implying ~30% growth.

• EBITDA margin guidance of 5–12%, with confidence in delivering positive EBITDA.

• Negative free cash flow expected in 2026 due to significant investments in R&D and production capacity.

• Strong order backlog (~SEK 400 million) supports 2026 targets; additional contracts needed to reach upper guidance.