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 and EBIT at SEK 9.7 million.

• Free cash flow was negative SEK 94.8 million for the year, mainly due to delayed customer payments, despite strong operational performance.

• Ended the year with a strong cash position of over SEK 200 million and a 13% increase in order backlog to SEK 410 million.

• Secured major contracts in defense and lunar missions, and expanded business units to target advanced missions and national defense solutions.

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

Financial highlights

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

• Adjusted EBITDA: SEK 17.5 million in Q4; SEK 52.9 million for the year (up from -12.1 million); EBIT: SEK 9.7 million for the year (up from -64.8 million).

• Free cash flow: -SEK 94.8 million for the year, 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.

• Order backlog increased 13% year-on-year, reaching SEK 410 million; North America backlog tripled to over $22 million.

Outlook and guidance

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

• 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.

• Focus on profitable growth, scaling operations, and capturing market momentum in space and defense sectors.