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GomSpace releases its Q1 2024 trading statement

GomSpace releases its Q1 2024 trading statement and maintains the guidance for positive free cashflow in 2nd half of 2024. A full half-year report will be delivered on August 23, 2024.

Q3 Trading Statement will be moved up 4 weeks from 27 November 2024 to 31 October 2024.

COMMENTS FROM THE CEO
The start of a new year is an excellent time for making changes. I’m pleased to introduce our new Trading Statement, which provides our investors with valuable insights in a more concise and efficient manner. Beginning with Q3 2024, future Q1 and Q3 market updates will be released within 4-5 weeks of the closing. In addition to delivering the required trading update data, we will continue to share our order backlog development, now with insights into the dynamics of our new business units—Products, Programs, and North America—each led by an accountable and experienced senior executive.

The first quarter reflects the positive impact of the measures taken in 2023 to right-size our business. We now have significantly better cash flow compared to the same period last year. While it was not as strong as the Q4 2023 cash flow, I’m pleased to see it remains within a manageable range, thanks to our improved cost structure.

Our path to greater profitability involves building our Products business with a healthy contribution, gaining momentum in North America, and developing a satellite offering with relevant technology and improved profitability. We are on that trajectory.

To respond to market demand and seize growth opportunities, we are expanding into the micro satellite market following a significant order from Unseenlabs on May 13. At the same time, we are maintaining our efforts in nano satellites to support future revenue growth.

Overall, we maintain our guidance for positive free cash flow in the second half of 2024. Additionally, we remain on track to provide an update on the Indonesia program by the end of Q2 2023.

About GomSpace Group AB
The company’s business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB is the Company’s Certified Adviser.

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