Fourth Quarter of 2024 (Q4 2023)

• Order intake increased by 34% to SEK 138.5 (103.3) million
• Revenue increased by 117% to SEK 83.3 (38.4) million
• The gross margin decreased to 7% (12%) due to extraordinary warranty provisions and impairments
• Operating EBITDA margin increased to negative 10% (negative 48%)
• Operating profit EBIT was negative M.SEK 21(negative 26)
• Earnings per share was negative SEK 0.21 (negative 0.31)
• Free cash flow improved to positive SEK 16.7(21.2) million

Full Year 2024 (2023)

• Order intake increased by 137% to SEK 463.5 (195.7) million
• Revenue increased by 8% to SEK 257 (237.8) million
• The gross margin improved to 29% (8%)
• Operating EBITDA margin increased to negative 10% (negative 11%)
• Operating profit EBIT was negative SEK 64.8 (negative 84.4) million
• Earnings per share was negative SEK 0.62 (negative 0.91)
• Free cash flow was positive SEK 23.3 (negative 55.4) million
• The Board proposes not to pay dividends for 2024

The company reached its guidance for 2024 given on December 18, 2024

• We achieved our goal of generating positive free cash flow of 28.5 M.SEK in the second half of 2024, as initially guided.
• On December 18, 2024, we estimated revenue of over 245 M.SEK and an EBITDA better than negative 10%.
• We achieved 257 M.SEK in revenue and an EBITDA of negative 10%

2025 Guidance (Maintained from December 18, 2024)

• Revenue is expected in the range of 320-380 M.SEK
• EBITDA margin between -2% and +10%
• Positive free cash flow for the full year

The guidance is based on the following assumptions:

Revenue for the Programs Business Unit is based on an order backlog at the beginning of the year, with over 70% of revenue contracted. For the Products Business Unit, we expect low double-digit growth compared to 2024, and for the North America Business Unit, we anticipate high double-digit growth.

The EBITDA margin will depend on the intake of new orders in the Business Unit for Products and North America. Current margin ranges are reported in SEK, but sales occur in EUR and USD with assumed constant exchange rates. Product orders, which include standardized modules, platforms, and payloads, have a three to four-month visibility period and are expected to be converted into revenue within three months of placing the order. Conversely, the Projects in the Programs Business Unit offer longer-term visibility and rely on timely execution and securing new contracts in the second half of 2025 to utilize capacity efficiently.

Positive free cash flow is anticipated for 2025; however, fluctuations are expected due to payment milestones and the timing of product order intake. The strong order intake with prepayments in late 2024 is expected to negatively impact cash flow in the first half of 2025. During the second half of 2025, we anticipate a recovery from new order intake. Securing the contract with Indonesia's Ministry of Fishery & Marine Affairs could push results toward the upper guidance range.

Comments from GomSpace CEO, Carsten Drachmann

"As we close Q4, I am pleased to share that we have achieved our goal of generating positive free cash flow in the second half of 2024 - and, as it turns out, for the full year - reaching 23 MSEK. This milestone reflects the commitment we made in April 2023 to manage costs and improve profitability.

Worth noticing is also a solid increase in order backlog from 152 MSEK on January 1, 2024, to 363 MSEK by December 31, 2024.

This was no small feat, given the financial and motivational challenges we faced after 2022. I am immensely proud of our team's unwavering dedication and resilience over the past 24 months, navigating turbulence and uncertainty with determination."

In 2025, we move forward with the same determination - this time with an even sharper focus on profitability and sustainable growth. We are reintroducing broader financial guidance, covering revenue, EBITDA, and cash flow, with strong indications of further financial improvement".

Concerning the Indonesia opportunity, the company informs that there are no further updates at this time, and Carsten Drachmann comments: "We are still waiting for the financing discussions to move forward after the new government has started its tenure. I have been given no reason to believe that there are any changes in the intentions from the Indonesian government, and I will update the market immediately when any significant news arrives".

For more information, please contact:
Anne Breüner (Head of Corporate Affairs)
Tel: +45 40 200 192
E-mail: anbr @ gomspace.com

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. For more information, please visit our website on www.gomspace.com.

Miscellaneous
This information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. CET on February 14, 2025.