GomSpace Group reports 105% order intake increase for Q2 2019

GomSpace Group AB announced its financial results for the second quarter of 2019, highlighting a significant rise in order intake. From April to June, the company secured orders totaling SEK 61.7 million, a 105% increase from SEK 30.1 million in the same period last year.

Net revenues for the quarter rose by 25% to SEK 52.2 million. However, for the first half of the year, revenue growth was more modest, increasing by only 3% to SEK 82.1 million. The gross margin declined to 23% from 28% in the prior year's second quarter, and the company reported an operating loss of SEK 42.3 million.

The company's reported order book stood at SEK 118.1 million at the end of the period. This figure included an order from Sky and Space Global that was subsequently removed, valued at SEK 702.8 million, indicating a substantial adjustment to the order backlog.

Following the reporting period, GomSpace Luxembourg signed a contract with the European Space Agency (ESA) for continued development of constellation management technology, valued at EUR 1.425 million. CEO Niels Buus expressed optimism regarding the long-term prospects of the nanosatellite market, citing ongoing investments in the space sector and the emergence of new service providers.