GomSpace Q2 Results: Order Intake Doubles, But Losses Widen

GomSpace Group AB announced its second-quarter 2019 financial results on August 30, 2019, revealing a substantial rise in order intake. The company's order intake surged by 105% to T.SEK 61,719 from T.SEK 30,072 in the same period last year. Net revenues also saw an increase of 25%, reaching T.SEK 52,224.

Despite the growth in orders and revenue, the company's gross margin decreased to 23% from 28% in the prior year's second quarter. The operating loss widened to T.SEK 42,328, compared to a loss of T.SEK 26,637 in the second quarter of 2018. For the first half of 2019, order intake rose 71% to T.SEK 76,507, while net revenues grew 3% to T.SEK 82,101. However, the gross margin fell to 15% (from 31%), and the operating loss for the period increased to T.SEK 69,958.

Following the reporting period, GomSpace Luxembourg signed a contract with the European Space Agency (ESA) for continued constellation management development, valued at EUR 1,425,000. The company stated its optimism about the long-term potential of the nanosatellite market, noting continued investments and emerging service providers, as well as growing interest from government sectors for science and national security applications.

GomSpace Group operates primarily through its Danish subsidiary, GomSpace A/S, focusing on professional nanosatellite systems and services. The company is listed on Nasdaq First North Premier under the ticker GOMX.