GomSpace reports increased order intake and revenue for Q3 2020
Nanosatellite provider GomSpace Group AB announced its third-quarter 2020 financial results. The company saw significant year-over-year growth in both order intake and net revenue.
GomSpace Group AB, a provider of nanosatellites, released its financial results for the third quarter of 2020 on October 22. The company reported a substantial increase in order intake, reaching SEK 136.5 million for the period from July 1 to September 30, up from SEK 26.5 million in the same period of 2019. Net revenue also rose to SEK 39.1 million, compared to SEK 15.8 million a year prior.
The company's gross margin improved to 24% from 11% reported in the third quarter of 2019. The operating loss narrowed to SEK 7.2 million, an improvement from the SEK 27.3 million loss in the previous year. For the first nine months of 2020, order intake increased to SEK 197.3 million, and net revenue grew to SEK 122.3 million.
Key events during the quarter included a contract signed with the European Space Agency (ESA) for the continued development of the Juventas CubeSat, valued at approximately EUR 11 million. Additionally, GomSpace signed contracts for the continuation of the GOMX-5 mission (EUR 1.3 million) and for constellation management development (HOOP, EUR 1.35 million).
CEO Niels Buus stated that revenue increased by 148% and cash flow continued to improve. The company maintains its revenue outlook between SEK 160-185 million and is preparing to compete for large constellation programs.