GomSpace Reports Q2 2021 Results
Nanosatellite provider GomSpace Group AB announced its second-quarter 2021 financial results. The company saw a significant increase in order intake, although net revenues saw a slight decrease compared to the previous year.
GomSpace Group AB announced its interim report for the second quarter of 2021 on July 19, 2021. The company's order intake increased substantially to SEK 199.4 million from SEK 42.3 million in the same period last year. This growth was largely driven by a EUR 14.5 million contract with Indra for a development and in-orbit demonstration project.
Net revenues for the second quarter reached SEK 47.5 million, a slight increase from SEK 42.7 million in the prior year. The gross margin improved to 14% from 11%. The operating loss narrowed to SEK 12.3 million from a loss of SEK 14.9 million in the second quarter of 2020. Earnings per share were negative SEK 0.22, compared to negative SEK 0.47.
For the first half of 2021, net revenues decreased to SEK 82.8 million from SEK 83.2 million in the first half of 2020. The gross margin declined to 9% from 18%, and the operating loss widened to SEK 26.2 million. CEO Niels Buus commented that supply chain challenges for electronic components continue to affect delivery times and margins, but the company achieved positive cash flow from operations, an improvement from the previous quarter.