GomSpace reports significant losses in Q4 2022
Nanosatellite provider GomSpace Group AB reported substantial losses for the fourth quarter of 2022. Order intake and net revenues decreased, with negative gross margins attributed to a cancelled project.
Stockholm – February 7, 2023 – Space technology company GomSpace Group AB has announced significant financial setbacks for the fourth quarter of 2022. Order intake dropped sharply to SEK 27.9 million from SEK 286.7 million in the same period last year. Net revenues fell to SEK 50.7 million, down from SEK 81.1 million.
The company reported a negative gross margin of -51%, a stark contrast to the 38% margin recorded in Q4 2021. This decline is attributed to a large, suspended customer project that was terminated, resulting in the withdrawal of performance guarantees worth SEK 17.6 million and subsequent cost impacts. Operating profit (EBIT) for the quarter was a loss of SEK 80.3 million, compared to a loss of SEK 4.0 million in the prior year.
For the full year 2022, GomSpace's order intake decreased to SEK 166 million from SEK 553 million in 2021, and net revenues were SEK 198.4 million, down from SEK 213.6 million. The full-year gross margin was negative 26%, and the operating loss was SEK 232 million.
Looking ahead to 2023, GomSpace projects revenues between SEK 250 million and SEK 290 million. However, the company anticipates a continued negative EBIT margin, forecast between -25% and -15%. The company has secured short-term financing and plans a rights issue in Q1 2023 to improve its capital structure.