GomSpace Reports Strong Order Intake and Revenue Growth in Q4 2021
Nanosatellite provider GomSpace Group announced a significant increase in its order backlog for the fourth quarter of 2021. Both revenue and operating profit saw improvements compared to the previous year.
GomSpace Group AB has released its financial results for the fourth quarter of 2021, detailing a substantial rise in order intake and improved net revenues. The company, specializing in professional nanosatellites for the space market, reported order intake growing to SEK 286.7 million from SEK 73.4 million in the same period last year.
Net revenues for the fourth quarter reached SEK 81.1 million, an increase from SEK 72.3 million in the prior year's fourth quarter. The company also reported a significant improvement in operating profit (EBIT), which rose to SEK 3.5 million from SEK 0.3 million in 2020. According to the company, this improvement was driven by enhanced working capital management and operational performance.
For the full year 2021, net revenues stood at SEK 213.6 million, aligning closely with the company's previously issued outlook. The order backlog at the end of the year was valued at SEK 540 million. GomSpace anticipates a revenue growth of 30% in 2022, with expected revenues between SEK 264 and 292 million. The company plans to increase investments in product development to enhance future project margins.
In late 2021, GomSpace secured several key contracts, including agreements with Politecnico di Milano, Unseen Labs, the Colombian Air Force, and the European Space Agency (ESA) for various satellite missions. The company's strategy focuses on improving profitability by reducing non-recurring engineering costs and increasing the proportion of product-based revenue.