GomSpace reports third quarter financial results
Nanosatellite provider GomSpace Group has announced its third quarter 2016 financial results. The company reported significant revenue growth and an improved gross margin.
GS Sweden AB, a provider of nanosatellites, has released its interim report for the third quarter of 2016. The report indicates that net revenues increased to SEK 12.2 million, up from SEK 9.0 million during the same period in 2015.
The gross margin improved to 44%, compared to 33% in the third quarter of the previous year. The operating profit for the period was negative SEK 0.36 million, an improvement from the negative SEK 0.95 million reported in Q3 2015. Earnings per share were negative SEK 0.04.
For the first nine months of 2016, net revenues reached SEK 37.1 million, a substantial increase from SEK 22.1 million in the corresponding period of 2015. The gross margin for the nine-month period stood at 58%, up from 30% in 2015. The company also reported a significant increase in its workforce.
CEO Niels Buus stated that the results for the first three quarters were satisfactory and within expectations. He noted that an ongoing investment program is being implemented, which influences the results compared to previous quarters.