Компания GomSpace отчиталась о росте выручки на 30% в первом полугодии и расширении заказов в оборонном секторе

This article first appeared on GuruFocus. Release Date: August 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points - Revenue grew 17% year-over-year in Q2 and 30% in H1, outpacing the market's 14-15% growth. - Achieved positive EBITDA of 13% in Q2 and 11% in H1, with a positive net profit of $28 million. - Order backlog increased by $28 million from Q1, with order intake exceeding revenue, improving future predictability. - Balance sheet strengthened with equity ratio rising to 41% after Peter Hargreaves converted warrants to shares. - Strong pipeline in national and defense solutions, with large opportunities in Ukraine, Germany, and Asia, and progress in deep space missions like Blue Origin and ESA's Ramses. Negative Points - Cash flow remains negative at minus $42 million in Q2, due to planned investments in technology and production capacity. - An outstanding receivable from a customer remains unresolved, with the customer in a prolonged fundraising period, though mitigated by reusing materials and taking shares. - Order intake in Q2 was lower than the same period last year, which had a large order, though it was higher than Q1 2026. - The National and Defense Solutions business unit currently has zero revenue, with no immediate contracts closed, despite a growing pipeline. - The timeline for major deals, such as Ukraine and Indonesia, remains uncertain and dependent on external factors like government funding and procurement processes. Q & A Highlights Q: Can you elaborate on the milestonestechnical, contractual, and financialfor the Ukraine satellite project, and clarify the structure of the joint venture and service provider?A: Carsten Brachmann, CEO: The joint venture is not the service provider; the service provider would be an operator like Starlink or Kiev Star. The operator needs to be set up in Ukraine, and once running, it will place orders for satellites from GomSpace and partners. The first satellite is an in-orbit demonstrator (IOD) to test frequencies and prepare for a larger constellation. It has passed vibration testing and is scheduled for a SpaceX launch in early October. The financial milestone involves EU funding, and the contractual part involves setting up the operator. This is a long process, but we are well positioned, and the vision is for a Ukrainian sovereign asset with potential future production in Ukraine. Q: Regarding the outstanding receivable from 2025, can you provide more details on the valuation of the shares you took as compensation and the put option?A: Carsten Brachmann, CEO: We cannot guarantee the shares have future value, but they are an upside. The actual collateral is the satellites we control, which is why we haven't taken a write-down. The shares are a bonus for the delayed payment. The current share price is $949 per share, based on their recent capital raises. We have a put option to convert those shares back into cash once they raise capital. We are in daily contact with the customer and their investors, and we are confident they will be successful. We are not disclosing the company name to avoid jeopardizing their capital raise. Q: Where do you see the best development and biggest opportunities among the four business units in the next year?A: Carsten Brachmann, CEO: The big ticket items are in National and Defense Solutions. This is where we see the largest deal sizes and the most significant pipeline growth. However, we also see good opportunities in Satellite Systems, Advanced Missions (e.g., Blue Origin continuation), and Products. The current results are driven by small to mid-size deals, which we can sustain for growth. We are patiently waiting for the big-ticket deals that will change the dynamics, but they take time. Q: Why do you expect better margins in National and Defense Solutions compared to Satellite Systems, and how should we model this?A: Carsten Brachmann, CEO: National and Defense Solutions is a value-based selling business. We are solving problems, not just selling satellites. For example, in Indonesia, we are selling protection of the fishing industry, which has a much higher value than a satellite. This allows us to price based on value. In Satellite Systems, there are often multiple bidders, making it more price-competitive. Products have a different dynamic with higher overhead and R&D costs. So, while National and Defense Solutions should carry higher margins than Satellite Systems, it's a different animal compared to Products. Q: Is there anything special in this quarter's margins, and should we see a trend in gross margins across the different business units?A: Carsten Brachmann, CEO: Margins will fluctuate quarter by quarter depending on the revenue mix. A strong quarter for Products will contribute higher margins, while a strong quarter for Satellite Systems will result in lower percentage margins. The 11% EBITDA margin we are hitting is good for this market. The ambition is to go higher over time, but we are focused on the average percentage across everything. Q: Can you provide a timeline for the Indonesia order?A: Carsten Brachmann, CEO: The project is still alive. We have a valid commercial contract with no end date. The next step is for the Indonesians to request government financing from Denmark. It's a long process, but we are not giving up. As a joke, Indonesia is working faster than Denmark, so we remain patient and confident we will see results. Q: Why don't you go out and speak to the market to address the share price swings and confirm that things are going as planned?A: Carsten Brachmann, CEO: The golden rule for CEOs is not to comment on the share price. My job is to create transparency, which I do through these Q&A sessions and reports. We are on track with our three-year turnaround plan. We achieved cash flow positive in 2024, and now we are investing more on purpose. We have a positive EBITDA and even a net profit, growing at 30% versus the market's 15%. The share price fluctuations are likely related to general space investment trends, and I encourage investors to do their own market analysis. Q: Can you elaborate on the order intake and backlog, and how the internal demand from other business units impacts the product business?A: Carsten Brachmann, CEO: Order intake was $240 million, higher than revenue, which increased our backlog by $28 million since Q1. The external product backlog is $47 million, but when you include internal obligations to other business units, the total is $134 million. This shows the actual activity level and how we need to scale our manufacturing and supply chain. It's becoming a supply chain game, and we need to manage long lead items and inventory to support the larger deals. Q: Regarding the Indra/Startical joint venture, could GomSpace still be a platform or subsystem supplier if they scale and become more vertically integrated?A: Carsten Brachmann, CEO: Indra is definitely a potential future customer. The customer we have is Startical, a joint venture between Indra and Spanish airport authorities. The venture needs funding to progress. Our satellite is flying and working, and we are in regular dialogue. As with many large programs, it's about budget. Whether it's a commercial startup or government-funded air traffic control, these processes take time. We are preparing by ensuring we have the technology and competences, and we are building trusted relationships. Q: Can you provide more color on the market momentum, particularly in Europe, Germany, and Asia?A: Carsten Brachmann, CEO: Space is now frontline defense. Governments are shifting to sovereign assets and end-to-end solutions. In Europe, political understanding and budgets are in place, but procurement processes haven't changed yet. In Germany, there is a 42 billion investment in space for defense, and we are seeing openings. A large prime told us we are more mature than most of the German market. In Asia, there is a need for local industry, especially For the complete transcript of the earnings call, please refer to the full earnings call transcript.