Defence demand drives GomSpace to continued growth

GomSpace continues its growth trajectory into 2026. 

The Danish satellite company reports a 43 percent increase in revenue for the first quarter, reaching SEK 126.7 million. EBITDA rose to SEK 11.2 million, corresponding to a margin of 9 percent, while operating profit (EBIT) improved to SEK 2.5 million.

The figures mark a continuation of the momentum established in 2025, with the company stating that performance is in line with expectations. Order intake more than doubled compared to the same period last year, reaching SEK 117 million, indicating continued demand across core segments.

However, free cash flow declined to minus SEK 59.7 million, reflecting ongoing investments and working capital tied to project execution. Cash reserves increased to SEK 226.9 million, supported by financing activities and prior capital measures.

Defence and sovereignty as drivers

According to GomSpace, geopolitical developments continue to shape demand, particularly for sovereign space capabilities linked to security and communications.

- Market activity remains strong, supported by geopolitical developments and shifting global priorities, says CEO Carsten Drachmann in a press release.

The company highlights sovereignty, resilience and control of data as key drivers, with space-based infrastructure becoming increasingly central to national strategies. 

This is reflected in a new agreement to establish a joint venture in Ukraine with the company Stetman, aimed at delivering satellite-based communication capabilities for dual-use applications.

The initiative is supported by the European Commission and financial institutions, and includes plans to launch a satellite in autumn 2026 as part of a broader network development.

Expects continued growth

Financial data shows that satellite systems accounted for the largest share of order intake in Q1, underlining the importance of multi-satellite programmes for revenue generation.

Despite improved profitability, cash flow remains a challenge. The company attributes this to planned scaling investments and the nature of project-based deliveries, where costs are incurred ahead of milestone payments.

Looking ahead, GomSpace maintains its full-year guidance, expecting revenue between SEK 540 million and 640 million and an EBITDA margin of 5–12 percent. Free cash flow is expected to remain negative as investments continue.

- Our Q1 2026 financial performance is in line with expectations, with revenue growth of more than 40 percent compared to the same period last year and positive EBITDA, says Carsten Drachmann in a press release.

The company points to a solid order backlog and continued demand as the basis for further growth, while noting that execution risks remain inherent in a project-driven business model.