Nasdaq CopenhagenIFRS · DKK

GOMSPACE A/S

GOMSPACE A/S is a Denmark-based space technology company that designs and supplies nanosatellite platforms, subsystems, payloads, and mission solutions. Its business combines in-house engineering, product sales, and project-based delivery for commercial and institutional space customers across several regions through a centralized group structure.

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Revenue286m DKK
+92.9 %y/y
Operating profit (EBIT)9.9m DKK
+134.0 %y/y
EBIT margin3.5%
+23.1 ppy/y
Net income-22.4m DKK
+29.0 %y/y
Free cash flow-63.6m DKK
−602.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-200-1000100200300m DKK2021: 117 m DKK2021: EBIT -12 m DKK20212022: 120 m DKK2022: EBIT -101 m DKK20222023: 118 m DKK2023: EBIT -51 m DKK20232024: 148 m DKK2024: EBIT -29 m DKK20242025: 286 m DKK2025: EBIT 9.9 m DKK20252869.9
RevenueOperating profit (EBIT)
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Business

Share of revenue
Satellite platforms35 %

Nanosatellite platform hardware and standardized satellite buses used for commercial and institutional missions.

Programs and mission solutions35 %

Project-based delivery of mission-specific satellite systems and integrated program work.

Product sales25 %

Standalone sales of satellite products and subsystems not bundled into large programs.

Software and subsystems5 %

Communication, power, attitude control, and mission operations software components.

Customers

GomSpace sells to customers building small satellite missions, including commercial operators, government programs, and institutional customers. The company’s offerings are used where buyers need compact, modular space hardware and integrated mission support rather than large traditional satellite systems.

Commercial space operators

Companies building satellite constellations or single-mission spacecraft that buy platforms, payloads, and subsystems.

Government and institutional customers

Public-sector space agencies and research customers purchasing mission hardware and project delivery.

Product sales customers

Customers buying off-the-shelf satellite products and components for independent integration.

Program delivery customers

Customers contracting for customized mission work, where GomSpace delivers to schedule and specification.

Strategy

GomSpace is focused on scaling its nanosatellite platform and subsystem franchise while increasing the share of product sales alongside program work. The company is also investing in R&D and industrialization to broaden its technology base and support future constellation-scale missions.

Grow product sales and platform revenueShort term

A larger share of standardized products can improve scalability and diversify the revenue mix.

Invest in R&D and industrializationMedium term

Advanced engineering capability is central to differentiation in nanosatellite hardware and mission solutions.

Strengthen execution in project deliveryShort term

Program work depends on timing, customer funding, and on-schedule delivery, making execution a competitive advantage.

Geography

GomSpace operates through a Danish headquarters and a multi-entity international structure, with engineering teams primarily in Denmark and Luxembourg and subsidiaries in Sweden, Asia, North America, Luxembourg, and France. The report does not provide a country revenue split, but the operating footprint shows exposure to both European space ecosystems and international customer programs.

Risks

GomSpace is exposed to project execution, customer funding timing, and the inherent volatility of a project-driven space business. It also faces liquidity, foreign exchange, credit, and development-risk pressures because revenues depend on milestone delivery, customer payments, and continued investment in R&D.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Project delivery timing1Delayed customer payments2Development project execution3Liquidity risk4Foreign exchange risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Project delivery timingImpact: HighLikelihood: High

    Revenue depends on contract work and delivery schedules, so slippage can defer recognition and backlog conversion.

    Exposure: Programs and mission solutions

  2. Delayed customer paymentsImpact: HighLikelihood: Medium

    A key customer delayed capital raising, which slowed receipts and affected liquidity and free cash flow.

    Exposure: Trade receivables and working capital

  3. Development project executionImpact: HighLikelihood: Medium

    The business relies on ongoing R&D to maintain competitiveness and create future products.

    ExposurePlatformsPayloadsSoftwareSubsystems
  4. Liquidity riskImpact: HighLikelihood: Medium

    Working capital can be strained by delayed receipts and project-driven cash outflows.

    ExposureCashBorrowingsShareholder funding sources
  5. Foreign exchange riskImpact: MediumLikelihood: High

    The group operates internationally and reports in DKK, creating translation and transaction exposure.

    Exposure: Multi-currency sales and subsidiaries

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Accounting

Judgemental items
Revenue recognition timing

Customized contract work is recognized over time, so estimates of progress affect reported revenue and margin.

Impact: Can shift revenue between periods

Trade receivables and credit loss estimates

Delayed customer payments require judgment about recoverability and cash collection timing.

Impact: Can affect working capital and impairment charges

Development project capitalization

In-house development spending can be capitalized when criteria are met, affecting operating expenses and assets.

Impact: Influences EBITDA, assets, and future amortization

Anticipated contract losses

Loss-making contracts must be provisioned when total contract costs are expected to exceed revenue.

Impact: Can create upfront expense recognition

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Last updated: 24/10/2026