Research

GomSpace (One-pager): Solid first half results support continued momentum

Summary

GomSpace reported a 45% revenue growth and an adjusted EBITDA margin of 9% for Q2 2025, indicating strong performance and positive momentum.
The company is on track to meet its 2025 guidance, with H1 2025 revenue increasing by 59%, surpassing the full-year guidance range of 24-48%.
Despite early operational ramp-up affecting cash flow, GomSpace maintains its outlook for positive free cash flow in 2025.
We have updated our investment case one-pager, providing an overview of GomSpace's performance, peer group comparison, and key investment insights.

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Yesterday, GomSpace reported its Q2 2025 results, showing continued positive momentum with revenue growth of 45% and adjusted EBITDA margin of 9%.

GomSpace is on track to deliver on its 2025 guidance after a solid H1 2025. Revenue increased by 59%, above of the top end full year guidance growth range of 24-48%. Adjusted EBITDA was DKK 20.4m in H1 2025, corresponding to a margin of 11%, compared to the full year EBITDA margin guidance of -1% to +11%. Cash flow has been affected by early operational ramp-up in Q2 2025, however, the 2025 outlook for positive free cash flow remains unchanged.

We have updated our investment case one-pager, including an updated overview of the peer group. Besides an update on the recent news and valuation perspectives, the investment case one-pager introduces GomSpace and highlights key investment reasons and risks.

Yesterday, GomSpace's CEO Carsten Drachmann presented the results for Q2 2025 and answered several questions from the audience. Watch the presentation here: https://www.inderes.dk/videos/gomspace-presentation-of-q2-2025-interim-report

Disclaimer: HC Andersen Capital receives payment from GomSpace for a Digital IR subscription agreement. /Kasper Lihn 11:00, 28 August 2025.

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Gomspace is an IT company. The company develops, designs and sells nanosatellites. The products are designed to deliver tracking, communication and cybersecurity and are used in a variety of industries, including defense and security, aviation and telecommunications. The operations are held on a global level, with headquarters located in Aalborg, Denmark.