GomSpace (Provider of Nanosatellites) Announces its Quarterly Results for the First Quarter 2017

STOCKHOLM, May 31, 2017 /PRNewswire/ -- GomSpace Group AB announces its interim report for the first quarter of 2017. The report is available on the company's homepage (www.gomspace.com). The following is taken from the quarterly report:

First quarter summary

1 January - 31 March 2017 (2016)

• Net revenues increased to T.SEK 18,997 (11,003)

• Gross margin decreased to 46% (64%)

• Operating profit (loss) decreased to a negative T.SEK 10,257 (a positive 929)

• Earnings per share were a negative SEK 0.42 (a positive 0.69)

• GomSpace selected for the delivery of a constellation of satellites to Sky and Space Global (UK) Ltd

Subsequent events

• GomSpace makes a private placement at SEK 95 million through issuance of 1.75 million new shares. 

"The result for the period was a loss of T.SEK 10,272, in line with our expectation, and the growth in revenue was 73% which is also in line with our target. Gross margin was 46% which is slightly under our target. Without the partial elimination of revenue from Aerial & Mari­time Ltd. the growth in revenue would be 89% and gross mar­gin 49%. We are now in a phase where we, at a substantial level, invest in assets as well as in operations. The financials are very much influenced by this. The basic conditions are however solid, because our order­book is very strong and it has in fact never been stronger in our history. At the same time, the future demand also looks promising," CEO Niels Buus commented.                                                        

About GomSpace Group AB

The Company's business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace ApS, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The Company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB is the Company's Certified Adviser. For more information, please visit our website on www.gomspace.com. 

Miscellaneous 

For more information, please contact:    
Niels Buus
CEO
Tel: +45-40-31-55-57              
Email: [email protected] 

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SOURCE GomSpace A/S