GomSpace Group AB (GOMX) AI Stock Analysis

• Market Cap: kr2.58B
• Dividend Yield: N/A
• Average Volume (3M): 814.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: 9.60%
• EPS Growth: 40.86%
• Country: SE
• Employees: 176
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.00
• Shares Outstanding: 168,669,160
• 10 Day Avg. Volume: 471,169
• 30 Day Avg. Volume: 814,195
• PEG Ratio: 1.34
• Price to Book (P/B): 13.22
• Price to Sales (P/S): 5.85
• P/FCF Ratio: -26.52
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): kr572.20M

• Rating: 48 Neutral
• Price Target: kr15.00 ▼(-18.92% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is held back primarily by weak cash generation (negative operating and free cash flow in 2025) and a still-lossmaking bottom line despite improving operating margins. Technicals are also bearish with the price below key moving averages and negative MACD. Balance sheet improvement helps, but valuation remains constrained by losses and no provided dividend yield.

Positive Factors

Revenue Acceleration

A near 29% revenue jump in 2025 signals expanding commercial traction and larger program wins. Durable revenue growth reduces execution risk, supports scale in production and R&D, and underpins longer-term contract leverage if the company sustains its project pipeline.

Improving Operating Margins

Margin expansion to ~34% gross and ~15% EBITDA indicates improving unit economics and operational leverage. Sustainable higher margins can fund R&D and service expansion, shorten payback on customer contracts, and improve the path from operational momentum to durable profitability.

Stronger Capital Structure

A meaningful reduction in leverage materially lowers financial risk and interest burden, improving flexibility for strategic investments and bid competitiveness. A healthier balance sheet supports long-term program delivery and resilience across multi-quarter satellite projects.

Negative Factors

Negative Operating and Free Cash Flow

Persistent negative operating and free cash flow undermines internal funding for contracts and growth, forcing reliance on external capital. Over a multi-month horizon, cash burn heightens refinancing risk, constrains investment cadence, and can delay program deliveries if not addressed.

Still Loss-Making at Net Level

Despite operating improvements, a negative net margin shows the firm hasn't converted operational gains into sustained profitability. Continued losses limit retained earnings, reduce reinvestment capacity, and make the business more vulnerable to cyclical or contract setbacks over the medium term.

Project-driven Revenue Causes Cash Volatility

A milestone-based, project revenue model produces lumpy receipts and working-capital swings. Structurally this raises receivable and timing risks, increases the need for short-term financing, and can amplify cash-flow stress across multi-quarter satellite build and delivery cycles.

GomSpace Group AB Business Overview & Revenue Model

Company Description

GomSpace Group AB (publ), through its subsidiaries, designs, develops, integrates, and manufactures nanosatellites for the academic, government, and commercial markets. The company offers mission payloads in the areas of software defined radio, aircraft and ship tracking, ADS-B patch antenna, and optical earth observation; and power and communication systems, command and data handling products, attitude and orbit control systems, ground systems, and various ready to integrate structures. Its products are used in global tracking, Internet of things, communication, defense and security, remote sensing, and science mission applications. It operates in Denmark, Sweden, other European countries, the United States, Asia, and internationally. The company was formerly known as GS Sweden AB and changed its name to GomSpace Group AB (publ) in June 2017. GomSpace Group AB (publ) was founded in 2007 and is based in Uppsala, Sweden.

How the Company Makes Money

GomSpace makes money mainly by selling space hardware and associated solutions to customers building and operating small satellites. Key revenue streams include: (1) Sales of satellite subsystems and components (e.g., electrical power systems, radios/communications payloads, attitude determination and control, onboard computing, and other mission-critical modules) sold as standard products or configured for specific missions; (2) Sales of integrated satellite platforms and mission solutions, where GomSpace delivers a more complete spacecraft (or major portions of it) by combining its subsystems with integration, testing, and documentation; (3) Engineering, integration, and support services tied to delivered hardware, including customization, environmental testing, verification/qualification activities, and technical support across the mission lifecycle; and (4) Software and operations-related offerings associated with operating satellites and managing data/communications, where sold as part of a broader mission delivery or support package. Revenue is typically project- and contract-driven, with payments linked to milestones such as design completion, hardware delivery, and acceptance testing. Information on specific current major partnerships or customer concentration is null.

GomSpace Group AB Financial Statement Overview

Summary

Income statement momentum improved (2025 revenue up ~29% YoY with gross margin ~34% and EBITDA margin ~15%), and leverage fell meaningfully (debt-to-equity ~0.63x). However, the company still posted a net loss (~-6% net margin) and cash flow is the main weakness, with operating and free cash flow turning deeply negative in 2025.

Income Statement

Revenue accelerated meaningfully in 2025 (up ~29% year over year) and profitability improved sharply versus 2024, with gross margin expanding to ~34% and EBITDA margin turning solidly positive (~15%). However, the company still reported a net loss in 2025 (net margin ~-6%), and profitability has been volatile over the period (deep losses in 2022–2024). Overall: clear operational momentum, but not yet consistently profitable at the bottom line.

Balance Sheet

Leverage improved substantially from 2024, with debt-to-equity falling from very elevated levels (~4.4x) to a more moderate ~0.63x in 2025 alongside a much stronger equity base. That said, returns remain negative (ROE still below zero in 2025), indicating the balance sheet is healthier but earnings power has not fully normalized. Overall: materially better capital structure, but profitability still weighs on quality.

Cash Flow

Cash generation weakened in 2025, with operating cash flow turning negative and free cash flow also deeply negative, reversing the positive cash flow profile seen in 2024. Free cash flow deterioration is pronounced (large negative growth), suggesting working-capital swings and/or higher investment needs. Overall: cash flow is the main pressure point despite improved operating results.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	341.98M	441.80M	257.05M	237.84M	198.38M	213.60M
Gross Profit	95.68M	151.67M	75.82M	18.62M	-51.12M	49.02M
EBITDA	11.42M	64.75M	-25.18M	-27.02M	-156.49M	3.56M
Net Income	-102.57M	-27.24M	-86.92M	-92.60M	-227.82M	-27.33M
Balance Sheet
Total Assets	346.77M	695.76M	326.70M	302.21M	334.17M	395.80M
Cash, Cash Equivalents and Short-Term Investments	29.38M	213.49M	82.50M	61.08M	33.10M	99.27M
Total Debt	81.84M	122.96M	101.84M	90.73M	108.91M	46.67M
Total Liabilities	358.66M	500.27M	303.49M	192.42M	229.37M	170.91M
Stockholders Equity	-11.89M	195.49M	23.21M	109.78M	104.80M	224.89M
Cash Flow
Free Cash Flow	24.01M	-97.45M	38.13M	-55.50M	-209.32M	-24.28M
Operating Cash Flow	24.07M	-46.96M	38.29M	-47.91M	-159.07M	3.20M
Investing Cash Flow	-33.36M	-47.86M	-15.03M	-7.47M	-44.82M	-25.81M
Financing Cash Flow	-7.06M	229.46M	-8.22M	84.85M	132.85M	-16.93M

GomSpace Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GOMX, the sentiment is Negative. The current price of 18.5 is above the 20-day moving average (MA) of 17.48, below the 50-day MA of 20.31, and above the 200-day MA of 16.35, indicating a bearish trend. The MACD of -1.33 indicates Positive momentum. The RSI at 29.86 is Positive, neither overbought nor oversold. The STOCH value of 19.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:GOMX.

GomSpace Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAAB.B	70 Outperform	kr344.43B	45.69	13.56%	0.39%	22.49%	30.47%
AVT.B	69 Neutral	kr388.58M	30.50	33.71%	1.22%	34.25%	57.77%
CTT	64 Neutral	kr1.64B	111.42	―	2.75%	-3.14%	-35.70%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AAC	54 Neutral	kr818.84M	-13.95	-6.70%	―	30.82%	57.74%
MILDEF	53 Neutral	kr5.76B	37.97	10.29%	0.41%	47.87%	-439.87%
GOMX	48 Neutral	kr2.58B	-94.90	―	―	9.60%	40.86%