GomSpace Group AB (GOMX) AI Stock Analysis

• Market Cap: kr2.54B
• 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 & margin improvement

Revenue growth of roughly 29% in 2025 combined with a ~34% gross margin and ~15% EBITDA margin indicates sustained demand and improving unit economics. These operational gains, if maintained, underpin a credible path to consistent profitability and fund reinvestment.

Materially improved leverage

Leverage falling from ~4.4x to ~0.63x materially strengthens the capital structure, reducing interest burden and refinancing risk. Improved balance-sheet flexibility supports bidding on larger programs, steadier operations, and targeted R&D or capex over the medium term.

Specialized small-sat business model

A focused offering across CubeSats, subsystems, integrated platforms and mission services creates an end-to-end, differentiated business model. Selling hardware plus integration, software and support diversifies revenue streams and captures more mission value over time.

Negative Factors

Negative cash generation

Operating and free cash flow turned deeply negative in 2025, reversing prior positive cash generation. Persistent negative cash flow stresses working capital, may require external financing, and constrains the company's ability to scale production or absorb program timing shocks.

Continued net losses

Despite margin improvements, the firm remained loss-making in 2025 and has a recent history of deep losses. This volatility means profitability is not yet durable and the business remains exposed to cost overruns, program delays, or revenue shortfalls that could reverse progress.

Negative returns on equity

ROE remaining below zero shows the enlarged equity base is not yet producing positive returns. Sustained negative returns may force additional capital raises or dilution, and signal the company must achieve consistent operational profitability to justify invested capital.

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: Neutral
• STOCH: Neutral

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 18.11, below the 50-day MA of 20.53, and above the 200-day MA of 16.34, indicating a bearish trend. The MACD of -1.24 indicates Positive momentum. The RSI at 30.10 is Neutral, neither overbought nor oversold. The STOCH value of 26.64 is Neutral, 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	kr346.43B	45.69	13.56%	0.39%	22.49%	30.47%
AVT.B	69 Neutral	kr381.80M	30.50	33.71%	1.22%	34.25%	57.77%
CTT	64 Neutral	kr1.66B	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	kr853.08M	-13.95	-6.70%	―	30.82%	57.74%
MILDEF	53 Neutral	kr5.77B	37.97	10.29%	0.41%	47.87%	-439.87%
GOMX	48 Neutral	kr2.54B	-94.90	―	―	9.60%	40.86%