GomSpace Posts 43% Revenue Growth in Q1 2026, Eyes Ukraine Satellite Venture

Event summary

  • Q1 2026 revenue grew 43% YoY to 126,748 T.SEK, with EBITDA up 29% to 11,222 T.SEK.
  • Order intake surged 104% YoY to 116,986 T.SEK, driven by sovereign satellite demand.
  • Net profit turned positive at SEK 20 million, including SEK 13 million from equity-based compensation for delayed payments.
  • Announced joint venture with STETMAN to deliver sovereign satellite communications in Ukraine, supported by the European Commission.

The big picture

GomSpace's strong Q1 2026 performance underscores the growing demand for sovereign satellite solutions, particularly in conflict zones. The Ukraine joint venture signals a broader push into defense and dual-use applications, aligning with European Commission priorities. With 70% YoY revenue growth in 2025 and continued momentum, the company is positioning itself as a key player in the small satellite sector, though execution risks remain.

What we're watching

Execution Risk
Whether GomSpace can sustain its 40%+ revenue growth amid geopolitical uncertainties in Ukraine.
Cash Flow Dynamics
The pace at which free cash flow improves, given Q1's negative SEK 59.7 million outflow.
Strategic Expansion
How replicable the Ukraine joint venture model is across other sovereign satellite markets.

Related topics

EBITDA