GomSpace Posts Record Revenue, EBITDA Surge Amid Cash Flow Challenges
Event summary
- GomSpace reported all-time high Q4 2025 revenue of 145,571 T.SEK, up 75% YoY, and full-year revenue of 441,802 T.SEK, up 72% YoY.
- EBITDA (adjusted) tripled to 52,943 T.SEK for 2025, with a 12% margin at the high end of guidance.
- Free cash flow turned negative at -94,821 T.SEK for 2025 due to delayed payments from a key customer.
- Order backlog increased 13% to 410 MSEK, with 2026 guidance targeting 30%+ revenue growth.
The big picture
GomSpace's record revenue and EBITDA reflect its outperformance of the 14.2% CAGR small satellite market, but negative free cash flow highlights the challenges of scaling a project-intensive business. The company's strategic investments aim to capitalize on increasing private and government space spending, though execution risks remain. With a solid cash position and expanding backlog, GomSpace is positioning itself for continued growth amid industry tailwinds.
What we're watching
- Execution Risk
- Whether GomSpace can deliver on high-margin product sales and large project completions to meet 2026 guidance.
- Cash Flow Dynamics
- The pace at which delayed customer payments are recovered and how it impacts 2026 scaling investments.
- Market Positioning
- How GomSpace leverages its 12% EBITDA margin—above industry average—to capture growing private and government space investments.
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