Smallsat builder GomSpace reports Q1 revenue drop; unexpected costs in ongoing contracts reduce margin

by Peter B. de Selding

PARIS — Smallsat manufacturer GomSpace A/S reported a 13% decline in revenue and sharply lower gross margin in Q1 2021 as several ongoing projects took more resources than expected.

GomSpace told shareholders that what it called “unexpected late-stage events” in the affected projects had been resolved. Gross margin dropped to 3% compared to 24% in the previous quarter and 13% for the whole of 2020.

Sweden- and Denmark-based GomSpace said the revenue and profit shortfall during the quarter will not affect the company’s expected . . .

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