Welcome to today's presentation where we have the pleasure to present GomSpace. Today's topic, of course, the Q1 2026 interim report fresh from the press this morning.

As always, we are joined by you, CEO Carsten Drachmann, to take us through your results and, of course, answer questions in the end. There's a box down below your screen when you are watching this presentation, here you can ask questions.

There has already come a lot in, and we have a fixed time point, look whether the question has already been answered. For now, I will hand the call or the scene to you, Carsten, and then I will rejoin when we come to the Q&A session.

Thank you, Michael, and welcome all to this first-quarter presentation. Exciting, back again.

Spring is here, we started a new year, and finished quite well last year, and we're off to a good start. I thought actually I'd start with repeating a bit the strategic outlook that I see, because it's also telling a story about where we're heading, and it's telling a story about why we made the changes that we've done to the organization.

Space is here to stay, GomSpace is right in the middle, and if you look into why is space so important right now, why is it growing, one area is space is a new defense frontline. There's absolutely no doubt about it, and this is a change that has come over the last couple of years.

It is really driving our business, that is sending the foundation also for how we're thinking and how we are structuring ourselves. Governments are shifting from services to sovereign assets, basically having control of the assets that you need in order to secure your country.

We'll talk more about Ukraine later in this presentation, is a good example of that. We're enabling end-to-end solutions to create value, really important that we don't only offer a satellite, a technology, we're offering an end-to-end solution that is adding value to the customer.

Growth is driven more and more by multi-year constellations, we should start see larger deals coming in. We have seen that, and we will see more coming into the future, there's no doubt also that you will see larger constellations coming.

Deep space and lunar missions are also evolving. We've already a satellite flying out to an asteroid that we launched a couple of years ago, it's still flying and it's still alive.

Lunar missions are coming, we are engaging into lunar mission with Blue Origin, it's Jeff Bezos' investment company, it's out in the news also. We have the first deal of that part of that contract is here, and we are working on the second part, and we're executing that out of Luxembourg.

We see more and more also deep space and lunar missions. There will be an increasing share of product revenue.

You will also see that in the structure that we've set up, that we see our product business will growing, the products and subsystems. Volume capability and ability to scale is differentiating factor.

You have to be able to have the production facilities, you need to be able to scale your operation both in terms of producing of components and assembling satellites. This is a competitive edge that you need to have.

Obviously, for us to grow, it means we need to be able to do more, it's sort of a given, but we need to do more of that. We'll see a rollup and consolidation, as said before.

The business is growing, everybody understands space is an industry that is growing, and there are many people starting up, there are many new companies starting, not everybody will be surviving, we'll see a rollup trend also coming, some companies buying other companies. If you read the news, you'll see every day it's happening actually every week, and there will be more of that.

That's the baseline. Let's jump into Oh, yeah, there's a 42 of 14%, 14.2% compound average growth, this is the prediction over the next 5 years that the overall market growth for satellites up to 500 kilos, that's the market we are in.

We definitely want to grow much more than that, and that is also our ambition. Into Q1 highlights.

Our revenue compared to first quarter last year went up with 43%, it's very good, up to about SEK 125 million, I'm very happy with that. Our EBITDA in absolute numbers also increased compared to first quarter last year, and we're keeping about a 9% EBITDA margin.

This is good, this is where we want to be. Industry is around that level, nobody's higher.

A lot of the industry is not even making a positive EBITDA, very happy with being able to deliver a growth with a profit. Negative free cash flow, this is related to that we are investing more.

I saw the questions on you hired more people, what's your plan? We're hiring more people to grow, to build more technology, to increase our ability to scale, to increase our ability to capture more business in the market, and it's also costing some money, so as expected, a negative free cash flow.

We have secured a further facility. We took €7 million from the Hargreave loan facility that we have.

We did that simply to make sure that we want to have more than ample cash in order to execute our plans, which we're doing right now. Our cash balance is at a very solid, very strong 226 million.

Small note at the bottom, net profit is positive 20 million, this is actually a first time as well. It's very nice.

There is a 13 million part of that, which is related to shares that we have received from the company that owes us a lot of money. They owe us about SEK 150 million, it's been going on for some time.

We've taken actions to have collateral, that collateral is also triggering penalty payments on their side in terms of shares for us, and right now that's accumulated to SEK 30 million, and as this continues until they pay, we will receive more shares with a value. That's why you see a fairly high net profit there.

Further to this, it is a very, very interesting company. We strongly believe in the business case they're doing.

They're raising capital, and we control assets, etc., we've done everything that we can to secure that it's going to be fine, and I'm sure they will raise the capital when needed. It's a super interesting company, and it's a business case that the world needs, I'm comfortable and confident about that.

Structuring for growth. We made some changes.

We announced it last year, last year we had three business units, now we have 4+1, I call it, five engines of profitable growth. This is related to the market outlook, the strategic outlook that we have.

The first one is Products, mentioned that before, it's all the bits and pieces inside the satellite, subsystems. That continues to be a business unit as last year.

The one that was called Programs are converted into what we call Satellite Systems, which are really focusing on building high-volume satellites. We need to talk about standardization, we talk about optimizing for volume.

We have our National and Defense Solutions, which are targeting very much governments and also for civil purposes, dual-use purposes, building end-to-end solutions for customers, Ukraine is an example of that. Then we have our Advanced Missions, where we're doing lunar missions, just mentioned contract with Blue Origin that we're working on right now.

We also signed some other contracts during the quarter with ESA. This is where we see new innovation is coming in here.

Then we have our plus one, which is North America. North America is selling all the technology solutions from across the other business units, but because North America is for the industry the biggest market in the world, about 60, 70%, we have a special focus on that.

All of these business units are driven as mini P&Ls, and we're also reporting on that. I hope you appreciate the transparency we're giving you.

You can follow what each business unit is doing in terms of revenue and EBITDA, and this is also how we follow up internally when making decisions. Now I wanted to give you a little bit more insight into the drivers behind this.

If you take Products, call it an industrial scale engine. Revenue is driven by high-volume sales of standardized subsystems.

This is very much about repeat production of the same systems, and volume is higher here because we have many many smaller components and we're selling to more than 200 customers around the world. Profit is driven by our efficiency, our supply chain, ability to scale the supply chain, repeatable production.

We have really a chance to optimize here. High volume, and then strong margin, and we can control the margin even better by managing this.

The free cash flow is very much driven by inventory turnover and low capital intensity, we don't have a lot of capital tied up in addition to inventory. This is how we drive this.

It's also very important for us to say we do it because we're addressing a market, but we also very well understand how are we going to make money on this. Then we have our Satellite Systems, constellation execution engine as we call it.

As we are expecting to get larger and larger orders into the future, we are focusing more and more on our ability to actually drive these programs over multi-years. They need to be efficient.

The profit, the margin we get out of that is driven by repeatability, ability to also scale in the assembly, and execution excellence. Here you can see when you look into the numbers, you see actually quite high EBITDA on Products, and a relatively low EBITDA on Satellite Systems, but there's a good reason for that.

It is because this is where we need to scale it in order to get the margin. What we've also done here is that Satellite Systems actually buying from our Product business, so that means part of the revenue that we get from Satellite Systems we're actually passing over, and part of the margin as well.

This is a very clean, this is how we execute in the market, and this is how we also compare ourselves to our competitors. Then we have National and Defense Solutions.

This is also by multi-year mission-critical contracts, sovereign customers. This is more than selling a satellite or a piece of technology, this is truly end-to-end solutions.

Profit is more driven by value-based pricing. There's going to be a lot about program governance and risk management in this, but it's very much about value pricing.

It's not what is the cost of the satellite, it is what do I get when I have launched a full system including satellites, and what is the value to me. This is a very interesting space to be in, and we are now perfecting that.

You probably notice there's no revenue yet. No, there's not, but they will come, and this is why we're driving it.

Give you a few examples of what goes into this. One would be Indonesia as an example, and we also have Ukraine that we'll talk about later falls into this category here.

Typically, cash flow is good here, free cash flow, because you can negotiate advance payments, etc. This is a predictable payment plan, often paired with export guarantees, etc., behind it.

Good business for us here, and definitely an area for growth. Advanced Missions, contract-based.

Here it's more about securing strategic projects right now. They will be fairly complex, there will be some reuse, but there's also going to be a lot of new activities.

The one that we do right now with Blue Origin is a lunar mission, we're going to have two satellites orbiting around the Moon. That requires new development, and we're learning from that.

Profit is driven by ability to execute. It's going to be more heavy on the engineering side and less heavy on the assembly side, which means it's high-value engineering that we need to make our money on here.

We have to be quite selective in terms of what we picked in order to make money. It's milestone-based delivery for high-value projects, cash flow is we should be able to secure a positive free cash flow here.

Advanced Missions is also an example. Some of you have heard perhaps about VLEO, very lower Earth orbit, when the satellites come even closer to Earth and start having some issues with gravity, but you have advantage that they're closer.

This will also fall inside of Advanced Missions, and we did sign a contract with ESA in a consortium to start looking into this. Good example of this is our innovation and capability-building engine, but we still want to make money, and that's what we're focused on.

North America, market expansion, biggest market, repeating myself. It's about driving regional pipeline conversion on local customer engagements.

It can be products, it can be individual satellites, it can be solution programs, it can be pretty much anything from our portfolio. Here it's more about entering the market and positioning GomSpace.

Profit is driven by scaling our commercial presence and then leveraging the facilities and capabilities of the other business units. That gives you an idea, five business units, 4+1.

They're all have a very distinct focus in the market, something they need to achieve, they're also more different, and now we're defined it so that we're also trading internally, Products are actually getting paid for the products they're selling to the other business units as an example. Now with that in mind, let's take a look at our EBITDA here.

EBITDA came in at just above 11 million, so that's 9 9%, more than the first quarter, a little bit less than the quarter last year, a little bit less than the previous quarter Q4 here, perfectly within range of what we are driving for. If we break it down, as mentioned earlier, a lot of the margin you can see lies in Products.

It is a good business, and now that we've actually added that we have internal trading as well, what you see here is a real margin, and that if Products has sold with a very high discount externally, then this would be what they have. Satellite Systems are basically buying at a big discount if you like, in order to deliver their program.

This is the result. The product business is a very good business, and we need to scale it.

Satellite Systems, relatively low margin here, needs to go up, and as I said, how do we do that? Obviously, by having more contracts, is also done by having higher repeatability.

We are very focused on optimizing our assembly, and we are also investing. There are some questions from you about what are you going to spend the money on.

We're investing in making more and more standardized platform so we can make better margin and deliver faster, and then also improve the EBITDA here. National and Defense Solutions, we don't have any revenue yet, this is reflecting this is what it's costing us right now to run that organization.

Advanced Missions just about breaking even because they do have a project that we're running right now, actually have a couple of projects that's more or less paying for the team that we have sitting there, which is about eight eight, 10 people right now. North America, first quarter has been a bit slow, we're still living on income from last year.

We do not have an ambition for a high EBITDA, I've said that before. If we can break even, it's fine.

What I'm focused on is building presence. We keep hiring in North America, we get more people coming in.

We're very cautious about picking the right people, and we have some great new hires that has started recently. North America is not about creating a high profit right now, it's about capturing the market and getting a top line, and then we'll start making money over time.

That's a breakdown. Again, I hope you appreciate that you can see the details here, you can start following this, and this is also linking to the market dynamics.

Order intake, well above where we were first quarter last year. Order intake a little bit lower than revenue, the net outcome, and apologies for the picture here, we'll make this better for presentation later on, but the net summary of this is that the order backlog dropped a little bit, 10, 20 million.

It's fine, we of course expect to see more order intake later in the year to recover that and to continue to have an increasing order backlog. Just to highlight a couple of the key orders that we got, we had SEK 60 million from Unseenlabs, our fantastic, wonderful customer, for two more microsatellites, again a confirmation of GomSpace is in microsats as well.

We're starting to sit on that market, and we're definitely continuing with our good customer in France here. This is great, this is now a continuation.

Then another measure is it's good to have repeat customers, then you have repeat revenue, top, but we also want to have new customers. In addition to it's a great contract value, SEK 80 million, it's a new customer, VirtuaLabs in Italy, are buying four satellites from us for signal intelligence.

New customer, always great welcoming new customers, and I'm sure and looking forward to working very close with VirtuaLabs, and also building their business, and we do see that there is possibility beyond this. Great tick in the box, new customer in the fold here.

Outlook for '26, 2026: no, no change. Revenue in 550 to 650, we expect, midpoint is about 30% growth, double up of the market.

We are expecting to keep the profitability in a 5 to 12% range. Right now we hit 9, so that's well in the middle.

Free cash flow will be negative, repeating here. We do more investments that we've done in a long time into development, to R&D, both in our product portfolio, creating standard platforms to assemble, investing in ability to scale, also gearing up for production.

We're investing in testing facilities. Those of you who lived up here, go by, can see that there's been a lot of digging.

We've set up some long-needed facilities to be able to test faster and better. This is essential for us to capture the market, to be able to scale, to be able to handle the volumes coming in.

Also further to this, we have the flexibility for different opportunities as they come along. We need working capital available, but also we have to have the possibility to jump into opportunities when they are there.

Ukraine is one example of that. Let's jump to Ukraine.

You will perhaps be annoyed with me, I will give you the facts that I can give you. There's a lot, as some of you have been reading in the news, there's a lot of postings and rumors.

I'll give you the facts as they are right now, and I'll let the rest be for other people's speculation. What is happening right now is that Ukraine wants to have their own independent space capabilities.

That is number one, and this is what you need to really focus on and understand. This is coming.

This is what I predicted some time ago, and saying, individual nations wants to have their own space capabilities. Ukraine, for very good, very sad reasons, are obviously first in line to do this.

What have we done so far? On April 22, we've announced we signed a partnership agreement with a company called Stetman, with Dmytro from Ukraine, to build this Ukraine sovereign space capability or satellite capability.

This was done at an EU summit with EU Commission, so-called DG NEAR, who is focused on developing business towards the east. This is great, there was a lot of attendance, European Investment Bank was there, our Danish IFU was there.

This was under EU, and an EU conference driving this, and an EU conference with the focus on how can we do more for Ukraine, with Ukraine, and in Ukraine. It's a joint venture that we'll sign soon, that's the next step, in a second quarter here.

Now we have signed a partnership agreement, we want to do this, now we need to do a joint venture, which is an actual company that we will set up in Ukraine with an ownership structure that we're defining right now, and we will also put some capital into that joint venture to get started. What is the scope?

I know everybody wants to know, hey, what's the order intake, what do you expect, how sweet it's going to be? Right now the focus is driving advanced space capabilities, independent space capabilities for Ukraine.

It would be a communication network, satellite communication network, much like Starlink. We are right now in a phase where we're going to investigate how much is needed, there's an ambition to cover the majority of Ukraine, it's for dual-use purposes.

Right now we are going into what's going to look like this network. We understand how it needs to be used and why, but now we need to build it up.

When I know more, I will tell you more. Support from EU and EU Commission is really important.

This program will partly be funded, there's going to be funds coming from the EU Commission and from EU towards Ukraine for this. It's a very strong funding partner.

Doesn't mean that the whole thing is going to be paid, but it means that there's a strong willingness to put money into this, which is definitely required. What are next steps?

Once we sign a joint venture, which we will do, we believe it in second quarter here, we're going to launch one satellite, call it a test satellite if you like, that is going to fly over Ukraine, and then we will start doing different kind of measures and trying to understand what do we need, how do we create the sufficient coverage, where are the challenging areas that we need to be aware of. We will be working on the scope.

You can do a little bit the math yourself that we need to cover all of Ukraine, it's probably more than one satellite. It's probably a lot more than one satellite, but now we need to understand how much more and what it contains.

There's a small mark at the end in bold saying the next step what we're doing right now as we're speaking is getting the necessary financing in place. It will be a financial framework of money coming from EU in shapes of loans, guarantees, probably some money from Ukraine itself, money from private investors.

While we are building the necessary technical network, defining that network, we are also in parallel building the different financial and partnership structures that are required to take this off the ground. This is by no means a simple project, it's a complex project, but it is absolutely worthwhile, it's right in our strategy, and this is driven by National Defense Solutions business unit here.

In summary, taking you to the end here, last year, great. We had a positive profit, we had a seven more than 70% growth last year.

I would say sort of validates our business model. We're very happy with the business units structure we have chosen, and it shows that by managing this tightly, we can make money, which we did in 2025, and we created growth.

We're expecting more growth into 2026 using the same mechanisms, and I just explained to you for each business unit how we intend to scale it and how we intend to make money. For the quarter here, revenue up 43%, EBITDA 9%, great; net profit of SEK 20 million, I explained that, we have an extra income by receiving shares as compensation; cash, negative free cash flow, we did expect that, but we have a very strong cash balance, we took in SEK 70 million in addition to what we had, we're sitting quite comfortably here in terms of cash.

Main events: Ukraine, we talked about that; Unseenlabs with a SEK 60 million is a good contract order, but it's for two more microsats, great, we love that; and also a contract with a new customer in Italy, super, and SEK 80 million. We have 4+1 new business units that you will be following.

I hope we gave good information in the trading statement so you can follow it, and I'm sure that during the year we'll keep talking about it and you'll start seeing why it makes sense, and also I think it gives you a lot of information for you as investors to understand how we operate. With that, thank you very much.

Carsten, let's jump into the questions. As always, a lot of questions, I will try and group it.

Let's stay a little bit on Ukraine, and I already think you gave us a lot of information. Should I understand it that you are partly owner of the joint venture, so that will kind of be the military part, that cash flow stream, and then you will also sell satellites into it?

Is that how we should understand how maybe this model would work for GomSpace?

Let's make it perhaps as simple as saying this is the first step towards creating this satellite communication capability. We're doing a joint venture in Ukraine with a partnership structure that we're defining right now.

After that comes more, but right now we're setting that up so we can deliver this. One of the key things is that in order to get the funding from EU as well, we need to have a presence in Ukraine, which we'd love to have for this program and potentially for other things.

First step is to set up a joint venture, get a company registered in Ukraine with our partner, and then based on that, there're going to be some next steps following that. Then,

can you give us a kind of a feel what normally in a land size of Ukraine would be a constellation covering that? Or am I asking something you will shake your head to?

No, I will repeat what I said before. This is a satellite communication network, obviously needs to cover all of Ukraine.

We are trying to understand now the requirements: how do we create coverage, what's the capacity, how many users, and that will define how many satellites are required. As I said, it's probably more than one.

Yeah.

Thank you

to take that. Then about the partner, Stetman, any thoughts about the choosing here, the capabilities here?

There's a question here surrounding that.

No, Stetman is a great partner because he is today doing so-called ruggedized terminals also for the frontline in Ukraine, so that could be laptops, phones, sat phones, etc., that is then created that he's ruggedizing and then he can sell and distribute them out into the field basically. He has a very good relationship with the MOD down there, with the military, and we have been talking with him for quite some time now, more than a year.

Now we're coming to this stage where we say there's actually a need, there is a willingness from Ukraine and as a clear expression, "We want to do this," EU is supporting this. Now things starting to come together.

Stetman is a great partner for us and have exactly the network that we need in Ukraine. Then

let's jump to Indonesia. We will do this as always.

Any changes to scope, contract length? I know the answer, but I will ask it anyway, Carsten.

The scope, the length, the contract size, any news regarding Indonesia there?

No news is good news, right? We are in regular contact out there, our partner, Ellipse Projects, they have an office there, they're all the time.

We continue working and yeah, no news is good news. I'll tell you if something major is changing, but the case is still there, the case is still alive.

It's going to take a long time, short time, I'm not even going to guess, but what I can say is that Indonesia will buy satellites, that's for sure. Like Ukraine is moving, like other nations are moving, Indonesia is going to move as well, and they are also in a process right now of understanding actually through also our engagement with them saying, "What is this capability that we're building?

Why do we need it as a nation?" They understand that quite well now.

Then let's look at the questions surrounding your employees. Here is stated 11 new employees.

Can you give a feel on how many you're going to hire this year? Maybe also whether you are good at retaining those employees you're hiring?

We're going to hire as few as possible, because I'm not in a business of hiring. We do need competent people because we are growing.

The recruitment we are doing is based on needs. There's a need for, let's call it, the operational part where we are generating revenue and EBITDA is for our programs, for production facilities, we need people there.

We're also hiring a lot of people for so-called CapEx or the investment side, more R&D, more people to be able to scale. It's sort of twofold.

We're hiring with the revenue growth, is one thing, and then we're also hiring more people for the investment part. We will stop hiring when we don't need it anymore, but right now we need more people.

There's also a question on the cash outflow and that you have used your facility, these 75 million SEK, what the money has gone to. I think you kind of alluded to it: working capital, investments, you said you broke ground to some testing facilities, employees.

Is there more to kind of elaborate that, why you have taken that facility and what the money has been used for?

I wanted to have a strong position so I can act and act fast. You have to be quite agile in this market.

I also want to take you back to what I have talked about earlier. The industry is growing, there's more and more demand, everybody is scaling up, and I can tell you that people are looking for cash.

You can, if you read the news, many of you are doing Google or ChatGPT, etc., there's a lot of money flowing into our competitors as well, and it's very clear that everybody is gearing up and investing, and so will we. We have to.

I could probably run this business with profitability for a period of time, but if we don't invest, if we don't renew ourselves, if we don't prepare for scaling, we will not be able to capture that train where we're right now standing in front, we are running the train. If we stop investing, we don't do anything, we'll be behind.

It's a very clear reason for why we are having a cash flow and why we're taking in this extra cash.

Then there's some questions regarding exactly this point here. There's one here stating that you are maybe walking a little bit away from profitability instead of growth.

I don't agree, you are walking into scaling up and investing heavily. There is some questions out here.

Do you need more capital injections? I know you will, of course, not give us a clear answer, but, yeah, people are a little bit worried about whether you need more capital to kind of follow your plans through scaling up and maybe focusing on growth instead of profitability.

Any general comments to that?

Let's maybe take the question a little bit in a different place. Why would you want to invest in the space industry?

It is because, as I said, it's an industry that's growing. Space is part of defense, defense is growing.

Look at the budgets for Europe right now, look at for Denmark alone. We went from 2% to, I think, 4.5%, almost 5% right now.

EU is spending more money than they have ever done before, US is spending more money. Space is defense, you are investing in an industry with a growing market.

The way I look at it is that it's a pie that's growing, and we want to capture a bigger part of that pie than we are right now. We will grow with that.

Really, the way to look at it is to say, "How do we make GomSpace even bigger, even more profitable?" That's what we're looking at.

I think that is a better way to look at it. Don't have fears, look at what do we need to do in order to grow it.

That's my job to make sure that you as investors are truly benefiting, especially those who've been here for a long time. Thank you, I am reading, I can see some people say they have been made rich on GomSpace.

I'm very happy for you if that's the case. Of course, you require capital along the way, and that's also why we took the loan facility from Hargreave, which is great to have so we can keep this momentum going.

I know you're now joining a lot of conferences, and, as you said, IPOs are coming, there's a lot of private investment going into this space. What are your feel that out there if you needed cash?

Are investors willing to that? I guess SpaceX here will even jump this attention into here.

Kind of your feel when you are talking to investors maybe more than customers, the willingness to kind of fund this journey there, is that out there?

Yes, for sure. Let's take a couple of things that's happening.

You mentioned Starlink as an example, SpaceX going IPO with the rumors, right? Holy cow.

That's a big one, right? That's going to create even more interest in the market, and anybody who's flying just behind Starlink, which in principle all are because they are so big, will benefit from that as well.

Another example, you can Google HawkEye 360. HawkEye 360 is doing signal intelligence surveillance much like Unseenlabs.

We actually provided half of that technology in the early days, and you can go back and find press releases. HawkEye 360, when the Americans realized this is really absolute key to have, they said maybe we can't buy the technology from Denmark, we have to do it ourselves.

Too bad for GomSpace, but showing well how important this technology is. HawkEye 360 has filed for IPO in New York, I believe.

You can go in and Google, it's all public information. We've delivered half of their technology.

They have a little bit more, they're a service-oriented company, they have a slightly higher revenue than us. Go look at the initial IPO value, it's about $2 billion.

Holy cow, right? Yes, there's a lot of interest.

I was in Washington 4 weeks ago, I spoke with several bankers that came over, and funnily enough, where Nordic, they know very well who we are in the US, and they know very well the journey we are on, and they're commending us and saying, "You guys have done a great job. You've taken something that should be successful, wasn't as much, but now you're truly making money, and not many are."

There's a lot of interest also from the US market. For the first time I tell people, I've been raising capital and running these types of companies for 15 years, for the first time investors are calling.

Not that I have anything to sell for them other than I say, "Go on the market and buy it," but it's a very different situation now.

Perfect. Then maybe a little bit, there's some more direct questions on this debtor.

Or you have taken in the collateral, but there's a question here: when do we expect the money? Q1 or Q2, Q3?

I know you probably can't give us an answer, but I guess it also ties into the willingness because I guess they are also seeking cash in the markets. I don't know how much you can say, you can probably don't give us a timeline,

but

the feel about this customer owing your money?

I want to repeat: truly believe in their business case, they are also out raising the capital, it's taken longer. Sometimes it takes time, it's okay.

We have a very good relationship with them, we truly believe in what they're doing. I see a great need for that.

The technology that they are buying from us has been quite important for them in the early stages, also of raising capital. We have done everything we need to secure it, we have collateral to cover this, we control the assets, we haven't sent anything to them yet until they pay.

We have a great relationship. How long time it takes, I don't know.

Things take time in this market, but I think you should tie it back to the story I just said: there's a lot of capital going into space now, more than ever before. There might be some delay in the triggering from governments saying, "Now we want to do this, we're increasing the budget," so it ripples all the way out, and the investments are coming.

The investments will follow contracts. Our own Prime Minister say, "Køb, køb, køb, buy, buy, buy."

She wasn't leaving, well, maybe she is, we'll see how it ends up. That's not that it takes a little time before it ripples through, and same goes with investments.

Once you have a contract, you'll get the money.

As I expected, you can't give us a timeline, but you're very confident on this one. Yes.

Yes.

We will keep getting these questions because, as you said, we are talking about scaling up and so on, and yeah, I need to ask it to you, I know you can't answer it, but I'm really being asked

a lot.

Can you give an indication on if you are raising capital, that it will not be as a big block, but be preferred as before private investors? Now I have asked it to you, Carsten, I know you can't answer it, but I was really asked here by the audience to ask that.

Okay. Let's go back and say that we've done a great first quarter, we've delivered a significant growth, we delivered a positive profit, which means our operational cash flow is positive.

I've told you that we are investing into the company to grow with the industry. The industry is growing 14% year on year.

There's huge investments going in also to competitors, we have two big IPOs coming up in New York. Everything is going in the right direction, and I think that's what you need to focus on.

Perfect. I asked it at least.

Then there's a little bit questions regarding some of the specific orders. Or let's jump to the Danish one.

We also need to have that. Have the Danish government finally seen the light and are starting to be more, yeah, more granular on this observation, Greenland, I get the Baltic Sea, and so on?

Any comments on the Danish government?

Right now we don't have one, I guess that's the first comment. Things won't move until we have one, at least the one that's sitting can't decide anything.

We continue to talk in Denmark, of course, and we have contacts with all the right people. Right now there's some slowdown due to the changing government.

We'll see how quickly they sort that out. If you look across the board, without going into politics, but what's interesting is that I think all the parties in the parliament right now agree on investing in defense and national security is something we're going to do.

There's no political difference on that. We should expect whatever government comes out that trend continues, and the story about buy, buy, buy continues.

That's what I'm expecting. Of course, I'm heavily engaged, of course.

That's our job.

Perfect. Then I will jump into some of the orders.

Whether you can give an update on the project with 18 satellites. Whether you can clarify the two extra satellites.

I think you addressed this order as something you sold to a big disruptor in European tech space, but 18 satellites, was the two on top of that coming in? A little bit about the execution on this order, how that is going, because I think that was kind of a short order showing that you actually needed to scale up, right?

We've been on track with that one. Maybe answering the two additional, it was not two additional, it was an extension of the contract by reworking and adding more to the contract value, but it was the same amount of satellites in total.

Then

there's also a little bit questions regarding the M&A strategy. Is this organically, as you said, it's a evolving space, there will be consolidations in this industry.

Any thoughts about having an M&A strategy, or is the organic strategy enough for you for now?

That would be consolidation. A constellation is another thing.

That's when you buy GomSpace shares and it goes up, and then that's a constellation. No, but there will be rollup, as I said, and you see if you go look in the news, there are acquisitions happening right now.

Rocket Lab bought a company in Germany called Mynaric, which doing laser communication. This is happening.

What I tell you and I'll happy to repeat it is that we're here to stay, we're here to grow. We've come to a situation now where we have grown our top line very well.

We have done that profitably. Remember when I set out 3 years ago saying, "Okay, we need to figure out how do we make free cash flow, positive cash flow?

How do we grow the top line, and how do we become profitable?" We felt we owed that to our investors to show we can do that.

This is what we've done now, this is what I meant by the validation in 2025. The structure we have, we understand how to execute, and we can deliver on all parameters.

Now we're moving into a growth stage. In order to grow, you can go different routes.

You, of course, grow organically, you get more contracts. Things are moving fast.

You might want to complement with some technology where it doesn't pay off for us to develop it ourselves. There might be other reasons for entering into market where you say, why you can do it organically, meaning you hire people, you do something there, or you partner or you acquire something.

Our strategy is to grow. I've told you that we're going to outgrow, definitely outperform the market, and there are different routes to that.

Of course, we are considering all the options in our strategy. We should, that is my job to do that on your behalf.

Now it's my job to ask a follow-up question that: do you see any holes in your technology? I think you are kind of broad-based with products and everything, but is there blind side, any holes in your technology setup, production setup?

I don't know whether you want to answer that, but I will ask you.

No. No, but, as I say, scaling is something that's important.

We have 18 satellites from last year, which has helped us scale our assembly, but also the production of individual bits and pieces. We've started outsourcing, this is part of it.

Of course, as business cases evolve, as use cases evolve, there can be different technologies that come in addition that we don't yet have, that can well be. Of course, we are evolving the platform we have.

We have a very strong heritage, and don't forget that the flight heritage is important. You can introduce something new, but then it doesn't have flight heritage, and that's a different story.

We are constantly evolving upon the platform that we've already over many years secured, and say, "Listen, it works. We have flown it many times, and the customers love it, and we have the quality that they're looking for."

Will there be holes over time? Probably, I see more as opportunities than holes, of course.

Perfect. Then the final question to round off, because we are actually at the time, I will ask it.

Defense ETFs, space ETFs, are GomSpace joining any of them? Are you doing anything actively?

That's very important for investors, because we know a big money flow will automatically go in there and thereby, of course, automatically flow to your company. Anything on the ETF space where you are joining defense or the space ETFs?

Are you trying to do that, and have you succeeded in that?

Now it's not really something that we do. It's not for us to do, it's for the ETFs to select us.

I think you did see that we were selected by a US-based ETF where GomSpace together with three others was on their list, so that has happened. I don't look at it as something I focus on specifically, but I think what we need to do is we continue to deliver the performance, the US market knows it even better than the European market that we are performing well.

By delivering on that and delivering on the value for you as investors and our continuous success, we're bound to get into more ETF, it's not a specific target. I shouldn't talk about share price and market cap, but nevertheless, you look at the market cap we have right now, you're sort of moving in a different category.

We talked before the call here, Michael, about small cap, mid cap, where are we actually. We're sort of moving out of a small cap to a mid cap, but that's opening up something else.

There are a lot of investment funds out there that are saying they don't get out of bed for investments of less than 100 million. Okay.

Oh, wait a second, we are more than $100 million, that is. The dynamic is changing, it's not something we're pursuing specifically.

I think my job is to make sure that we continue to deliver with a strong strategy, strong execution, and through that, all those good things will come also to benefit investors.

ESG ETF will also, due to the market cap going up, actually start potentially choosing you. That is, I know you can't actually drive that, but that is a side benefit

of increasing

market share. Perfect, Carsten.

I have already taken a minute over, 2 minutes over the allotted time, I will let you go now. Thank you for taking us through the results and willingness to answer questions, and thank you for the audience.

Thank you very much, always a pleasure. Thank you.