Cost cuts remain on track, SEK 30m to be realised in H2'23
Following the completed rights issue in April, GomSpace has released its Q1 results, which showed flat y-o-y sales of SEK 78m (ABGSCe 82m) and net profits of -14m (ABGSCe -13m). Overall, the quarter was solid and the strategic implementations are progressing, with e.g. the previously announced cost reduction programme (aim to reduce costs by SEK 60m annually) well underway, with roughly SEK 30m expected to be saved in H2'23. Total order intake during the quarter was SEK 33.4m, down from 41.5m last year, although the new orders received during Q1 were "high-margin" to a greater extent . This aligns with the new CEO's emphasis on achieving profitability and positive free cash flow through: 1) more focus on product business (high margin), 2) a focus on project profitability (projects where the company can leverage its core strengths) and 3) expanding North America (focus on partnership).
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