Chairman
Stefan Gardefjord Date: 28 May 2026
Home Address: Langagervej 6, DK-9220 Aalborg East
CVR No.: 30 89 98 49
The Annual Report was presented and adopted at the Annual General
Meeting of the Company:
-
December 31, 2025
GomSpace A/S
Annual Report
January 1, 2025
CVR No 30 89 98 49
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Company information
Company
Denmark
CVR No. 30 89 98 49
Municipality of reg. office Aalborg
Telephone +45 71 741 741
Website www.gomspace.com
E-mail info@gomspace.com
Board of Directors
Stefan Gardefjord, Chairman
Steen Lorenz Johan Hansen
Nikolaj Wendelboe
Kenn Herskind
Hasse Resenbro
Hans Kristian Kofod
Per Nielsen
Executive Board
Carsten Drachmann, CEO
Troels Dalsgaard, Deputy CEO and CFO
Parent Company GomSpace Group AB
Org. no. 559026-1888
The consolidated financial statement can be obtained at GomSpace's website
Auditors
KPMG P/S
1
Financial Statements for January 1 - December 31, 2025
________________________________________________________________________________________
GomSpace A/S
Contents
Company information 1
Key figures 2
Management's statement 3
Independent auditor's report 4
Management's review 7
Income statement 13
Statement of financial position 14
Statement of changes in equity 16
Cash flow statement 17
Index of notes 18
Notes 19-53
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
2025 2024 2023 2022 2021
T.DKK T.DKK T.DKK T.DKK T.DKK
5-year overview
Net revenue
286.347 148.453 118.209 119.904 116.674
Gross profit
90.258 38.260 3.115 -9.862 30.837
Operating profit (EBIT)
9.932 -29.202 -50.810 -101.054 -12.183
Net financial items
-36.199 -4.920 -12.148 2.777 -1.415
Profit (loss) before tax
-26.266 -34.122 -62.958 -98.277 -13.598
Profit (loss) for the year
-22.412 -31.551 -61.910 -93.967 -9.703
Investments in PPE
3.740 83 621 2.010 1.186
Total assets
344.186 242.644 160.805 176.987 234.719
Equity
25.814 -11.180 -18.686 43.224 64.691
Total liabilities
318.372 253.824 179.493 133.763 170.028
Ratios
Gross margin
32% 26% 3% -8% 26%
Operating (EBIT) margin
3% -20% -43% -84% -10%
Net margin
-8% -21% -52% -78% -8%
Return on invested capital (%)
-7% -13% -38% -53% -4%
Return on equity (%)
-306% 211% -505% -174% -14%
Equity ratio (%)
7% -5% -12% 24% 28%
Earnings per share, basic and diluted
-1,2 -2,1 -4,6 -7,1 -0,7
Key figures definitions
Gross margin
(gross profit * 100 / net revenue)
Operating (EBIT) margin
(operating profit * 100 / net revenue)
Net margin
(profit for the year * 100/ net revenue)
Return on invested capital
(profit for the year * 100 / total assets)
Return on equity
(profit for the year * 100 / average equity)
Equity ratio (equity * 100 / total assets)
Earning per share, basic and diluted
(profit for the year / number of shares)
Order backlog
Order intake
The ratio is used to measure the company's financial stability.
The ratio shows the profitability of the company based on outstanding
shares.
Key figures
Order intake is the sales value of confirmed orders, that has been closed
by GomSpace in the period.
Order backlog consists of the sales value of confirmed orders that are yet
to be performed or delivered to the final customers.
The gross margin shows the amount of total sales revenue that the
company retains after incurring the direct costs associated with
producing.
The ratio shows the company's operational profitability after
depreciation and write-downs.
The net margin shows the ratio of profit (loss) the company earns to the
company's total amount of revenue.
The ratio shows how well the company is using its capital to generate
profits.
Return on equity shows how good the company is in generating returns
on the investment it received from its shareholders.
2
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Management's statement
Executive Board
Board of Directors
3
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Independent auditor's report
4
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
5
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
CVR No. 25 57 81 98
6
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________________________________________
GomSpace A/S
Management’s review
GomSpace in brief
Financial position
As of 31 December 2025, the cash position is M.DKK 46.2, the cash flow after investing activities is M.DKK -89.9, and the company incurred an
operating loss of M.DKK 22.4 for 2025.
Despite negative free cash flow during the year, primarily driven by delayed customer payments, GomSpace Group ended the year with a strengthened
liquidity position through a directed share issue to its main shareholder, The Hargreaves Family No. 14 Settlement, resulting in a net increase in share
premium of 194.0 M.SEK. In addition, a shareholder credit facility was activated during the year. The Executive Management and Board of Directors
assess sufficient financing and cash resources for the planned activities and operations for the year according to the budget for 2026 for the Company.
The Company believes its cash position and the liquidity available from its operations, external borrowings, and other current sources are sufficient to
satisfy its working capital requirements for the next twelve months. The proceeds from the rights issue and the Group’s and the Company’s cash position
became sufficient to meet the Group’s and Company’s requirements for the year 2026. The conclusion has been made based on knowledge of the Group
and the Company, the estimated outlook, and the identified uncertainties and risks related to them.
Cash from operating activities in 2025 decreased to M.DKK -59.9 (M.DKK 12.7). GomSpace’s working capital totaled M.DKK -83.2 (14.5).
Despite record revenue and EBITDA, the Company did not generate positive free cash flow during the year. The negative free cash flow was primarily
attributable to delayed payments from a key customer, following a prolongation of the customer’s planned capital raise. GomSpace has delivered fully in
accordance with he agreed schedule. To mitigate the impact on liquidity, the Group has secured collateral and implemented a payment plan to bridge the
period until the customer’s financing is completed.
Uncertainty relating to recognition and measurement
Recognition and measurement regarding the carrying amount of some assets and liabilities in the Financial Statements require judgments, estimates and
assumptions concerning future events. This includes those related to trade receivables, revenue recognition, development projects and contract work; also
see note 2.
GomSpace realised revenue growth in 2025 in line with the expectations communicated in the Annual Report 2024 and delivered an improved result. The
improved performance is primarily driven by higher activity levels and an increased focus on cash and cost control throughout the year. No material
deviations from previously communicated expectations are noted.
Revenue and operating profit (EBIT)
The overall purpose of GomSpace is to manufacture nanosatellites and components and turnkey solutions for satellites.
The financing activities were related to the repayment of borrowings and payment of lease liabilities.
Order intake and backlog
Tax and deferred tax
Cash flow
Cash and cash equivalents at the end of 2025 were M.DKK 46.2 (M.DKK 45.8).
Order intake for 2025 increased to 333.7 M.DKK (311.6), driven by strong performance across all business units. Business Unit Program order intake
amounted to 233.5 M.DKK (239.0).
The order backlog at the beginning of 2025 was 229.6 M.DKK, and despite currency and other adjustments of -15.9 M.DKK and conversion of 286.3
M.DKK into revenue, the order backlog increased to 261.1 M.DKK at year-end.
In 2025, revenue increased to 286.3 M.DKK (148.5). Revenue from Business Unit Programs amounted to 200.3 M.DKK(84.0). Business Unit Product
sales increased significantly to 72.9 M.DKK (51.5), reflecting continued focus on product sales as a standalone business and increased activity levels.
Operating profit (EBIT) for 2025 improved significantly and amounted to 9.9 M.DKK (-29.2).
The Company had an effective tax rate of 15% (7%) in 2025 and an unrecognised tax loss carry forward amounting to 284.3 M.DKK (293.4).
Investments in intangible assets concerning in-house development projects have increased M.DKK 28.0 (M.DKK 12.1), excluding grants. The
investment activities are related to the platform development described in the Product and Development section. Property, plant, and equipment
investments amounted to M.DKK 0.3 (M.DKK 20.5).
7
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Management’s review (continued)
Share classes and shareholders
Expectations about the future
The Company expects continued positive development in the coming year, supported by a solid order backlog and ongoing market opportunities within
the small satellite industry. The Company plans to continue scaling operations and investing in strategic initiatives that strengthen long-term
competitiveness. While xecution risks remain inherent in a project-driven business, the Company believes that its strong customer relationships,
experienced organisation and established operational platform provide a solid foundation for achieving its strategic objectives.
For 2026, GomSpace expects continued revenue growth, including an increasing share of Third-Party revenue characterised by relatively low margins.
The expected development in revenue is driven by a changed revenue mix, with increased sales of platforms, payloads and subsystems and a reduced
share of revenue from complete satellite solutions.
The expected development is subject to uncertainty related to the composition and timing of project deliveries, as well as the continued execution of the
Group’s product development programme. EBITDA margin is expected to be in the range of -10% to 2%, reflecting that ongoing R&D investments are
expected to exceed the gross profit generated by the current revenue mix.
Research and development (R&D)
Events after the balance sheet date
No events have occurred after the reporting period that would have a material impact on the company's financial position or require additional
information.
The Company is a high-tech space company with significant research and development activities. The Company’s R&D efforts are focused on the
design, development and industrialisation of advanced nanosatellite platforms, subsystems, and mission solutions. The purpose of these activities is to
strengthen the Company’s technological capabilities, support long-term competitiveness and enable scalable satellite constellations for commercial and
institutional customers.
The Companys R&D activities include development of satellite platforms, communication payloads, softwaredefined radio technologies, mission
operations software, power and attitude control systems, and other subsystems that forms part of teh Companys's end-to-end offering. A significant part of
the Company’s development work relates to customer-driven innovation and long-term strategic technology initiatives.
R&D is carried out by specialised engineering teams primarily located in Denmark and Luxembourg. Costs related to research are expensed as incurred,
while development costs that meet the IFRS capitalisation criteria are recognised as intangible assets.
Key judgments related to development projects are described in the accounting policies and critical estimates section of the annual report.
The Company considers R&D activities to be a core component of its value creation and an essential foundation for future growth, competitiveness and
delivery of high-performance nanosatellite solutions.
The company’s share capital is not comprised of share classes. No shares carry any special rights.
GomSpace Group AB owns the entire share capital.
8
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Management’s review (continued)
Risk management
The risk factors described below primarily relate to the Group’s operating subsidiaries, including GomSpace A/S, GomSpace Sweden AB, EPGS Partners
ApS, GomSpace Asia Pte. Ltd., GomSpace North America LLC, GomSpace Luxembourg S.à r.l., and GomSpace France SAS, and reflect risks arising
from their current business activities.
The Group operates in a complex and evolving market environment, and its activities are subject to a variety of risks and uncertainties. These risks may
adversely affect the Group’s business, financial position, results of operations, and cash flows. Some risks are specific to the Group and its industry, while
others arise from external factors beyond the Group’s direct control.
There may also be risks and uncertainties that the Group is unaware of or assesses as immaterial, proving material. Disclosed risks are not presented in
priority order or any other particular order. The risks below are considered the main known risks to the Group's future development. They may adversely
affect the Group's business, financial position, and future profits.
Due to its business activities, the Group is exposed to a range of financial and non-financial risks that may affect its business operations, financial
position, cash flows, and future performance. Financial risks primarily include foreign exchange risk, liquidity risk, and credit risk. These risks are
managed centrally in accordance with policies approved by the Board of Directors. Further information on the Group’s financial risk management is
provided in note 19 Financial risks.
9
Financial Statements for January 1 - December 31, 2025
____________________________________________________________________________________________________________________________________________
GomSpace A/S
Description Impact Mitigation Risk assessment 2025
1. New and emerging market
The small satellite market may
stagnate or develop in a manner
that the Group is unable to adapt
to. Even if the market becomes
larger and more diversified, the
Group may face competition from
other operators with stronger
financial resources and/or better
positioning to meet market
requirements
Competition could lead to a
situation where the Group needs
to compete on other terms, such
as price. One of the significant
challenges is ensuring the Group’s
appropriate positioning in relation
to technology and customers, in
order to secure orders and
maintain profitability.
The Group is organised into Business
Units to ensure close alignment with
customer requirements and market
demand. As part of this structure,
the product portfolio has been
streamlined, and the Group focuses
its development efforts on a limited
number of defined product
categories supported by agile
product development.
The Group has increased its focus on product sales and
streamlined its product portfolio. The product roadmap
was updated to ensure alignment with market demand.
The level of risk remains unchanged compared to the
prior year.
Description Impact Mitigation Risk assessment 2025
2. Key personnel
The Group depends on its ability to
attract and retain skilled personnel,
particularly within engineering,
project execution, and other
specialist functions. Continued
access to qualified employees is
important to support ongoing
operations, project delivery, and
future growth.
If the Group is unable to retain or
replace key personnel, this may
disrupt ongoing projects, delay
development activities, and
negatively affect execution of
planned initiatives.
The Group has implemented
structured processes to monitor
employee satisfaction and support
long-term employee retention.
Ongoing initiatives focus on
maintaining GomSpace as an
attractive workplace, including
offering competitive employment
terms and locations aligned with
business needs. Further easures
include the warrant program,
reinforcement of cultural initiatives
that are now more tangible and
visible in daily operations, and the
introduction of standardisation and
optimisation efforts, including the
use of AI, to reduce dependency on
high headcount for specialised tasks.
Following workforce expansion during 2025 driven by
increased order backlog, workforce planning and
organisational stability have improved. While
competition for specialised talent remains, enhanced
processes and improved visibility support a more stable
outlook. In addition, the Group’s values have become
more embedded and visible in the culture, contributing
positively to employee retention.
Management’s review (continued)
10
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Description Impact Mitigation Risk assessment 2025
3. Risks relating to the quality of
the product
The Group relies on its ability to
develop and deliver products that
meet required quality standards.
Even where products meet internal
quality expectations, customer
requirements or market
expectations may differ from the
Group’s product offering.
If the Group focuses on the wrong
development projects or is unable
to develop products that meet
market expectations, this may
adversely affect the Group’s
business, financial position, and
results of operations.
As an ISO-certified Group, the Group
adheres to internationally
recognised quality management
standards, supporting consistent
product quality and customer
satisfaction. The Group’s increased
attention to product assurance and
certification initiatives supports a
more structured and transparent
approach to quality controls
throughout the development
process.
The Product Business Unit structure, with clear
responsibility for product quality, remains in place and
continues to support ownership and control over
product quality. While quality risk is inherent given the
technical complexity of the products, the level of risk is
assessed as unchanged compared to the prior year.
Description Impact Mitigation Risk assessment 2025
4. Competition
The Group cannot be certain of its
market share or its competitors’
position in terms of technology and
products, and new market
participants may emerge.
Competitive dynamics may result in
increased pressure on both price
and quality.
Failure to respond effectively to
competitive developments may
lead to loss of orders and loss of
follow-on orders, as well as a
reduction in the Group’s
addressable market share.
The Group seeks to maintain close
customer relationships through a
broad product offering and by
leveraging its industry experience to
deliver appropriate solutions. The
Business Unit organisation has been
strengthened to operate more as an
“end-to-end satellite” offering,
supporting clearer ownership and
esponsiveness across the full value
chain. Agile product development
processes and initiatives to
strengthen the Group’s capital base
support the ability to compete for
larger contracts.
Competition for commercial customers remains intense,
particularly from competitors with stronger capital
positions. While order intake increased compared to the
prior year, competitive pressure persists. Although the
market has not seen major disruptions, the underlying
competitive exposure is becoming greater, driven by
new market entrants and increased customer
expectations. The potential likelihood of this risk are
assessed as a slight increase compared to the prior year.
Description Impact Mitigation Risk assessment 2025
5. Risks relating to customers
A material part of the Group’s sales
and revenue is generated from a
limited number of larger customers
compared to previous years. There
is a risk that customers do not place
orders or fail to fulfil their
contractual obligations due to, for
example, lack of financial resources
or other circumstances beyond the
Group’s control. There is also a risk
that customer agreements are not
entered into on favourable terms.
If customers are unable to meet
their payment obligations or if
contractual milestones are not
achieved or approved, the Group
may experience delayed or lost
payments.
The Group seeks to mitigate
customer risk through credit
assessments, including the use of
debtor insurance, and by structuring
contracts with milestone-based
payment plans, including
prepayments. The customer base
continues to diversify, with the
proportion of government-related
customers expected to grow, which
generally reduces credit risk due to
higher reliability of payments.
During 2025, customer risk has increased primarily due
to higher overdue trade receivables. The Group
continues to have large customers, which increases the
exposure that a delayed or missing payment from a
single customer could have a significant adverse impact
on cash flows and working capital. As sales volumes
increase, the importance of close monitoring of
customer credit risk and payment behaviour has
therefore become more pronounced.
The sales strategy continues to focus on balancing sales
to existing and new customers in order to support
diversification of the customer base. In the prior year,
no significant payment losses were incurred, and market
opportunities continue to support further
diversification. Mitigation measures, including the
broader use of bank security and more frequent
milestone-based invoicing, remain unchanged and are
actively applied. However, as overdue amounts have
increased and sales volumes have grown, the Group’s
exposure to delayed or missing payments from large
customers has increased. As a result, the customer risk is
assessed as higher compared to the prior years.
Management’s review (continued)
11
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Description Impact Mitigation Risk assessment 2025
6. Risks relating to suppliers
The Group’s ability to deliver in
accordance with market demand
and contractual commitments
depends on obtaining a timely and
adequate supply of materials and
components.
If this risk materialises, the Group
may experience delayed revenue,
increased cost of goods sold, and
higher inventory levels. In
addition, higher reliance on
external suppliers increases the
risk of quality issues on outsourced
products, which can disrupt
production schedules and require
rework or replacement.
The Group seeks to avoid single-
source supplier solutions where
possible, although this is not always
feasible. Key components are
procured in advance to reduce
production delays. Importantly,
GomSpace-designed inventory
continues to be produced internally,
reducing reliance on external parties
for critical items. Longer-term
forecasting has been implemented,
and advance payment arrangements
with customers support earlier
procurement of components.
The Group’s mitigation measures remain effective;
however, the significant increase in activity during the
year has resulted in greater exposure to third-party
suppliers. While internal production of GomSpace-
designed items reduces part of the risk, the higher
activity level increases the likelihood of quality issues or
mistakes occurring at outsourced suppliers. As a result,
the overall level of risk has increased compared to the
prior year.
Description Impact Mitigation Risk assessment 2025
7. Risk related to non-recurring
engineering in project execution
The Group’s ability to execute
customer-specific and product
development projects in accordance
with planned scope, cost, and
timelines is critical to achieving
expected financial performance.
If projects are not executed as
planned, this may result in delayed
revenue, increased cost of goods
sold, delayed customer payments,
and increased investment costs.
Project progress is monitored and
evaluated against approved budgets
and schedules. Forecasting processes
are used to assess cost-to-complete,
cash flow implications, and the
potential impact on the Group’s
ability to meet financial targets.
In 2025, fewer projects were delayed or experienced
cost overruns compared to earlier periods, reflecting
improved project governance and monitoring. The
overall customer demand has increased, strengthened
internal controls and improved project execution have
slightly reduced the probability of significant deviations
within NRE projects. However, as a substantial portion
of the Group’s revenue continues to be derived from
customer-specific work, the risk remains significant. If it
materialises, it could still have a notable impact on the
Group’s financial performance.
Description Impact Mitigation Risk assessment 2025
8. IT Security
The Groups operations rely on
secure and reliable IT systems
across multiple locations. A
significant breach or outage could
compromise proprietary and
customer information, harm
reputation, disrupt project
execution, and lead to contractual,
financial, and regulatory
consequences.
Cyber incidents may trigger
legal/regulatory exposure,
reputational harm, loss of
customer trust, and delays in
delivery. Supply-chain and
outsourced-service failures can
escalate impact by affecting
availability, integrity, or
confidentiality of information and
services.
The Group operates with a
low/minimal appetite for
cybersecurity risk and therefore
enforces strict tolerances across
identity and access management,
data protection, supplier and cloud
assurance, incident response, and
business continuity. The Group has
established all foundational
safeguards – including a IS2-aligned
policy framework, strengthened
governance of privileged access,
robust technical controls, and
organisation-wide cybersecurity
awareness – and continues to
mature these in line with ISO 27001
requirements. Our priority is
maintaining a resilient, well-
governed control environment that
ensures ybersecurity risk remains
consistently within the Board-
approved tolerance level.
The Group has further strengthened its cybersecurity
posture through outsourced monitoring services and the
implementation of Managed Detection and Response
(MDR) capabilities, providing faster detection and
response to potential threats. These enhancements,
combined with the continued maturation of ontrols,
have improved the overall risk position compared to the
prior year. While cyber threats remain structurally high,
the strengthened monitoring setup and external support
mean that the likelihood of a significant incident has
decreased, and the overall level of risk is therefore
assessed as lower than the prior ear.
Management’s review (continued)
12
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Income statement
2025 2024
Notes T.DKK T.DKK
Net revenue 3
Cost of sales 4,5,6,18
-196.089 -110.193
Gross profit
Sales and distribution costs 4,5,6,18
-22.389 -15.735
Development costs 4,5,6
-6.822 -8.232
Administrative costs 4,5,6
-81.950 -68.612
Other operating income 7
Operating profit (EBIT)
Finance income 7
Finance expenses 8
-41.543 -9.681
Loss before income tax
-26.266 -34.122
Tax 9
Loss for the year
-22.412 -31.551
Loss is attributable to
Owners of GomSpace A/S
-22.412 -31.551
-22.412 -31.551
Statement of comprehensive income
Loss for the year
-22.412 -31.551
Other comprehensive income for the
year, net of tax
-22.412 -31.551
Total comprehensive income for the
year is attributable to:
Owners of GomSpace A/S -22.412 -31.551
-22.412 -31.551
Total comprehensive income for the year
13
Financial Statements for January 1 - December 31, 2025
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GomSpace A/S
Statement of financial position
2025 2024
Notes T.DKK T.DKK
Assets
Completed development projects 10 49.196 43.275
In-process development projects 10 12.638 13.120
Other intangible assets 10 7.666 0
Intangible assets
Property, plant and equipment 5.232 1.835
Leasehold improvements 199 489
Right of use assets (leasing) 11 19.103 23.870
Property, plant and equipment
Other non-current assets 2.863 2.863
Non-current assets
Total non-current assets
Inventories
13 46.530 25.482
Inventories 46.530 25.482
Contract work 14 2.703 3.015
Trade receivables 15 132.055 77.856
Tax receivable 16 6.425 2.557
Other prepayments 9.388 2.485
Other receivables 935 0
Receivables
Marketable securities
Cash and cash equivalents
Total current assets
Total assets
14
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Statement of financial position
2025 2024
Notes T.DKK T.DKK
Equity and liabilities
Share capital 17 18.247 15.276
Capital reserve for development costs 48.231 43.989
Retained earnings -40.664 -70.445
Total equity
Credit institutions 19 0 33.377
Shareholder loan 19 64.652 0
Warrant Liability 22 46.875 6.664
Leasing liabilities 10,19 15.577 20.139
Other liabilities 19 6.253 5.599
Total non-current liabilities
Credit institutions 19 0 2.825
Leasing liabilities 10,19 4.689 4.407
Trade payables and other payables 19 60.481 9.665
Trade payables, intercompany 19 17.342 80.841
Contract work 14 94.197 69.913
Prepayments 0 9.064
Provision for loss on contract work 0 227
Other liabilities 19 8.305 11.103
Total current liabilities
Total liabilities
Total equity and liabilities
15
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________________________
GomSpace A/S
Statement of changes in equity
Share
capital
Share
premium
Capital
reserve for
development
costs
Retained
earnings
Total
equity
T.DKK T.DKK T.DKK T.DKK T.DKK
Equity 01.01.2024
-79.394
-18.686
Profit (loss) for the year
-31.551
-31.551
Development costs less amortisation
-4.354
Tax hereof
-958
Total comprehensive income for the year
-3.396
-28.155
-31.551
Transactions with owners in their capacity as
owners
Increase in share capital
Transfer of share premium
-37.104
Share-based payments (capital contribution)*
Return of capital contribution*
-4.373
-4.373
Dividend
Capital contribution
Total transactions with owners in their capacity as
owners
Equity 31.12.2024
-70.445
-11.180
Equity 01.01.2025
-70.445
-11.180
Profit (loss) for the year
-22.412
-22.412
Development costs less amortisation
-5.438
Tax hereof
-1.196
Total comprehensive income for the year
-26.654
-22.412
Transactions with owners in their capacity as
owners
Increase in share capital
Transfer of share premium
Share-based payments (capital contribution)*
Return of capital contribution* 0 0 0 -9.866 -9.866
Total transactions with owners in their capacity as
owners
Equity 31.12.2025
* See a description of the accounting policies related to the treatment of share-based payment transactions in note 1 and note
5.
16
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Cash flow statement
2025 2024
Notes T.DKK T.DKK
Profit (loss) before tax -26.266 -34.122
Reversal of financial items 36.199 4.920
Depreciation and amortisations 18.829 26.337
Non-cash items
24 -1.487 3.083
Changes in net working capital 23 -83.260 14.530
_______
_______
Cash flows from primary operating activities -55.986 14.748
Received interest 548 636
Paid interest -7.133 -3.692
Tax received 2.665 1.048
_______
_______
Cash flow from operating activities
-59.907 12.740
_______
_______
Investments in intangible assets (before grants) 10 -28.057 -12.113
Government grants 1.776 1.213
Investments in property, plant and equipment -3.740 -83
Rent deposit 0 -15
_______
_______
Cash flow from investing activities
-30.021 -10.998
_______
_______
Repayment of borrowings -50.218 -2.131
Payment of lease liabilities -2.270 -12.805
Borrowings 85.366 0
Capital increase 56.442 39.059
_______
_______
Cash flow from financing activities
_______
_______
Net cash flow for the year
-607 25.865
Cash and cash equivalents, beginning of the year 45.796 19.981
Unrealised exchange rate gains and losses on cash
_______
_______
Cash and cash equivalents, end of the year
_______
_______
Reconciliation of cash and cash equivalents
Cash and cash equivalents according to the balance sheet 46.237 45.796
Bank deposit 0 0
_______
_______
Cash and cash equivalents according to the cash flow
statement 46.237 45.796
_______
_______
The cash flow statement cannot be directly derived from the items in the financial statements.
17
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Notes
Note 1. Accounting policies
Note 2. Significant accounting estimates and judgments
Note 3. Net revenue
Note 4. Staff costs
Note 5. Share-based payment
Note 6. Depreciation and amortisations
Note 7. Finance income
Note 8. Finance expenses
Note 9. Tax on profit (loss) for the year
Note 10. Intangible assets
Note 11. Right of use assets (leasing)
Note 12. Deferred tax
Note 13. Inventories
Note 14. Contract work
Note 15. Trade receivables (from contract work)
Note 16. Tax receivable
Note 17. Share capital
Note 18. Contractual commitments and contingent liabilities
Note 19. Financial risks
Note 20. Classification of financial assets and liabilities
Note 21. Liabilities from financing activities
Note 22. Peter Hargreaves loan and warrants
Note 23. Changes in net working capital
Note 24. Non-cash items
Note 25. Related parties
Note 26. Events after the balance sheet date
18
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies
GomSpace A/S' financial statements for 2025 have been prepared according to International Financial Reporting Standards (IFRS), as
adopted by the EU and additional Danish disclosure requirements applying to entities of reporting class C (mid-size).
Further, the financial statements are prepared following IFRS issued by the International Accounting Standards Board (IASB).
The company is included in the consolidated financial statements of GomSpace Group AB. The address of GomSpace Group AB is
Ulls Väg 29A, Uppsala, organisation number 559026-1888.
Basis of preparation
The financial statements have been presented in Danish Kronor, rounded to the nearest DKK thousand.
The accounting policies set out below have been applied consistently in respect of the financial year and the comparative figures.
New and amended standards and interpretations
The amended IFRS accounting standards which became effetive as at 1 January 2025 did not have an impact on the financial
statements.
New and amended standards issued but not yet effective
The IASB has issued new standards, amendments to existing standards, and interpretations that are not yet effective and will become
applicable for financial years beginning 2026 or later.
At the date of publication of the financial statements, several new and amended standards and interpretations have not yet entered into
force or have not yet been adopted by the EU. Therefore, they are not incorporated in the financial statements. In May 2024, the IASB
issued amendments to IFRS 7 and IFRS 9, which have been endorsed by the EU and will be effective for financial periods beginning
on or after 1 January 2026.
IFRS 7 sets out disclosure requirements for financial instruments, including risk management, credit risk, liquidity risk, and market
risk. The IASB’s amendments introduce new disclosure requirements for financial assets with ESG-related features. The amendments
are not expected to have a material impact on the Company’s financial statements.
IFRS 9 addresses the classification and measurement of financial assets and financial liabilities. The amendments issued are not
expected to result in any significant changes to the Company’s classification or measurement of financial instruments.
In April 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements, which will replace IAS 1 Presentation
of Financial Statements. IFRS 18 becomes effective for annual reporting periods beginning on or after 1 January 2027. The Company
has initiated, but not yet completed, its assessment of the potential impact of IFRS 18 on the Company’s primary financial statements
and related disclosures.
None of the new or amended standards and interpretations is expected to have a material impact on the financial statements except for
IFRS 18 as described below.
19
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals.
Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
It also requires disclosure of newly defined management defined performance measures, subtotals of income and expenses, and
includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary
financial statements (PFS) and the notes..
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point
for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing
the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to
several other standards.
IFRS 18 and the amendments to the other standards are effective for reporting periods beginning on or after 1 January 2027, but
earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
Application of materiality and relevance
The annual report is based on the concept of materiality and relevance to ensure that the content is material and relevant to the primary
users and their economic decision-making. The Company uses IFRS Practice Statement 2 Making Materiality Judgements which
provides guidance when deciding whether information is material or not in terms of presentation and disclosures. Applying materiality
is requires judgement.
Foreign currency translation
Functional currency and presentation currency
The company's functional currency is Danish kroner (DKK), and the Financial Statements are likewise presented in Danish kroner
(DKK).
Transactions and balance sheet items
Transactions in foreign currencies are translated into the functional currency at the exchange rates applicable on the transaction date.
Exchange gains and losses arising in the payment of such transactions and the translation of monetary assets and liabilities in foreign
currencies at the rate prevailing on the reporting date are recognised in the income statement under the item Net financials.
Segments report
Operating segments are reported consistent with the internal reporting provided to the chief operating decision-maker. The chief
operating decision-maker, responsible for allocating resources and assessing the performance of the operating segments, has been
identified as the Executive Management (i.e. CEO and CFO) that makes strategic decisions.
The business of GomSpace A/S includes one operating segment, as Executive Management reviews financial performance and makes
resource allocation decisions solely on a consolidated Group level.
The Company is organised into Business Units, which are used solely as a go-to-market structure. The Business Units do not operate
independently and are not managed as separate components. All strategic, commercial and operational decisions, including sales
activities and resource allocation, are managed centrally, and the Company operates with a single, centralised sales organisation.
20
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Executive Management does therefore not make business decisions taking only product types, geography or Business Units into
consideration.
Although the Company operates across different business and geographical areas, these do not constitute operating segments as
defined in IFRS 8.5, as the operating results of such areas are not regularly reviewed by the chief operating decision maker and
discrete financial information is not assessed separately.
Accordingly, the single operating segment comprises the Company statements of comprehensive income, balance sheet, cash flow
statement and changes in equity, including notes.
Income statement
Revenue from contracts with customers
Revenue includes product sales, sales of satellite solutions, platforms, payloads, and subsystems.
Revenue is recognised to the extent that the economic benefits will flow to the Company, and the revenue can be reliably measured,
regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable,
considering contractually defined payment terms and excluding taxes or duty. The Company has concluded that it is the principal in
all its revenue arrangements since it is the primary obligor in all the revenue arrangements with pricing latitude and exposed to
inventory and credit risks.
In general, the transaction price is fixed, but the Company considers the effects of variable consideration, if any. Suppose the
consideration in a contract includes a variable amount. In that case, the Company estimates the amount of consideration to which it
will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception
and constrained until it is highly probable that a significant revenue reversal in cumulative revenue recognised will not occur when the
associated uncertainty with the variable consideration is resolved.
Contract work subject to a high degree of individual adaptation is recognised over time as revenue by reference to the percentage-of-
completion method. This means that revenue corresponds to the selling price of work performed during the year. When the outcome
of contract work cannot be estimated reliably, revenue is recognised at the costs incurred so far when they are likely to be recovered.
When it is probable that the total contract costs will exceed the total contract revenue, the contract's anticipated loss is immediately
recognised as an expense and a provision.
Product sales, platforms, payloads, and subsystems are either sold as separated components to customers or integrated as a platform or
turnkey nanosatellite. It has been assessed that satellite solutions and platforms, payloads, subsystems, and product sales meet the
criteria for revenue to be recognised over time on a percentage of completion basis. Percentage-of-completion is calculated based on
costs using the input method. This is due to the customisation of components to customer specifications (selected options), which
means that GomSpace has no alternative use for the component once customisation commences. GomSpace has a right to payment for
work completed to date. The Company’s contracts with customers to sell satellite solutions, platforms, payloads and subsystems
generally include one performance obligation.
For satellite solutions and platforms, payments are based on milestones, generally leading to prepayments in the first phase.
In general, delivery occurs when the satellite solutions, platforms, payloads, subsystems and products have been shipped to the
specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the
products in accord ance with the sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that
all criteria for acceptance have been satisfied.
Trade receivables are non-interest bearing and generally on 14 to 60 days terms.
Generally, normal standard warranty obligations apply.
Cost of sales
Cost of sales comprises the cost of products and projects sold including write-down of inventory. Cost comprises the purchase price of
raw materials, consumables, and goods for resale, direct labour costs, and a share of indirect production costs, including costs of
operating and depreciation of production facilities, administration, and management of production sites.
21
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Sales and distribution costs
Costs incurred in distributing goods sold during the year and conducting sales campaigns, etc., are recognised as distribution costs.
Also, costs relating to sales staff, advertising, exhibitions, depreciation, and impairment losses are recognised as distribution costs.
Also included in this item are the impairment of trade receivables under the expected credit loss model.
Research and development costs
Research and development costs include expenses relating to development activities not meeting the capitalisation criteria. Such
expenses include staff costs, cost of material, as well as depreciation and impairment losses.
Administrative costs
Administrative costs comprise expenses incurred during the year for management and administration, including administrative staff,
office premises, office expenses, and depreciation and impairment losses.
Share-based payments
Employees (including senior executives) of GomSpace A/S receive remuneration through share-based payments, whereby employees
render services as consideration for warrants granted by GomSpace Group AB. GomSpace A/S is not responsible for settling the
transaction, so the arrangement is an equity-settled share-based payment transaction.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the Black-Scholes
option-pricing valuation model, further details of which are given in Note 5. The cost is recognised in employee benefits expense and
a corresponding increase in equity (capital contribution received from GomSpace Group AB) over the period when the service
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of
equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in
cumulative expenses recognised as the beginning and the end of that period.
Based upon the fair value of the warrants at the grant date, a management recharge is accrued over the vesting period of the share-
based payment. As the recharge amount is directly based on the value of the underlying share-based payment, the recharge to
GomSpace Group AB is charged directly to equity, provided it represents a return of the capital contribution received up to the amount
of the contribution and distribution after that.
Employee benefits
Liabilities for wages and salaries, including non monetary benefits, are recognised regarding employees’ services up to the end of the
reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
Variable salary
Provisions for variable salaries are expensed on an ongoing basis following the economic substance of current agreements.
22
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Pension obligations
The Company only has defined contribution pension plans. The contributions are recognised as employee benefit expenses when they
are due. The Company has no further payment obligations once the contributions have been paid.
Financial income and expenses
Finance income primarily consists of realised gains from foreign currency transactions. Finance expenses primarily consists of interest
expenses regarding the Hargreaves loan and lease liabilities, realised losses from foreign currency transactions and unrealised fair
value movements of the Hargreaves warrants.
Income tax and deferred tax
The period's income tax expense or credit is the tax payable on the current period's taxable income based on each jurisdiction's
applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences to unused tax
losses.
The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period.
Management periodically evaluates positions in tax returns concerning situations where applicable tax regulation is subject to
interpretation. It establishes appropriate provisions based on amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from
the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that affects neither accounting nor taxable profit or loss at the time of the
transaction. Deferred income tax is determined using tax rates (and laws) enacted or substantially enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
23
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Deferred tax assets are only recognised if it is probable that future taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between foreign operations investments' carrying
amount and tax bases. The Company can control the timing of the reversal of the temporary differences, and, probably, the differences
will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities, and the
deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the income statement, except that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Intangible assets
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
when the Company can demonstrate:
• the technical feasibility to complete the project so that it will be available for use or sale
• that management intends to complete the development project and use or sell it
• how the development project will generate future economic benefits
• adequate technical, financial and other resources to complete the project, and
• the ability to measure reliably the expenditure during development
Directly attributable costs capitalised as part of the development project include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from when the asset is ready for use.
Amortisation is based on the straight-line method over the expected useful lives of the assets:
- Development projects: 5 years
- Other intangible assets: 3-5 years
Intangible assets not yet available for use are not subject to amortisation but are tested annually for impairment, irrespective of
whether there is any indication that they may be impaired.
24
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Property, plant and equipment
Property, plant, and equipment are measured at cost less accumulated depreciation and less accumulated impairment charges.
Property, plant, and equipment also include leasehold improvements. Property, plant, and equipment in progress are measured at cost.
Cost comprises expenses for materials, other expenses directly related to making the asset ready for use, and reestablishment expenses,
provided that a corresponding provision is made simultaneously.
The useful lives of the individual groups of assets are estimated as follows:
- Plant and equipment: 2 - 5 years
- Leasehold improvements: 3 - 10 years
Depreciation is based on a straight-line basis.
Gains and losses on the disposal of property, plant, and equipment are recognised in the income statement under other operating
income and other operating expenses.
Leases (leasee)
As at 31 Dec 2025 and 2024, the Group's leases primarily consist of the head office in Denmark. On initial recognition, lease
liabilities are measured at the present value of future lease payments discounted using an incremental borrowing rate. The lease
liability is subsequently measured at amortised cost using the effective interest method. In determining the lease term, extension or
termination options are included if the exercise of the options is considered reasonably certain.
The lease liability is remeasured when there are changes in the underlying contractual cash flows i.e. when office lease payments are
indexed based on consumer price indexes. This is typically treated as a modification and adjusts the RoU asset as well.
Right-of-use assets are at initial recognition measured at cost, corresponding to the value of the lease liability adjusted for estimated
costs for dismantlement, restoration, or the like. Right-of-use assets are depreciated on a straight-line basis over 2-5 years.
The Company has chosen not to recognise low-value and short-term leased assets in the balance sheet. Instead, lease payments are
recognised in the income statement.
Impairment testing of non-current assets
The carrying amount of non-current assets are tested annually for indicators of impairment. When there is an indication that assets
may be impaired, the asset's recoverable amount is determined. The recoverable amount is the higher of an asset's fair value, less
expected costs to sell, and its value in use.
Value in use is the present value of the future cash flows expected to be derived from the asset or the cash-generating unit to which
the asset belongs. An impairment loss is recognised if the carrying amount of an asset or a cash-generating unit exceeds the
recoverable amount of the asset or the cash-generating unit. The impairment loss is recognised in the income statement.
A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the amount of
the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined if no impairment
had been done.
Inventories
At each reporting date, inventories are reviewed for impairment and are measured at the lower of cost and net realisable value. Cost is
determined using the first-in, first-out method. The cost of goods for resale and raw materials and consumables comprises purchase
price plus delivery costs.
Finished goods and work in progress are measured at cost, comprising costs incurred to bring the product to the current completion
rate and location.
Costs include raw materials, consumables, direct wages and salaries, and indirect production overheads. Indirect production overheads
comprise indirect materials, wages, salaries, maintenance, and depreciation of
machinery and equipment, as well as production, administration, and management.
25
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Inventories are written down to net realisable value when cost is not recoverable due to obsolescence, slow‑moving items, or reduced
selling prices. Any write‑downs are recognised in cost of sales. Previously recognised write‑downs are reversed if the net realisable
value subsequently increases.
Trade receivables
Receivables are initially recognised at fair value adjusted for any transaction costs. Subsequently, receivables are measured at
amortised cost less provisions for bad debts. Impairment on expected losses on trade receivables and contract work is recognised
immediately in the income statement at the same time as the amount receivable based on a simplified expected credit loss model. The
impairment is based on historical data. This data is based on expected loss over the total maturity of the amount receivable, corrected
for estimates of the effect of expected changes in relevant parameters, for instance, financial development, political risks, etc., on the
market in question.
Contract work
Contract work is measured at the selling price of the work performed, less progress billings and anticipated losses. Contract work
entails a significant degree of design customisation of produced goods. Moreover, before any work is commenced, a binding
agreement must have been entered into, which will imply a penalty or damages on subsequent termination of the contract.
The selling price is measured by the completion percentage at the end of the reporting period, and the contract's total expected income.
The completion percentage is determined based on an assessment of the work performed, which is usually measured as the proportion
of contract costs incurred for work completed to date relative to the total estimated contract costs.
When it is probable that the total contract costs will exceed the total contract revenue, the contract's anticipated loss is immediately
recognised as an expense and a provision.
When income and expenses on contract work cannot be determined reliably, contract revenue is recognised only to the extent of
contract costs incurred that will probably be recoverable
If the selling price of work performed exceeds progress billings on contract work and anticipated losses, the excess is recognised
under receivables. If progress billings and expected losses exceed the selling price of contract work, the deficit is recognised under
liabilities
Prepayments (assets), other receivables and deposits
Prepayments recognised under assets include costs to be incurred in subsequent financial years, primarily relating to prepaid expenses
such as insurances, subscriptions, licenses etc, and prepayments for inventories. Other receivables primarily consists of VAT.
Deposits consists of security depoits to lessors for rented office premises and earn no interest. These line items are measured at
amortised cost.
Equity
Equity comprises share capital, share premium, translation reserve and retained earnings. Movements in equity are recognised in the
consolidated statement of changes in equity and reflect profit or loss for the year, other comprehensive income, transactions with
owners and other equity‑related transactions.
Share capital
Ordinary shares are classified as equity. Share capital is measured at nominal value and is recognised when the shares are issued.
Retained earnings
Retained earnings comprise accumulated profits and losses, including the result for the year, as well as other movements recognised
directly in equity.
Reserve for capitalised development projects
GomSpace A/S has established a non-distributable reserve in equity regarding development projects capitalised in 2016 and later. This
reserve will be reversed as the development projects affect the income statement. The amount is presented net of deferred tax.
26
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Financial assets and liabilities
Cash and cash equivalents comprise cash balances and bank deposits. Financial liabilities are initially measured at fair value, less
transaction costs incurred. Subsequently, the financial liabilities are measured at amortised cost using the Effective Interest Method
(EIR). Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs integral to the EIR. The
EIR amortisation is included as finance costs in the income statement. Financial liabilities are derecognised when settled.
Hybrid financial instruments (loan obtained from our main shareholder. Previously the EIB)
In 2025, the Company repaid and replaced the previous EIB financing arrangement with a new financing arrangement with Peter
Hargreaves. The EIB loan was the accounting policy below relates to the current Peter Hargreaves loan and attached warrants. The
financing arrangement with Peter Hargreaves comprises a loan facility ( three tranches) and attached warrants.
The loan is a hybrid contract which consists of a non-derivative loan liability component (a loan with basic loan features) and two
embedded derivatives (a prepayment option and warrants). It has been assessed by management that the warrants do not meet the
'fixed for fixed'-criterion to be classified as equity and are therefore classified as a derivate.
The warrants are considered to be part of the overall return to EIB on the financing arrangement and are thus accounted for in
accordance with IAS 32 and IFRS 9. The fair value of the vested warrants measured at initial recognition is accounted for as
transaction costs as it directly linked to the draw down on each individual tranche of the loan.
The warrants are initially and subsequently measured at fair value with fair value movements presented in either finance expense or
finance income.
A financial instrument containing embedded derivatives is recognised at the fair value of the entire instrument. An embedded
derivative that is required to be separated from a host contract is measured at fair value on the balance sheet, with changes in fair
value being accounted for through profit or loss. This is consistent with the accounting for a free-standing derivative. The host
contract's carrying value at initial recognition is the difference between the fair value of the entire instrument as a
whole and the embedded derivatives' fair value. It has been estimated that the prepayment option has a fair value of zero since initial
recognition. Hence, it does not impact the consolidated financial statements.
Loan obtained from our main shareholder (nonderivative loan component only)
The loan is initially recognised at fair value minus directly attributable transaction costs and subsequently measured at amortised cost
using the effective interest method, with the unwinding of the discount recognised as finance expense over the life of the loan. The
effective interest rate is determined based on the loan amount paid out, the initial fair value of vested warrants, transaction costs and
the contractual future payments.
Warrants issued to our main shareholder measured at FVTPL
The warrants are considered to be part of the overall return to the shareholder on the financing arrangement and are therefore
accounted for in accordance with IFRS 9 and not IFRS 2. The warrants vest in connection with drawdown of each tranche.
The fair value of the vested warrants measured at initial recognition is accounted for as transaction costs as they are directly linked to
the draw down on each individual tranche of the loan. The warrants are initially and subsequently measured at fair value with fair
value movements presented in either finance expense or finance income.
27
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Hybrid financial instruments (loan obtained from the EIB - derecognised in 2025 as described above)
The EIB loan is a hybrid contract which consists of a non-derivative loan liability component (a loan with basic loan features) and
multiple embedded derivatives (prepayment, put-option and warrants). The put option and warrants relate to the same risk exposure
(i.e. the shareprice of the Company), hence, they are treated as single embedded derivative previously called "Warrants
issued to EIB measured at FVTPL" now labelled "Warrant liability". Even though the EIB can convert the warrants to shares it has
been assessed by management that the closely related criterion is not met because it is expected the warrants will be settled net in cash
(the EIB is not allowed to own shares).
A financial instrument containing embedded derivatives is recognised at the fair value of the entire instrument. An embedded
derivative that is required to be separated from a host contract is measured at fair value on the balance sheet, with changes in fair
value being accounted for through profit or loss. This is consistent with the accounting for a free-standing derivative. The host
contract's carrying value at initial recognition is the difference between the fair value of the entire instrument as a whole and the
embedded derivative's fair value.
Loan obtained from the EIB (non-derivative loan component only)
The loan is initially recognised at fair value minus directly attributable transaction costs and subsequently measured at amortised cost
using the effective interest method, with the unwinding of the discount recorded as finance expense over the life of the loan. The
effective interest rate is determined based on the loan amount paid out, fair value of vested warrants, transaction costs and future
payments.
Warrants issued to EIB measured at FVTPL
The warrants are considered to be part of the overall return to EIB on the financing arrangement and are thus accounted for in
accordance with IFRS 9 and not IFRS 2. The fair value of the vested warrants measured at initial recognition is accounted for as
transaction costs as they are directly linked to the draw down on each individual tranche of the loan. The warrants are initially and
subsequently measured at fair value with fair value movements presented in either finance expense or finance income.
Prepayments under liabilities
Prepayments recognised under liabilities include payments received regarding income in subsequent financial years and primarily
relate to received consideration from customers
Other liabilities and provisions
Other liabilities consist of accrued holiday pay (both a current and non-current portion), payroll liabilities and VAT. These are
measured at amortised cost typically corresponding to nominal values.
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made
of the amount of the obligation.
Warranty provisions
The Company provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related
to these assurance-type warranties are recognised when the product is sold, or the service is provided to the customer. Initial
recognition is based on historical experience. The estimate of warranty-related costs is revised annually.
Onerous contracts
If the Company has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. An
onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Company cannot avoid because it has the
contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
28
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
1. Accounting policies (continued)
Cash flow statement
The cash flow statement has been prepared under the indirect method and shows the Company’s cash flows from operating, investing,
and financing activities for the year. Cash flows from operating activities comprise profit or loss before tax adjusted for non-cash
operating items, changes in working capital, financial items received and paid, and income tax paid.
Cash flows from investing activities comprise payments concerning the acquisition and divestment of companies and activities and
investment, development, sale, and improvements of intangible assets and property, plant, and equipment.
Cash flows from financing activities comprise capital increases and costs incidental to it, the arrangement of loans, and the repayment
of interest-bearing debt, incl. lease liabilities, shares, and dividends to the Company’s shareholders. Cash in the cash flow statement
comprise cash balances with banks.
Key ratios definition
GomSpace presents financial highlights in the Annual Report that are not defined in accordance with IFRS. These financial highlights
are considered valuable for investors and group management in assessing the group's performance. Other companies may compute
these figures differently; therefore, the figures may be different from other companies' financial highlights.
The financial highlights should not be considered a substitute for the target results defined under IFRS.
Earnings per share
Earnings per share are computed following IAS 33. Other key figures are calculated by key ratio definitions. GomSpace presents
alternative target results in the Annual Report, which IFRS does not define.
It is assessed that these financial highlights will contribute to increased comparability and value when evaluating this year's and
previous years' results.
29
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
2. Significant accounting estimates and judgments
The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of
contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future periods. The Company based its assumptions and estimates on parameters
available when the consolidated financial statements were prepared.
Significant accounting judgements include, among other matters, the classification and accounting treatment of the shareholder
warrants and repayment of loan, capitalization of development projects, collateral in form of shares (trade receivables).
Significant estimates and assumptions relate primarily to impairment test of development projects,, contract work, expected credit
losses, provision for service warranties, share‑based payments and deferred tax assets.
Trade receivables
The assessment of expected credit losses on trade receivables involves significant management judgement. Management has
performed a detailed assessment of recoverability for materially overdue receivables from a single large customer, taking into account
the concentration of credit risk and the availability of multiple credit enhancements. These comprise collateral in the form of shares in
a US‑based parent entity, a debt claim against a European subsidiary, including potential resale or reuse scenarios, and trade credit
insurance covering a limited portion of the exposure.
Based on the combined effect of these mitigants and their assessed enforceability, management has recognised an impairment loss
during the year to reflect uncertainty related to the timing of cash collection.
Please see note 15 for a further description.
Development projects
The accounting for development projects includes a significant estimate in determining the recoverable amount of development
projects in progress, and a significant judgement in determining whether expenditure qualifies for capitization as development costs.
For in-process development projects, an impairment test is performed on an annual basis. The impairment test is performed based on
various factors, including the future expected use of the project’s outcome, the fair value of the estimated future earnings or savings,
interest rates, and risks.
For in-process development projects, Management estimates on an ongoing basis whether each project is likely to generate future
economic benefits for the Company to qualify for recognition. The development projects are evaluated on technical as well as
commercial criteria. The carrying amount of in-process development projects is disclosed in note 10.
For completed developed projects, management has assessed that there are no indicators of impairment during the 2025 financial year.
No separate impairment test has been carried out for fully developed projects, as management has determined that there were no
indicators of impairment at the balance sheet date.
Contract work
Recognised revenue on contract work is based on the percentage of completion method (over time revenue recognition). This method
is based on the cost incurred as a percentage of the total cost estimated to complete the project. The total forecasted project costs may
be too low or too high, which could result in over or understated recognised revenue. However, Management
continuously estimates the cost required to complete the projects and whether the costs can be recovered through the contract. The
carrying amount of contract work in progress is disclosed in note 14.
The Company’s internal business processes, financial management and calculation tools, coupled with the project management’s
knowledge and experience, provide a basis for reliable measurement of work in progress in accordance with the percentage-of-
completion method.
Management has concluded that the assets created generally have no alternative use, as they are highly customised and cannot be
redirected to another customer without significant cost or modification.
30
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________
GomSpace A/S
Notes
2. Significant accounting estimates and judgments (continued)
Loan obtained from shareholder (previously European Investment Bank (EIB))
The accounting for the financing arrangement obtained from the main shareholder involves a significant judgement in determining
whether the warrants are to be treated as financial instruments rather than as sharebased payments, and a significant estimate
regarding the measurement of the fair value of the issued warrants.
Besides a non-derivative loan component, the loan liability includes a prepayment option (the Company’s option to prepay the loan
prior to maturity), and warrants to shareholder. The warrants are considered to be a part of the overall return for the financing
arrangement and therefore IAS 32 and IFRS 9 have been applied and not IFRS 2.
Management has assessed that the derivative financial instruments mentioned above should be bifurcated and accounted for at fair
value through profit and loss. However, according to management's estimations, the prepayment option has an estimated fair value of
nil at initial recognition and as at 31 Dec 2025.
The warrants are measured at fair value by use of the Black-Scholes model and the most significant input to the model is related to the
company's share price, which the warrants are directly correlated to. Please see note 22 for a further description.
Defered tax assets
Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that
future taxable profits will be available against which such deductible differences and tax losses can be utilised.
The Company has incurred significant tax losses. Management has exercised judgement in assessing the recoverability of deferred tax
assets related to these unused tax losses. Based on current forecasts and expectations regarding future taxable results, management has
concluded that it is not probable that sufficient taxable profits will be generated within a foreseeable future period to utilise the tax
losses.
Accordingly, no deferred tax asset has been recognised in respect of unused tax losses as at the reporting date.
Please see note 12 for further information.
Share-based payments
Equity‑settled share‑based payment arrangements are measured at the grant‑date fair value of the equity instruments granted. The fair
value is recognised as an expense over the vesting period, with a corresponding increase in equity, in accordance with IFRS 2.
Grant‑date fair value for equity‑settled awards is not subsequently remeasured.
The determination of grant
‑date fair value requires management to apply valuation techniques and exercise judgement in selecting and
applying estimates and assumptions. Key assumptions include expected volatility, expected life of the instruments, risk‑free interest
rates and employee turnover. Expected life reflects management’s estimate of the period over which the instruments are expected to be
outstanding, which may differ from the contractual term.
Management is also required to estimate the number of equity instruments expected to vest. This estimate is based on expectations
regarding the satisfaction of service and other non‑market vesting conditions and is revised over the vesting period.
Changes in estimates of vesting outcomes are accounted for by adjusting the cumulative expense recognised. Market vesting
conditions are incorporated into the grant‑date fair value and are not subsequently adjusted. The assumptions applied involve
significant judgement. Changes in key assumptions, in particular those related to expected volatility and employee turnover, may
result in material changes to the amount and timing of share‑based payment expenses recognised during the vesting period.
Please see note 5 for further description.
31
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
3. Net revenue
Geographic distribution
Products
Programs
North America
Total
T.DKK
T.DKK
T.DKK
T.DKK
Asia 10.993 40.613 0 51.606
Denmark 309 941 0 1.250
Europe 47.075 158.024 0 205.099
Rest of the world 14.485 224 0 14.709
Sweden 44 475 2.169 2.688
USA 0 0 10.994 10.994
___________
___________
___________
___________
72.907 200.277 13.163 286.347
___________
___________
___________
___________
Products
Programs
North America
Total
T.DKK
T.DKK
T.DKK
T.DKK
Asia 15.639 9.485 0 25.124
Denmark 1.043 19.203 0 20.256
Europe 33.190 53.463 89 86.742
Rest of the world 972 1.887 1.191 4.049
Sweden -65 0 0 -65
USA 702 0 11.654 12.356
___________
___________
___________
___________
51.481 84.038 12.934 148.453
___________
___________
___________
___________
Major goods/service lines
Products
Programs
North America
Total
T.DKK
T.DKK
T.DKK
T.DKK
Sales of satellite solutions (over time)
72.564 0 9.521 82.085
Sales of platforms, payloads and subsystems (over time)
343 200.277 3.641 204.262
___________
___________
___________
___________
72.907 200.277 13.163 286.347
___________
___________
___________
___________
Major goods/service lines
Products
Programs
North America
Total
T.DKK
T.DKK
T.DKK
T.DKK
Sales of satellite solutions (over time)
50.393 0 12.389 62.782
Sales of platforms, payloads and subsystems (over time)
1.088 84.038 545 85.671
___________
___________
___________
___________
51.481 84.038 12.934 148.453
___________
___________
___________
___________
Order book
Programs Products North America Total
Order backlog 1 January 2025 201.100 24.061 4.474 229.634
Currency adjustment and reclassification of orders 0 0 0 0
Other adjustments
-11.805 -2.640 -1.431 -15.876
Order intake 233.525 75.635 24.547 333.707
Cancelled orders 0 0 0 0
Converted to grants 0
Converted to revenue -200.277 -72.907 -13.163 -286.347
___________
___________
___________
___________
Order backlog 31 December 2025 222.543 24.149 14.427 261.119
___________
___________
___________
___________
Programs Products North America Total
Order backlog 1 January 2024 50.856 16.765 3.955 71.576
Currency adjustment and reclassification of orders 2.012 1.749 445 4.207
Other adjustments
896 -2.195 2.195 896
Order intake 239.027 59.223 13.316 311.566
Cancelled orders 0 0 -2.504 -2.504
Converted to grants -7.654 0 0 -7.654
Converted to revenue -84.038 -51.481 -12.934 -148.453
___________ ___________ ___________ ___________
Order backlog 31 December 2024 201.100 24.061 4.474 229.634
Business areas 2024 (customers)
Business areas 2025 (customers)
Business areas 2025 (customers)
Business areas 2024 (customers)
Business areas 2024 (customers)
Business areas 2025 (customers)
32
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
3. Net revenue (continued)
Estimated revenue to be recognised from contracts 2025 2024
T.DKK T.DKK
Within one year 204.404 179.758
More than a year 56.715 49.877
___________
___________
261.119 229.634
___________
___________
Geographical
Customers
4. Staff costs
Wages and salaries
102.884 77.950
Share-based payments
6.057 4.374
Pension costs, defined contribution plans
4.602 3.577
Other expenses to social security
1.318 595
Other employee costs
5.222 5.966
___________
___________
Total staff costs 120.083 92.462
___________
___________
Of which:
Wages and salaries capitalised as development projects
11.988 80
___________
___________
Total staff costs 108.095 92.382
___________
___________
Average number of full time employees
___________
___________
Staff costs are included in:
Costs of goods sold
57.617 49.051
Sales and distribution costs
8.215 6.150
Development costs*
22.433 10.249
Administrative costs
31.818 27.013
___________
___________
Total staff costs 120.083 92.463
___________
___________
* of which:
Wages and salaries capitalised as development projects
11.988 80
___________
___________
Total staff costs 108.095 92.383
___________
___________
Remuneration of Executive Board and Board of Directors
Salaries
4.818 4.659
Pension costs, defined contribution plans
0 0
Share-based payments
991 685
___________
___________
5.809 5.344
___________
___________
Revenue from France accounts for 28% of the total net revenue (25% in 2024).
Revenue from Spain accounts for 6% of the total net revenue (14% in 2024).
Revenue from UnseenLabs SAS accounts for 23% of the total revenue (21% in 2024), even though a significant part of the Company's revenue stems from one
customer. Revenue from DSO National Laboratories accounts for 9% of the total revenue (6% in 2024).
Executive Board and Board of Directors comprise the Company's key management personnel.
33
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
5. Share-based payment
Warrant
program
(Granted in
2025)
Warrant program
(Granted in 2024)
One Grant in 2023
Expected future dividend (SEK per share)
0
0
0
Volatility
76%
75% to 76%
73,8%
Risk free interest rate
2,1%
2% to 2,2%
3,53%
Life of warrant
68 months
55 to 65 months
65 months
Share price at grant date (SEK per share)
9,16
4,5 to 5,2
0
Exercise price (SEK per share)
9,0
1,5
2,7
Fair value at grant date (SEK per warrant)
6,01
3,7 to 4,3
0,71
Outstanding warrants 31 December 2024
0
0
0
Outstanding warrants 31 December 2025
2.125.000
4.264.100
648.000
In 2023, the Board of Directors of GomSpace Group AB obtained approval to implement a share-based incentive program (equity-settled warrants) via GomSpace
A/S. The warrants give participants the right to purchase newly issued shares in GomSpace Group AB.
In 2024 and 2025, a total of 6.849.198 warrants were granted on six different dates, one in 2025 and five in 2024. The five warrants that where granted in 2024 has
been reported in one figure and is in the the same Warrant Program (See below). The share-based payment transactions are accounted for as an equity-settled share-
based payment scheme in GomSpace A/S. The warrants vest in five equal annual instalments. The warrants can be exercised within certain exercise windows.
Vesting of the warrants will be conditional upon the continued employment of the participants.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the Black-Scholes option-pricing valuation model;
please see below.
The cost is recognised within administrative costs, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled (the
vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the company’s best estimate of the number of equity instruments that will ultimately vest. The expense in the income statement represents
the movement in cumulative expense recognised at the beginning and end of that period.
The financial statements of GomSpace Group AB, as principal to the share-based payment transaction, will recognise an increase in the cost of investment in the
subsidiary receiving the employment services, representing a capital contribution based on the share-based payment charge over the vesting period.
A management recharge based on the grant date fair value of the warrants is accrued over the vesting period of the share-based payment in GomSpace Group AB.
The accrued recharge is credited against the cost of investment (a return of capital contribution), up to the amount of the original capital contribution, with any
excess recharge being recognised in the income statement. Conversely, an intercompany payable regarding management recharge has been recognised in the
financial statements.
The total expense recognised in the income statement for the year related to the warrant schemes was M.DKK 6.0 (2024: M. DKK. 4.4).
The fair value of the warrants has been calculated using the Black-Scholes option-pricing model. Key inputs in the valuation model include:
The volatility has been determined using the volatility in GomSpace Group AB’s share price, together with benchmarking against peer group companies.
The exercise price is calculated as follows:
The market value of the warrants is estimated to SEK 6.01 per warrant, in accordance with the preliminary valuation made based on the exercise price of SEK 9.0
per share and a market value of the underlying share corresponding to SEK 9.16 (closing price for GomSpace Group AB's share on Nasdaq Firth North Premier
Growth Market on 15 May 2025). The Black & Scholes valuation model has been used for valuing the warants, assuming a risk-free interest of 2,1 percent and a
volatility of 76 percent.
34
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
5. Share-based payment (continued)
No. Warrants
No. Warrants
No. Warrants
2025 2024 2023
Outstanding at 1 January
4.912.100
648.000
648.000
Granted
2.125.000
4.724.198
0
Forfeited
-391.079
-460.098
0
Exercised
0
0
0
Expired
0
0
0
Outstanding at 31 December
6.646.021
4.912.100
648.000
Exercisable at 31 December
966.010
129.600
0
6. Depreciation and amortisations
2025
2024
T.DKK T.DKK
Costs of sales
4.937 3.561
Sales and distribution costs
1 490
Development costs
0 896
Administrative costs
759 1.972
___________
___________
Total depreciation 5.696 6.919
___________
___________
Costs of sales
13.133 11.150
Sales and distribution costs
0 0
Development costs
0 8.268
Administrative costs
0 0
___________
___________
Total amortisations 13.133 19.418
___________
___________
7. Finance income
Interest income intercompany
656 113
Interest income
548 523
Fair value adjustments on financial assets at FVTPL
3.016 0
Exchange rate adjustments
1.124 4.126
___________
___________
5.344 4.761
___________
___________
8. Finance expenses
Interest expenses intercompany
950 0
Interest expenses
10.223 5.564
Exchange rate adjustments
8.088 1.044
Leasing interest
1.443 1.102
Fair value losses on securities
20.528 1.810
Other financial expenses, including bank fees
310 162
___________
___________
41.543 9.681
___________
___________
Set out below are the summary movements in warrants during the year. All warrants granted in the year related to the warrant program 2025 have an exercise price
of SEK 9,0.
35
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
9. Tax on profit (loss) for the year
2025
2024
T.DKK T.DKK
Tax on profit (loss) for the year comprises
Current tax on profit (loss) for the year*
-3.855 -2.571
Changes in deferred tax
0 0
___________
___________
Tax expense (income) for the year
-3.855 -2.571
___________
___________
Profit (loss) before tax
-26.266 -34.436
Danish tax rate for GomSpace A/S
22% 22%
___________
___________
Tax expense (income)
-5.779 -7.576
Non-deductible expenses
5.872 852
Impairment
-3.948 4.153
___________
___________
Tax expense (income) for the year -3.855 -2.571
___________
___________
Effective tax rate 15% 7%
___________
___________
Income tax expense (income) reported in the income statement
-3.855 -2.571
-3.855 -2.571
Tax loss carry-forward
284.326 293.428
Unrecognised as deferred tax asset
-268.664 -278.652
Tax loss carry-forward recognised as deferred tax asset 15.662 14.776
Total deferred tax asset amount
62.552 64.554
Unrecognised deferred tax asset amount
-59.106 -61.303
Deferred tax asset amount recognised
3.446 3.251
*Development costs cause a part of the tax loss for the year. According to Danish tax legislation, the tax value (22%) of development costs up to T.DKK 25,000 can
be paid out after the year's taxable income is filed. Accordingly, the tax loss carried forward is reduced.
36
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
10. Intangible assets
Completed
development
projects
In-process
development
projects
Other intangible assets
Total
T.DKK T.DKK T.DKK T.DKK
Cost price at 1 January 2025
94.479 13.121 13.297 120.897
Additions during the year
0 18.456 7.782 26.237
Disposals during the year
0 0 0 0
Reclassification 18.939 -18.939 0 0
___________
___________
___________
___________
Cost price at 31 December 2025 113.417 12.638 21.079 147.134
___________
___________
___________
___________
Amortisation at 1 January 2025
-51.204 0 -13.297 -64.501
Amortisation
-13.017 0 -116 -13.133
Impairments, disposals
0 0 0 0
Reclassification
0 0 0 0
___________
___________
___________
___________
Amortisation at 31 December 2025 -64.221 0 -13.413 -77.634
___________
___________
___________
___________
Carrying amount 31 December 2025 49.196 12.638 7.666 69.500
___________
___________
___________
___________
Cost price at 1 January 2024
47.477 57.153 13.297 117.927
Additions during the year
712 10.187 0 10.900
Impairments
-7.930 0 0 -7.930
Reclassification 54.219 -54.219 0 0
___________
___________
___________
___________
Cost price at 31 December 2024 94.479 13.121 13.297 120.897
___________
___________
___________
___________
Amortisation at 1 January 2024
-33.576 -10.305 -13.297 -57.178
Amortisation
-8.359 0 0 -8.359
Impairments
1.036 0 0 1.036
Reclassification -10.305 10.305 0 0
___________
___________
___________
___________
Amortisation at 31 December 2024 -51.204 0 -13.297 -64.501
___________
___________
___________
___________
Carrying amount 31 December 2024 43.275 13.120 0 56.396
___________
___________
___________
___________
Other intangible assets primarily consist of investments in the ERP system and software.
In 2025, the Company received M.DKK 1.7 (2024: M.DKK 1.2) in government grants set off against additions during the year.
37
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
10. Intangible assets (continued)
In-process development projects
Other intangible assets, including completed development projects
Development costs recognised in the income statement
Development costs including depreciation and amortisations recognised in the income statement in 2025 amount to M.DKK 6.8 (M.DKK 8.2 in 2024).
The carrying amount for in-process development projects as of 31 December 2025 amounts to M.DKK 12.6 (M.DKK 13.1 at 31 December 2024).
A part of the in-process development projects last year is completed during 2025. Parts of the in-process development projects are at a final state and expected to be
completed during 2026, and the remaining part is expected to be completed after 2026. Management expects the development projects to increase revenue for the
company in 2026 and the following years.
Concerning the expectations described above, management has not identified any factors indicating the need to carry out impairment tests for other intangible assets,
including completed development costs in 2025.
An impairment of M.DKK 0 on intangible assets was identified in 2025.
Based on the impairment tests, management assesses there is headroom between the recoverable amount and the carrying amount of in-process development
projects as of 31 December 2025.
In-process development projects are subject to an annual impairment test. In-process development projects consist of nanosatellite platforms and expanding our
processing and radio capabilities with more powerful processing components. The two most important technological drivers to create efficient and high-value
nanosatellites are:
• The ability to harvest high energy with solar panels fitted on the small satellite body.
• The ability to transmit the most data between the satellites and the ground with the lowest energy consumption.
To be able to develop and to produce and, after that, manage these constellations of satellite platforms, with a variety of possible payloads onboard, we are focusing
on the following technological capabilities:
• Software-defined radio technology and antenna design
• Electronics systems design and development for NewSpace applications
• Space systems engineering
• Production engineering and quality management to reach very high and predictable reliability in space
The in-process development projects are tested annually for impairment and, as a minimum, as of 31 December. The recoverable amount of the in-process
development projects was set based on computations of value in use. The value in use is based on business plans approved by management for the individual in-
process development projects, including projected cash inflows from budgeted and estimated revenue and budgeted and estimated cash outflows from completing
the projects and cash flows related to the sale of the developed products. The business plans are, among other things, based on market reports on future growth and
technology trends.
38
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
11. Right of use assets (leasing)
Property
Other fixtures, fittings,
tools and equipment
Total
T.DKK
Balance at 1 January 2025
23.624 247 23.870
Additions 0 296 296
Disposals 0 0 0
Depreciation -4.725 -339 -5.063
___________
___________
___________
Balance at 31 December 2025
18.899 205 19.103
___________
___________
___________
Balance at 1 January 2024
7.875 1.266 9.141
Additions 20.467 383 20.850
Disposals 0 -477 -477
Depreciation -4.718 -925 -5.643
___________
___________
___________
Balance at 31 December 2024
23.624 247 23.870
___________
___________
___________
Leasing liabilities 2025 2024
T.DKK T.DKK
Within 0-1 years
4.689 4.407
Within 1-5 years
15.577 20.139
After 5 years
0 0
Total non-discounted leasing payments
20.267 24.546
Recognised in the balance at 31 December:
Current leasing liability (0-1 years)
4.689 4.407
Non-current leasing liability (after 1 year)
15.577 20.139
20.267 24.546
Income statement
Interest costs related to leasing contracts
1.443 1.102
Payments related to low value leasing contracts
2.412 1.490
39
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
12. Deferred tax
2025 2024
T.DKK
T.DKK
Deferred tax at 1 January
0 0
Deferred tax recognised in the income statement
0 0
___________
___________
Deferred tax at 31 December
0 0
___________
___________
Deferred tax relates to:
Intangible assets
-13.243 -11.279
Property, plant and equipment
1.796 2.741
Short-term liabilities
4.459 5.400
Tax loss carry-forwards
6.988 3.138
___________
___________
0 0
___________
___________
Deferred tax assets
13.243 11.279
Deferred tax liabilities
-13.243 -11.279
___________
___________
Deferred tax, net 0 0
___________
___________
The Company has updated the analysis of the expected utilisation of tax loss carry-forwards based on existing facts and the development regarding deferred tax
assets under IFRS. Consequently, the Company has written down its deferred tax assets to zero as a result of the year's negative result. Write down amounts to 7.0
M.DKK (2024: 3.1 M.DKK ). Unrecognised tax loss carry-forward amounts to 252.6 M.DKK (2024: 269.7 M.DKK) corresponding to a tax asset of 55.6 M.DKK
(2024: 59.3 M.DKK).
40
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
13. Inventories
2025 2024
T.DKK
T.DKK
Finished goods
0 0
Work in progress
11.835 9.554
Raw materials and consumables
6.464 15.927
Prepayments for inventories
28.230 0
___________
___________
46.530 25.482
___________
___________
14. Contract work
2025
2024
T.DKK T.DKK
Revenue from contract work in progress
306.019 289.950
Less progress billings
-397.513 -356.848
___________
___________
-91.494 -66.898
___________
___________
Recognised in the balance sheet as:
Amounts due from customers for contract work
2.703 3.015
Amounts due to customers for contract work
-94.197 -69.913
___________
___________
-91.494 -66.898
___________
___________
15. Trade receivables (from contract work)
Trade receivables, others
122.645 26.402
Trade receivables, intercompany
12.113 51.454
___________
___________
134.758 77.856
___________
___________
Ageing of receivables
Not due
23.369 37.391
0 - 30 days overdue
37.932 20.932
31 - 90 days overdue
10.002 20.900
>90 days overdue
72.965 34
___________
___________
144.268 79.258
___________
___________
Movement in allowance for doubtful trade receivables
Carrying amount at the beginning of the year
1.402 13.949
Movement during the year
8.109 -12.547
___________
___________
Carrying amount end of the year
9.510 1.402
Contract assets are initially recognised for revenue earned from Sales of satellite solutions, platforms, payloads, subsystems, and product sales.
Contract liabilities include advances received to deliver Sales of satellite solutions, platforms, payloads, and subsystems.
In 2025, M.DKK 0 (2024: M.DKK 0) was recognised as a provision for expected losses on contract assets.
M.DKK 135.8 of inventories was recognised in the cost of sales during 2025 (M.DKK 33.8 in 2024).
41
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
15. Trade receivables (from contract work) (continued)
16. Tax receivable
17. Share capital
Number of shares
___________
Changes in share capital:
Share capital at 1 January 2016 993.381
Capital increase 2016 1.000.000
Capital increase 2017
2.800.000
Capital increase 2018
4.900.000
Capital increase 2020
3.630.000
Capital increase 2024
1.952.943
Capital increase 2025
2.970.631
___________
Share capital at 31 December 2025, fully paid 18.246.955
___________
Capital management
The Company is primarily financed through equity and loan from the parent company with an equity ratio of 7% as of 31 December 2025 (-5% as of 31 December
2024) but will use debt financing when this can be achieved at attractive conditions.
Management evaluates the need for capital on an ongoing basis. The objectives when maintaining capital are to maintain sufficient capital to meet short-term
obligations and preserve the investor's confidence required to sustain the business's future development.
During 2025 a total capital increase was made through debt conversion of total M.DKK 59.4 (M.DKK 39.1).
The Company is not exposed to any externally imposed capital requirements.
During 2025, the Company strengthened its capital base through a directed share issue of 103.7 M.DKK to its major shareholder, The Hargreaves Family No. 14
Settlement. Refer to note 22 for further details including terms for warrants. Looking ahead, the Company intends to use its capital base to invest in continued
growth and is assessing opportunities to raise additional capital to support investments in technology development, capacity expansion and strategic initiatives.
The Company does not hold treasury shares. Diluted earnings per share does not include granted warrants to employees or the Peter Hargreaves Loan. If these
warrants are converted into shares in the future, they would dilute earnings per share.
The share capital comprises 18,246,955 shares at a nominal value of DKK 1 each. No shares carry any special rights.
As of 31 December 2025, trade receivables of 123.1 M.DKK (40.5) were past due. The past-due balance primarily relates to one large customer, resulting in a
concentration of credit risk.
In accordance with IFRS 9, management has assessed expected credit losses on trade receivables, considering the overdue balance, the concentration of credit risk,
and customer-specific circumstances. This assessment involves significant management judgment.
As part of this assessment, management has recognised an impairment loss of 9.5 M.DKK during the year to reflect uncertainty related to the weighted risk of loss
and the timing of cash collection, mainly relating to the large customer with overdue receivables.
In forming this judgment for this specific customer, management has considered several mitigating factors, including enforceable collateral possibly exceeding the
outstanding receivable, ongoing partial payments, structured payment arrangements and primarly Management has also assessed the recoverable value of underlying
project-related assets, including potential resale or reuse scenarios as no work, product or assets have been released by the Group to date.
The Company also holds collateral in respect of the past-due receivables, consisting primarily of shares in a US-based parent entity and a joint debt claim against
both the parent and its European subsidiary. In addition, the Group holds trade credit insurance covering a limited portion of the outstanding balance. Based on
management’s assessment, the collateral's fair value is likely to exceed the outstanding receivable balance at the reporting date and is considered enforceable.
Accordingly, no additional expected credit loss has been recognized. The customer relationship remains constructive, and management continues to closely monitor
developments and will reassess expected credit losses as new information becomes available.
Overall, supported by the strong collateral position, and available recovery options, the trade receivables are considered recoverable.
Tax receivable consists of tax receivable related to the tax credit scheme concerning development projects.
42
Financial Statements for January 1 - December 31, 2025
_____________________________________________________________________________________________________________________________________________
GomSpace A/S
Notes
18. Contractual commitments and contingent liabilities
2025
2024
T.DKK T.DKK
Low-value assets
Operating lease commitments:
Due within 1 year
819 915
Due between 1 and 5 years
0 502
Due after 5 years
0 0
___________
___________
819 1.417
___________
___________
Lease payments recognised as an expense amount to
2.121 1.490
___________
___________
Lease commitments primarily relate to IT equipment.
The above amount only contains non-terminable operating lease payments.
Regarding debt to credit institutions, the Company has provided security in the Company's assets representing a nominal value of M.DKK 32.5 (M.DKK 32.5 in
2024). The carrying amount of the Company's assets amount to M.DKK 253.5 (M.DKK 162.0 in 2024). This security comprises the following assets:
- Intangible assets
- Property, plant, and equipment
- Inventories
- Trade receivables
Guarantees
GomSpace has provided the following guarantees as of 31 December 2025:
Guarantees of M.DKK 24.7 (M.DKK 10.4 in 2024) to unrelated parties for contracts' performance. No liability is expected to arise.
43
Financial Statements for January 1 - December 31, 2025
____________________________________________________________________________________________________
_
GomSpace A/S
Notes
19. Financial risks
General risk management
Market Risk
Credit risks
The Company’s overall framework for managing financial risks is set out in the Company’s financial risk management
policies. These policies define the processes for identifying, assessing, measuring and managing exposure to credit risk,
foreign exchange risk, liquidity risk and interest rate risk.
The financial risk management policies are reviewed annually and approved by the Board of Directors.
Credit risk is the risk that a counterparty will fail to meet its obligations under a financial instrument or customer contract,
resulting in a financial loss. The Company is exposed to credit risk primarily through its operating activities, which
mainly relate to contract assets, trade receivables and other receivables. Credit risk also arises from the Company’s
financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other
financial instruments. The Company’s maximum exposure to credit risk corresponds to the carrying amounts.
Trade receivables and contract assets
Customer credit risk is managed centrally in accordance with the Company’s established policies, procedures and internal
controls for credit risk management. The credit quality of customers is assessed using a comprehensive credit rating
scorecard, and individual credit limits are established based on this assessment. Outstanding trade receivables and contract
assets are monitored on an ongoing basis.
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses.
The provision rates are based on days past due for Companyings of various customer segments with similar loss patterns
(i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of
credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and
supportable information that is available at the reporting date about past events, current conditions and forecasts of future
economic conditions. Generally, trade receivables are written-off if past due for more than 12 months and are not subject
to enforcement activity.
Deliveries to major customers are generally secured through letters of credit or other forms of credit insurance.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Company’s finance department in
accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties (credit
rating A or above).
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes
in market variables, primarily foreign exchange rates. The Company’s exposure to market risk arises mainly from
financial instruments such as trade receivables and payables in foreign currencies, loan liabilities, deposits and equity
instruments.
44
Financial Statements for January 1 - December 31, 2025
____________________________________________________________________________________________________
_
GomSpace A/S
Notes
19. Financial risks (continued)
Foreign exchange risks
Liquidity risk
An impairment analysis is performed at each reporting date. The management assesses credit risk concerning the
individual customer, considering whether they are public customers deemed to have a lower credit risk than industry
customers. Except for the increased risks mentioned in Note 2, the Company evaluates the concentration of risk for trade
receivables as low, as its customers are in several jurisdictions. The Company’s activities occur in the global market for
nanosatellites, and management does not distinguish between customers’ geographical affiliations in the credit risk
assessment. At the reporting date, the maximum exposure to credit risk is the carrying value of each class of financial
assets disclosed in Note 19.
The Company's sales, cost of goods sold, and expenses are mainly incurred in EUR, USD, and SEK. The Company has
transactions in other currencies, but exposure in those currencies is not significant. There is no foreign currency hedging
regarding transactions in foreign currency.
There is no foreign currency hedging regarding transactions in foreign currency.
Funding and adequate liquidity are fundamental factors in driving an expanding business, and management of both is an
integrated part of the Company’s continuous budget and forecasting process. To ensure focus on managing the risks
related to funding and liquidity, the Company manages and monitors funding and liquidity and ensures the availability of
required liquidity through cash management and borrowing facilities. By continually maintaining cash assets or unused
credit facilities, the Company ensures sound payment capacity, reducing the liquidity risk. Payment capacity, i.e., cash
from capital increases, cash equivalents, and unused credit facilities as of 31 December 2025, was 15.3 M.DKK (5.0).
A change in foreign exchange rates of +/- 1% concerning assets and liabilities in EUR will affect result and equity before
tax with M.DKK 2.0 (2024: M.DKK 0.1) on the net position at the balance day.
A change in foreign exchange rates of +/- 10% concerning assets and liabilities in USD will affect result and equity before
tax with M.DKK 2.5 (2024: M.DKK 1.1) based on the net position at the balance day.
A change in foreign exchange rates of +/- 10% concerning assets and liabilities in SEK will affect result and equity before
tax with M.DKK 13.0 (2024: M.DKK 10.3) based on the net position at the balance day.
45
Financial Statements for January 1 - December 31, 2025
____________________________________________________________________________________________________
_
GomSpace A/S
Notes
19. Financial risks (continued)
As described in note 19, a directed share issue was completed during 2025 in order to strengthen the Company’s liquidity
position. As a result, the Company significantly strengthened its financial position during the year. Further details are
provided in note 19.
The Company believes its cash position and the liquidity available from its operations, external borrowings and other
current sources are insufficient to satisfy its working capital requirements for the next twelve months.
The Executive Board and Board of Directors assess sufficient financing and cash resources for the planned activities and
operations for the year according to the budget for 2025. The conclusion has been made based on knowledge of the Group
and the Company, the estimated outlook, and the identified uncertainties and risks related to them.
46
Financial Statements for January 1 - December 31, 2025
____________________________________________________________________________________________________
_
GomSpace A/S
Notes
19. Financial risks (continued)
Total con-
tractual
0-1 year 1-5 years >5 years cash flow
T.DKK T.DKK T.DKK T.DKK
31 December 2025
Shareholder loan 0 0 64.652 64.652
Leasing liabilities 4.689 15.577 0 20.267
Other liabilities 8.305 0 6.253 14.558
Trade and other payables 77.823 0 0 77.823
_______
_______
_______
_______
90.817 15.577 70.905 177.300
_______
_______
_______
_______
31 December 2024
Borrowings from credit institutions 2.825 40.041 0 42.866
Leasing liabilities 4.407 20.139 0 24.546
Other liabilities 11.103 0 5.599 16.702
Trade and other payables 90.506 0 0 90.506
_______
_______
_______
_______
108.841 60.180 5.599 174.620
_______
_______
_______
_______
The payment obligations are expected to be settled through cash inflows from operating activities and cash inflows and
cash from the parent company.
The analysis is based on all undiscounted cash flows, including estimated interest payments and expected instalments on
loans. The estimates on interest are based on current market conditions.
47
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
_
GomSpace A/S
Notes
20. Classification of financial assets and liabilities
Financial assets
measured fair
value through
profit & loss
Financial assets
measured at
amortised cost
price
Financial
liabilities
measured at
amortised cost
prices
Derivative
measured at
fair value
through profit
& loss
Total carrying
amount
31 December 2025
T.DKK T.DKK T.DKK T.DKK T.DKK
Assets
Trade and other receivables 0 132.989 0 0 132.989
Financial assets – equity instruments 3.016 0 0 0 3.016
Cash and cash equivalents 0 46.237 0 0 46.237
___________
___________
___________
___________
___________
Total assets 3.016 179.226 0 0 182.243
___________
___________
___________
___________
___________
Liabilities
Other non-current liabilities, non-current 0 0 6.253 0 6.253
Loans from shareholders 0 0 64.652 0 64.652
Warrants issued, measured at FVTPL 0 0 0 46.875 46.875
Trade payables and other payables 0 0 77.823 0 77.823
Other liabilities 0 0 8.305 0 8.305
___________
___________
___________
___________
___________
Total liabilities 0 0 157.033 46.875 203.908
___________
___________
___________
___________
___________
31 December 2024
Assets
Trade and other receivables 0 77.856 0 0 77.856
Cash and cash equivalents 0 45.796 0 0 45.796
___________
___________
___________
___________
___________
Total assets 0 123.652 0 0 123.652
___________
___________
___________
___________
___________
Liabilities
Credit institutions 0 0 36.202 0 36.202
EIB warrants (deriative liability) 0 0 0 6.664 6.664
Leasing liabilitites 0 0 24.546 0 24.546
Trade payables 0 0 90.506 0 90.506
Other payables 0 0 11.103 0 11.103
Prepayments 0 0 9.064 0 9.064
___________
___________
___________
___________
___________
Total liabilities 0 0 171.421 6.664 178.085
___________
___________
___________
___________
___________
48
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
_
GomSpace A/S
Notes
20. Classification of financial assets and liabilities (continued)
Included in cash and cash equivalents are restricted cash amounts of 10.1 M.DKK relating to cash collateral
provided in connection with payment guarantees issued to customers. The restricted cash is not available for
general corporate purposes
The financial assets (equity instruments) are measured at fair value. The fair value of unlisted shares is
classified as Level 3 in the fair value hierarchy, as the valuation is based on valuation techniques that use
inputs which are not observable in the market.
The EIB loan, which was obtained during 2023, was fully repaid during 2025. In connection with the
repayment, the Company entered into a new loan agreement with Peter Hargreaves, which is presented as a
shareholder loan at 31 December 2025 amounting to 64.7 M.DKK. The fair value of the loan is determined by
discounting the future cash flows (interest payments and principal repayments) with a market interest rate.
The market rates has been determined based on a risk-free rate component and a credit spread component.
The warrants, which are derivative financial instruments, are measured at fair value using the Black‑Scholes
valuation model. As the Company’s share price is observable in an active market, the warrants are classified
as Level 2 in the fair value hierarchy.
For other financial instruments measured at amortised cost, the carrying amounts are considered to be
reasonable approximations of fair value due to their short‑term nature and/or exposure to floating interest
rates.
49
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Notes
21. Liabilities from financing activities
31 December 2025
At the
beginning
of the
year
T.DKK
Cash flow
T.DKK
Other
T.DKK
Borrowing
costs
T.DKK
Exchange
adjustment
T.DKK
At the end of
the year
T.DKK
Long-term debt
65.779 64.262 0 1.998 1.318 133.358
Short-term debt
7.232 -2.270 0 0 -273 4.689
___________
___________
___________
___________
___________
___________
Total liabilities from financing activities
73.011 61.992 0 1.998 1.045 138.047
___________
___________
___________
___________
___________
___________
31 December 2024
At the
beginning
of the
year
T.DKK
Cash flow
T.DKK
Other
T.DKK
Borrowing
costs
T.DKK
Exchange
adjustment
T.DKK
At the end of
the year
T.DKK
Long-term debt
50.343 15.938 0 -435 -67 65.779
Short-term debt
8.318 -21.515 20.429 0 0 7.232
1
___________
___________
___________
___________
___________
___________
Total liabilities from financing activities
58.661 -5.577 20.429 -435 -67 73.011
1
___________
___________
___________
___________
___________
___________
Non-cash alterations
Non-cash alterations
50
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Notes
22. Peter Hargreaves loan and warrants
In 2025, the Group repaid and replaced the previous EIB financing arrangement with a new financing
arrangement with Peter Hargreaves (main shareholder of the Group). The EIB loan was derecognised in
connection with the refinancing.
The financing arrangement with Peter Hargreaves comprises Tranche A (5 M.EUR), B (6 M.EUR) and C
(7 M.EUR). Tranches A and B were drawn in July 2025, and Tranche C is expected to be drawn during Q2
2026. The Company pays a fixed interest per tranche varying from 7 - 10 %. Under the terms of financing
arrangement, besides interest, the group also grants a specified number of warrants to Peter Hargreaves on
drawdown of each tranche.
The warrants are considered to be part of the overall return to Peter Hargreaves in his capacity as lender in
the financing arrangement, rather than in lieu of a cash fee for services provided. As such, the warrants are
accounted for under IAS 32 and IFRS 9, rather than IFRS 2.
The financing arrangement contains contractual restrictions that limit the Comapny’s ability to grant third-
party lenders security over its assets (negative pledge clauses). The negative pledge restricts the creation of
security interests over the Company’s assets, subject to customary and specifically agreed exceptions.
Management considers these restrictions when assessing the Company’s financing structure and liquidity
management.
Fair value measurement
The loan is initially recognised at fair value minus directly attributable transaction costs and subsequently
measured at amortised cost using the effective interest method, with the unwinding of the discount
recorded as finance expense over the life of the loan. The effective interest rate is determined based on the
loan amount paid out, fair value of vested warrants, transaction costs and future payments.
The fair value of the drawn tranches - tranches A and B - has been determined to be 46.9 M.DKK as of 31
December 2025 (47.5 M.DKK as of 31 December 2024) and classified as level 3 in the fair value
hierarchy. The loan was obtained in July 2025. The fair value of the loan is determined by discounting the
future cash flow (interest payments and principal repayments) with a market interest rate. The market rates
have been determined based on a risk-free rate component and a credit spread component.
51
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Notes
23. Changes in net working capital
2025 2024
T.DKK T.DKK
Changes in inventories
-21.048 3.712
Changes in trade receivables
-54.199 -56.769
Changes in other receivables
-7.526 7.603
Changes in trade and other payables
-487 59.984
___________
___________
-83.260 14.530
___________
___________
Warrants
Up to 3,301,566 warrants are linked to the financing arrangement in total, of which 2,806,331 had been
granted at 31 December 2025 in connection with the drawdown of Tranche A and Tranche B. Each
warrant entitles the holder to subscribe for 1.43 shares in GomSpace Group AB at a subscription price of
SEK 0.07 per warrant, subject to specified adjustment mechanisms on the occurrence of certain, pre-
defined events, and is exercisable until 31 December 2039.
The warrants are accounted for as derivative liabilities as the fixed-for-fixed condition is not met. The fair
value of the vested warrants at initial recognition is assumed to equal the difference between initial fair
value of the loan and proceeds received. The warrants are subsequently measured at fair value, with fair
value movements presented in either finance expenses or finance income.
The fair value of the warrants (a derivative financial instrument) has been determined by using the black
scholes model where the Group’s share price is the primary valuation input. The warrants are classified as
level 2 in the fair value hierarchy. The fair value adjustment for the full year has impacted the finance
costs with 19.1 M.DKK (2024: 1.9 M.DKK).
In addition to customary anti-dilution protection provisions, the terms and conditions for the warrants
include anti-dilution protection in respect of issuances of new shares, warrants and/or convertible
debentures with deviation from the shareholders’ preferential rights (i.e. directed issues) in which
situations the number of new shares that each warrant entitles to subscription of will be adjusted to ensure
that the warrants entitles to subscription of new shares representing the same percentage of the fully
diluted share capital of the Company following such directed issue(s) (without taking the subscription
price payable in the directed issue(s) into account). The anti-dilution protection in respect of directed
issues is only applicable provided that the pre-money valuation of all shares in the Company (on a fully-
diluted basis) is less than EUR 60 million at the relevant time of issuance and under no circumstances in
relation to any incentive programs for employees of GomSpace up to a maximum dilution of five (5)
percent of the total number of shares in the Company as of today
52
Financial Statements for January 1 - December 31, 2025
_________________________________________________________________________________________
GomSpace A/S
Notes
24. Non-cash items
2025 2024
T.DKK T.DKK
Exchange rate adjustments -1.487 3.083
___________
___________
-1.487 3.083
___________
___________
25. Related parties
26. Events after the balance sheet date
No events have occurred after the reporting period that would have a material impact on the company's
financial position or require additional information.
GomSpace A/S' related parties comprise GomSpace Group AB as a shareholder with an ownership of
100% and affiliated companies, the Board of Directors, and the management team. Further, related parties
comprise companies in which the mentioned above have significant interest.
The Company had expenses for contract work, sales support, management fee, and interest of loans to
shareholders (with significant influence over the Company) at an amount of M.DKK 69.3 (M.DKK 17.4 in
2024), apart from management costs in note 4.
The Company had income from contract work, management fees, accounting, and legal assistance to
shareholders (with significant influence over the Company) at an amount of M.DKK 31.4 (T.DKK 50.2 in
2024).
Receivables from related parties amount to M.DKK 12.1 on 31 December 2025 (M.DKK 61.6 on 31
December 2024). Payables to related parties amounted to M.DKK 17.3 on 31 December 2025 (M.DKK
73.3 on 31 December 2024).
The Danish companies participate in joint taxation. GomSpace A/S, as the administrator of the joint
taxation, bears unlimited liability for Danish corporation tax and tax at source on dividends, interest, and
royalties within the joint taxation scheme.
53