Small satellite manufacturer, GomSpace, has announced that it is on track to achieve positive cash flow by late 2024. The company has also reported a significant revenue increase of 33% for the nine months ending on September 30.
GomSpace attributes its progress towards profitability to successful cost-saving measures implemented over the past year. One of the key measures includes a 36% reduction in headcount, bringing the total number of employees to 132 as of September 30.
CEO Carsten Drachmann emphasized that the company’s strategy of keeping expansion limited to fulfilling the current backlog of orders will continue. He also mentioned that the potential for growth in the small satellite industry is being closely monitored.
GomSpace is known for its expertise in building small satellites, which are used for various applications including Earth observation, communication, and scientific research. The company’s positive financial outlook is expected to further strengthen its position in the industry.
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