GomSpace (Q1 Review): Solid outlook with WC headwinds - Redeye
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GomSpace (Q1 Review): Solid outlook with WC headwinds - Redeye

Redeye returns with a revised outlook following GomSpace's Q1 report that demonstrated financial progress on top-line and profitability, while cash flow was weak. We trim our financial forecast, raising EBITDA by 3% for FY26-27, expecting a solid development for 2026 in line with company guidance. Moreover, we increase working capital expectations driven by the large unpaid invoice. We also adjust our WACC given the elevated risks connected to the receivables, which yields a revised valuation.

Redeye returns with a revised outlook following GomSpace's Q1 report that demonstrated financial progress on top-line and profitability, while cash flow was weak. We trim our financial forecast, raising EBITDA by 3% for FY26-27, expecting a solid development for 2026 in line with company guidance. Moreover, we increase working capital expectations driven by the large unpaid invoice. We also adjust our WACC given the elevated risks connected to the receivables, which yields a revised valuation.
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