Carsten Drachmann is the hero of GOMspace. Do this exercise: first listen to Marc Bell talk about Terran Orbital for ten minutes. Any prior interview, webcast, presentation … take your pick. Then watch this recent video of GOMspace’s CEO Carsten Drachmann. Comparing GOMspace with Terran Orbital is certainly not apples-to-apples. But Drachmann presents very well as the head of his company.
Aside from making a dig at Europe’s trust in Elon Musk, Drachmann presents GOMspace’s “journey to profit.” In 18 months since assuming his role, Drachmann describes making a 40% headcount reduction, cash management, and work towards delivering positive EBIT.
In the video, Drachmann hits hard on customer Unseenlabs, whom GOMspace has already sold 20 satellites. Drachmann mentions the Indonesia project, but gives investors no tells on current status. Notably, he addresses GOMspace’s strategy to break into U.S. government sales. Because GOMspace is a small, overseas company, GOMspace can’t hold a U.S. government contract. Drachmann explains this is why GOMspace partnered with SAIC. Drachmann calls this a “long term play” stating it will take years to develop.
At the beginning of the video Drachmann floats a $1m per satellite number. Near the end, Drachmann targets goal of delivering 15-20 satellites a year. This equates to about SEK 160-215m in target revenue from just satellite sales. (GOMspace seemingly earns more from subsystem sales.)
And on November 11th, BOD member Henrik Kølle bought more shares. This time 56,000 at SEK 3.98 per share. This is his second purchase in as many weeks. Shareholders must feel good if their own insiders are buying.