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Danish Aerospace Company A/S issues Interim report for 2022

·5-min read
Danish Aerospace Company A/S
Danish Aerospace Company A/S

COMPANY ANNOUNCEMENT

Odense, August 29th, 2022

Company Announcement no. 38 - 29-08-2022

           
Danish Aerospace Company A/S issues Interim report for 2022

The Board of Directors of Danish Aerospace Company A/S (DAC) have today approved interim report for 2022. The report has not been audited.

Highlights - Interim Report 2022

  • Revenue increased 7% to DKK 11,0 million, while Gross Profit increased 11% to DKK 8,4 million.

  • Operating Profit (EBITDA) increased 127% to DKK 0,6 million.

  • Net profit of DKK 0,3 million, an improvement of DKK 1,1 million compared to the same period last year.

  • DAC won large contract with Axiom Space, Inc. which has the first private commercial contract to build private modules for the International Space Station (ISS). DAC has hereby taken the lead within exercise equipment for astronauts in space, also within this new growing commercial marked for human spaceflight.

  • ESA extends contract on support for health monitoring on the space station and includes possible options for the coming years.

  • DAC has been allotted a significant amount of the scarce testing time for Andreas Mogensen’s next flight to ISS in 2023 with three technological experiments approved by ESA. The experiments will strengthen the development in the product portfolio going forward.

  • Financial guidance for fiscal year 2022 is maintained.

CEO, Thomas A. E. Andersen, states:

“The first half of 2022 has been exciting with the signing of the Axiom Space, Inc. contract. This is something we have worked towards for several years. To finally succeeded has a colossal impact for the company and its employees. It creates a thirst for more.

With this contract, we have confirmed our leading position within commercial exercise equipment for manned spaceflight, furthermore, we have shown we are strongly positioned in the new growing commercial space industry - and there are numerous other possible customers out there.

That three of our technologies have been approved for testing in space on Andreas Mogensen’s next mission to ISS, is extremely important. These new technologies are on par with DAC’s main technology area within health monitoring, exercise equipment and water purification. They will help create new commercial opportunities in space and on Earth.”

Management review

By signing the Axiom Space, Inc. contract in January, DAC has solidified its entry into the private commercial space marked in the US. This does not just entail the supplement of its government (ESA & NASA) contracts with private contracts, however, it paves the way for new opportunities and for additional sales to private US space companies which develop manned spacecrafts and space stations.

Last autumn NASA awarded contracts to three private consortiums to commence development and manufacturing of multiple commercial space stations which will succeed ISS, after it expected retirement around 2030. Several of these new space stations are currently expected to have their first modules launched around 2027 and onwards. DAC has since 2017 actively pursued these commercial opportunities in the US and this will continue in the coming years.

The success on the commercial manned spaceflight marked is attributed to DAC’s solid experience with exercise equipment for ESA and NASA over the past 30 years. DAC has during the spring of 2022 delivered several models of NASA’s new FERGO-ergometers, which in the coming years will replace the company’s current 20-year-old CEVIS ergometer on ISS.

In the spring, the company received an extended and prolonged the contract regarding support for medical equipment and health monitoring of astronauts on the International Space Station. DAC has since July 2006, under various forms, supported the regular health monitoring and exercise tests on the International Space Station from its control room in Odense. The exercise tests are performed on the company’s CEVIS- & FERGO ergometers and with DAC’s Portable PFS health monitoring equipment. DAC holds a service contract to maintain the equipment in space together with the corresponding test models on Earth. This has now been extended until the end of 2022, with the options for prolonging it to 2023 and 2024. Furthermore, the contract holds options for various extra services and software for remote use of DAC’s equipment from Earth.

ESA and the Danish Ministry of Higher Education and Science have approved three technological experiments from Danish Aerospace Company A/S to be performed by the Danish ESA-astronaut Andreas Mogensen on his next flight in 2023. These will assist the company with its development of new technologies for the new growing commercial manned space marked, as well as it’s technologies for extreme environments on Earth. It entails testing of the company’s Wearable technology in space, the use of Virtual Reality with DAC’s exercise equipment and testing of water purification technologies with Aquaporin Space Alliance.

DAC has continued the work on internal development projects with various new wearable sensors for health monitoring of e.g., astronauts and persons in other extreme environments on Earth.

In the first half of 2022, DAC again passed the regular quality audit, which is the company’s AS/EN9100 standard, rev. D quality control system approval by Bureau Veritas.

Expectations for the year

The expectations for the years revenue and profit as presented in DAC’s Annual Report 2021 are maintained:

  • Revenue of DKK 24-27 million; and

  • positive EBITDA of DKK 3-4 million.

The Interim report can be found on our website: http://www.danishaerospace.com/en/investor-relations/annual-reports

Note: This is a translation of the corresponding Company Announcement in Danish. In case of discrepancies between the Danish wording and the English translation, the Danish wording prevails.


For further information, please contact:

Danish Aerospace Company A/S:

Chairman of the Board of Directors Niels Heering
Mobile: +45 40 17 75 31

CEO Thomas A.E. Andersen
Mobile: +45 40 29 41 62

Certified Adviser:

Gert Mortensen, Partner
Baker Tilly Corporate Finance P/S
Tel. no.: +45 33 45 10 00
www.bakertilly.dk

About Danish Aerospace Company A/S:

Danish Aerospace Company is a high-tech company operating in the area of advanced medical instrumentation and other engineering fields primarily within space applications. Our products are based on many years of specialized research and development. These consist of developing, integrating, and applying new as well as established medical technologies to the challenges of functioning and remaining reliable in space. These products and services bring the potential of space research and experience from space operations down to Earth for the benefit of all Mankind.

Danish Aerospace Company employs engineers and technicians who deliver full engineering, production and technical services for our customers. We have specialized in customer specific design, development, manufacturing, certification, maintenance, testing, and operations.

The company has developed five generations respiratory equipment for spaceflight, bicycle ergometers for astronauts, countermeasures, adapted several commercial medical equipment for spaceflight and has participated in the development of the minus eighty degree-celsius freezers.

The Company’s quality system is certified in obligation to BS EN ISO 9001:2015, BS EN 9100:2018 technical equivalent to AS9100D that is the acknowledged standard in the area.

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