Danish Aerospace Company 2024 Interim Financial Report

Danish Aerospace Company A/S Issues Interim Report for 2024

The Board of Directors of Danish Aerospace Company A/S (NASDAQ: DACAS) has approved the interim report for 2024. This report has not been audited, but contains valuable insights into the company's financial performance and project advancements during the period.

Highlights of the Interim Report

The key highlights from the interim report for 2024 are as follows:

• Revenue amounted to DKK 9.5 million, with a gross profit reported at DKK 6.4 million.
• Operating profit (EBITDA) stood at DKK -1.6 million, indicating an operational loss.
• The net profit for the period recorded was DKK -1.9 million, largely attributed to increased expenses related to the E4D project.
• A significant achievement for DAC was the successful completion of Andreas Mogensen’s Huginn mission to the International Space Station (ISS), which included three technology demonstration experiments from DAC.
• Following the implementation of DAC’s wearable sensor, VR glasses, and water filtration technology during the Huginn mission, DAC has observed heightened interest in additional applications of these technologies.
• DAC delivered and installed the first complete version of its multifunctional exercise device, E4D, at ESA's astronaut center in Cologne.
• DAC is nearing completion of the proto-flight model of E4D, which will undergo qualification testing prior to launch to ISS in 2025.
• Development work on Gaintex, as well as the wearable sensor prototype for divers under CUIIS, are both underway.
• Since October 2023, NASA's FERGO ergometers have operated on the ISS, totaling 364 hours of use without significant issues.
• The financial guidance for the fiscal year remains unchanged from previous projections.

CEO's Statement

CEO Thomas A. E. Andersen commented: “The completion and delivery of our multifunctional exercise equipment for astronauts, E4D, represents a major step forward for DAC and its client, the European Space Agency (ESA). The multifunction capabilities of E4D open new pathways for additional commercial clients within the Human Spaceflight market.”

Management Review

In the first half of 2024, DAC collaborated closely with ESA and NASA staff, marking significant progress with the E4D project. Preparatory efforts include final assembly of the proto flight model and continued positive feedback from private commercial space station companies regarding DAC's exercise and medical monitoring technologies.

The newly installed FERGO ergometer on the ISS has demonstrated reliability, with its usage rising notably once additional crew members joined, highlighting its effectiveness as it replaced older exercise equipment.

Further advancements include progress on wearable sensor projects such as EDF, CUIIS, and the initiation of the Gaintex project. Additionally, the company successfully passed a quality audit confirming compliance with AS/EN9100 standards.

Future Expectations

The company maintains its previously stated expectations for the upcoming fiscal year:

• A total revenue target (including other income) of DKK 22-24 million.
• An expected operating profit (EBITDA) approximating DKK 2-3 million.

About Danish Aerospace Company A/S

Danish Aerospace Company A/S is a high-tech enterprise focusing on advanced medical instrumentation and engineering solutions, predominantly within space applications. The company boasts a rich history of specialized research and development aimed at creating reliable technologies for use in space environments. DAC's product range includes respiratory equipment for astronauts and exercise monitoring solutions designed to ensure optimal performance in space.

With a certified quality management system in compliance with BS EN ISO 9001:2015, BS EN 9100:2018, DAC remains dedicated to providing exceptional services encompassing design, manufacturing, certification, and technical support.

Contact Information

For further information, please reach out to:

Danish Aerospace Company A/S

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

CEO: Thomas A. E. Andersen
Tel: +45 40 29 41 62
Email: ta@danishaerospace.com

Frequently Asked Questions

What were the major highlights of the interim report?

The major highlights include a revenue of DKK 9.5 million, completion of the E4D exercise device, and successful experimental missions to the ISS.

What technologies did DAC showcase during the Huginn mission?

DAC demonstrated its wearable sensor, VR glasses for exercise, and water filtration systems during the Huginn mission.

What is DAC’s expected revenue for the current fiscal year?

DAC aims for total revenue between DKK 22-24 million for the current fiscal year.

How reliable has the FERGO ergometer been on the ISS?

The FERGO ergometers have been operational for over 364 hours without any significant issues, demonstrating strong reliability.

What certifications does DAC hold for its quality management system?

DAC is certified in accordance with BS EN ISO 9001:2015 and BS EN 9100:2018 standards.

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