Danish Aerospace Company A/S Releases 2024 Interim Report
The Board of Directors of Danish Aerospace Company A/S (NASDAQ: DACAS) has approved its interim report for 2024. Although this report has not undergone an audit, it offers important insights into the company's financial performance and ongoing projects during this period.
Key Highlights from the Interim Report
Here are the main highlights from the 2024 interim report:
- Revenue reached DKK 9.5 million, with a gross profit of DKK 6.4 million.
- Operating profit (EBITDA) was recorded at DKK -1.6 million, indicating an operational loss.
- The net profit for the period was DKK -1.9 million, primarily due to rising costs associated with the E4D project.
- A major milestone 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.
- After implementing DAC’s wearable sensor, VR glasses, and water filtration technology during the Huginn mission, there has been increased interest in further applications of these technologies.
- DAC successfully delivered and installed the first complete version of its multifunctional exercise device, E4D, at ESA's astronaut center in Cologne.
- The company is close to finalizing the proto-flight model of E4D, which will undergo qualification testing before its anticipated launch to the ISS in 2025.
- Development is ongoing for Gaintex and the wearable sensor prototype for divers under the CUIIS project.
- Since October 2023, NASA's FERGO ergometers have been in use on the ISS, accumulating 364 hours of operation without significant issues.
- The financial outlook for the fiscal year remains consistent with previous estimates.
Statement from the CEO
CEO Thomas A. E. Andersen remarked, “The completion and delivery of our multifunctional exercise equipment for astronauts, E4D, marks a significant advancement for DAC and our client, the European Space Agency (ESA). The multifunctional capabilities of E4D pave the way for new opportunities with additional commercial clients in the Human Spaceflight sector.”
Management Review
During the first half of 2024, DAC worked closely with ESA and NASA personnel, achieving notable progress on the E4D project. Preparations included the final assembly of the proto-flight model, along with positive feedback from private commercial space station companies regarding DAC's exercise and medical monitoring technologies.
The recently installed FERGO ergometer on the ISS has proven reliable, with usage increasing significantly after the arrival of additional crew members, showcasing its effectiveness in replacing older exercise equipment.
Further developments include advancements in 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.
Looking Ahead
The company continues to uphold its previously stated expectations for the upcoming fiscal year:
- A total revenue target (including other income) of DKK 22-24 million.
- An anticipated operating profit (EBITDA) in the range of DKK 2-3 million.
About Danish Aerospace Company A/S
Danish Aerospace Company A/S is a high-tech firm specializing in advanced medical instrumentation and engineering solutions, primarily for space applications. The company has a rich history of focused research and development aimed at creating reliable technologies for use in space environments. DAC's product offerings include respiratory equipment for astronauts and exercise monitoring solutions designed to ensure optimal performance in space.
With a certified quality management system that meets BS EN ISO 9001:2015 and BS EN 9100:2018 standards, DAC is committed to delivering exceptional services in design, manufacturing, certification, and technical support.
Contact Information
For more 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
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, the 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.
