Listeners to present GomSpace. I will go through today's presentation and answer questions in the Q&A session. We are joined by CEO Carsten Drachmann. Today's topic, the direct share issue you announced the 18th of March. As always, very welcome to ask questions in the box down below. Do it in Danish. I will try and translate to the best of my ability. Also, if you could, look whether it has been asked because there has already become a lot of questions in advance. Do feel free still to ask questions. For now, I think I will hand the call over to you, Carsten.
Thank you, Michael, and welcome everybody to the Q&A session here. A warm welcome to, I hope, a lot of new shareholders. I know a lot of you have joined us recently. Today, I will take you through the recent changes with the directed issues and the injection of capital into GomSpace. We'll talk about why, some market changes, and talk about the guidance at the end, which, by the way, is unchanged. There were some questions. I'll try to do this relatively quickly, and then we dive into all the many very good questions that have come. First, my motto, clarity and communication, really important. Why and why now? If you look at the market, since the end of 2024, it's incredible how much has actually happened. We made a budget.
We made some assumptions for the year when we closed with our board, how we're going to conduct ourselves in 2025. We issued a guidance for you. A lot has happened since then. There's a heightening of the global threat in the world. We don't know exactly what Donald Trump is going to do. There's a lot of things impacting Europe, in particular here. This has led to an increase in defense budgets across Europe. I think you've all seen that, the announcements in Denmark, announcements from the EU, announcements all over Europe. Spending are going up, where we perhaps before were up to 2% for NATO contribution of GDP. Some countries go up to 3%, 4%, or 5% of GDP. That's a lot. That is a change in the last 3 months. With the increased budget also come an increased sense of urgency.
Europe simply has to stand. We have to be able to stand on our own feet. We have to be able to withstand the potential threat from Russia. In general, we do not know exactly what kind of support will come from the Americans. One thing is, I'm not a military expert, so I'm not going to comment on that. In terms of intelligence and knowledge and information that we can provide also from space, this is increasing. Speed is of essence here. This is a big change. Analyzing that change, what do we need to do as GomSpace? These are decisions made in the last couple of weeks and something that we are now reacting to very quickly.
First of all, reducing time to market, both triggered by the events in Europe I just talked about, but also in general, we see an increased demand for us to be able to deliver faster to our customers. What does that mean? It means we have run a very tight ship, as you know, those of you who followed us, to really have our finances under control, which we do. However, in order to deliver faster, we do need to build perhaps a bit more inventory of ready-to-go products and components, more than we've done before. We've done build-to-order to minimize cash, tying up cash. Here, I see actually a demand from the market. In order to be competitive, we simply have to be more ready in time. We have to pre-invest a bit more in building parts and components so we can deliver faster.
That's number one. This is what we see, a general trend from the opportunities we have right now. I also foresee that because we have been a bit slow in Europe, let's be honest about it, we have been a bit slow in Denmark also. Once the decisions are made, expectations are fast delivery, ASAP. There's not going to be a five- to eight-year plan for delivery. It's going to go a lot faster than that. I also see the need for us to prepare for that so we can really respond quickly when opportunities are landing. The other part is accelerating our solutions for defense. We do have it on our roadmap. We already have some solutions, especially within the marine domain awareness, surveillance, et cetera, signal intelligence.
Where we thought perhaps the roadmaps were a bit longer and decision-makings were longer, we now have to anticipate that decisions are going faster. We also need to invest more and, let's say, invest faster than what we had originally thought. Part of the need for capital is simply to step up, for example, in cybersecurity, signal intelligence, electronic warfare, marine domain awareness even more, and also in general, ISR, so intelligence, surveillance, and reconnaissance in military language. That is also something that we need to be more ready to deliver. This requires additional capital. The last one is also capturing the market demand. Now everybody is out looking for, hey, what do you have? How fast can we launch a space solution? What do you think we need? This is not just in Denmark. It's all over Europe.
It's coming, which puts an extra increased load on our already quite loaded sales force. Therefore, I foresee that we need to invest more into business development, people, solution managers, so we can make sure that we capture as much as possible for GomSpace and for our investors in terms of opportunities. It's simply a capacity issue, also being able to deal with all the relatively complicated processes that we'll be working into. Last one not highlighted here, highlighted that in the press release, it's also strengthening our balance sheet to make sure that we have the KPIs on the balance sheet are where they should be. When you go into government business, it's always important that you have a good balance sheet. Even while government business, there are a lot of rules.
Therefore, it's important that we have a very solid balance sheet, which we definitely will have once Peter Hargreaves starts his investment here. These are the reasons. It's a change in market. Trump is driving that change pretty much. The EU is responding, reacting by increasing defense budgets. Urgency is high. We analyze that compared to what we thought in December, we need actually to move a lot faster here, and we need to have more inventory ready. That is the reason. Now, what is this directed issue? Let's take some facts. First of all, Peter Hargreaves from the U.K., he's our major investor today. He has just under 30% ownership. We're doing a directed issue of new shares. He's not buying in the market.
We are issuing new shares, 28 million, which is just below 20%, which is a mandate that our board has to do that without asking the General Assembly. That brings him to just over 41% ownership. It is a share price at SEK 7, so 7 Swedish kronors, is what has been agreed. That was a fair market value at the time we agreed this. I say at the time we agreed this because you have seen the share price has moved quite a lot. It will bring us SEK 196 million in cash into the company, less administration costs and some lawyer costs, but not a lot of other costs that we normally have if we did a public rights issue. This is really good. I am so happy, and I am so grateful for Hargreaves actually being able to do that.
It also shows the trust that within a relatively short period of time, we say, hey, Peter, this is the situation in Europe in order for us to move forward and maximize on that. Cash is required, and he's willing to do it. Fantastic. Let's look at some more facts. What does it mean when he goes above 30% ownership? The regulation says that he has to make a mandatory offer to all other shareholders. This is simply regulation. It's got nothing to do with the intentions of Hargreaves. These are just the rules as they are. It's a legal formality. The shareholders are under no obligation to accept the offer. Just to be clear, it's an offer that will be made in the market. Nobody has to take it. Peter Hargreaves has to do it.
He does it happily, but it's only because he has to. The offer price will be set as an average. I know that a lot of you had questions. What's going to be the price on that? Is it going to be the SEK 7? No, it's not tied to what Peter has bought at. It is tied to an average share price calculated around the time of the closing of the deal. The closing of the deal is after the appropriate authorities that approve this, probably within 30 business days, give or take. Just to say, no, I cannot answer to you what the share price will be because it will be set as an average of the market price getting closer to closure in about 30 days from now. It's got nothing to do with the SEK 7.
Peter Hargreaves has to abide by the rules. That is how it is going to be done. Nobody has to take a, and I repeat, nobody has to take it if you do not want to. It is OK. A little bit about Peter Hargreaves. Not all of you know him. I have perhaps heard about him. He is also the owner of Goonhilly in the U.K. It is a ground station service provider. They also do deep space, and they can communicate really far out into space. Peter invested in that some years ago before he came into GomSpace. I just wanted to give a quote. This is a very, I have to say, with my heart, he is a very nice man, very nice man. He called me last week, and I said, "Carsten, I am proud to own shares in GomSpace.
I am excited to support the company in seizing the many new opportunities emerging from recent market shifts. This is what he told me on the phone. Peter Hargreaves does this for a number of reasons. He's happy with GomSpace. He invested some years back. He's very, very happy with the development. He does it from the heart because he can see he has the ability to help quickly, and it will benefit overall his investment, but it will benefit all investors in GomSpace. The fact that we suddenly have a balance sheet and cash that is so much stronger than ever before, and Peter takes all the shares, it's great. He also does that because he likes space. He has made a lot of money in his life, and he likes to invest more into space for himself and his investment, but also for humanity.
I know there's a lot of speculations. Is it a hostile takeover? Is he going to buy the whole company? No, it's not the intention. This is a man who has invested well in GomSpace. He's very happy with the results over the last two years. Now he sees an opportunity to help the company further. That's what he's doing. There's nothing more to read into it as it is today. With that, just quick on the market guidance, no change. Take it as a repeat. You'll hear it many times. For me, we are estimating between SEK 320 million-SEK 380 million revenue top line. That's Swedish kronors. EBITDA may be slightly below zero or preferably closer to 10% EBITDA, which would be new for the company to do that, and a positive free cash flow. What's the background for this?
We have a good backlog for our program and mission business. About 70% is backlog included in what we're forecasting here. North America needs to, we need to see a double-digit growth. We expect it to go higher this year, significantly higher than last year. Our product business units will also grow in the lower double digits, probably on the top line. Remember, this is where we have really good margins. A small growth in top line is a better growth on the contribution. EBITDA is really driven by two parameters. It's about taking in, selling more products and kits is really going to drive the bottom line. The programs will drive the top line. The big contracts that we can close are really going to drive the top line.
Bottom line, of course, also driven by that, but very much by the product sales. We project a positive free cash flow. This is also about, of course, handling our business as such. Now we have plenty of cash coming in. It's not a big issue in terms of money in the bank. Nevertheless, we still maintain that guidance and that ambition to keep the free cash flow above zero. That would be very healthy for the company to do that. This is the summary. There is no change to the guidance. It's still early in the year. Many things can happen. See this new investment, the new cash coming in from Hargreaves as excellent timing. It's really, really timely right now. Things have changed a lot in the last three months. Peter Hargreaves is able to do this.
It's very quickly executed at almost no cost to the company. This is great for everybody. We are now ready to move in and capture the opportunities in Europe. Thank you.
I think we're ready to jump to some questions, Carsten. I will start you a little bit out of place, but there's a lot of questions about the IoT one and Startical. Are there any news about when we should know at all where a success transmitting wise? Any news on Startical?
Any news on Startical? First, for those of you who are new, Startical is a satellite we launched about 10 days ago, I think a little bit more. It's about air traffic management and secure communication between airlines, between airplanes and the cockpit to ground. We launched the satellite 10 days ago.
I would think a couple of years before Startical has done a full analysis to understand what are the next steps to be taken. I strongly recommend go look at, sign up on LinkedIn for Startical. They're good at sending out information. You will get information at the same time I get it. I'd say a couple of years. There is a question. Can it be, can it come to speak that Mr. Hargreaves will take over the full company? You need to look at what, like I explained before, why is he doing this? First of all, he has a good investment into GomSpace. Of course, he's enjoyed, like I think most of you have been in for some time, at least over the last two years, a good increase.
He sees this as backing his investment to enable a company to do even more. I think that's a way to look at it. It's a timely availability of cash from Peter Hargreaves.
Perfect. We jump a little bit back to the business. How do you see GomSpace's commercial development in France?
We are right now working with Unseenlabs, as many of you know, our very good customer there. They are also owned partly by the French government. We are looking more at opportunities in France all the time. We look across Europe. We're also engaging in different programs, for example, with the European Defense Fund. There's a commercial development in France. I think the question is more, how do we engage globally and across Europe, not just France, because there's a lot more than France in this.
We do that now also by stepping up our business development capabilities because there are so many things out there right now. We have a hard time keeping up with the sales efforts that are needed and required. That is what we're focusing on.
A specific question: Has there been any concrete asking from military and government that is the reason to do this, or is it just timely? You'll be out and being timely and do some action. Timely. Of course, we are participating in different conferences. If you watch the news and you follow up a bit on social media, you will see a lot of defense conferences have been held. There was one up here in Aalborg not so long ago. A lot of meetings about budgets have been held with EU countries and NATO countries.
It's just telling us that this is coming. It's not about the specific request to GomSpace. It's about there will be a request coming up soon, and we need to get ready for it.
There is a question around the guidance, whether you will come with any changes. I think you already indicated that, but I will ask you.
No changes. It's still early in the year. I'm not going to give you an update on that. We maintain the guidance as it is.
There is a question, what is Peter Hargreaves' intention? I think you really covered that very, very well. Whether he takes GomSpace private, I also think you commented really well on that. There is a question, which you maybe didn't touch, but for a good reason.
Does he intend to sell the soon newly shares he will get in the market as a way to finance GomSpace?
Yeah, let's be clear about what it is. The financing of GomSpace is Peter Hargreaves buying new shares. It's new shares that we issue to Peter Hargreaves. That's how we get the cash. What he's going to do with them and whether he's going to float them on the market, it's not for me to answer, but I can say that what do you think is going to happen if he floats 40% of the shares on the market? The share price is going to completely tank. No, I do not believe it's on my own account. I do not believe that that is the intention of Peter Hargreaves. It would make absolutely no sense for him to do that. I think he's a long-term investor.
I know he's a long-term investor, very long-term investor. He simply sees this as backing an already good investment to be even better, not just for him, for everybody who's along on the ride, just to be clear.
Perfect. There's a question related to this. I think maybe you already answered it in the way you answered, namely that is there any limitations by these shares? You can have a holding period or something like that. Is there anything put?
No. No, no, there's nothing there. I just explained it. It doesn't make any sense for him to start selling the shares on the market.
Perfect. I will see. There's a question. One of the reasons for the share issue is maintaining a healthy balance sheet, keeping an equity rate and so on, and acceptable level for government business and guarantees.
How likely do you see GomSpace securing significant government contracts? Do you see? That's the first question. Let's start with that. How likely?
Yeah. I didn't plan to take in more capital now, but I'm doing it. I think that answers the question that I foresee that this is something we need to do. I would rather put it, it's going to be a lost opportunity if we don't step up and seize the moment right now. With the actions we're taking and the budgets that are there, we should be able to capture some of this.
There's a second question. Do you see potential for a future where government contracts contribute with the majority of GomSpace's revenue?
Yeah, I did that.
I would say if you look at the size of the contracts, look around in the world, how many commercial contracts are out there that are accessible? It's very likely that the technology we have about marine domain awareness, surveillance in general, et cetera, it is going towards governments. It can also be to private companies, but there's a good likelihood that the money is simply a lot bigger there. Also the purchasing is for a different motivation, which is about national security and understanding what's going on around sovereign borders.
There is a question here. How dependent are your customers on SpaceX? What options are out there?
That is a very interesting question and a very good question that's actually driving part of the demand. SpaceX, or rather Starlink, I would say is the question.
Starlink is the one that is providing data services globally, where it is Elon Musk's company. They are providing them as a so-called service, which means you buy a service, a subscription, and then you can use it. This is what happened in the early days of Ukraine. It was great. Elon Musk went in and actually provided a communication network that nobody else could. Now we also have total control, so he can turn it off any day he wants to. How it's impacting us is that Europe needs to giddy up and basically start to have satellite data networks via space. It is coming. There is OneWeb out there. Read about Eutelsat, which by the way has a Danish CEO, a very smart CEO. They are promoting OneWeb.
In Europe, there's also a program called IRIS², which is about building a European-funded, I wouldn't even call it a competitor, but an alternative to Starlink. That's what's coming. It's got nothing to do directly with GomSpace as we don't, we're not in these communication satellites. We are in these security satellites, surveillance, monitoring, both in terms of imaging, but also this radio frequency that we can see radars, we can see other things on ground. How is it impacting positively GomSpace? It's impacting positively that governments around the world are saying, oops, we're used to buying American. Oops, we're used to having these services from the U.S. Oops, we don't know if they will stay up. At any given time, Elon Musk can turn off a communication network anywhere in the world.
How it's positive is that we see a trend towards buying things as a service that government wants to own the assets. They want to control themselves, how to use the assets and when they are in use and how they function. They don't want to be beholden to anybody else's politically motivated decisions. That is driving very well for GomSpace.
There's a question there, and that was the same, but as you said, you're not in the communication side, but can you be a subcontractor into something like a European Starlink? We'll see a Starlink with some of your products there, batteries, et cetera.
Yeah, for sure. We can, without being specific, but when these big programs come up, it's even the billions of dollars, obviously, or billions of euros for that matter.
It's going to be some of the bigger prime contractors like Airbus or others that are going to have the majority of that. However, there are regulations from the EU that a certain amount of that has to go down to small and medium-sized companies like we are. There's definitely an opportunity for us to play along there. I cannot say when it is or how big it is, but I can answer positively. Yes, we can play a role if we want to.
Perfect. There's a question. How do companies plan to utilize the capital raised? Will it be reinvested into growth or used for showing a more healthy balance sheet to win the government contract? Do we have some kind of an indication on how those amounts will be placed?
Yeah, I've already explained the motivation behind taking the capital because we didn't need to, but I think it was timely to do it. I'm not going to speculate in the distribution right now of how we're spending it, but I've already told you inventory needs to go up, so there's probably some tens of millions of SEK in that. We'll see the solutions and also how we invest in salespeople. Certainly, there's a balance sheet that needs to stay at a certain level and also enables us to give guarantees like a roadmap in a press release because when you do almost any kind of contract, but also government contracts, we need to put down some guarantees, and that requires either cash or a good balance sheet.
There is a question. Could GomSpace deliver a fully programmed that surveys the Arctic area?
What would an about price in SEK be for such a project?
Yeah, so what's the price in Swedish kronors? We'll see, who knows. The answer is absolutely yes. We can deliver that. There's absolutely no doubt that we can deliver that, and we will deliver that. I have a hard time seeing how the Danish government can get around. There's a couple of similar companies up here that you know in Aalborg, and I'm sure we'll both be engaged in this. That's how it should be. This is just Denmark. There's more to it than that. Size-wise, you'll start with 20 satellites similar to what we want to do in Indonesia that can actually do a lot of the job, and then anything from there. It's really a question of, without getting into too much details, how live information do you want?
You can say, I have an update every one hour, every 30 minutes, and then I know something about what's happening, or I can say, I want to get down to five minutes or near real-time. We need more satellites. You can start with fewer and you get something, and then you can scale up. I'd be surprised if it doesn't go in a way that start with fewer, simply to get started, and as the operational plans for the military start to become more dependent on the information, and as I'm realizing the value of the information you can get from space, which is very high value, then they will want more. I see this is just the beginning that's starting now, and that journey will continue, and it will continue to backfill over the years with more and more satellites, for sure.
Should we see that a little bit like Unseenlabs? If you should kind of have some traction and see how this develops, could that be some kind of, I know it's pure speculations.
Yeah, I would say that Unseenlabs, again, our dear customer in France, they have a very specific business case that we're delivering satellites for. This is just one part of doing the full surveillance. There's more than that. There are more technologies that we master that we will deliver also. I think it's because it's government business, it's way beyond that.
Can some of the business risk of larger inventories, et cetera, be covered in the contract with the customers?
Yes, they can, but then you have to sign the contracts first.
The issue is that once we sign the contracts and the customer is in a hurry, then we should have had the inventory already six months ago or ordered. That is why I am seeing now, I am anticipating a request for faster delivery from governments and defense budgets once that starts kicking in. I am also seeing from the general market that the customers would like us to deliver faster, and that simply requires that for certain items, we have to have more inventory to make it happen. You can ask me why, Gaston, why are the other customers looking for us to deliver faster? Remember, we are delivering also to our competitors, happily, happily to our competitors because we get business every time. It is likely that some of our competitors, for example, in Italy, are going to be more, maybe they win some Italian defense contracts. Guess what?
They're going to have the same time pressure, and guess what? They're going to order more stuff from us. We need to be ready. That's why I wanted to make this move now and have more invested in inventory than I would normally do when I'm driving a tight ship and a tight business.
There's a question. Can you say anything about the general lead time from the first contract to a signed contract in the defense-related deals?
No.
From a pipeline perspective, are there any updates as from start of year until now? What are the conversations with potential customers? Do you foresee changes to the guidance later during 2025? I think the later one you already answered, but from a pipeline perspective and from the start of the year, have you seen any changes in the conversation with your customers?
I think I just answered that in a whole session here that yes, because that's why I'm taking in more capital that I didn't need to take in. Yes, of course, I'm seeing a change in market dialogue and dynamics. No, I won't tell you that I'm going to change the guidance later because I already changed the guidance. Sorry, guys, doesn't make any sense.
I understand you. There is a little bit different question. How is it going with the Indonesia order? I don't know whether you have anything you can give to market that you haven't been giving anywhere else.
No, I made several comments on that in different places. I assure you, I will update you when there is something to update, whether it's moving forward or backwards.
As long as I don't communicate anything, I have not received any information to believe that this will change. I cannot talk about the timing. We're still going through, and have you heard it before, the political process in Indonesia. The president is getting his cabinet in place, and he has certain policies he needs to roll out. Therefore, it's difficult to say what timing, how long time it will take. I will communicate very clearly as soon as I have information that leads me to believe it's moving faster or it's moving slower or away. No news is good news.
Perfect. Then there's something about the share prices, nine, seven, and six. I think you already stated what you can state, that it's an average price in a process, so nobody can talk about the price. I will not ask you that question.
I will just want to make sure that the viewer knew that we have taken it. Now that the volume on the stock has increased a lot this year, do you think or see GomSpace on a bigger stock exchange in the near future?
No, I don't see any reason for that. It's actually going quite okay as it is right now. I don't see, I don't want to speculate in that. It's not a good speculation because my focus right now is to build a business. As the company grows, perhaps over time, there's an opportunity, but it's a pointless exercise right now. It's going to require a lot of effort, and I don't really see how can you do any better, you guys, what it's done in the last six weeks.
I will stay focused on delivering on the business, and then the rest will follow in a meaningful way.
There is a question. What type of projects are out there? Is it a project where GomSpace will operate the satellites or the country's own military will do that?
The more likely contract is that we will not operate the satellite and the service as such. It is the governments or the defense organizations that will do that. That is the whole premise of owning the asset and also controlling the operation. It is not in our scope to become a service provider per se. We do have some services and some software we are providing for managing the satellites, but it will usually be handled by the customers themselves.
There is a question on some of your competitor.
I don't know whether you want to comment on it, but I will ask it now. How big a competitor is Space Inventor? There's actually also a question. Could you see that you work together and the Danish government would buy some equipment from you and some equipment from some of your competitors?
I think I answered that before. There are a number of, of course, we are a number of companies around, not just in Denmark, but in other places. I think I answered before that for the Danish government, when they're buying, they will be buying also from the Danish industry, and it's not just about the two company names you just mentioned. There are others out there. I absolutely expect that it's going to be a joint effort over time, and I believe strongly that that's what the government is going to do.
Now, mind you, there's competition all around, and we will also be competing in other countries, including all the Nordic countries as well, for sure.
There is a question about the launch. Is there an alternative to SpaceX? Now we're talking about alternatives, but we also need to have launched the satellite. Does ESA need to step up? Is there an alternative?
ESA has been stepping up. Read about the Ariane, which is somewhat delayed right now, but it's starting to fly again. There are some alternatives in India as well. I know there's a lot of, let's say, smaller companies around that, including a Danish company actually, that are looking to launch rockets and launch satellites into space. There is no doubt that SpaceX has by far the best launch service today.
Sometimes it's also about from where the satellites are launched, depending on which orbit they need to go into. India is progressing quite well in that area. If you're asking me, should Europe get their act together and have a rocket launch? Absolutely. It's taking a little bit too long. We used to have a lot more. If you go back, go read about Ariane and the Ariane rockets, there's a very interesting story there.
There's a question. What are the prospects for recruitment? Maybe a more important question. Now you're stepping out your capital and everything. Can you actually get the people you need?
Yes, we can. We can. Remember, we are an international company. We have more than 20 nationalities, so a lot of people moving up here.
There's a lot of interest in GomSpace, especially over the last couple of years. It has increased a lot. We get a lot of requests to come. People are interested in working for GomSpace, and as soon as we go out looking for staff, we find the staff. We talk about business development and solution managers. Actually, we're very agnostic. They don't have to sit in Aalborg. It doesn't matter so much. It's more important that they have the right knowledge and background to do the work that we need them to do. That's not a problem.
There's a specific question here. Will the cost of the extra business risk, i.e., you taking on more inventory and so on, will that be priced into the quotes given? There's an indication here on the price.
Will you price higher for taking more inventory and more business risk, or is the price level maybe in general going up because everything needs to be faster?
No, I think let's revert to when I say increasing the inventory level, it's to meet the demand for fast delivery. The way I look at it, it's not about charging a premium or anything like that. We don't want to do that. It's partners, it's customers we've had for a long time that keep buying from us. We need to respond faster. To me, it's about actually capturing the business as it is, being able to deliver faster. Otherwise, it might go to somebody else if you don't keep it up. That's why we are increasing it. We don't need to factor it in.
We just need to have a bit more cash tied up in inventory, which we know we will use. It is not a big deal. It just requires a bit more cash.
One question I had on the paper. I think we have closed most of the audio, so we have closed all. Do you need to develop all those capabilities for doing military, the cybersecurity, the signal intelligence, not being disturbed or so on, or can you buy it from the outside, meaning shorter lead time?
No, I think the word I like to focus on is solutions. We are looking at providing solutions end-to-end to the customers, which means it is a combination of technologies. It can be Earth observation. It can be the signal intelligence, some secure communication.
We do not need to build everything ourselves, but we want to invest more in understanding how all the technologies are linking together. We will develop some stuff ourselves. We need to add some more cybersecurity on some of our products. We will partner where it makes sense. We are very agnostic to that. The main point about this is to have full control and understanding of the end-to-end solution offering that we want to have in the market. We will find the best way, whether it is a make or a buy.
Perfect. That was the last question, Gaston. I know maybe this was a little specific event, but you will join us again in Q1 where we might make a little bit bigger overview of the GomSpace case again. People should absolutely join in there.
Maybe you can talk a little bit about more of the general about the company.
Certainly. Please join May 7. I'll go in more details also for our new investors. I know there are a lot of new investors, which is really good. Welcome again. Let's just summarize. Peter Hargreaves, main investor, is going in. He's buying SEK 28 million at SEK 7. It's a so-called directed issue, so it's new shares. He has to make an offer to buy all shares in the market, but it will be at a market price later. You are not obliged to do that. Peter Hargreaves is not doing it with any malintention. It's simply required by law. We are getting, as company, including you, because you're the investors in company, almost SEK 200 million in cash injection, hopefully before the end of the second quarter.
It's good news, and we're doing it not because we needed it, but because we see opportunity that we want to cash so we can capture a market and an uptake in a market. That's the essence of what we've done the last 10 days.
Perfect.
Thank you, Carsten, and thank you for the audience listening. As always, thank you for a very, very questionable audience. It's always nice to see investors who want to ask a lot of questions and growing investors. Thank you for everybody for listening, and thank you for you, Carsten.
Thank you, Michael.