COMPANY ANNOUNCEMENT
Odense, August 25th, 2025
Company Announcement no. 63 - 25-08-2025
Danish Aerospace Company A/S issues Interim report for 2025
The Board of Directors of Danish Aerospace Company A/S (DAC) have today approved the interim report for 2025. The report has not been audited. The first half of 2025 shows a much stronger result compared to the same period in 2024.
Highlights - Interim Report 2025
- Revenue was DKK 9,8 million, while Gross Profit was DKK 7,9 million.
- Operating Profit (EBITDA) was DKK 0,4 million, a significant increase compared to the same period last year, when EBITDA was DKK -1,65 million.
- Net profit was DKK -0,6 million compared to DKK -1,9 million last year.
- DAC signed a contract with the European Space Agency ESA to develop and build a prototype of a new exercise device that can be used on the Lunar Gateway space station orbiting the Moon and eventually for human missions to Mars.
- DAC entered a new area with a subcontract with Adaptix Ltd. of UK to support the development of a ground prototype of a new 3D Bone Quality Imaging System for future use in space.
- DAC has completed the first two models of its multifunction exercise device E4D under its ESA contract. This "proto-flight model" of E4D (the first model that will be launched) was shipped to ESA and NASA in January for final integration into the launch vehicle. E4D is currently planned for launch to ISS in early 2026.
- DAC has entered a strategic partnership with NECAS A/S in order to develop and produce advanced technological solutions applicable across the military, space and extreme environment domains.
- DAC has merged with its subsidiary Danish Aerospace Medical Company A/S with Danish Aerospace Company A/S as the Continuing Company. As the merged has been adopted by the general assembly after 30 June 2025 the merger has not been recognised in the Interim Financial Statements for the period 1 January - 30 June 2025.
- In the light of the increased number of DAC shareholders the Board of directors have decided to issue quarterly trading updates starting with Q3 2025.
- Financial guidance for fiscal year 2025 is maintained.
- Total Revenue (incl. other income) of DKK 21-23 million; and
- Operating profit (EBITDA) of approx. DKK 1-3 million.
CEO, Thomas A. E. Andersen, states:
"With the completion of four full models of our new multifunctional exercise equipment for astronauts, E4D, DAC has now mastered this new complex and critical technology. We look forward to enhancing our exercise technology further for use by ESA and NASA on the Lunar Gateway Space Station to orbit the Moon. In parallel, we are pursuing new areas such as 3D Bone Quality Imaging and use of our wearable technologies for national defense applications."
Management review
In the first half of 2025, DAC completed and delivered two additional E4D models bringing the number of completed models to four, for two different customers. The delivery in January of the first proto-flight model for ESA and in August the first model for a commercial customer is another major achievement for E4D. In addition, DAC received a contract from ESA for the development of a prototype of an exercise device for the Lunar Gateway space station to orbit the Moon. This prototype will build upon E4D and add an additional jumping exercise capability to it. DAC continues to see increased interest in various DAC technologies, from almost all of the new private commercial space companies. We have recently entered a new small contract with a new one of them.
With the new subcontract with Adaptix Ltd. for support of the development of a ground prototype of a new 3D Bone Quality Imaging System for future use in space, DAC is entering a new area with significant future potential.
The new strategic collaboration with NECAS A/S will focus on harnessing the unique synergies between NECAS' expertise in production of electronics for the defense industry and DAC's world-class expertise in developing medical and exercise systems as well as advanced space and extreme environment technologies.
Axiom Space's Ax-4 mission with astronauts from Hungary, Poland, the USA and India completed a 14-day mission to ISS during which some of the crew members used DAC's Virtual Reality equipment upgraded with a new eye-tracing capability.
DACs work on the new full Water Recovery Unit ground prototype for ESA is progressing as planned.
DAC continues to pursue new contracts with ESA and US commercial space companies, as well as within the DoD sector, especially with regard to our wearable monitoring technology.
Once again in 2025 DAC successfully passed the 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 year's revenue and profit as presented in DAC's Annual Report 2024 are maintained:
- Total Revenue (incl. other income) of DKK 21-23 million; and
- Operating profit (EBITDA) of approx. DKK 1-3 million.
Interim Report - Danish Aerospace Company
Attachments:
Appendix 1 - Key Figures - Interim 2025
Appendix 2 - Changes in Equity 2025
Appendix 3 - Cash Flow 2025
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
Thomas A.E. Andersen, CEO
Tel: +45 40 29 41 62
Mail: ta@danishaerospace.com
Certified Adviser:
Baker Tilly Corporate Finance P/S
(Company reg. (CVR) no. 40073310)
Poul Bundgaards Vej 1
DK-2500 Valby
Tel.: +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 specialize in customer specific design, development, manufacturing, certification, maintenance, testing, and operations.
The company has developed five generations of 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.
www.DanishAerospace.com
Appendix 1 - Key figures - Interim 2025
| 1/1-2025 - 30/6-2025 | 1/1-2024 - 30/6-2024 | |
| Revenue | 9,775,062 | 9,563,144 |
| Gross pro?t/loss | 7,888,413 | 6,461,553 |
| Other Operating Income | 284,451 | 610,643 |
| EBITDA | 423,193 | -1,652,134 |
| Operating pro?t/loss | 195,785 | -1,925,308 |
| Net ?nancials | -938,075 | -350,354 |
| Net Pro?t/loss for the period | -570,308 | -1,902,003 |
| Total assets | 28,158,676 | 31,986,169 |
| Equity | 7,801,083 | 9,969,711 |
| Share performance Earnings per share (DKK) Total number of shares No. of shares (on average) Closing share price (DKK) | -0.05 10,982,872 10,945,601 8.4 | -0.17 10,908,330 10,908,330 2.9 |
Appendix 2 - Changes in Equity Interim 2025
Share capital | Reserve for development costs | Reserve for foreign currency translation | Retained earnings | Total | |||||
| DKK | DKK | DKK | DKK | DKK | |||||
| Equity at 1 January | 1,090,833 | 3,213,361 | -281,622 | 3,870,257 | 7,892,829 | ||||
| Capital increase | 7,454 | 0 | 0 | 471,108 | 478,561 | ||||
| Development costs for the period | 610,650 | 0 | -610,650 | 0 | |||||
| Depreciation, amortisation and impairment for the period | 0 | -29,154 | 29,154 | 0 | |||||
| Net profit/loss for the period | 0 | 0 | 0 | -570,308 | -570,308 | ||||
Equity at 30 June | 1,098,287 | 3,794,857 | -281,622 | 3,189,561 | 7,801,083 |
Appendix 3 - Cash flow Interim 2025
| 1/1-2025 - | 1/1-2024 - | |||
| 6/30-2025 | 6/30-2024 | |||
| DKK | DKK | |||
Net profit/loss for the period | -570,308 | -1,902,003 | ||
| Adjustments | 994,905 | 249,869 | ||
| Change in working capital | -386,356 | 2,708,533 | ||
Cash flows from operating activities before financial income and expenses | 38,241 | 1,056,399 | ||
Financial income | 97,813 | 165,477 | ||
| Financial expenses | -1,035,888 | -621,564 | ||
Cash flows from operating activities | -889,834 | 600,312 | ||
Purchase of intangible assets | -894,095 | -686,580 | ||
| Purchase of property, plant and equipment | -36,635 | -18,209 | ||
Cash flows from investing activities | -930,730 | -704,789 | ||
Raising of loans from credit institutions | -300,822 | 428,601 | ||
| Loans to group enterprises | 55,592 | -357,839 | ||
| Change in loans from owners and Management | 1,500,000 | - | ||
| Capital increase | 478,561 | - | ||
Cash flows from financing activities | 1,733,331 | 70,762 | ||
Change in cash and cash equivalents | -97,233 | -33,715 | ||
Cash and cash equivalents at 1 January | 297,379 | 83,506 | ||
Cash and cash equivalents at 30 June | 200,143 | 49,791 | ||
