The Board of Directors for Danish Aerospace Company A/S (DAC) has last week approved the annual report for 2022. DAC shows good progress on several key figures, while it also entered the private commercial space market with the signing of the contract for exercise equipment with Axiom Space Inc. in 2022.
Key points from the 2022 Annual Report
Revenue has risen by 14% to DKK 23.3 million. (DKK 20.4 million in 2021)
EBITDA increased by 50% to DKK 3.36 million. (DKK 2.24 million in 2021)
The annual result after tax grew to DKK 1.87 million (DKK 175 thousand in 2021)
DAC won a large contract with Axiom Space, Inc. which has the first private commercial contract with NASA to operate on the International Space Station (ISS). DAC has hereby taken the lead in providing exercise equipment for commercially selected astronauts and is very well positioned for growth in the commercial human spaceflight market.
ESA extended DAC’s contract in support of health monitoring on ISS and executed options in the contract for the coming years.
DAC has been allotted a significant part of the available experiment time for Andreas Mogensen’s next flight to ISS in In this connection DAC received approval to conduct three technological experiments, which will strengthen developments in our product portfolio going forward.
ESA initiated a new contract with DAC and Aquaporin Space Alliance ApS for further development of Aquaporin InsideÔ water recovery technology for use in space.
DAC was selected to be a subcontractor to a project under the European Defense Fund - ABITS (Advanced Biometrics In Training and Simulation) -- to develop an in-door tactical training technology that integrates medical sensor feedback in the simulation
DAC will receive the GAINTEX (Garments for Advanced INsight with TEXtiles) contract with ESA that is being transferred from the now bankrupt company Ohmatex. DAC will be the new prime contractor and pursue the project to completion.
The expectations for 2023 is a revenue of DKK 24-26 million; and an operating profit (EBITDA) of approx. DKK 3-4 million.
Danish Aerospace Company has in many ways experienced a great year in 2022 that follows the planned strategy. In connection with the IPO in 2019, DAC set a number of ambitious goals for the coming years and has in 2022 seen several of them realized.
In 2022, DAC entered the private commercial space market by signing a contract for exercise equipment with Axiom Space Inc. in January. The contract with Axiom was the result of several years of focused activities. This area has considerable further potential since four other private American consortia also plan to develop private commercial space stations.
Moreover, the development of the company’s wearable technology has also prompted the support from the European Defense Fund for participation in the ABITS project (Advanced Biometrics In Training and Simulation) for DAC to develop indoor tactical training technology which integrates medical sensor feedback in the simulated environment. DAC is hereby involved in two defense related development projects within the wearable technology field. Meanwhile, DAC continued the work with
internal developments projects of different new wearable sensors for health monitoring of astronauts and persons in other extreme environments.
Further, DAC has continued to maintain and develop good cooperation with ESA and NASA, which has resulted in the completion of the FERGO contract with the delivery of three completed FERGO flight ergometers and a training model to NASA. In 2023, NASA expects to launch two of the new FERGO ergometers to the International Space Station (ISS). Thus, four of DAC’s ergometers will be on board ISS as two of DAC’s original CEVIS ergometers will remain on board as back-up.
Additionally, ESA transferred the Gaintex contract (Garments for Advanced INsight with TEXtiles) to DAC, which is now the main contractor on the project, and prolonged the contract for support of health monitoring on ISS for 2023, which is a clear verification of the trusting cooperation DAC has with ESA.
CEO Thomas A. E. Andersen states:
“We are incredibly proud of the development we have seen at DAC the past year. During the past couple of years, we have worked to enter the new booming commercial human spaceflight marked. It is amazing that we now have established a foothold in this US marked, so we can complement our activities with government entities such as NASA and ESA, with contracts from the commercial sector. Our employees’ energetic and creative approach to our projects is astounding and contributes to DAC continuing to develop and maintaining its technological lead.”
That DAC is making impact with its high-quality products, is confirmed by DAC being approved for three technological experiments in connection with the Danish astronaut Andreas Mogensen’s coming Huginn mission to the space station ISS in 2023, which will help the company’s development of new technologies for the growing commercial manned space market, as well as, its technologies for extreme environments on Earth. It regards the testing of DAC’s wearable technology for space, the use of virtual reality with DAC’s exercise equipment and the testing of water purifying technologies via Aquaporin Space Alliance.
“At DAC we are very excited to follow Andreas Mogensen’s mission in 2023 and grateful to have been allotted such a substantial part of his scarce time for our experiments on ISS. From our perspective, this shows, not only the trust in our technologies but also that our strategy and development continue to stand both short- and long term.”
says CEO, Thomas A. E. Andersen.
The Annual report can be found here: https://www.danishaerospace.com/en/investor-relations
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