Core Insights - Rovsing is entering a stabilization year for 2024/25, maintaining activity levels similar to the previous year, which saw a 39% year-over-year revenue growth [4] - The order backlog as of June 30, 2025, is DKK 39.7 million, up from DKK 38.8 million in 2023/24, with a significant increase in order intake to DKK 37.8 million from DKK 10.3 million [4] - Revenue for 2024/25 is reported at DKK 37.0 million, a decrease of 5.7% from DKK 39.3 million in 2023/24, while EBITDA decreased to DKK 1.3 million from DKK 2.9 million, impacted by one-time effects from project replanning [4] Strategy and Growth - The company aims to accelerate global growth in the Space and Defense segments, leveraging its strong positions in ESA and EU space programs while pursuing a selective buy-and-build strategy [4][6] - Rovsing is focusing on organic growth, strategic acquisitions, and customer-driven innovation to broaden market reach and deliver sustainable long-term value [4][12] - A fully subscribed directed share issue is planned to provide additional financing for strategic ambitions and investments in buy-and-build targets during 2026 [4] Market Position and Expansion - Rovsing is recognized as a key agile high-tech SME in the Space & Defense industry, with a strong track record in major ESA and EU space programs [5][7] - The company is expanding its international presence in the USA, Middle East, and APAC, adapting offerings to local demands and forming strategic partnerships [8] - The buy-and-build strategy is aimed at enhancing core capabilities in space testing and opening new opportunities in adjacent Defense verticals [9] Innovation and Culture - Rovsing emphasizes agility and customer-centric innovation, delivering tailored solutions that foster long-term customer trust [10] - The company values its employees' knowledge and commitment, focusing on an inclusive and innovative culture to drive growth [11] - Sustainable growth is supported by a solid order backlog and a growing international pipeline, ensuring alignment with customers and stakeholders [12] Future Outlook - The revenue outlook for 2025/26 is projected to be between DKK 37.0 million and DKK 41.0 million, with a positive EBITDA expected in the range of DKK 1.0 to 3.0 million [4] - Rovsing's future priorities include maintaining leadership in Europe and expanding its role as a leading systems house with global reach [13][14]

Core Insights - The space and defense industry is dominated by major players like Lockheed Martin and RTX, but emerging companies like Kratos and Voyager are gaining attention for their innovative technologies and partnerships [1] Group 1: Kratos Defense & Security Solutions - Kratos is developing next-generation technologies such as autonomous jet fighters and hypersonic missile systems, with a significant contract for a hypersonic missile test bed worth up to $1.45 billion awarded in early 2025 [2][6] - The company emphasizes being "first to market" and affordability, which enhances its technological reputation and commercial viability [3] - Kratos has a record opportunity pipeline valued at $12.6 billion, nearly 10 times its expected revenues for 2025, indicating strong potential for revenue growth [5] - The company reported a non-adjusted net income per share of $0.03 last quarter, and its forward price-to-earnings ratio stands at 86x, reflecting high growth expectations despite current production limitations [6] Group 2: Voyager Technologies - Voyager generates equal revenue from space and defense solutions, with significant contributions from NASA (26%) and Lockheed (17%) [8] - The company is leading the development of Starlab, a NASA-backed space station project, with an initial award of $217 million, but faces competition and funding uncertainties for future phases [9] - Voyager's stock has seen volatility since going public, with shares dropping from an initial high of $73.95 to $39 as of June 30 [7] Group 3: Comparative Analysis - Both Kratos and Voyager are smaller defense companies with significant long-term potential, with Kratos being viewed as the safer investment due to its established backlog, while Voyager presents a more speculative opportunity in the space sector [10]