Gulf Space Technology Public Company Limited (SET: GST) published its financial report for the third quarter of 2026, reflecting strong top-line expansion alongside elevated operating costs. Consolidated revenue from sales of goods and rendering of services climbed 22.2% year-over-year to THB 611 million, compared to THB 500 million in 3Q25.
Despite top-line momentum, the company posted a net loss attributable to owners of THB 12 million, widening from a net loss of THB 1 million in the prior-year period. Nevertheless, this performance highlights a sharp quarter-over-quarter recovery from the THB 87 million net loss logged in 2Q26.
Revenue growth was driven by domestic internet and media services, which surged to THB 120 million from THB 3 million in 2Q26 and 3Q25. This expansion was supported by milestone recognitions from major infrastructure projects, including the IP Microwave Radio System installation for the Royal Thai Armed Forces Headquarters.
In contrast, core satellite and related services revenue decreased 1.4% YoY to THB 491 million, pressured by softer broadcast market demand and reduced bandwidth revenue as THAICOM 4 approaches its end of life.
Cost of sales and services expanded 41.6% YoY to THB 487 million, aligned with higher project delivery execution. Offsetting some cost pressures, selling and administrative expenses fell 5.9% YoY to THB 159 million due to lower staff expenses.
Non-operating results provided further relief, as net foreign exchange gains reached THB 37 million (versus a THB 1 million FX loss in 3Q25) and joint venture share of profit reached THB 14 million (reversing a THB 16 million loss in 3Q25 following ATI Technologies’ debt restructuring). Stripping out exchange rate volatility and special items, GST recorded a core loss of THB 42 million for the quarter.
Management’s strategic push into Thailand’s ‘New Space Economy’ and national defense infrastructure provides a compelling long-term growth catalyst. GST’s balance sheet liquidity strengthened considerably, with its current ratio rising to 2.3 times following significant short-term debt repayments, anchored by THB 3,092 million in total cash and current financial assets.
