AAC Clyde Space

Overview
Price performance
Financials
Research
Sector insights
Thematics

Headquartered in Sweden, AAC Clyde Space (AAC) is a world leader in nanosatellite end-to-end solutions, subsystems, platforms, services and components, including supply to third parties. It has production and development operations in Sweden, Scotland, the Netherlands and the United States and a start-up in Africa.

AAC has a strong heritage in small and nano satellites. Over the next five years, c 2,100 nanosats should be launched as technology development extends the applications for low Earth orbit constellations, especially for communications. AAC’s capabilities cover: SDaaS, Space Missions and Space Products.

Latest Insights

Industrials |
Update

17.05.24

AAC Clyde Space — Solid start to the year with further order growth

Industrials |
Update

04.03.24

AAC Clyde Space — Strong order backlog underpins growth prospects

Industrials |
Update

14.12.23

AAC Clyde Space — Gathering momentum for FY24 lift-off

Industrials |
Update

08.09.23

AAC Clyde Space — Strong trading progress in H123

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Sector

Industrials

Equity Analyst

David Larkam

Analyst, Industrials

Key Management

Luis Gomes

CEO
Mats Thideman

CFO
Rolf Hallencreutz

Chairman of the board

Balance Sheet

Forecast net cash (SEKm)

11.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(3.9)	(17.4)	41.4
Relative	(1.3)	(17.6)	19.0
52 week high/low	SEK58.0/SEK27.5

Financials

Q124 net sales were down 3.5% to SEK71.4m (management guidance for the year remains SEK430–500m), assisted by the receipt of a SEK13.5m insurance settlement relating to the Kelpie-1 satellite not achieving key performance criteria. EBITDA was SEK12.7m with a 17% margin, benefiting from SEK12.6m from the insurance settlement. The loss for the period reduced from SEK5.9m to SEK3.4m including an impairment of SEK6.5m for a satellite not performing as expected. Net cash generation was SEK12.2m and, after investment in working capital of SEK25.3m, the net cash outflow was SEK22.0m. Cash at the end of the period was SEK38.4m. The order book achieved another record level of SEK654m.