Based in Sweden, AAC Clyde Space (formerly ÅAC Microtec) is a world leader in nanosatellite end-to-end solutions, subsystems and platforms. The company also supplies a range of technology components to other small satellite manufacturers globally.
Following the purchase of Clyde Space, ÅAC Microtec is at the forefront of the rapidly growing and revolutionary market for small satellites. As nanosatellite build rates and deployments rise sharply over the next decade, increasing systems supply and platform revenues should be enhanced by operational and service revenues. The new, experienced CEO needs to steer ÅAC Microtec through the ramp up phase. The rights issue raised SEK73m to pursue opportunities in New Space as they arise. Our reduced estimates reflect project delays indicated at the half year. The disclosure of a much increased order backlog and further major orders, including one from Eutelsat worth at least SEK21.4m, suggest growth is only deferred.
Of over 1,000 nanosatellites launched since 1998, AAC Clyde Space is represented on 30–40%. Over the next five years around 3,000 nanosatellites should be launched as technology development extends the applications for low earth orbit (LEO) constellations, especially for communications. AAC Clyde Space has the capacity in Glasgow and Sweden to facilitate such expansion as well as develop a ‘satellite as a service’ offering, while increasing sales of subsystems to third-party satellite providers.