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 space heritage in small and nano satellites. Over the next five years, around 2,100 nanosats should be launched as technology development extends the applications for low Earth orbit constellations, especially for communications. Its growing capabilities cover three revenue segments: SDaaS, Space Missions and Space Products. AAC aims to become a world leader in commercial small satellites and services from space.

Latest Insights

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

Industrials |
Update

31.07.23

AAC Clyde Space — xSPANCION commitment confirmed

Visit Website

Sector

Industrials

Equity Analyst

Natalya Davies

Analyst

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	(1.4)	(2.4)	(25.4)
Relative	0.4	(10.8)	(32.4)
52 week high/low	SEK69.6/SEK27.5

Financials

Ongoing supply chain issues continued to affect AAC in FY23, with supplier delays compromising anticipated delivery of subsystems and delaying projects and subsequent key revenue deferred. Despite this, FY23 marked a year of transition for AAC; 5 new SDaaS satellites were launched (one declared lost), and Q423 order inflow was worth more than SEK200m, leaving a year-end record backlog of SEK630m. This should bolster the significant acceleration of revenues towards the SEK430–500m targeted by management for FY24, of which SEK280m is already secured, which should accompany improving profitability and cash flows and move AAC towards a self-sustaining funding status. Longer term, we expect the business mix to shift to a higher SDaaS weighting (net margins of c 30–40% vs 10–15% in hardware), which should support improved margins.