Buy Or Sell Opportunity • May 26
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to kr177. The fair value is estimated to be kr143, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 105% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Price Target Changed • May 21
Price target increased by 7.4% to kr131 Up from kr122, the current price target is an average from 2 analysts. New target price is 20% below last closing price of kr163. Stock is up 102% over the past year. The company is forecast to post a net loss per share of kr2.28 next year compared to a net loss per share of kr7.56 last year. Ankündigung • May 16
AAC Clyde Space AB (publ) to Report Fiscal Year 2026 Results on Feb 18, 2027 AAC Clyde Space AB (publ) announced that they will report fiscal year 2026 results on Feb 18, 2027 Reported Earnings • Apr 28
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr7.56 loss per share (further deteriorated from kr0.97 loss in FY 2024). Revenue: kr310.8m (down 17% from FY 2024). Net loss: kr46.1m (loss widened kr40.5m from FY 2024). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 17
AAC Clyde Space AB (publ), Annual General Meeting, May 19, 2026 AAC Clyde Space AB (publ), Annual General Meeting, May 19, 2026, at 16:00 W. Europe Standard Time. Location: company`s premises at dag hammarskjolds vag 48, uppsala Sweden Major Estimate Revision • Mar 25
Consensus estimates of losses per share improve by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from kr368.6m to kr379.6m. EPS estimate increased from -kr1.15 per share to -kr1.03 per share. Aerospace & Defense industry in Sweden expected to see average net income growth of 74% next year. Consensus price target up from kr119 to kr122. Share price fell 13% to kr109 over the past week. New Risk • Mar 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr118m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr118m free cash flow). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (kr818.8m market cap, or US$87.8m). Reported Earnings • Feb 20
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr7.56 loss per share (further deteriorated from kr0.97 loss in FY 2024). Revenue: kr310.8m (down 17% from FY 2024). Net loss: kr46.1m (loss widened kr40.5m from FY 2024). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 05
Price target increased by 8.2% to kr119 Up from kr110, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of kr120. Stock is up 172% over the past year. The company is forecast to post a net loss per share of kr9.11 next year compared to a net loss per share of kr0.97 last year. New Risk • Jan 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr49m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr9.1m net loss in 2 years). Shareholders have been diluted in the past year (21% increase in shares outstanding). Ankündigung • Jan 14
AAC Clyde Space AB (publ) Announces Approval for EPS-Sterna AAC Clyde Space AB (publ) announced the decision by the EUMETSAT Council to give the green light to the EUMETSAT Polar System--Sterna (EPS - Sterna). As announced by EUMETSAT, the programme has now secured the backing of 29 of EUMETSAT's 30 Member States and is confirmed as a mandatory mission. As a result, all programme activities are authorised to start. With the programme now approved, development activities will proceed in line with EUMETSAT's established framework. ESA will act as procurement agency for the space segment on behalf of EUMETSAT. Industry suppliers, including AAC Clyde Space, participate through ESA-led procurement processes following established procedures. The core instrument in the EPS-Sterna constellation is the advanced microwave radiometer developed by AAC Clyde Space's subsidiary AAC Omnisys in Gothenburg and first flown on the Arctic Weather Satellite (AWS) mission. ESA and European meteorological institutions have confirmed the instrument's strong performance, including the novel 325 GHz channel, which enables measurements through cloud, rain and snow. In February 2025, AAC Clyde Space announced an order from prime contractor OHB Sweden to procure long lead-time instrument components for the EPS-Sterna programme as part of early programme preparations. New Risk • Dec 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr49m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr3.6m net loss in 2 years). Share price has been volatile over the past 3 months (10.0% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (kr749.0m market cap, or US$81.5m). Recent Insider Transactions • Dec 26
Deputy CEO & CFO recently bought kr58k worth of stock On the 23rd of December, Mats Thideman bought around 603 shares on-market at roughly kr96.60 per share. This transaction amounted to 6.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Mats' only on-market trade for the last 12 months. New Risk • Dec 18
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr23m Forecast net loss in 2 years: kr109k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr49m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr109k net loss in 2 years). Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (kr582.4m market cap, or US$62.6m). Breakeven Date Change • Nov 14
Forecast breakeven date pushed back to 2026 The 2 analysts covering AAC Clyde Space previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of kr6.35m in 2026. Average annual earnings growth of 115% is required to achieve expected profit on schedule. Reported Earnings • Nov 14
Third quarter 2025 earnings released: kr2.09 loss per share (vs kr1.37 profit in 3Q 2024) Third quarter 2025 results: kr2.09 loss per share (down from kr1.37 profit in 3Q 2024). Revenue: kr83.3m (down 8.2% from 3Q 2024). Net loss: kr13.6m (down 275% from profit in 3Q 2024). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: kr2.77 loss per share (vs kr4.80 loss in 2Q 2024) Second quarter 2025 results: kr2.77 loss per share (improved from kr4.80 loss in 2Q 2024). Revenue: kr82.0m (up 39% from 2Q 2024). Net loss: kr16.3m (loss narrowed 41% from 2Q 2024). Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Ankündigung • May 15
AAC Clyde Space AB (publ) to Report Fiscal Year 2025 Results on Feb 19, 2026 AAC Clyde Space AB (publ) announced that they will report fiscal year 2025 results on Feb 19, 2026 Reported Earnings • Apr 27
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: kr0.97 loss per share (improved from kr8.69 loss in FY 2023). Revenue: kr375.6m (up 23% from FY 2023). Net loss: kr5.58m (loss narrowed 87% from FY 2023). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) exceeded analyst estimates by 80%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Ankündigung • Apr 11
AAC Clyde Space AB (publ), Annual General Meeting, May 22, 2025 AAC Clyde Space AB (publ), Annual General Meeting, May 22, 2025, at 17:00 W. Europe Standard Time. Location: at clarion hotel gillet, dragarbrunnsgatan 23, uppsala Sweden New Risk • Mar 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (kr459.0m market cap, or US$45.4m). Reported Earnings • Feb 21
Full year 2024 earnings released: kr0.97 loss per share (vs kr8.69 loss in FY 2023) Full year 2024 results: kr0.97 loss per share (improved from kr8.69 loss in FY 2023). Revenue: kr408.8m (up 34% from FY 2023). Net loss: kr5.58m (loss narrowed 87% from FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Nov 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (kr234.5m market cap, or US$21.9m). Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr95.0m (up 54% from 3Q 2023). Net income: kr7.78m (up kr10.2m from 3Q 2023). Profit margin: 8.2% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Ankündigung • Oct 28
AAC Clyde Space AB (publ) Appoints Håkan Tribell as Head of Communications for Investor Relations and Public Affairs, Effective January 7, 2025 AAC Clyde Space AB (publ) has recruited communications expert Håkan Tribell to the newly created position as Head of Communications for Investor Relations and Public Affairs. Håkan brings extensive experience in communications and public affairs within both the business sector and politics. He previously worked at the Stockholm Chamber of Commerce, served as Director of Ideas at the think tank Timbro, and has also been a speechwriter for Ulf Kristersson, the current Prime Minister of Sweden. Håkan Tribell will assume his new role on January 7, 2025, and will primarily be based at the Uppsala office in Sweden. New Risk • Oct 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (kr3.5m net loss next year). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Market cap is less than US$100m (kr197.1m market cap, or US$18.6m). Ankündigung • Oct 02
AAC Clyde Space AB (publ) (OM:AAC) completed the acquisition of Spacemetric Ab. AAC Clyde Space AB (publ) (OM:AAC) entered into a sale share and purchase agreement to acquire 100% stake in Spacemetric Ab for SEK 25 million on July 3, 2024. A cash consideration of SEK 8 million will be paid by AAC Clyde Space AB (publ). The consideration consists of common equity of AAC Clyde Space AB (publ) having a value of SEK 8 million to be issued for common equity of Spacemetric Ab. AAC Clyde Space AB (publ) will pay an earnout/contingent payment of SEK 4 million cash and of SEK 5 million in warrants which entitles to subscribe for shares in AAC Clyde Space. The earn-out payment of approximately SEK 9 million is conditional upon the achievement of certain earn-out milestones based on inter alia Spacemetric’s revenue for the financial years 2024-2026. Out of the SEK 9 million approximately SEK 4 million will be paid in cash and approximately SEK 5 million will be paid by issuance of warrants in AAC Clyde Space, which can be exercised for subscription of 106,800 shares in AAC Clyde Space. The exercise price of the warrants for subscription of shares shall correspond to the quotient value of the Company’s shares. The total consideration is SEK 25 million. The purchase price is subject to a post closing adjustment, pursuant to which the cash consideration shall be adjusted. The consideration shares shall be subject to lock-up undertakings for a period ranging from 360-810 days following the first day of trading of the shares and the earn-out shares, which can be subscribed for by exercising the warrants, shall be subject to lock-up undertakings for a period of 360 days following the first day of trading of such shares. For the financial year 2023, Spacemetric reported a turnover of SEK 14.3 million and had a positive net result amounting to approximately SEK 0.817 million and is well positioned for further growth. In connection with closing, the board of directors in AAC Clyde Space will, with support from the authorization granted at the annual general meeting held on May 23, 2024, resolve to issue 188,000 shares and 106,800 warrants to the current shareholders in Spacemetric, entailing a total increase of AAC Clyde Space’s share capital with SEK 589,600 provided that all earn-out milestones are fulfilled and that the warrants are exercised for subscription of shares. Closing of the transaction is subject to customary conditions as well as approval under the Swedish Protective Security Act and is expected to take place during the third quarter of 2024.
PricewaterhouseCoopers AB, Investment Banking Arm acted as financial advisor to AAC Clyde Space AB. Setterwalls Advokatbyrå Ab acted as legal advisor to AAC Clyde Space AB.
AAC Clyde Space AB (publ) (OM:AAC) completed the acquisition of Spacemetric Ab on October 1, 2024. New Risk • Sep 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (kr196.2m market cap, or US$19.3m). New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr49m free cash flow). Earnings have declined by 1.8% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (39% increase in shares outstanding). Market cap is less than US$100m (kr258.1m market cap, or US$24.2m). Reported Earnings • May 19
First quarter 2024 earnings released: kr0.54 loss per share (vs kr1.58 loss in 1Q 2023) First quarter 2024 results: kr0.54 loss per share (improved from kr1.58 loss in 1Q 2023). Revenue: kr97.4m (up 18% from 1Q 2023). Net loss: kr3.09m (loss narrowed 52% from 1Q 2023). Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Ankündigung • Apr 24
AAC Clyde Space AB (publ), Annual General Meeting, May 23, 2024 AAC Clyde Space AB (publ), Annual General Meeting, May 23, 2024, at 13:00 Central European Standard Time. Location: Company's premises on Dag Hammarskjölds väg 48 in Uppsala, Uppsala Sweden Agenda: To consider . Election of chairman of the meeting; Preparation and approval of the voting list; Approval of the agenda; Election of one (1) or two (2) persons who shall approve the minutes of the meeting; Determination of whether the meeting has been duly convened; Submission of the annual report and the auditors' report and the consolidated financial statements and the auditors' report on the group; Resolution in respect of adoption of the profit and loss statement and the balance sheet and, where applicable, the consolidated profit and loss statement and the consolidated balance sheet; and to discuss other matters. New Risk • Feb 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr44m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr44m free cash flow). Earnings have declined by 1.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (39% increase in shares outstanding). Market cap is less than US$100m (kr278.3m market cap, or US$26.7m). Reported Earnings • Feb 16
Full year 2023 earnings released: kr8.69 loss per share (vs kr11.82 loss in FY 2022) Full year 2023 results: kr8.69 loss per share (improved from kr11.82 loss in FY 2022). Revenue: kr325.5m (up 49% from FY 2022). Net loss: kr41.4m (loss narrowed 11% from FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Ankündigung • Jan 30
AAC Clyde Space Announces Resignation of Anita Bernie from the Board of Directors AAC Clyde Space announced that Anita Bernie steps down from AAC Clyde Space's Board of Directors due to conflicting assignments which limit her Board Director role. Anita Bernie has been a Board Director since 2019. The Board of Directors consists thereafter of five Board Members. Ankündigung • Jan 24
AAC Clyde Space AB (publ) Successfully Transforms Data from a Compact Laser Communication Terminal, Called SmallCAT, Onboard A Space Space AAC Clyde Space AB (publ) have successfully transferred data from a compact laser satellite communications terminal, called SmallCAT, onboard a spacecraft in Low Earth Orbit (LEO) to Earth, thereby demonstrating that the laser satellite communication technology works under spaceflight conditions. AAC has contributed electronics and firmware to the laser communication terminal. The satellite communication terminal is developed by a TNO-led consortium with AAC Hyperion, the AAC Group's subsidiary in the Netherlands specialised in optical communications, for the onboard electronics, drivers as well as software, and Gooch & Housego for the laser transmitter. The development was financed by the Netherlands Space Office (NSO) through the ESA ARTES ScyLight Programme program and the Dutch Ministry of Defense's innovation budget. TNO also contributed in co-funding this program. The project also includes delivery of AAC Hyperion's gigabit detector the GD200 for the optical ground station in the Netherlands which successfully detected signal from the terminal which is carried by the Norwegian NORSAT-TD satellite launched in April 2023. A commercial version of the laser communication terminal, CubeCAT, is being commercialised by AAC Hyperion with its Dutch partner FSO Instruments. Measuring 10 x 10 x 10 cm and weighing 1.3 kg, the terminal is ideally suited for use on nano satellites. As commercial and government data demands continue to grow, the need for high-quality, timely data from space is growing rapidly. Laser communication technologies are being increasingly used to send data generated on satellites directly to earth, as an alternative to traditional radio-frequency communication. By transmitting through the infra-red wavelength band, the limitations of standard radio frequency communication technologies are avoided, thereby increasing transmission capabilities of satellites by factors of 10 to 100. Moreover, laser communication links are seen as more secure and laser communication systems have the potential of lower size, weight, and power, which is important in the space domain. Ankündigung • Jan 12
AAC Clyde Space Announces Resignation of Stefania Mandirola as Chief Operating Officer AAC Clyde Space announced that its Chief Operating Officer Stefania Mandirola has stepped down from her role to explore new professional opportunities. The Group has decided not to seek an immediate replacement for the position. Breakeven Date Change • Jan 12
Forecast to breakeven in 2024 The analyst covering AAC Clyde Space expects the company to break even for the first time. New forecast suggests the company will make a profit of kr5.50m in 2024. Average annual earnings growth of 149% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 14
Forecast to breakeven in 2024 The analyst covering AAC Clyde Space expects the company to break even for the first time. New forecast suggests the company will make a profit of kr21.7m in 2024. Average annual earnings growth of 178% is required to achieve expected profit on schedule. Reported Earnings • Nov 24
Third quarter 2023 earnings released: kr0.47 loss per share (vs kr2.92 loss in 3Q 2022) Third quarter 2023 results: kr0.47 loss per share (improved from kr2.92 loss in 3Q 2022). Revenue: kr61.8m (up 22% from 3Q 2022). Net loss: kr2.40m (loss narrowed 79% from 3Q 2022). Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Ankündigung • Sep 16
AAC Clyde Space AB (publ) Secures ESA Funding for Wind Farm Data Service AAC Clyde Space AB (publ) and its partners have been granted EUR 0.85 million (approx. SEK 10.1 million) from the European Space Agency's Business Applications and Space Solutions (ESA BASS) programme to develop a service for the planning of construction and maintenance of offshore wind farms. The service will leverage weather data and AIS data collected by the Group's own satellites to enhance the efficiency among wind farm operators. Target customers for the planned product offering are service vessel and wind farm operators. Developing the software-based service is expected to take 24 months and will be carried out in collaboration with Scottish Power Renewables who has assumed the role of pilot end user. The service will become part of the Group's Space Data as a Service offering, extending the value chain even closer to end-customers. Breakeven Date Change • Sep 05 The 2 analysts covering AAC Clyde Space previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 83% to 2023. The company is expected to make a profit of kr29.9m in 2024. Average annual earnings growth of 1.6% is required to achieve expected profit on schedule.
Recent Insider Transactions • Jul 24
Chairman of the Board recently bought kr62k worth of stock On the 21st of July, Rolf Hallencreutz bought around 113k shares on-market at roughly kr0.55 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Rolf's only on-market trade for the last 12 months. Recent Insider Transactions • Jul 24
Chairman of the Board recently bought kr62k worth of stock On the 21st of July, Rolf Hallencreutz bought around 113k shares on-market at roughly kr0.55 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Rolf's only on-market trade for the last 12 months. New Risk • Jun 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr57m free cash flow). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (kr157.7m market cap, or US$14.6m). Ankündigung • May 27
AAC Clyde Space AB (publ) Approves the Appointment of Dino Lorenzini as Ordinary Board Member AAC Clyde Space AB (publ) at its AGM held on May 25, 2023, approved the appointment of Dino Lorenzini as ordinary board members for the time until the end of next annual general meeting. Reported Earnings • Apr 26
First quarter 2023 earnings released: kr0.032 loss per share (vs kr0.061 loss in 1Q 2022) First quarter 2023 results: kr0.032 loss per share (improved from kr0.061 loss in 1Q 2022). Revenue: kr87.1m (up 87% from 1Q 2022). Net loss: kr6.46m (loss narrowed 45% from 1Q 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Breakeven Date Change • Feb 27
Forecast breakeven date moved forward to 2023 The analyst covering AAC Clyde Space previously expected the company to break even in 2024. New forecast suggests the company will make a profit of kr5.58m in 2023. Earnings growth of 100% is required to achieve expected profit on schedule. Reported Earnings • Feb 24
Full year 2022 earnings released: kr0.24 loss per share (vs kr0.23 loss in FY 2021) Full year 2022 results: kr0.24 loss per share (further deteriorated from kr0.23 loss in FY 2021). Revenue: kr243.7m (up 26% from FY 2021). Net loss: kr46.5m (loss widened 18% from FY 2021). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 01
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr243.3m to kr230.3m. Losses expected to increase from kr0.15 per share to kr0.18. Aerospace & Defense industry in Sweden expected to see average net income growth of 69% next year. Consensus price target of kr6.00 unchanged from last update. Share price rose 3.2% to kr1.50 over the past week. Breakeven Date Change • Nov 30
Forecast breakeven date pushed back to 2024 The 2 analysts covering AAC Clyde Space previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 75% per year to 2023. The company is expected to make a profit of kr35.8m in 2024. Average annual earnings growth of 95% is required to achieve expected profit on schedule. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr56.1m (up 49% from 3Q 2021). Net loss: kr11.6m (loss narrowed 34% from 3Q 2021). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to kr6.00 Down from kr8.00, the current price target is provided by 1 analyst. New target price is 213% above last closing price of kr1.91. Stock is down 32% over the past year. The company is forecast to post a net loss per share of kr0.15 next year compared to a net loss per share of kr0.23 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Nicole Robinson was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr267.7m to kr243.3m. Losses expected to increase from kr0.13 per share to kr0.16. Aerospace & Defense industry in Sweden expected to see average net income growth of 32% next year. Consensus price target down from kr8.00 to kr6.00. Share price fell 7.2% to kr1.38 over the past week. Reported Earnings • Aug 25
Second quarter 2022 earnings released: kr0.03 loss per share (vs kr0.055 loss in 2Q 2021) Second quarter 2022 results: kr0.03 loss per share (up from kr0.055 loss in 2Q 2021). Revenue: kr58.9m (up 16% from 2Q 2021). Net loss: kr5.79m (loss narrowed 40% from 2Q 2021). Over the next year, revenue is forecast to grow 52%, compared to a 16% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 06
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr292.8m to kr267.7m. Losses expected to increase from kr0.10 per share to kr0.13. Aerospace & Defense industry in Sweden expected to see average net income growth of 30% next year. Consensus price target of kr8.00 unchanged from last update. Share price was steady at kr1.62 over the past week. Reported Earnings • May 20
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: kr0.061 loss per share (down from kr0.027 loss in 1Q 2021). Revenue: kr52.6m (up 35% from 1Q 2021). Net loss: kr11.7m (loss widened 195% from 1Q 2021). Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 65%, compared to a 13% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to kr10.00 Up from kr3.95, the current price target is an average from 2 analysts. New target price is 379% above last closing price of kr2.09. Stock is down 16% over the past year. The company is forecast to post a net loss per share of kr0.11 next year compared to a net loss per share of kr0.23 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Nicole Robinson was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Mar 05
Forecast breakeven date pushed back to 2024 The 2 analysts covering AAC Clyde Space previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of kr92.6m in 2024. Average annual earnings growth of 100% is required to achieve expected profit on schedule. Breakeven Date Change • Feb 26
Forecast breakeven date pushed back to 2023 The 2 analysts covering AAC Clyde Space previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 84% to 2022. The company is expected to make a profit of kr21.9m in 2023. Average annual earnings growth of 99% is required to achieve expected profit on schedule. Breakeven Date Change • Feb 19
Forecast breakeven date pushed back to 2023 The analyst covering AAC Clyde Space previously expected the company to break even in 2022. New forecast suggests losses will reduce by 42% to 2022. The company is expected to make a profit of kr28.6m in 2023. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Reported Earnings • Feb 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: kr0.23 loss per share (up from kr0.37 loss in FY 2020). Revenue: kr210.8m (up 98% from FY 2020). Net loss: kr39.5m (loss widened 3.1% from FY 2020). Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 37%, compared to a 12% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 02
Consensus EPS estimates fall to -kr0.23 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from kr199.6m to kr196.8m. Losses expected to increase from -kr0.17 to -kr0.23. Aerospace & Defense industry in Sweden expected to see average net income growth of 54% next year. Consensus price target of kr6.83 unchanged from last update. Share price fell 8.6% to kr3.15 over the past week. Recent Insider Transactions • Nov 28
Chairman of the Board recently bought kr193k worth of stock On the 25th of November, Rolf Hallencreutz bought around 60k shares on-market at roughly kr3.22 per share. This was the largest purchase by an insider in the last 3 months. This was Rolf's only on-market trade for the last 12 months. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: kr0.094 loss per share (down from kr0.051 loss in 3Q 2020). Revenue: kr41.3m (up 40% from 3Q 2020). Net loss: kr17.6m (loss widened 262% from 3Q 2020). Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 45%. Earnings per share (EPS) surpassed analyst estimates by 45%. Over the next year, revenue is forecast to grow 67%, compared to a 14% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 27
Second quarter 2021 earnings released: kr0.055 loss per share (vs kr0.11 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: kr53.5m (up 147% from 2Q 2020). Net loss: kr9.62m (loss narrowed 8.7% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from kr184.6m to kr211.5m. EPS estimate unchanged from -kr0.08 at last update. Aerospace & Defense industry in Sweden expected to see average net income growth of 34% next year. Consensus price target down from kr3.95 to kr3.65. Share price rose 2.4% to kr2.59 over the past week. Reported Earnings • May 28
First quarter 2021 earnings released: kr0.027 loss per share (vs kr0.099 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: kr42.4m (up 66% from 1Q 2020). Net loss: kr3.98m (loss narrowed 58% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from kr184.6m to kr197.1m. Forecast EPS reduced from -kr0.07 to -kr0.08 per share. Aerospace & Defense industry in Sweden expected to see average net income growth of 51% next year. Consensus price target of kr3.95 unchanged from last update. Share price fell 5.0% to kr2.28 over the past week.