Buy Or Sell Opportunity • May 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 66% to €15.68. The fair value is estimated to be €12.80, 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. Duyuru • 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 Duyuru • 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 Duyuru • 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. Reported Earnings • Aug 18
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: kr77.4m (up 31% from 2Q 2024). Net loss: kr16.3m (loss narrowed 41% from 2Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Aerospace & Defense industry in Germany. 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 11% per year, which means it is significantly lagging earnings growth. Duyuru • 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 Duyuru • 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 Breakeven Date Change • Dec 30
Forecast breakeven date pushed back to 2025 The analyst covering AAC Clyde Space previously expected the company to break even in 2024. New forecast suggests losses will reduce by 32% to 2024. The company is expected to make a profit of kr21.7m in 2025. Average annual earnings growth of 166% is required to achieve expected profit on schedule. Reported Earnings • Nov 09
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 Germany. 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 35% per year, which means it is significantly lagging earnings. New Risk • Nov 07
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 German stocks, typically moving 7.7% 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 Currently unprofitable and not forecast to become profitable next year (kr3.5m net loss next year). Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Market cap is less than US$100m (€20.3m market cap, or US$21.9m). Duyuru • 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 25
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 (€17.2m market cap, or US$18.6m). Duyuru • 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 Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€17.3m 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 (€22.3m 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 16% growth forecast for the Aerospace & Defense industry in Germany. 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. Duyuru • 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). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 1.4% 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 (€24.8m market cap, or US$26.7m). New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings have declined by 1.4% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 1.4% 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 (€25.3m market cap, or US$27.3m). Duyuru • 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. Duyuru • 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. Duyuru • 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: kr0.009 loss per share (vs kr2.92 loss in 3Q 2022) Third quarter 2023 results: kr0.009 loss per share (improved from kr2.92 loss in 3Q 2022). Revenue: kr68.2m (up 35% from 3Q 2022). Net loss: kr2.40m (loss narrowed 79% from 3Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Duyuru • 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 08
Forecast breakeven date moved forward to 2024 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 kr33.0m in 2024. Average annual earnings growth of 116% is required to achieve expected profit on schedule. 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.
Duyuru • 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 12% growth forecast for the Aerospace & Defense industry in Germany. 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 27% per year, which means it is significantly lagging earnings. Breakeven Date Change • Feb 28
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 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Germany. 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 33% per year, which means it is significantly lagging earnings. Breakeven Date Change • Dec 01
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 13% growth forecast for the Aerospace & Defense industry in Germany. 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 39% per year, which means it is significantly lagging earnings. 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. Duyuru • Oct 13
Iod-3 Amber Ready for First Uk Satellite Launch AAC Clyde Space's has shipped the small satellite IOD-3 AmberTM to the launch site Cornwall Spaceport where it has been prepared for launch on a Virgin Orbit launch vehicle, the first ever launch from UK soil. The launch is planned to take place before year-end. IOD-3 Amber forms part of the Satellite Applications Catapult's In-Orbit Demonstration (IOD) programme, which supports UK businesses to rapidly develop and launch a satellite data service into orbit. The 6U cube satellite has been developed by the Satellite Applications Catapult, Horizon Technologies, the UK Space Agency and was designed and built by AAC Clyde Space. The cutting-edge satellite is designed for communication missions and carries Horizon Space Technologies' AMBER Payload, dedicated to delivering Maritime Domain Awareness intelligence data. It is highly integrated and utilizes in-built precision engineered avionics with decades of heritage from AAC Clyde Spaces widely used subsystems. IOD-3 Amber will be able to locate and track vessels worldwide by geolocating and demodulating RF signals in a system that can be used to fight piracy, illegal trans-shipments, illegal fishing, and refugee smuggling, but can also be used for other purposes such as detecting and tracking a variety of RF emitters. The satellite will be the first of more than twenty in Horizon's planned Amber constellation. Reported Earnings • Aug 26
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 25% growth forecast for the Aerospace & Defense industry in Germany. 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 28% per year, which means it is significantly lagging earnings. Duyuru • Jul 29
AAC Clyde Space Receives SEK 5.1 Million in ESA Funding to Develop Power System AAC Clyde Space AB (publ) has been awarded funding through the European Space Agency's ARTES Core Competitiveness programme which helps European and Canadian industry to develop innovative satcom technology, products and systems. The award will enable AAC Clyde Space to further develop its Starbuck Mini power system to address the needs of future constellations. The total project value is EUR 0.95 million (approx. SEK 10.1 million) of which ESA will fund half, and AAC the other half. The project will develop features for test and manufacturing to improve efficient serial production and speed up delivery times when scaling up to larger volumes. Additional features and standardised modules will also be added to target new customers as well as existing clients' next generation of satellites. Reported Earnings • May 20
First quarter 2022 earnings released: kr0.061 loss per share (vs kr0.027 loss in 1Q 2021) 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). Over the next year, revenue is forecast to grow 65%, compared to a 27% growth forecast for the industry in Germany. 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 28% per year, which means it is significantly lagging earnings. 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 • 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 in line with analyst expectations despite revenue beat 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%. Over the next year, revenue is forecast to grow 37%, compared to a 19% growth forecast for the industry in Germany. 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 12% per year, which means it is significantly lagging earnings. Duyuru • Feb 17
AAC Clyde Space AB (publ), Annual General Meeting, May 19, 2022 AAC Clyde Space AB (publ), Annual General Meeting, May 19, 2022, at 13:00 Central European Standard Time. Duyuru • Dec 23
AAC Clyde Space Premiers Newly Recorded Podcast Series AAC Clyde Space releases a newly recorded pod series focussing on current topics in the space industry. The show is hosted by Moa Skan, a space enthusiast and PhD student in Astrophysics at Stockholm University and among the guests are Swedens first astronaut Christer Fuglesang, Member of the European Parliament and meteorologist Pär Holmgren, and the Director General of Swedish National Space Agency Anna Rathsman. Duyuru • Nov 27
AAC Clyde Space AB (publ) Provides Financial Guidance for 2021 and 2024 AAC Clyde Space AB (publ) provided financial guidance for 2021 and 2024. The company expected revenue target of approximately SEK 200 million in 2021.The company expected revenue target of SEK 500 million by 2024. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint 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%. Over the next year, revenue is forecast to grow 67%, compared to a 25% growth forecast for the industry in Germany. 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 8% per year, which means it is significantly lagging earnings. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 2 analysts covering AAC Clyde Space expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr11.4m in 2022. Average annual earnings growth of 147% is required to achieve expected profit on schedule. 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. 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). Is New 90 Day High Low • Mar 06
New 90-day low: €0.27 The company is down 13% from its price of €0.31 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 4.0% over the same period. Duyuru • Mar 03
AAC Clyde Space AB (publ) Appoints Ross Lang as Director of Finance Uk AAC Clyde Space AB (publ) announced that in the new management structure, Ross Lang becomes the Director of Finance UK reporting directly to CFO Mats Thideman. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue misses expectations Revenue missed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 65%, compared to a 14% growth forecast for the Aerospace & Defense industry in Germany. Reported Earnings • Feb 20
Full year 2020 earnings released: kr0.37 loss per share (vs kr0.48 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: kr119.5m (up 72% from FY 2019). Net loss: kr38.3m (loss narrowed 5.6% from FY 2019). Is New 90 Day High Low • Jan 20
New 90-day high: €0.42 The company is up 63% from its price of €0.26 on 22 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 35% over the same period. Duyuru • Jan 06
Aac Clyde Space AB (Publ)'S Subsidiary Hyperion Receives EUR 0.15 Million Order to Carry Out an In-Orbit Verification of Cubecat AAC Clyde Space AB (publ) ('AAC') subsidiary Hyperion has been awarded a EUR 0.15 million (approx. SEK 1.5 million) order to carry out an in-orbit verification of CubeCAT, its space-based laser communication terminal. CubeCAT is designed to enable ultra high-speed downlink of data from small satellites, greatly improving and facilitating their data communication. Hyperion Technologies has developed the laser communication satellite terminal together with the Dutch independent research institute TNO. The terminal is a 1U, low power and low mass solution to downlink data from small satellites with speeds ultimately up to 1 Gbps and uplink of 200 Kbps. The terminal is an ESA ScyLight technology demonstration project supported by the Netherlands Ministry of Defense and Netherlands Space Office. It is planned to launch into space early 2022 onboard the NorSat-TD satellite. The laser communication terminal will greatly improve and facilitate data communication for small satellites. Today, small satellites use radio communications with limited bandwidth and high power demand, a technology that severely constrains the ability to communicate the increasing volumes of data collected in orbit by modern small satellites. Is New 90 Day High Low • Jan 05
New 90-day high: €0.35 The company is up 31% from its price of €0.27 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Aerospace & Defense industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Duyuru • Dec 31
AAC Clyde Space AB (publ) (OM:AAC) completed the acquisition of Space Quest Ltd. AAC Clyde Space AB (publ) (OM:AAC) agreed to acquire Space Quest Ltd for $10.3 million on October 15, 2020. Under the terms of the consideration, AAC will issue 24 million shares to settle the transaction. Additionally, revenue based earn out payments to be made which will be settled through issuance of 2.3 million and 2.6 million shares for the years 2021 and 2022 and earn out for the year 2023 will be settled through a cash payment of $1.3 million. Post completion of the transaction, SpaceQuest's shareholders will own 20% stake in AAC. Post completion of the transaction, AAC,s workforce will increase to 107 staff at three different locations (Uppsala, Glasgow and Fairfax). The transaction is subject to standard conditions to closing, including approval by the General Meeting in AAC and Committee of Foreign Investment in the United States (CFIUS) approval. The AAC shares received are subject to a lock-up undertakings as follows: one third of the shares are subject to lock-up for 6 months, one third for 12 months and one third for 18 months. The General meeting will be held on November 5, 2020. The transaction is expected to close in November or December 2020 depending on approval from CFIUS. As on November 26, 2020, the transaction was approved by The Committee on Foreign Investments in the United States (CFIUS) and has determined that there are no unresolved national securities concerns. Setterwalls Advokatbyrå AB, Cooley LLP and Latham & Watkins LLP acted as legal advisor for AAC. PwC acted as the financial advisor for AAC.
AAC Clyde Space AB (publ) (OM:AAC) completed the acquisition of Space Quest Ltd on December 30, 2020. All conditions for completion of the acquisition have been met. Recent Insider Transactions • Dec 12
Insider recently bought €5.7k worth of stock On the 3rd of December, Per Danielsson bought around 18k shares on-market at roughly €0.31 per share. In the last 3 months, there was an even bigger purchase from another insider worth €15k. Insiders have collectively bought €50k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Dec 01
New 90-day high: €0.33 The company is up 14% from its price of €0.29 on 02 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Aerospace & Defense industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Reported Earnings • Nov 28
Third quarter 2020 earnings released: kr0.051 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: kr29.4m (up 98% from 3Q 2019). Net loss: kr4.87m (loss narrowed 56% from 3Q 2019). Duyuru • Nov 19
Aac Clyde Space to Develop A 19.7 Meur (Approx. 202 Msek) Innovative Constellation Services with Esa and Uk Space Agency AAC Clyde Space embarks on a 3-year project, named xSPANCION, with the European Space Agency (ESA) to develop an innovative satellite constellation service, including the manufacturing of 10 spacecrafts. The UK Space Agency through ESA, will co-fund the project with 9.9 MEUR (approx. 101.4 MSEK). AAC Clyde Space intends to, outside this project, enter into customer service agreements for data delivery from the constellation. During the first phase of the project running until mid-2021, AAC Clyde Space will deliver a preliminary design for its next generation space as a service offering. The value of this first phase is 1.8 MEUR (approx. 18.4 MSEK) of which 0.9 MEUR (approx. 9.2 MSEK) will be co-funded by UK Space Agency through ESA, providing sufficient resources to achieve comfortably this part of the project. The co-funding from UK Space Agency will be recognized as revenue with no net margin since AAC Clyde Space and partners will co-fund the remaining 0.9 MEUR (approx. 9.2 MEUR). Once the first phase is successfully completed, the project culminates in the manufacturing of 10 satellites and demonstration of 4 of them in orbit. The value of this part of the project is 17.9 MEUR (approx. 183.3 MSEK) of which 8.9 MEUR (approx. 91.1 MSEK), will be co-funded by UK Space Agency through ESA. In parallel and in anticipation to the second phase, AAC Clyde Space intends to enter into customer agreements for data delivery from its constellation services, bringing additional match co-fund to the project. Duyuru • Nov 11
AAC Clyde Space AB (publ) (OM:AAC) completed the acquisition of Hyperion Technologies B.V. AAC Clyde Space AB (publ) (OM:AAC) entered into an agreement to acquire Hyperion Technologies B.V. for SEK 23.7 million on October 7, 2020. Under the term, AAC will pay 7.755 million new share at an issue price of SEK 2.80 per share and SEK 1.1 million in cash as consideration. Additional earn-out, based on a positive net result during January 1, 2021 – December 31, 2021, amounting to SEK 1.1 million will be paid out in cash during Q1 2022. Hyperion Technologies will become a fully owned subsidiary of AAC Clyde Space AB (publ), operating from its current facilities in Delft. The sellers have undertaken not to sell the AAC shares received. The AAC shares received are to be subject to lock-up undertakings as follows: one third of the shares are subject to customary lock-up undertakings for 6 months, one third for 12 months and one third for 18 months. As of December 31, 2019, Hyperion Technologies reported revenue of SEK 12.6 million and EBITDA of SEK 2.1 million. The transaction is conditional of approval by the extraordinary general meeting in AAC. A notice to the EGM will be announced on or around October 14, 2020 on the issues. The EGM of AAC will take place on November 4, 2020. The transaction is expected to close on November 4, 2020. Setterwalls Advokatbyrå AB and AKD N.V. acted as a legal advisor to AAC.
AAC Clyde Space AB (publ) (OM:AAC) completed the acquisition of Hyperion Technologies B.V. on November 10, 2020. The shareholders of AAC approved the transaction on November 5, 2020. Is New 90 Day High Low • Oct 30
New 90-day low: €0.21 The company is down 37% from its price of €0.33 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Duyuru • Oct 16
AAC Clyde Space AB (publ) (OM:AAC) agreed to acquire Space Quest Ltd (Inc) for $10.3 million. AAC Clyde Space AB (publ) (OM:AAC) agreed to acquire Space Quest Ltd (Inc) for $10.3 million on October 15, 2020. Under the terms of the consideration, AAC will issue 24 million shares to settle the transaction. Additionally, revenue based earn out payments to be made which will be settled through issuance of 2.3 million and 2.6 million shares for the years 2021 and 2022 and earn out for the year 2023 will be settled through a cash payment of $1.3 million. Post completion of the transaction, SpaceQuest's shareholders will own 20% stake in AAC. Post completion of the transaction, AAC,s workforce will increase to 107 staff at three different locations (Uppsala, Glasgow and Fairfax). The transaction is subject to standard conditions to closing, including approval by the General Meeting in AAC and Committee of Foreign Investment in the United States (CFIUS) approval. The AAC shares received are subject to a lock-up undertakings as follows: one third of the shares are subject to lock-up for 6 months, one third for 12 months and one third for 18 months. The General meeting will be held on November 5, 2020. The transaction is expected to close in November or December 2020 depending on approval from CFIUS. Setterwalls Advokatbyrå AB, Cooley LLP and Latham & Watkins LLP acted as legal advisor for AAC. PwC acted as the financial advisor for AAC. Duyuru • Oct 08
AAC Clyde Space AB (publ) (OM:AAC) entered into an agreement to acquire Hyperion Technologies B.V. for SEK 23.7 million. AAC Clyde Space AB (publ) (OM:AAC) entered into an agreement to acquire Hyperion Technologies B.V. for SEK 23.7 million on October 7, 2020. Under the term, AAC will pay 7.755 million new share at an issue price of SEK 2.80 per share and SEK 1.1 million in cash as consideration. Additional earn-out, based on a positive net result during January 1, 2021 – December 31, 2021, amounting to SEK 1.1 million will be paid out in cash during Q1 2022. Hyperion Technologies will become a fully owned subsidiary of AAC Clyde Space AB (publ), operating from its current facilities in Delft. The sellers have undertaken not to sell the AAC shares received. The AAC shares received are to be subject to lock-up undertakings as follows: one third of the shares are subject to customary lock-up undertakings for 6 months, one third for 12 months and one third for 18 months. As of December 31, 2019, Hyperion Technologies reported revenue of SEK 12.6 million and EBITDA of SEK 2.1 million. The transaction is conditional of approval by the extraordinary general meeting in AAC. A notice to the EGM will be announced on or around October 14, 2020 on the issues. The EGM of AAC will take place on November 4, 2020. The transaction is expected to close on November 4, 2020. Setterwalls Advokatbyrå AB and AKD N.V. acted as a legal advisor to AAC. 
