2020-05-15 AAC Clyde Space AB (publ)
First quarter, January-March 2020 (compared with January-March 2019)
· Net sales amounted to SEK 23.8 M (14.9)
· Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled SEK -6.2 M (-6.5)
· Earnings before interest and tax (EBIT) totalled SEK -9.1 M (-9.9)
· The loss after tax was SEK -9.5 M (-10.1)
· Basic and diluted earnings per share amounted to SEK -0.10 (-0.15)
· Cash flow from operating activities totalled SEK -6.2 M (-5.1)
· The order backlog increased to SEK 183 M (SEK 169 M at year-end 2019)
Significant events in the first quarter of 2020
· AAC Clyde Space has been selected to supply batteries to a value of USD 730,000 for the Nova-C lunar lander mission
· The Israeli firm NSLComm has placed an order for one 6U satellite and services, with a total value of GBP 1.2 million. NSLComm has also appointed AAC Clyde Space as its preferred supplier in its planned satellite constellation
· The US firm Intuitive Machines ordered power systems with an order value of USD 575,000 for a lunar lander mission
· AAC Clyde Space appointed John Charlick as COO and Ross Lang as its UK Head of Finance to the executive management team
Significant events after the end of the reporting period
· Loft Orbital of the US expanded a previous order with the addition of a USD 250,000 order for power systems for two satellites
· The US firm Orbital Micro Systems (OMS) placed an order valued at GBP 642,000 for a 6U satellite. The satellite will be included in the OMS commercial constellation, which aims to deliver accurate and timely weather information
Comments from the CEO
Welcome to the first quarterly report of 2020, in what turned out to be an eventful quarter, with the start of the COVID-19 pandemic. Like other companies, we had to adapt to a new reality: following the advice of the national governments, we issued the first specific COVID-19 guidance to all staff in early March, followed in the middle of the month by a halt to all travel and a move to home working for more than 90 per cent of staff. For those activities that cannot be undertaken remotely, we issued new operational procedures to ensure social distancing practices in a safe working environment.
Despite the pandemic, we managed to maintain a good level of activity throughout our operations. We shipped out two satellites in January, that are now awaiting launch. We received orders for two more satellites, and sold several major subsystems, including our first ones for interplanetary missions - we look forward to seeing our power systems landing on the Moon! And we ended the quarter with a busy month of March with several major project milestones being completed. These advances are reflected both in rising sales and account receivables.
All in all, we achieved an increase in net sales in Q1 of 60 per cent to 23.8 MSEK, with a similar number of employees as last year. We have made a modest improvement in our EBITDA, as earnings were affected by a larger share of third party products in the sales mix. Both numbers are in line with our plan to put the company on a path to growth and profitability. As I wrote in the Q4 report we expect a strong growth in 2020 and to be EBITDA and cash flow positive in 2021.
Our order backlog remains strong, and so far we have not seen a reduction in the appetite for our products and services. Nevertheless, we have taken action to improve our cashflow, delaying non urgent investments and containing expenditure. These measures will allow us to preserve cash and be better prepared to face uncertain times.
As we look towards the near future, we have a busy summer ahead of us with deliveries of subsystems to several customers, commissioning of two satellites and the ramp up for the start of manufacture of seven satellites in our Glasgow facilities. The situation with COVID-19 will continue to influence our decisions and way of working but to date we have adapted well and aim to continue to do so, ensuring that we fulfil the expectations of our customers, staff and investors.
The information in this press release is such that ÅAC Microtec AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 8:30 CET on 15 May 2020.
The interim report and further information are available at https://investor.aac-clyde.space/en/financial-reports
ABOUT AAC CLYDE SPACE
The group AAC Clyde Space offers turnkey solutions and services from mission design to on-orbit operations, including reliable customizable satellite platforms in the range of 1 to 50 Kg and a full range of subsystems for cube and small satellites. With unrivalled flight heritage and end-to-end service, AAC Clyde Space enables customers to reach their mission goals through a single, trusted point of contact.
AAC Clyde Space's shares are traded on Nasdaq First North Premier Growth Market. Erik Penser Bank AB, e-mail firstname.lastname@example.org, telephone +46 8 463 83 00, is the Certified Adviser.
2020-07-07 AAC Clyde Space AB (publ)
Peter Anderson has been appointed Vice President Business Development with responsibility for Sales and Marketing of AAC Clyde Space's portfolio of products and services. In his new role, Peter Anderson will also join the group's management team.
2020-06-19 AAC Clyde Space AB (publ)
The Arianespace's Vega rocket scheduled for launch on Sunday June 21 from French Guiana will launch a variety of hardware built by AAC Clyde Space, including two satellites built at our Glasgow factory. The launch is planned on June 21 at 01:51 UTC / 03:51 CET, can be followed on https://www.arianespace.com/ or https://www.youtube.com/arianespace
2020-06-05 AAC Clyde Space AB (publ)
AAC Clyde Space Glasgow will develop, manufacture and gain in-orbit heritage on its next generation nano and small satellites having secured financial support from Scottish Enterprise (SE). With a standardized and modularized design, the satellites will combine cutting edge technology with constellation ready productization.
2020-06-04 AAC Clyde Space AB (publ)
AAC Clyde Space has been selected to develop a new solar panel for Moog's new Small Launch Orbital Manoeuvring Vehicle (SL-OMV), a space tug designed to deploy Cubesat constellations and guide small satellites to their final orbit. The order value is 340 000 GBP (approx. 4.0 MSEK) with planned delivery during the first quarter of 2021.
2020-06-02 AAC Clyde Space (publ)
The annual general meeting in AAC Clyde Space AB (publ) was held on Tuesday 2 June 2020 at the company's premises at Dag Hammarskjölds väg 48, SE-751 83, Uppsala, Sweden. The following resolutions, amongst others, were passed at the general meeting.
2020-06-01 AAC Clyde Space (publ)
AAC Clyde Space will host a live question and answer session for shareholders June 9th at 10.30 CET which will be hosted by AAC Clyde Space's CEO Luis Gomes and CFO Mats Thideman.
2020-05-15 AAC Clyde Space AB (publ)
N.B. This English text is an unofficial translation of the Swedish original of the notice to attend the annual general meeting, available for download at https://www.aac-clyde.space/. In case of any discrepancies between the Swedish and English language versions, the Swedish version shall prevail.
2020-04-30 AAC Clyde Space (publ)
The shareholders in AAC Clyde Space AB (publ), reg. no. 556677-0599 (the "Company"), are hereby given notice to attend the annual general meeting at 13.00 p.m. on 2 June 2020 at AAC Clyde Space's premises, Dag Hammarskjölds väg 48, SE-751 83 Uppsala, Sweden. Registration for the meeting commences at 12.30 p.m.