Press Releases

Interim report for AAC Clyde Space AB (publ) January - September 2019

2019-11-21 AAC Clyde Space AB

Third quarter, July-September 2019 (compared with July-September 2018)

  • Net sales amounted to SEK 14.2 M (10.4)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled SEK -7.9 M (-13.8). EBITDA excluding exchange losses amounted to SEK -6.8 M (-12.6)
  • Earnings before interest and tax (EBIT) totalled SEK -11.0 M (-17.9)
  • The loss after tax was SEK -11.1 M (-17.9)
  • Basic and diluted earnings per share amounted to SEK -0.12 (-0.26)
  • Cash flow from operating activities totalled SEK -7.4 M (-16.9)
  • The order backlog increased to SEK 179.6 M (SEK 67.1 M at year end)

January-September 2019 (compared with January-September 2018)

  • Net sales amounted to SEK 45.9 M (48.9)
  • EBITDA totalled SEK -22.1 M (-31.9). EBITDA excluding exchange losses and acquisition costs totalled
    SEK -18.7 M (-21.9)
  • EBIT totalled SEK -31.8 M (-43.6)
  • The loss after tax was SEK -32.2 M (-43.1)
  • Basic and diluted earnings per share amounted to SEK -0.40 (-0.66)
  • Cash flow from operating activities totalled SEK -16.0 M (-35.9)
  • In June, the oversubscribed rights issue raised funds of SEK 82.5 M for the company before issue expenses

Information on significant events during the third quarter of 2019

  • July witnessed the year's fourth successful launch of a satellite from AAC Clyde Space, when the NSLSat-1 was launched from the Vostochny Cosmodrome in Russia
  • An agreement was signed with Eutelsat for the delivery and launch of two IoT satellites of 6U size. The contract value is EUR 2 M (around SEK 21.4 M) and could potentially amount to EUR 5 M (around SEK 53.5 M) depending on the options and services selected. The launch of the satellites is planned for the first quarter of 2021
  • The Swedish National Space Agency has approved a grant of SEK 2.2 M to support the development of the next generation electrical power system (EPS) for satellites sized from 50-250 kg

Significant events after the end of the reporting period

  • Continued success for Sirius with a major European satellite manufacturer ordering two complete Sirius subsystems for SEK 11.3 M with delivery in the second quarter of 2020
  • The US Air Force Academy ordered three solar panels and eight 1.2Nms reaction wheels for its FalconSat program. The order, with a value of around USD 655,000 (about SEK 6.4 M), will be delivered in the third quarter of 2020
  • The Extraordinary General Meeting on 29 October 2019 resolved to change the company name to AAC Clyde Space AB, and to change the limits for the share capital as well as the limits for the number of shares outstanding
  • VP Business Development Iraklis Hatziathanasiou decided to leave the Group. Until further notice, CEO Luis Gomes has taken over the role of VP Business Development.
  • The Swedish Companies Registration Office approved the company's application for a name change, whereby the Parent Company and thus the Group changed name to AAC Clyde Space

Comments from the CEO

Welcome to AAC Clyde Space's 3rd Quarter interim report for 2019. This has been an exciting quarter with important changes to the company branding and image, and transformational contract awards that have cemented our position as a leader in the market for small satellites and space industry components.

The contract with Eutelsat announced in September, marks the second time this year that a major satellite operator placed their trust in AAC Clyde Space to deliver an operational capability, with the potential for significant further orders in the future. Our strategy to offer small spacecraft, developed for volume production, in combination with a comprehensive service package, is gaining a solid foothold in the market.

The contract helped to grow our order backlog to a healthy 180 million SEK at the end of September, almost three times larger than at the beginning of 2019. More importantly, it shows the growing importance of CubeSats and small satellites for delivering operational services that used to be done by bigger, more complex systems. We continue to see a robust demand for our products, both in subsystems and missions, with a healthy and exciting pipeline of new opportunities. In October we booked our 50th Sirius product sale, an important milestone for a product that has been on the market for less than two years.

Our revenues remained lower in the quarter than what I would like, but they are growing and recorded an increase of approximately 40% over the third quarter last year. Our EBITDA remained negative, as we continue to invest in our future. We have strengthened our delivery capacity in recent months with new people joining the team, bringing in skills and resources.

The new commercial branding "AAC Clyde Space" launched in August, also became the official name of the company. The name reflects the strong heritage of our Swedish and Scottish arms, further helping the integration of both teams and product lines. At the same time, we introduced new product families, rationalising the existing ones and providing a more focused marketing.

After a period of consolidation of our operations we have now moved to a phase centred on improving the performance of the company, preparing it for the opportunities that lay ahead. We continue to look for opportunities to grow, both organically and through acquisitions. The increased provision of services, the growing popularity of our platforms and the success of our subsystems will form the basis of our organic growth. Over the coming year we will update our subsystem designs, upgrade our offerings and introduce new products. In the current quarter, we focus on delivering on our contracts and on planning the coming year. It will be a busy and exciting quarter for our great team, both in Uppsala and Glasgow.

Luis Gomes
CEO

FOR MORE INFORMATION:
Please visit: www.aac-clyde.space or contact:
CEO Luis Gomes investor@aac-clydespace.com
CFO Mats Thideman, investor@aac-clydespace.com, mobile +46 70 556 09 73

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 21 November 2019.

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.

ÅAC Microtec's shares are traded on Nasdaq First North Premier Growth Market. Erik Penser Bank AB, e-mail certifiedadviser@penser.se, telephone +46 8 463 83 00, is the Certified Adviser.

16 April 2020

2020-04-16 AAC Clyde Space (publ)
AAC Clyde Space has won an additional 2.5 MSEK (USD 250 000) order from Loft Orbital for power systems for two satellites. The systems will be delivered during 2020, starting with an engineering model in the current quarter to be followed by flight models for two satellites in the latter half of 2020.

02 April 2020
Regulatory

2020-04-02 AAC Clyde Space (publ)
AAC Clyde Space has won an 8 MSEK (£642 000) order for a 6U satellite from Orbital Micro Systems (OMS), to be launched as part of the UK Space Launch Programme. The satellite will be included in the company's commercial GEMS program that will deliver accurate and timely weather information to businesses worldwide to improve operational efficiencies and to minimize damage caused by extreme weather. The satellite is scheduled for delivery in April 2021.

17 March 2020

2020-03-17 AAC Clyde Space AB (publ)

27 February 2020
Regulatory

2020-02-27 AAC Clyde Space AB (publ)
AAC Clyde Space has been selected to supply batteries to the Nova-C lunar lander mission led by the U.S. company Intuitive Machines. The agreement broadens the scope of its original order (see press release January 24th, 2020) from power systems to also include batteries that will enable Intuitive Machines to optimize the mission's power generation and storage in the most cost-efficient way. The value of the extension is approx. 7.0 MSEK (USD 730.000).

20 February 2020
Regulatory

2020-02-20 AAC Clyde Space AB

05 February 2020

2020-02-05 AAC Clyde Space (publ)
AAC Clyde Space has delivered PICASSO, a 3U CubeSat, to the Royal Belgian Institute for Space Aeronomy at a facility in Delft for pod integration. The satellite is planned to be launched from French Guiana on an Arianespace Vega on the 24th of March 2020.

28 January 2020
Regulatory

2020-01-28 AAC Clyde Space AB (publ)
AAC Clyde Space has received an order from Israeli NSLComm for one 6U satellite and services, with a total value of approx. 15 MSEK (GBP 1.2 million). NSLComm has also appointed AAC Clyde Space "preferred supplier" in its planned satellite constellation.

24 January 2020

2020-01-24 AAC Clyde Space (publ)
AAC Clyde Space has been selected to supply the power system to the lunar lander mission led by the U.S. company Intuitive Machines. An engineering model and flight models will be delivered to support launch in 2021. The total order value is approx. 5.4 MSEK (USD 575 000).

20 January 2020
Regulatory

2020-01-20 AAC Clyde Space AB (publ)
AAC Clyde Space has appointed John Charlick COO and Ross Lang UK Head of Finance to the executive management team. A new structure for how the team operates has also been implemented in order to support the company's growing operations.

29 November 2019
Regulatory

2019-11-29 AAC Clyde Space AB

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IR Contact

Mats Thideman CFO and Deputy CEO
+46 70-556 09 73 mats.thideman@aac-clydespace.com

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