Telescopes

Annual Report 2023

ANNUAL REPORT AND ACCOUNTS 2023

2023 was a year of transformation for our business. We made significant changes and achieved long-term targets, including positive cashflow and positive EBITDA over the year for the first time. 2024 is set to be a year of delivery. We look forward to reaping the rewards of our hard work as our constellations deliver more and more data to our clients.

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2023 HIGHLIGHTS

(2022 COMPARISON)

Net sales increased 41% to

SEK 276.6M

(SEK 196.7)

Earnings before interest, tax, depreciation
and amortisation (EBITDA) amounted to

SEK +1.0M

(SEK -38.6M)

Our order backlog grew 47% to

SEK 630.3M

(SEK 427.8)

WORKING
IN SPACE TO
IMPROVE LIFE
ON EARTH

NET SALES AND EBITDA

ORDER BACKLOG

EARTH OBSERVATION

HELPING OUR
CLIENTS SEE THE
FULL PICTURE

Earth observation is served by three markets. Institutions provide free, medium resolution imagery (15m), the giant established players provide super high-resolution imagery (30cm), and new entrants to the market are finding new forms of observation data that will benefit their clients. These include thermal, infrared and hyperspectral data.

Through our products and services, we are supporting these new players with innovative components, both hardware and software. We are also going to high-resolution images (1.5m) at a much more reasonable price.

This year we will continue to grow our constellation so we can provide more data and seek clients in our end user markets.

MARITIME COMMUNICATIONS

GREENER TRANSPORT
AND SAFER LIVES AT
SEA

Today, all ships over a certain size are compelled by regulation to use AIS data systems. Companies are finding new and innovative ways to use this data to make lives at sea safer and more sustainable. The future of maritime communications, however, comes in the form of a new system, called VDES, that opens new possibilities with its two-way capabilities.

AAC Clyde Space is active in the AIS market today, with its eyes on the future through VDES. We are launching two AIS satellites this year, one of which will also carry VDES capabilities, increasing our VDES constellation to two satellites.

In the coming years, we look to becomes leaders in VDES data and technologies. One highlight contract will see us build and operate a 12-satellite constellation delivering communications data to the market.

MILITARY

SECURITY THROUGH DATA AND SERVICES

As the global security situation deteriorated in the last few years, there has been a marked increase of interest in how Newspace can play a role in growing space capabilities for defence and security applications.

AAC Clyde Space has a history of suppling Products for defence & military space missions. We saw a significant uptick of orders in 2023, driven by the growth in defence related constellations. Also in 2023, the company secured its first major order from the European Defence Fund, as part of the Naucrates consortium.

AAC Clyde Space will continue to expand its offering of Products for security missions, working with partners and mission primes to deliver solutions for military missions. Additionally, as part of our SDaaS business, we will grow the delivery of security related data & services, particularly for the maritime domain, in addition to the ship tracking capabilities that we already provide.

WEATHER

INNOVATIVE SYSTEMS
TO MEASURE WHAT MATTERS

Historically, satellite weather data focuses on finding and reporting levels of water and oxygen in the atmosphere. As the science of space progresses and we move into new areas of detection, the demand for new satellites increases along with customer needs for the most accurate and complete data set possible.

Through our work on the Arctic Weather Satellite, AAC Clyde Space has shown its commitment to create better weather prediction systems. We have delivered payload and microwave sounding systems to help build a fuller picture of atmospheric conditions affecting weather on earth.

Our current systems focus on the historical data set and could be adapted to measure other conditions, providing a fuller picture in the future.

"We are privileged to have such a passionate workforce at AAC Clyde Space with a broad range of skills and experience. It is the basis for being able to implement our strategy. As our business evolves, we continue to develop our people processes and embed a high-performance culture so we can help our colleagues realise their potential and to fulfil our company vision."
Kulwinder Bhumbra, Chief People Officer

SUSTAINABILITY:

FACILITATING SUSTAINABILITY

OBSERVING EARTH’S
FOOD SYSTEMS

Our data is helping to improve land usage, making food sources more stable and reducing water waste.

PREDICTING EARTH’S
CRISES

Our innovative payload systems will help to improve weather forecasting accuracy, providing greater warning of server weather events to people across the globe.

MAINTAINING EARTH’S
FORESTS

We’re working with government agencies to find new ways to highlight potential problems, enabling a proactive approach to managing issues and maintaining forest health.

OPTIMISING EARTH’S
FUEL USE

Our work towards the new VDES maritime communications systems will help drive more sustainable shipping, by finding the most fuel efficient routes across our oceans, and facilitate safer lives at sea.

EXPANDING EARTH’S DATA
COVERAGE

We’re working to offer near-global data coverage, helping to enable communications in unserved and underserved communities, and deliver data that will help fight climate change.

CLEARING
EARTH’S ORBIT

Our products are being used to safeguard Earth’s orbits, ensuring they can be used in a safe and responsible way for years to come. With satellite numbers constantly rising, this is important work to keep the planet safe.

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