AAC CLYDE SPACE AB AAC CLYDE SPACE AB (publ)
INTERIM REPORT
Q1 2023
First quarter,
January-March 2023
(compared with
January-March 2022)
Net sales amounted to
SEK 73.9 M (41.2)
an increase of 79%
Earnings before interest and tax (EBIT) amounted to
SEK -5.4 M (-14.6)
Basic and diluted earnings per
share amounted to
SEK -0.03(-0.06)
The order backlog amounted to
SEK 460.2 M (395.1)
Earnings before interest, tax, depreciation and amortisation
(EBITDA) amounted to
SEK 1.7 M (-7.6)
The loss after tax was
SEK -6.5 M (-11.7)
Cash flow from operating
activities totalled
SEK -9.7 M (7.0)
AAC CLYDE SPACE AB (PUBL) INTERIM REPORT Q1 2023 | 2 |
Events in the first
quarter of 2023
- AAC Clyde Space won an order for satellite subsystems valued at USD 2.3 M (approx. SEK 23.8 M) from a US development company supplying spacecraft and other multi-mission systems
- Kelpie-1,a 3U AAC Clyde Space EPIC nanosatellite, was successfully launched on the SpaceX Transporter-6 mission on January 3, 2023. Kelpie-1 will deliver AIS data to the U.S. company ORBCOMM Inc., a global provider of Internet of Things (IoT) solutions, under an exclusive Space Data as a Service (SDaaS) deal. It is planned to be followed by the launch of a second Kelpie satellite in the first half of 2023
- An AAC Clyde Space manufactured satellite was lost when a Virgin Orbit rocket failed to reach orbit. All satellites on the launch were reported to have been lost, including IOD-3 manufactured by AAC Clyde Space for the Satellite Applications Catapult. The loss had no financial impact on AAC Clyde Space
- AAC Clyde Space received a EUR 234 k (approx. SEK 2.6 M) order from UK- based Space Forge to provide space products for a demonstration spacecraft designed to leverage the space environment for production and experiments, capable of performing multiple trips to space
- A consortium including AAC Clyde Space's subsidiary AAC Hyperion was selected by European Defence Fund to develop a less than 100 kg satellite to be placed in geostationary orbit (GEO) for space situational awareness. The satellite, named Naucrates, is not to be trackable from ground radar, optical telescope or radio telescope. It is set to be the first European GEO satellite for Space Situational Awareness (SSA) in GEO
- AAC Clyde Space won a USD 0.59 M (approx. SEK 6.1 M) order for reaction wheels to be used on a number of small satellites. The order comes from a US blue chip company
- AAC Clyde Space was selected to deliver products valued at USD 1.6 M (approx. SEK 16.6 M) to a US blue chip company. AAC SpaceQuest will procure and resell the products with margins that are lower than on its proprietary products. The products will be delivered over a period of 12 months
- AAC Clyde Space won an order for satellite subsystems valued at USD 2.3 M (approx. SEK 23.8 M) from a US development company supplying spacecraft and other multi-mission systems
- AAC Clyde Space shipped the first of three satellites that are to deliver hyperspectral imagery data to Canadian company, Wyvern. The satellites will continue the transformation of AAC Clyde Space into a space-based data company over the coming years
AAC CLYDE SPACE AB (PUBL) INTERIM REPORT Q1 2023 | 3 |
Events after
the end of the
reporting period
- A consortium including AAC Clyde Space subsidiary Hyperion, was selected by TNO of the Netherlands to deliver a new direct-to-Earth laser communication terminal for small satellites in LEO. The order value is EUR 0.3 M (approx. SEK 3.3 M) with planned delivery in 2025
- AAC Clyde Space expanded its existing overdraft bank facility from SEK 5 M to SEK 30 M. The move will enable the Group to deliver on its expanding order backlog, as it strengthens the working capital to an appropriate level for current business activities
- AAC Clyde Space received orders for its Starbuck power system and Sirius computers from several customers amounting to a total of approx. SEK 20.1 M. The orders are scheduled for delivery from Q4 2023 until mid-2024.
- AAC Clyde Space was part of the team developing the SWI instrument onboard the European Space Agency's (ESA) Jupiter mission JUICE, that started travelling to its destination after launching from French Guinea on April 14 onboard an Ariane 5 rocket
- EPICHyper-1,a 6U AAC Clyde Space EPIC VIEW satellite, was successfully launched on the SpaceX Transporter-7 mission on April 15, 2023. The satellite will deliver Earth observation data to Canadian company Wyvern Inc., under an exclusive Space Data as a Service (SDaaS) deal. It is planned to be followed by the launch of a further two 6U satellites during 2023
AAC CLYDE SPACE AB (PUBL) INTERIM REPORT Q1 2023 | 4 |
FINANCIAL | |||
OVERVIEW - GROUP | Jan-Mar | Jan-Mar | Full-year |
kSEK | |||
2023 | 2022 | 2022 | |
Net sales | 73,901 | 41,156 | 196,718 |
EBITDA | 1,711 | -7,624 | -38,599 |
EBIT | -5,426 | -14,633 | -67,006 |
Basic and diluted earnings per share, SEK | -0.03 | -0.06 | -0.24 |
Equity ratio | 73% | 78% | 75% |
Cash flow from operating activities | -9,747 | 7,007 | 6,435 |
Cash flow for the period | -13,187 | -7,726 | -44,711 |
Cash and cash equivalents | 39,060 | 88,924 | 52,100 |
Order backlog | 460,209 | 395,147 | 427,790 |
NET SALES AND EBITDA BY QUARTER, ADJUSTED FOR ACQUISITION AND NON-RECURRING COSTS
kSEK
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2022-Q12022-Q22022-Q32022-Q4*2023-Q1
-10,000-20,000
Net sales | EBITDA (excluding one-off costs) |
* EBITDA for Q4 2022 adjusted for aborted acquisition costs of SEK 8.6 M
AAC CLYDE SPACE AB (PUBL) INTERIM REPORT Q1 2023 | 5 |
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AAC Clyde Space AB published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2023 06:37:08 UTC.
