AAC Clyde Space (AAC) AI Stock Analysis

• Market Cap: kr793.94M
• Dividend Yield: N/A
• Average Volume (3M): 24.35K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: 30.82%
• EPS Growth: 57.74%
• Country: SE
• Employees: 210
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -2.10
• Shares Outstanding: 6,507,676
• 10 Day Avg. Volume: 18,270
• 30 Day Avg. Volume: 24,349
• PEG Ratio: 0.54
• Price to Book (P/B): 0.38
• Price to Sales (P/S): 0.76
• P/FCF Ratio: 7.72
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: kr120.00 ▲(16.28% Upside)

The score is held back mainly by weak financial quality—ongoing net losses and a sharp deterioration in free cash flow—despite improving EBITDA and a low-leverage balance sheet. Technical momentum is supportive with the stock above key averages, while valuation provides limited support due to a negative P/E and no dividend. Earnings-call guidance was mixed, with continued EBITDA strength offset by delayed orders, reduced sales guidance, and expectations for weaker operating cash flow.

Positive Factors

Diversified revenue mix

AAC’s mix of hardware, engineering/mission services and data/service contracts creates durable revenue diversification. Bundling platforms with integration and operations increases contract value, supports repeat business, and reduces reliance on single-program wins across commercial and institutional markets.

Improving operating profitability

Five consecutive quarters of positive EBITDA and a rebounding gross margin evidence improving operating leverage. High-margin data and services sales underpin sustainable profitability potential, helping absorb hardware cycle swings and supporting reinvestment in products and mission capabilities long term.

Conservative leverage

Very low reported debt relative to equity provides financial flexibility to weather project timing risk and fund R&D or working capital needs without immediate refinancing. Conservative leverage lowers bankruptcy risk and preserves capacity to pursue strategic contracts or partnerships.

Negative Factors

Ongoing net losses

Despite EBITDA improvement, the company remains loss-making with a negative net margin and negative return on equity. Continued net losses erode capital over time and mean profitability must convert from operational gains to bottom-line earnings to deliver durable shareholder value.

Volatile and negative free cash flow

A sharp reversal to deeply negative free cash flow after positive FCF increases funding risk. Large prepayments and supplier outflows strain liquidity, potentially forcing external financing or curtailed investment, impairing long-term product development and mission delivery capacity if persistent.

Execution and backlog risk from project delays

Delays on key programs (Sterna, SKAO) and supplier disagreements create order backlog uncertainty and revenue timing risk. Reliance on multi-party program alignment increases execution risk, reduces predictability of cash receipts, and can impede sustained revenue growth over the medium term.

AAC Clyde Space Business Overview & Revenue Model

Company Description

AAC Clyde Space AB (publ) primarily provides solutions and services to the small satellite market in Sweden, the United Kingdom, other European countries, the United States, Asia, and internationally. The company offers command and data handling, batteries, electrical power systems, laser and radio communications systems, solar arrays, lightweight structure solutions, and propulsion systems, as well as payloads, plug-and-play satellite attitude determination and control systems. It also involved in the provision of space as a service, which includes data subscription, data delivery, customer portal access, insurance, and data protection. In addition, the company operates EPIC spacecraft platform. It serves the government, commercial, and educational organizations. The company was formerly known as ÅAC Microtec AB (publ) and changed its name to AAC Clyde Space AB (publ) in November 2019. AAC Clyde Space AB (publ) was founded in 2005 and is headquartered in Uppsala, Sweden.

How the Company Makes Money

AAC Clyde Space generates revenue through multiple streams, primarily by selling small satellite solutions and services to clients in both the public and private sectors. This includes revenue from the design and manufacturing of satellite systems, as well as operational services such as satellite data processing and analysis. The company also engages in contracts with governmental and commercial entities for satellite launches and deployments. Significant partnerships with aerospace organizations and research institutions further enhance AAC's market reach, allowing it to participate in larger projects and collaborations that contribute to its earnings. Additionally, AAC benefits from the growing demand for satellite data and services across various industries, which provides a robust foundation for its revenue model.

AAC Clyde Space Financial Statement Overview

Summary

AAC Clyde Space shows strong revenue growth and a robust balance sheet with low leverage. However, persistent net losses and volatile profitability metrics indicate operational inefficiencies. Cash flow has improved, yet fluctuations remain a concern.

Income Statement

AAC Clyde Space shows significant revenue growth, increasing from SEK 66.44 million in 2019 to SEK 352.86 million in 2024. Despite consistent revenue growth, profitability remains a challenge, with negative net income across the years. Gross profit margin improved notably, but EBIT and EBITDA margins have been volatile, indicating operational challenges.

Balance Sheet

The company maintains a strong equity position, with a debt-to-equity ratio improving to 0.01 in 2024, reflecting low reliance on debt. The equity ratio is consistently high, indicating a stable financial structure. Return on equity remains negative due to ongoing net losses, highlighting profitability issues.

Cash Flow

AAC Clyde Space's operating cash flow turned positive in 2024, showing improvement in cash generation. Free cash flow is positive in 2024, a significant turnaround from previous years. However, the operating cash flow to net income ratio remains inconsistent, suggesting ongoing volatility in cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	366.97M	352.86M	276.61M	196.72M	179.95M	98.38M
Gross Profit	267.81M	247.46M	-43.00M	135.69M	110.35M	56.46M
EBITDA	50.11M	29.45M	-1.01M	-29.61M	-18.13M	-30.65M
Net Income	-22.91M	-5.58M	-41.36M	-46.55M	-39.49M	-38.30M
Balance Sheet
Total Assets	900.56M	988.61M	938.37M	881.40M	874.41M	636.25M
Cash, Cash Equivalents and Short-Term Investments	21.51M	49.68M	59.55M	52.10M	96.11M	62.43M
Total Debt	43.97M	21.04M	40.80M	17.21M	15.71M	13.15M
Total Liabilities	224.34M	285.62M	275.62M	217.90M	195.59M	78.48M
Stockholders Equity	677.49M	704.02M	663.57M	663.51M	678.81M	557.77M
Cash Flow
Free Cash Flow	-35.55M	34.63M	-46.09M	-34.44M	-64.68M	-31.64M
Operating Cash Flow	5.11M	56.79M	4.88M	6.43M	-35.46M	-14.46M
Investing Cash Flow	-58.61M	-44.64M	-50.97M	-40.87M	-21.78M	-21.76M
Financing Cash Flow	50.57M	-23.00M	53.91M	-10.27M	89.64M	45.52M

AAC Clyde Space Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 103.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AAC, the sentiment is Positive. The current price of 103.2 is above the 20-day moving average (MA) of 103.06, above the 50-day MA of 90.69, and above the 200-day MA of 100.15, indicating a bullish trend. The MACD of 8.77 indicates Negative momentum. The RSI at 66.20 is Neutral, neither overbought nor oversold. The STOCH value of 77.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:AAC.

AAC Clyde Space Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AVT.B	69 Neutral	kr473.30M	27.52	35.19%	1.22%	34.25%	57.77%
GGEO	68 Neutral	kr107.84M	55.86	1.33%	―	2.20%	50.91%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CTT	61 Neutral	kr2.31B	40.51	―	2.75%	-3.14%	-35.70%
AAC	56 Neutral	kr793.94M	-33.79	-3.61%	―	30.82%	57.74%
GOMX	49 Neutral	kr3.43B	-35.32	―	―	9.60%	40.86%
MILDEF	48 Neutral	kr6.83B	-32.06	-16.38%	0.41%	47.87%	-439.87%