AAC Clyde Space (SE:AAC)
:AAC
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AAC Clyde Space
(AAC)
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Rating:54Neutral
Price Target:
kr132.00
▲(27.91% Upside)
Action:ReiteratedDate:03/19/26
The score is held back primarily by weak and volatile fundamentals (ongoing losses, 2025 revenue contraction, and a sharp deterioration in cash flow) despite a relatively strong balance sheet. Technicals are moderately supportive with price above major moving averages, and the earnings call suggests potential 2026 improvement driven by launches and Data & Services growth, but near-term execution and guidance uncertainty remain key risks.
Positive Factors
Data & Services growth
Sustained ~78.5% YoY expansion in Data & Services points to a structurally growing, high-EBITDA revenue stream. Recurring data and service contracts scale with satellites and ground infrastructure, supporting durable margin contribution and diversification away from one‑off product sales as the fleet and customer base expand.
Negative Factors
Cash flow volatility
Very large swings from positive to deeply negative operating and free cash flow signal execution and timing risk: revenue recognition, project starts and commissioning timings drive cash lumpyness. This unpredictability raises funding risk, may force dilutive financing, and complicates multi‑year investment planning for constellations and data platforms.
Read all positive and negative factors
Positive Factors
Negative Factors
Data & Services growth
Sustained ~78.5% YoY expansion in Data & Services points to a structurally growing, high-EBITDA revenue stream. Recurring data and service contracts scale with satellites and ground infrastructure, supporting durable margin contribution and diversification away from one‑off product sales as the fleet and customer base expand.
Read all positive factors
AAC Clyde Space (AAC) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr851.65M
Dividend YieldN/A
Average Volume (3M)24.35K
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth-16.32%
EPS Growth-603.32%
CountrySE
Employees210
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.00
Shares Outstanding7,132,744
10 Day Avg. Volume18,270
30 Day Avg. Volume24,349
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.90
Price to Sales (P/S)2.18
P/FCF Ratio-5.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.03
Revenue Forecast (FY)kr379.50M
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, ...
How the Company Makes Money
AAC primarily makes money through a mix of (1) product sales, (2) project/engineering and mission services, and (3) recurring data/service revenues. Product revenue comes from designing, manufacturing, and delivering satellite hardware and subsyst...
AAC Clyde Space Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
Mixed results for 2025: operational resilience (positive EBITDA) and strong Data & Services growth (+78.5% YoY), plus new long-term investor support and a substantial upcoming launch program (15 satellites) underpin optimism for 2026. Offsetting this are meaningful short-term setbacks: net sales below reforecast, a missed operational cash-flow objective, multiple project delays (notably EPS-Sterna and another supplier/customer dispute), and lower order intake during 2025. Management expects many of the adverse items to resolve in 2026 and is investing to capture future data-driven revenue, but guidance is deferred until the Sterna situation is finalized.Positive Updates
Strong Data & Services Growth
Data & Services net sales grew ~78.5% year-on-year, representing a high-EBITDA, fast-growing part of the business and driving strategic expansion.
Negative Updates
Net Sales Below Expectations
2025 net sales came in below internal expectations and reforecasts; management attributes the shortfall primarily to two programs: one delayed in start (EPS-Sterna) and another delayed due to an external supplier/customer technical disagreement, with affected revenue moved into 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Data & Services Growth
Data & Services net sales grew ~78.5% year-on-year, representing a high-EBITDA, fast-growing part of the business and driving strategic expansion.
Read all positive updates
Company Guidance
Management signaled a cautiously positive outlook for 2026 but will only give full‑year guidance once EPS‑Sterna is finalized (EUMETSAT greenlight 12 Jan; ESA contract signed 27 Jan and work expected to start soon), noting 2025 delivered positive EBITDA but negative operational cash flow and net sales below reforecast; key metrics cited include Data & Services growth of ~78.5% YoY (a high‑EBITDA segment whose margins will temporarily fall due to investment), VIREON 1–2 shipped for an end‑March launch with ~3 months commissioning to revenue, Sedna 3–4 slated for early next year, about 15 AAC‑built satellites due to launch in the next six months, INFLECION Phase 2 aiming for a late‑2027/‑2028 constellation, and specific timing/recognition impacts such as SEK 32m shifted from 2025 to 2026 and a Q4 net sales shortfall of SEK 22m versus November estimates.AAC Clyde Space Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 295.28M | 352.86M | 276.61M | 196.72M | 179.95M |
| Gross Profit | -60.47M | 247.46M | -43.00M | 135.69M | 110.35M |
| EBITDA | -3.02M | 29.45M | -1.01M | -29.61M | -18.13M |
| Net Income | -46.09M | -5.58M | -41.36M | -46.55M | -39.49M |
Balance Sheet | |||||
| Total Assets | 895.53M | 988.61M | 938.37M | 881.40M | 874.41M |
| Cash, Cash Equivalents and Short-Term Investments | 30.12M | 49.68M | 59.55M | 52.10M | 96.11M |
| Total Debt | 37.23M | 21.04M | 40.80M | 17.21M | 15.71M |
| Total Liabilities | 184.77M | 285.62M | 275.62M | 217.90M | 195.59M |
| Stockholders Equity | 712.19M | 704.02M | 663.57M | 663.51M | 678.81M |
Cash Flow | |||||
| Free Cash Flow | -115.42M | 34.63M | -46.09M | -34.44M | -64.68M |
| Operating Cash Flow | -72.60M | 56.79M | 4.88M | 6.43M | -35.46M |
| Investing Cash Flow | -39.09M | -44.64M | -50.97M | -40.87M | -21.78M |
| Financing Cash Flow | 93.63M | -23.00M | 53.91M | -10.27M | 89.64M |
AAC Clyde Space Technical Analysis
Positive
103.20
Price Trends
111.56
Positive
107.72
Positive
108.41
Positive
Market Momentum
4.42
Negative
67.32
Neutral
94.96
Negative
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 below the 20-day moving average (MA) of 115.98, below the 50-day MA of 111.56, and below the 200-day MA of 108.41, indicating a bullish trend. The MACD of 4.42 indicates Negative momentum. The RSI at 67.32 is Neutral, neither overbought nor oversold. The STOCH value of 94.96 is Negative, 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr8.15B | 22.93 | 10.29% | 0.41% | 84.46% | ― | |
69 Neutral | kr350.79M | 25.79 | 33.71% | 1.22% | 31.62% | 28.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | kr1.52B | 60.96 | ― | 2.75% | 0.11% | -35.60% | |
54 Neutral | kr851.65M | -13.95 | -6.70% | ― | -16.32% | -603.32% | |
51 Neutral | kr101.15M | -34.98 | 1.33% | ― | 0.62% | -45.80% | |
48 Neutral | kr3.17B | -94.90 | ― | ― | ― | ― |
* Industrials Sector Average
SE:AAC
AAC Clyde Space
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.