AAC Clyde Space (SE:AAC)
:AAC
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AAC Clyde Space
(AAC)
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Rating:59Neutral
Price Target:
kr149.00
▲(44.38% Upside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by weak financial performance, especially recurring losses and renewed cash burn, despite a strong low-leverage balance sheet. Technicals are supportive with a clear uptrend, and the earnings call adds a positive outlook via sizable backlog and improved full-year targets, though supply-chain and timing risks remain. Valuation is constrained by negative earnings and no dividend support.
Positive Factors
Low leverage / strong balance sheet
AAC's very low leverage and equity-heavy capital base provide enduring financial flexibility, lowering refinancing and interest risks. This balance-sheet strength supports multi-quarter program execution, allows selective investment in missions or ground infrastructure, and cushions the business against episodic cash-flow volatility.
Negative Factors
Persistent losses & volatile gross profit
Ongoing net losses and swings in gross profit undermine the firm's path to durable profitability. Negative and volatile gross margins constrain free cash generation, reduce reinvestment capacity, depress return metrics, and lengthen the timeline to self-funded growth absent structural margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
AAC's very low leverage and equity-heavy capital base provide enduring financial flexibility, lowering refinancing and interest risks. This balance-sheet strength supports multi-quarter program execution, allows selective investment in missions or ground infrastructure, and cushions the business against episodic cash-flow volatility.
Read all positive factors
AAC Clyde Space (AAC) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.14B
Dividend YieldN/A
Average Volume (3M)24.35K
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth-18.69%
EPS Growth-252.61%
CountrySE
Employees210
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-7.89
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)-2.32
Revenue Forecast (FY)kr426.50M
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call highlighted several major strategic wins (notably the Sterna contract and SEK 1.1 billion backlog), successful recent satellite launches, and a conservative but positive full-year guidance (SEK 440–510M net sales; ~10% EBITDA). These positives were partially offset by a materially disruptive supply chain issue in the U.S. that suppressed Q1 net sales and EBITDA and shifted revenue recognition into Q2. Management expects the supply issues to be resolved and to begin recognizing Sterna revenue in Q2, and notes a strong pipeline and ongoing customer engagements (INFLECION, VIREON). Given the scale and strategic value of the booked backlog and the constructive guidance, the highlights outweigh the operational setbacks from the quarter, though timing risks remain.Positive Updates
Sterna Contract and SEK 1.1 Billion Backlog
Signed the major Sterna contract, creating an order backlog of approximately SEK 1.1 billion. The contract secures a large share of future revenues, is strategically important for European weather-monitoring capability, and enables revenue recognition to begin from Q2.
Negative Updates
Subdued Q1 Results and EBITDA Impact
Q1 results were subdued and below management expectations. A supplier-related disruption in the U.S. removed a substantial portion of net sales for the quarter and materially reduced EBITDA. Management stated that without the supplier issue the quarter would have shown a positive EBITDA. Comparisons to prior-year Q1 are affected by exceptional items in 2025 that previously inflated EBITDA.
Read all updates
Q1-2026 Updates
Positive
Negative
Sterna Contract and SEK 1.1 Billion Backlog
Signed the major Sterna contract, creating an order backlog of approximately SEK 1.1 billion. The contract secures a large share of future revenues, is strategically important for European weather-monitoring capability, and enables revenue recognition to begin from Q2.
Read all positive updates
Company Guidance
The company issued full‑year guidance of SEK 440–510 million in net sales, targeting an EBITDA of around 10% and a positive operational cash flow, supported by an order backlog of about SEK 1.1 billion (largely from the Sterna contract); management expects to begin recognizing EPS‑Sterna revenue from Q2 (with recognition spread over the next three quarters) and says the majority of 2026 revenues are already on the books, while Q1 was subdued due to a U.S. supplier issue that reduced net sales and EBITDA (resolution expected this quarter); recent operational milestones include the March launches of 2 VIREON satellites (plus 5 customer satellites) now in commissioning pending first‑light imagery, and a final INFLECION decision is anticipated in the current quarter — guidance was prepared conservatively after stress testing.AAC Clyde Space Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
76
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.96M | 295.28M | 352.86M | 276.61M | 196.72M | 179.95M |
| Gross Profit | 81.47M | -60.47M | 247.46M | -43.00M | 135.69M | 110.35M |
| EBITDA | -1.44M | -3.02M | 29.45M | -1.01M | -29.61M | -18.13M |
| Net Income | -51.07M | -46.09M | -5.58M | -41.36M | -46.55M | -39.49M |
Balance Sheet | ||||||
| Total Assets | 1.07B | 895.53M | 988.61M | 938.37M | 881.40M | 874.41M |
| Cash, Cash Equivalents and Short-Term Investments | 27.41M | 30.12M | 49.68M | 59.55M | 52.10M | 96.11M |
| Total Debt | 59.71M | 37.23M | 21.04M | 40.80M | 17.21M | 15.71M |
| Total Liabilities | 358.25M | 184.77M | 285.62M | 275.62M | 217.90M | 195.59M |
| Stockholders Equity | 709.05M | 712.19M | 704.02M | 663.57M | 663.51M | 678.81M |
Cash Flow | ||||||
| Free Cash Flow | -120.83M | -115.42M | 34.63M | -46.09M | -34.44M | -64.68M |
| Operating Cash Flow | -69.63M | -72.60M | 56.79M | 4.88M | 6.43M | -35.46M |
| Investing Cash Flow | -40.99M | -39.09M | -44.64M | -50.97M | -40.87M | -21.78M |
| Financing Cash Flow | 116.80M | 93.63M | -23.00M | 53.91M | -10.27M | 89.64M |
AAC Clyde Space Technical Analysis
Positive
103.20
Price Trends
119.78
Positive
117.47
Positive
108.63
Positive
Market Momentum
8.82
Negative
77.67
Negative
99.31
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 128.19, below the 50-day MA of 119.78, and below the 200-day MA of 108.63, indicating a bullish trend. The MACD of 8.82 indicates Negative momentum. The RSI at 77.67 is Negative, neither overbought nor oversold. The STOCH value of 99.31 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 | kr8.54B | 22.93 | 10.29% | 0.41% | 84.46% | ― | |
69 Neutral | kr332.06M | 25.79 | 33.71% | 1.22% | 31.62% | 28.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | kr1.14B | -13.06 | -6.70% | ― | -18.69% | -252.61% | |
58 Neutral | kr1.52B | 60.96 | ― | 2.75% | 0.11% | -35.60% | |
57 Neutral | kr3.52B | -997.43 | ― | ― | ― | ― | |
51 Neutral | kr100.29M | -34.98 | 1.33% | ― | 0.62% | -45.80% |
* 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.