Year-End Report for AAC Clyde Space AB (publ) January - December 2023

2024-02-15 AAC Clyde Space AB (publ)

Fourth quarter, October - December 2023 (compared with October - December 2022)

  • Net sales amounted to SEK 70.7 M (60.3), an increase of 17%
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to SEK -9.7 M (-20.1) including currency differences of SEK -4.8 M (1.9)
  • Earnings before interest and tax (EBIT) amounted to SEK -25.0 M (-28.3) including impairment of SEK -6.5 M (0) of a total loss of a satellite
  • The total loss after tax was SEK -27.8 M (-17.4)
  • Basic and diluted earnings per share amounted to SEK -4.91 (-4.34)
  • Cash flow from operating activities totalled SEK +58.4 M (+43.1)
  • The order backlog amounted to SEK 630.3 M (427.8)

Full-Year 2023 (compared with Full-Year 2022)

  • Net sales amounted to SEK 276.6 M (196.7), an increase of 41%
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to SEK +1.0 M (-38.6) including currency differences of SEK -2.6 M (+4.8)
  • Earnings before interest and tax (EBIT) amounted to SEK -36.8 M (-67.0) including impairment of SEK -6.5 M (0) of a total loss of a satellite
  • The total loss after tax was SEK -41.4 M (-46.5)
  • Basic and diluted earnings per share amounted to SEK -8.73 (-11.82)
  • Cash flow from operating activities totalled SEK +3.4 M (+6.4)

Events in the fourth quarter of 2023

  • AAC Clyde Space's subsidiary AAC Omnisys won a EUR 12.0 million (approx. SEK 137 million) order to build radio astronomy receivers for the SKA Observatory. The order will be delivered successively by the first quarter of 2027.
  • AAC Clyde Space was selected by Iota Technology to execute an end-to-end satellite mission as part of MagQuest, a multimillion-dollar competition to advance how to measure Earth's magnetic field. The mission will see a 4U EPIC satellite, equipped with Iota Technology's magnetometer payload, launched to measure the Earth's magnetic field. AAC Clyde Space will handle the manufacturing, launch, commissioning, and operation of the satellite for a 3-year period. The total order value amounts to GBP 1.94 M (approx. SEK 25.5 M).
  • AAC Clyde Space won a EUR 1.14 million (approx. SEK 13.4 million) order on Starbuck power systems. The order, which comes from an existing customer, is scheduled for final delivery in the first quarter of 2025.
  • AAC Clyde Space won a GBP 0.902 million (approx. SEK 12.1 million) order for a 3U satellite, for delivery in Q4 2024.
  • AAC Clyde Space received an order for a new satellite, Amber™ Phoenix, from UK-based Horizon Technologies. The total order value is GBP 645,000 (approx. SEK 8.8 million), which Horizon Technologies partially finances by a grant from the UK Space Agency.
  • AAC Clyde Space won a EUR 0.55 million (approx. SEK 6.4 million) order for a Starbuck power system. The order is scheduled for final delivery during the fourth quarter of 2024.
  • AAC Omnisys, part of the AAC Clyde Space group, delivered a cutting-edge weather sensor payload to OHB Sweden which was successfully integrated into its InnoSat platform.
  • AAC Clyde Space delivered the satellites Ymir-1, EPICHyper-3 and the Intuition-1 to the Vandenburg Space Force base in California for launch integration. The satellites were successfully launched on November 11, 2023 aboard a SpaceX Falcon 9 rocket on the Transporter 9 mission
  • An Extraordinary General Meeting on 1 November 2023 resolved to consolidate shares, combining 50 shares into 1 new share. The EGM also resolved on other items to enable the share consolidation. Shares in the company were thereafter consolidated with trading in the new consolidated shares starting on 13 November 2023. The total number of shares in the company decreased from 285,191,750 to 5,703,835 through the consolidation.
  • The 3U Space Data as a Service satellite Kelpie-2 suffered an anomaly of its payload antenna, which made it unable to deliver the planned data services, resulting in the satellite being reported as lost to the company's insurer. AAC Clyde Space is investigating other options to deliver the data service to the customer to mitigate any financial consequences.
  • AAC Clyde Space changed Certified Adviser from Erik Penser Bank AB to Carnegie Investment Bank AB (publ).

Events after the end of the reporting period

  • AAC Clyde Space secured an order valued at EUR 0.9 million (approx. SEK 9.9 million) for its Sirius range of computers and services. The order is planned for delivery during the fourth quarter of 2024.
  • Chief Operating Officer Stefania Mandirola stepped down from her role to explore new professional opportunities. The Group decided not to seek an immediate replacement for the position.
  • AAC Clyde Space with its partner TNO, successfully transferred data from a compact laser satellite communications terminal, called SmallCAT, onboard a spacecraft in Low Earth Orbit (LEO) to Earth, thereby demonstrating that the laser satellite communication technology works under spaceflight conditions. AAC has contributed electronics and firmware to the laser communication terminal.
  • Anite Bernie stepped down from the Board due to conflicting assignments which limit her in her Board Director role.


Comments from the CEO

A year of transformation

2023 saw AAC Clyde Space continue to expand and grow its capability, while meeting its core financial objectives for the year. The EBITDA and the operational cashflow were positive, revenue grew, and the company strengthened its order backlog, now at more than double revenue in 2023.

Our net sales grew 41% to SEK 276M, while our EBITDA was a positive SEK 980k and would have been even better if not for unfavourable currency exchange fluctuations. At the same time, we closed 2023 with a backlog of SEK 630M, a record for the company that gives us the confidence to successfully execute our 2024 plan. Q4, in particular, saw more than SEK 200M of new orders, showing the strength of demand for our products. We expect to maintain this momentum throughout the year and grow our order backlog.

In 2023, we launched a record 11 satellites, both for ourselves and for our customers. We grew our own constellation by 6 satellites, including launching our first hyperspectral imaging satellites and our first VDES asset, Ymir-1. Ymir-1 is the first in a series of new VDES enabled satellites, designed to deliver enhanced ship safety and communications. Built in our Uppsala facility, it marks the beginning of a new service to be offered by AAC Clyde Space, being the precursor to our VDES constellation.

We also delivered 543 satellite products to our customers around the world, supplied the payload for the Arctic Weather Satellite and successfully demonstrated our laser communications terminal in space. This has only been possible through the dedication of our talented and experienced teams, who continue to excel in the execution of our business.

During the year we also experienced some less positive events, starting with the launch failure of IOD-3 resulting in the destruction of the satellite. Later in the year we announced that the payload antenna of Kelpie-2 had not deployed, and although the satellite is otherwise working well, without the payload it cannot deliver its mission. We continue to work with our customers to see how best we can support their data needs, including from our expanded AIS/VDES fleet to which we will add another two satellites later in 2024.

The xSPANCION project entered its final phase. The first four xSPANCION satellites went through preliminary design review (the first major review of the full, detailed satellite design) at the end of 2023. Manufacturing for the first two starts in the spring, in preparation for the launch of the first satellite in either late 2024 or beginning of 2025. The launch of these satellites will mark a critical milestone for our Earth Observation Space Data as a Service (SDaaS), offering improved data to the agricultural and forestry industrial sectors. These will be the first 16U satellites built by AAC Clyde Space and will introduce a new generation of EPIC VIEW satellites.

As we prepare to expand further our business, we have changed the organisation of the company with the creation of three business lines: Products, Missions and Data & Services, reflecting the reality of our business. This reorganisation ensures a focus on the specific needs of each business line, optimising our teams and infrastructure to deliver the best service to our customers. Over the next few months we will change our financial reporting to reflect the new organisation.

Looking ahead to 2024, we see a growing demand for our products and missions, with new constellations driving that demand. The increased need for timely, good quality data will also drive the growth of our Data & Services business, particularly as more of our satellites come online and we have more data to sell. This growth across all our business lines will result in improved financials for the year and we expect to hit net sales between SEK 430M and SEK 500M, approximately SEK 280M of which is already secured in our backlog, alongside an EBITDA between 5% and 10%, all while achieving a positive cashflow for the year.

Luis Gomes


Please visit: or contact:
CEO Luis Gomes, [email protected]
CFO Mats Thideman, [email protected], mobile +46 70 556 09 73

The information in this press release is such that AAC Clyde Space AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 8:30 CET on 15 February 2024.

The interim report and further information are available at

AAC Clyde Space specialises in small satellite technologies and services that enable businesses, governments and educational organisations to access high-quality, timely data from space. Its growing capabilities bring together three divisions:

Space Data as a Service - delivering data from space directly to customers
Space missions - turnkey solutions that empower customers to streamline their space missions
Space products and components - a full range of off-the-shelf and tailor-made subsystems, components and sensors

AAC Clyde Space aims, in our chosen markets, to become a world leader in commercial small satellites and services from space, applying advances in its technology to tackle global challenges and improve our life on Earth.

The Group's main operations are located in Sweden, the United Kingdom, the Netherlands, South Africa and the USA, with partner networks in Japan and South Korea.

AAC Clyde Space's shares are traded on Nasdaq First North Premier Growth Market. The Company's Certified Adviser is Carnegie Investment Bank AB (publ). The share is also traded on the US OTCQX-market under the symbol ACCMF.

Om AAC Clyde Space

AAC Clyde Space erbjuder satellitmarknaden avionikprodukter (elektronik för rymd) med fokus på datahantering såsom omborddatorer och massminne samt strömförsörjning.

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Kurs ()
Förändring ()
Marknad Nasdaq First North Premier Growth Market Kortnamn AAC ISIN-kod SE0021020716 Certified Adviser Carnegie Investment Bank


Mats Thideman CFO och vice VD [email protected] +46 70-556 09 73