Interim report for AAC Clyde Space AB (publ) January - June 2020

2020-08-27 AAC Clyde Space AB (publ)

Second quarter, April-June 2020 (compared with April-June 2019)

· Net sales amounted to SEK 18.5 M (16.7)

· Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled SEK -7.5 M (-7.7)

· Earnings before interest and tax (EBIT) totalled SEK -10.3 M (-10.8)

· The loss after tax was SEK -10.5 M (-11.0)

· Basic and diluted earnings per share amounted to SEK -0.11 (-0.14)

· Cash flow from operating activities totalled SEK -0.4 M (-3.6)

· The order backlog amounted to SEK 164 M (126 M)

January-June 2020 (compared with January-June 2019)

· Net sales amounted to SEK 42.4 M (31.7)

· Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled SEK -13.7 M (-14.2)

· Earnings before interest and tax (EBIT) totalled SEK -19.5 M (-20.7)

· The loss after tax was SEK -20.0 M (-21.1)

· Basic and diluted earnings per share amounted to SEK -0.21 (-0.29)

· Cash flow from operating activities totalled SEK -6.5 M (-8.6)

Significant events in the second quarter of 2020

· AAC Clyde Space Glasgow received a GBP 2.3 M (approx. SEK 27 M) grant from Scottish Enterprise to develop next generation nano and small satellites

· The US firm Moog selected AAC Clyde Space to develop a new solar panel for Moog's new Small Launch Orbital Manoeuvring Vehicle (SL-OMV), a space tug designed to transport and deploy CubeSat constellations in their final orbit. The order value is GBP 340,000 (approx. SEK 4 M)

· Loft Orbital of the US expanded a previous order with the addition of a USD 250,000 (approx. SEK 2 M) order for power systems for two satellites

· The US firm Orbital Micro Systems (OMS) placed an order valued at GBP 642,000 (approx. SEK 7 M) for a 6U satellite. The satellite will be included in the OMS commercial constellation, which aims to deliver accurate and timely weather information

· AAC Clyde Space appointed John Charlick, COO, and Ross Lang, UK Head of Finance, to the executive management team.

· COVID-19 impacted the order intake during the period, with customers postponing orders and revenue recognition were impacted by suppliers not delivering to schedule due to the virus

Significant events after the end of the reporting period

· Trading commenced in the shares of AAC Clyde Space on OTC markets in the US

· AAC Clyde Space, Saab and ORBCOMM are building the next generation of maritime communication. AAC Clyde Space received a total of SEK 17.0 M, of which SEK 12.2 M comprised a grant from the Swedish Transport Administration

· AAC Clyde Space appointed Peter Anderson as Vice President Business Development, who also joins the Group's management team

Comments from the CEO

And just like that, the first half of 2020 has passed. The past six months have turned out to be eventful, unpredictable, and very different from what we had planned. As COVID-19 hit, we took a proactive approach to managing the pandemic with the aim to find ways to continue our business as well as possible.

Our approach resulted in revenue for the first half of 2020 increasing by 34%, and close to positive cash flow from operations during the second quarter. Despite the rather strong development, our growth was held back by the pandemic. Cleanrooms and production areas were re-configured to enable social distancing, which lowered production throughput. Some suppliers struggled to deliver on time, causing delays and thus slowing revenue recognition.

Looking further out, we closed several contracts, in total worth more than 14 million SEK, including orders for one satellite and orders for several major subsystems, resulting in a stable order backlog at 164 million SEK. We notice that the impact of the pandemic on our prospective and existing customers has been mixed, with several customers delaying orders until later in the year or into next year, although the underlying strong growth in our market remains intact.

I am very pleased that in August we were able to announce a major project together with two very strong partners, Saab and Orbcomm. Our aim is to together bring the next generation of maritime communication based on the VDES standard to the market. We will start building the first satellite of a planned future constellation later this year and deliver it as a Space as a Service project. The satellite will ultimately deliver both a VDES service as well as traditional maritime AIS data which we already collaborate on with Orbcomm. This first step in the projects is valued at 17 million SEK, intended to be followed by several more.

For AAC Clyde Space, the VDES projects also marks another highlight: the start of satellite production in Uppsala. By bringing satellite production capability to Sweden, we will increase our capacity and de-risk our production with two fully capable plants. And in Glasgow, our main hub for satellite production, we are developing our next generation of satellites, tailored for larger constellations. To that end, we secured a grant from Scottish Enterprise worth £2.3million (approximately 26 million SEK) for developing what we call our Scalable Architecture solutions.

Despite having met with these successes recently, the uncertainty caused by the pandemic forces us to be cautious about the future. As it requires us to grow strongly, achieving our objective of positive EBITDA and operational cash flow in 2021 may prove difficult under current circumstances. To allow us to continue to keep pace with the development of the next generations of nano- and small satellites, counteract the effects of delayed customer orders and delayed deliveries from subcontractors, we are considering various alternatives to strengthen our financing with the overall to continue and reinforce our leadership in the small satellite field.

As part of our strategy to expand our investor base, we decided to trade AAC Clyde Space's shares in the US through the OTCQX market. This will make it easier for US investors to access and trade our shares, allowing trading in US dollars, in the US and during US trading hours. The shares are traded under the ticker ACCMF. The US market represents more than 30% of our sales and this will make it easier for investors in the US to share in our ambitious plans to grow our company.

The second half of 2020 will certainly continue to be eventful as we prepare to deliver three satellites, continue the assembly of another five, launch and commission two others and complete several complex subsystems. And we will be starting our next project, the VDES satellite in collaboration with Saab AB and Orbcomm Inc.

Finally, I would like to thank all my colleagues, who over the last few months, through their dedication and effort, have kept our business operating as close to normal as possible. Their resourcefulness during the past months gives me the confidence that we will be able to successfully navigate the next few months of this exceptional period.

Luis Gomes
CEO

FOR MORE INFORMATION:
Please visit: www.aac-clyde.space or contact:
CEO Luis Gomes investor@aac-clydespace.com
CFO Mats Thideman, investor@aac-clydespace.com, mobile +46 70 556 09 73

The information in this press release is such that ÅAC Microtec 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 27 August 2020.

The interim report and further information are available at https://investor.aac-clyde.space/en/financial-reports

ABOUT AAC CLYDE SPACE
The group AAC Clyde Space offers turnkey solutions and services from mission design to on-orbit operations, including reliable customizable satellite platforms in the range of 1 to 50 Kg and a full range of subsystems for cube and small satellites. With unrivalled flight heritage and end-to-end service, AAC Clyde Space enables customers to reach their mission goals through a single, trusted point of contact.

AAC Clyde Space's shares are traded on Nasdaq First North Premier Growth Market. Erik Penser Bank AB, e-mail certifiedadviser@penser.se, telephone +46 8 463 83 00, is the Certified Adviser.

Kallelse till extra bolagsstämma i AAC Clyde Space AB (publ)

2020-10-16 AAC Clyde Space (publ)
Aktieägarna i AAC Clyde Space AB (publ), org.nr 556677-0599 ("Bolaget"), kallas härmed till extra bolagsstämma den 5 november 2020 klockan 10.30 att avhållas i bolagets lokaler på Dag Hammarskjölds väg 48, 751 83 Uppsala. Inregistrering till stämman börjar 10.00.


Notice to attend the extraordinary general meeting in AAC Clyde Space AB (publ)

2020-10-16 AAC Clyde Space (publ)
The shareholders in AAC Clyde Space AB (publ), reg. no. 556677-0599 (the "Company"), are hereby given notice to attend the extraordinary general meeting on 5 November 2020 at 10.30 a.m. (CET) at the company's premises, Dag Hammarskjölds väg 48, SE-751 83 Uppsala, Sweden. Registration for the meeting commences at 10.00 a.m. (CET).


AAC har genomfört en riktad emission om 52 MSEK samt rapporterar om genomförd blockaffär av aktier

2020-10-15 AAC Clyde Space AB (publ)
Styrelsen i AAC Clyde Space AB ("AAC" eller "Bolaget") har, med stöd av bemyndigande från årsstämman den 2 juni 2020, beslutat om en riktad nyemission om totalt 19 241 551 aktier till ett pris om 2,70 SEK per aktie (den "Riktade emissionen"). Priset i den Riktade emissionen har fastställts genom ett accelererat bookbuilding-förfarande som genomförts av Erik Penser Bank. Utöver den Riktade emissionen har Erik Penser Bank mäklat 10 557 150 aktier till motsvarande pris per aktie som i den Riktade emissionen ("Blockaffären").


AAC has completed a directed issue of SEK 52 million and reports on an executed block trade of shares

2020-10-15 AAC Clyde Space AB (publ)
The Board of Directors of AAC Clyde Space AB ("AAC" or "the Company") has, pursuant to the authorization from the Annual General Meeting on June 2, 2020, resolved on a directed issue of 19,241,551 shares at a price of SEK 2.70 per share (the "Directed Issue"). The price in the Directed Issue has been determined through an accelerated bookbuilding procedure carried out by Erik Penser Bank. In addition to the Directed Issue, Erik Penser Bank has brokered 10,557,150 shares at the corresponding price per share as in the Directed Issue (the "Block Trade").


AAC Clyde Space utreder förutsättningarna för att genomföra en riktad nyemission

2020-10-15 AAC Clyde Space AB (publ)
AAC Clyde Space AB ("AAC" eller "Bolaget") har uppdragit åt Erik Penser Bank att utreda förutsättningarna för att genomföra en riktad nyemission om maximalt av 19 241 551 aktier (den "Riktade emissionen") genom ett accelererat bookbuilding-förfarande ("Bookbuilding-förfarandet").


AAC Clyde Space is investigating the prerequisites for carrying out a directed new issue

2020-10-15 AAC Clyde Space AB (publ)
AAC Clyde Space AB (publ) ("AAC" or the "Company") has mandated Erik Penser Bank to investigate the prerequisites to carry out a directed new issue of a maximum of 19 241 551 shares (the "Directed Issue") through an accelerated bookbuilding procedure (the "Bookbuilding Procedure").


AAC Clyde Space förvärvar amerikanska SpaceQuest för 8,4 MUSD

2020-10-15 AAC Clyde Space AB (publ)
AAC Clyde Space ("AAC") har avtalat om att förvärva samtliga aktier i amerikanska SpaceQuest Ltd med betalning genom
24 000 000 nya AAC aktier till SpaceQuests nuvarande ägare. 8,4 MUSD är beräknad på en aktiekurs om 3,15 kronor och en växelkurs för den amerikanska dollarn på 9,00 kronor. Förvärvet är föremål för godkännande av en extra bolagsstämma i AAC och kommittén för utländska investeringar i USA CFIUS.


AAC Clyde Space to acquire U.S. SpaceQuest for 8.4 MUSD

2020-10-15 AAC Clyde Space AB (publ)
AAC Clyde Space ("AAC") has reached an agreement to acquire 100 % of the shares in SpaceQuest, Ltd in an all shares deal in a payment of 24,000,000 new AAC shares to the current owners of Space Quest. 8.4 MUSD is calculated on an AAC share price of SEK 3.15 per share and an exchange rate of 9.0 SEK to one (1) US dollar. The acquisition is subject to approval by the AAC Extraordinary General Meeting (EGM) and The Committee on Foreign Investment in the United States (CFIUS).


AAC Clyde Space förvärvar Hyperion Technologies för 22,8 MSEK

2020-10-07 AAC Clyde Space AB (publ)
AAC Clyde Space ("AAC") har avtalat om att förvärva 100% av aktierna i Hyperion Technologies BV, med betalning i aktier och kontanter. Hyperion Technologies nuvarande ägare kommer att erhålla 7 755 000 nya aktier i AAC, motsvarande ca 21,7 MSEK beräknat på 2,80 SEK per aktie samt 0,1 MEUR (ca 1,1 MSEK) kontant, villkorat av extra bolagsstämmans godkännande.


AAC Clyde Space to acquire Hyperion Technologies for 22.8 MSEK

2020-10-07 AAC Clyde Space AB (publ)
AAC Clyde Space ("AAC") has reached an agreement to acquire 100 % of the shares in Hyperion Technologies BV, in a shares and cash deal. The current owners of Hyperion Technologies will receive 7,755,000 new shares in AAC, equivalent to approximately 21.7 MSEK calculated at 2.80 SEK per share and 0.1 MEUR (approx. 1.1 MSEK) in cash, subject to approval by the AAC EGM.


AAC Clyde Space räknar med att omsätta ca 100 MSEK under 2020, motsvarande en tillväxt över 50 %

2020-09-18 AAC Clyde Space AB (publ)
AAC Clyde Space räknar med att under 2020 nå en omsättning på ca 100 MSEK. Under 2019 uppgick omsättningen till 66 MSEK.


AAC Clyde Space expects net sales of approx. SEK 100 million in 2020, an annual increase of over 50 %

2020-09-18 AAC Clyde Space AB (publ)
AAC Clyde Space expects to reach net sales of approximately SEK 100 million in 2020, an increase of more than 50 % over its 2019 revenue of SEK 66 million.


Mediuminvest har avyttrat så gott som hela innehavet i AAC Clyde Space

2020-09-17 AAC Clyde Space AB (publ)


Mediuminvest has divested virtually the entire holding in AAC Clyde Space

2020-09-17 AAC Clyde Space AB (publ)


AAC Clyde Space wins two Japanese orders valued at 360 000 EUR

2020-08-31 AAC Clyde Space AB (publ)
AAC Clyde Space has received two new orders, totaling 360 000 EUR (approx. 3.7 MSEK) for Sirius avionics from customers in Japan. The hardware will be delivered during the fourth quarter of 2020 and software updates will be delivered in the first quarter of 2021. These are follow-on orders from existing customers.


AAC Clyde Space vinner två japanska order värda 360 000 EUR

2020-08-31 AAC Clyde Space AB (publ)
AAC Clyde Space har fått två nya order på totalt 360 000 EUR (cirka 3,7 MSEK) för Sirius avionikprodukter från kunder i Japan. Hårdvaran kommer att levereras under det fjärde kvartalet 2020 och mjukvaruuppdateringar kommer att levereras under det första kvartalet 2021. Beställningarna är uppföljningsorder från kunder på den krävande japanska marknaden.


Delårsrapport för AAC Clyde Space AB (publ) januari - juni 2020

2020-08-27 AAC Clyde Space AB (publ)


Interim report for AAC Clyde Space AB (publ) January - June 2020

2020-08-27 AAC Clyde Space AB (publ)


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