Interim report for ÅAC Microtec AB (publ) January - June 2019

Second quarter, April-June 2019 (compared with April-June 2018)

  • Net sales amounted to SEK 16.7 M (22.1)
  • Operating loss before depreciation/amortisation (EBITDA) totalled SEK -7.7 M (-5.8). EBITDA excluding exchange losses totalled SEK -5.2 M (-5.8)
  • Operating loss after depreciations/amortisations totalled SEK -10.8 M (-10.0)
  • Loss after tax totalled SEK -11.0 M (-10.0)
  • Basic and diluted earnings per share amounted to SEK -0.14 (-0.15)
  • Cash flow from operating activities totalled SEK -3.6 M (-14.6)

January-June 2019 (compared with January-June 2018)

  • Net sales amounted to SEK 31.7 M (38.5)
  • Operating loss before depreciation/amortisation (EBITDA) totalled SEK -14.2 M (-18.1)
    Profit for the preceding period include acquisition costs of SEK 8.8 M. EBITDA excluding exchange losses and acquisition costs totalled SEK -11.9 M (-9.4)
  • Operating loss after depreciation/amortisation totalled SEK -20.7 M (-25.6)
  • Loss after tax totalled SEK -21.1 M (-25.3)
  • Basic and diluted earnings per share amounted to SEK -0.29 (-0.40)
  • Cash flow from operating activities totalled SEK -8.6 M (-27.8)

Information on significant events during the second quarter of 2019

  • The rights issue contributed SEK 82.5 M before transaction costs
  • Luis Gomes took office as CEO
  • Agreement signed on delivering data under the "space as a service" concept to ORBCOMM Inc. The order represented a value of approximately SEK 54 M over five years
  • Order for Sirius Avionics of approximately SEK 4.7 M from Loft Orbital Solutions Inc.
  • Subsystems successfully put into operation on two Japanese space missions
  • Brent Abbott resigned as CEO of AAC Microtec North America Inc. CSO Craig Clark was appointed Acting CEO of the US subsidiary
  • The 2019 Annual General Meeting re-elected Board members Rolf Hallencreutz, Will Whitehorn, Per Aniansson and Per Danielsson. Rolf Hallencreutz also re-elected as Chairman of the Board of Directors. Anita Bernie was elected as new Board member.
  • US company York Space Systems successfully launched and put its first satellite into operation. The satellite contains on-board computers, mass storage and power systems from AAC Clyde Space

Significant events after the end of the reporting period

  • July witnessed the year's fourth successful launch of a satellite from AAC Clyde Space, when the NSLSat-1 was launched from the Vostochny Cosmodrome in Russia

Comments from the CEO

On track, with some challenges

It has now been three months since I joined ÅAC Microtec AB and was given the privilege of leading this company. As I joined, I found a team of extremely knowledgeable, motivated and dedicated people, delivering results with an enthusiasm that I found contagious and exciting. This is a company at the cutting edge of the New Space industry, delivering pioneering projects that are helping to change the world.

Like most companies we also face challenges. This quarter highlighted some of those: our revenue is lower than we aspired to, and some projects have incurred higher costs. The decrease in turnover is mainly due to a delayed start in new projects as the recruitment of personnel has taken time and some on-going projects have taken longer to complete than expected.

We had a good order intake in the second quarter, with a milestone contract for our "satellite-as-a-service" concept with ORBCOMM being the highlight of the quarter. The sales process continues to be long, as is common in not yet fully developed, emerging sectors. It requires patience, but I find it comforting to see that we have a growing and healthy pipeline of potential customers.

We delivered two satellites into orbit during the quarter, including our first 6U CubeSat, and continue to progress several major projects for delivery later this year and in early 2020. We also delivered two Sirius subsystems and power systems into orbit, building the flight heritage for this range of standardized subsystems for small satellites.

We continued to tackle some of our internal challenges: we have now hired eleven new colleagues that will join our team in Glasgow successively during the third quarter, addressing legacy vacancies as well as adding new skills to the team.  Our delivery performance continues to improve, reflecting the improved delivery management structure implemented by our COO. To prepare the company for the next level, managing larger volumes, we are strengthening our supply chain management, our quality controls and our operations team.

Another milestone in the quarter was the successful rights issue that raised SEK 82.5 million before fees and costs. The process, led by our CFO, saw the rights issue heavily oversubscribed, showing that investors believe in the future of ÅAC Microtec AB and see the potential for growth of the company.

Bringing together our legacy from ÅAC Microtec in Uppsala with the strong brand and space heritage established by Clyde Space, we announced that we will operate under the name AAC Clyde Space, and introduced a new look and web site. The new branding was unveiled just before the Small Satellite Conference in Logan, Utah that took place in early August. Once again, this conference showed the strength and dynamism of the small satellite sector, and the crucial role played by AAC Clyde Space in it.

Looking ahead to the current quarter, I will continue to implement the plan that I set out when I took over in May: ensure that we successfully deliver our commitments, working with the delivery teams to target a 100 per cent success rate of on-time delivery; target the win of key contracts for our platforms business and ensure that the subsystems business remains strong and expands its customer base. Additionally, we will continue to improve our performance to increase the efficiency of our operations, with the introduction of a new product policy aimed at rationalising our product lines. In parallel, we will continue to evolve our technology and have prepared robust plans for our next generation of avionics. The funding from the rights issue will allow us to implement these plans, as well as support our expansion plans.

I look forward to continuing working hard together with the team to realize our ambitious plans and meet the expectations from our shareholders.

Luis Gomes
CEO

2019-08-22

FOR MORE INFORMATION:
Please visit: www.aac-clyde.space or contact:

CEO Luis Gomes investor@aacmicrotec.com
Chairman of the Board Rolf Hallencreutz, investor@aacmicrotec.com

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 22 August 2019.  

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.

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

ÅAC MICROTEC AB (PUBL) PUBLICERAR ORDERSTOCKEN

För att öka insynen och underlätta förståelsen för hur verksamheten utvecklas har AAC Clyde Space beslutat att inkludera orderstocken i kvartalsrapporteringen.


ÅAC MICROTEC AB (PUBL) PUBLISHES ORDER BACKLOG

In order to increase transparency and facilitate the understanding of how operations develop, AAC Clyde Space has decided to include order backlog in its quarterly reporting.  




Delårsrapport för ÅAC Microtec AB (publ) januari - juni 2019

Andra kvartalet, april - juni 2019 (jämfört med april - juni 2018)

  • Nettoomsättningen uppgick till 16,7 (22,1) MSEK
  • Rörelseresultatet före avskrivningar, EBITDA, uppgick till -7,7 (-5,8) MSEK. EBITDA exklusive valutakursförluster uppgick till -5,2 (-5,8) MSEK
  • Rörelseresultatet efter avskrivningar uppgick till -10,8 (-10,0) MSEK
  • Resultat efter skatt uppgick till -11,0 (-10,0) MSEK
  • Resultat per aktie före och efter utspädning uppgick till -0,14 (-0,15) SEK
  • Kassaflödet från den löpande verksamheten uppgick till -3,6 (-14,6) MSEK

Interim report for ÅAC Microtec AB (publ) January - June 2019

Second quarter, April-June 2019 (compared with April-June 2018)

  • Net sales amounted to SEK 16.7 M (22.1)
  • Operating loss before depreciation/amortisation (EBITDA) totalled SEK -7.7 M (-5.8). EBITDA excluding exchange losses totalled SEK -5.2 M (-5.8)
  • Operating loss after depreciations/amortisations totalled SEK -10.8 M (-10.0)
  • Loss after tax totalled SEK -11.0 M (-10.0)
  • Basic and diluted earnings per share amounted to SEK -0.14 (-0.15)
  • Cash flow from operating activities totalled SEK -3.6 M (-14.6)

ÅAC MICROTEC TECKNAR AVTAL MED ERIK PENSER OM ANALYSUPPDRAG

AAC Clyde Space har ingått avtal om analystjänsten Penser Access med Erik Penser Bank. Den första analysen publiceras då Erik Penser är klar med genomgången av AAC Clyde Space.


ÅAC MICROTEC SIGNS AGREEMENT WITH ERIK PENSER REGARDING ANALYTICAL SERVICES

AAC Clyde Space has signed an agreement for the analytical service Penser Access with Erik Penser Bank. The first analysis will be published when Erik Penser has finalised the review of AAC Clyde Space.


ÅAC Microtec lanserar ny branding och ny hemsida

ÅAC Microtec AB och dotterbolaget Clyde Space Ltd lanserar ny branding och en ny hemsida. Från och med måndag 5 augusti verkar företagen under namnet "AAC Clyde Space"; ett namn som bibehåller arvet från båda företagen i Sverige och Skottland och återspeglar att de arbetar som en enhet. Det nya gemensamma namnet åtföljs av en ny design och logotyp.


ÅAC Microtec announces unveiling of new branding and website

ÅAC Microtec AB, and its subsidiary Clyde Space Ltd, announce the unveiling of the company's new combined branding and website.  From Monday 5th August, both business will operate under the name 'AAC Clyde Space'; a name that maintains the heritage of both businesses in Sweden and Scotland and combined to reflect the fact that both sites work together as one operation.  The change in name will be accompanied by a new logo and branding.


ÅAC Microtec bekräftar lyckad uppskjutning av NSLSat-1, bolagets fjärde uppskjutning under 2019

Fredag 5 juli kl. 07:41 CEST avfyrades NSLSat-1 via EXOLAUNCH på raketen Soyuz 2.1b. Raketen sköts upp från Vostochny Cosmodrome i Ryssland in i låg omloppsbana (Low Eart Orbit, LEO). AAC Clyde Space har etablerat kontakt med satelliten från sin markstation i Glasgow och alla system fungerar planenligt. AAC Clyde Space ansvarar för hela uppdraget kring NSLSat-1, från design och produktion av satelliten, till dataleveranser till israeliska NSLComm.


ÅAC Microtec confirms successful launch of NSLSat-1, the company's fourth deployment in 2019

NSLSat-1, was successfully launched on Friday 5 July at 07:41 CEST by EXOLAUNCH on the Soyuz 2.1b launch vehicle from the Vostochny Cosmodrome, Russia, into Low earth Orbit (LEO). AAC Clyde Space has since made contact with spacecraft from their Glasgow based ground station, with spacecraft systems performing as planned. AAC Clyde Space are providing a full end-to-end mission service package for this mission, from mission design and satellite manufacture to data supply for Israel's NSLComm.






ÅAC nyemission övertecknad

ÅAC Microtec AB ÅAC Microtec AB:s (publ) ("ÅAC" eller "Bolaget") nyemission med företrädesrätt för aktieägarna ("Företrädesemissionen") har avslutats. Intresset var stort och sammanlagt tecknades Företrädesemissionen till 139 procent. Bolaget tillförs därmed 82,5 MSEK före emissionskostnader.


ÅAC rights issue oversubscribed

ÅAC Microtec AB's (publ) ("ÅAC" or "the Company") rights issue with preferential rights for the shareholders ("the Rights Issue") has been completed. The interest was high, and the total subscription amounted to 139 percent. Consequently, ÅAC will receive proceeds of SEK 82.5 million before issue costs.


ÅAC Microtec utser MID Co Ltd som ny distributör på sydkoreanska marknaden

ÅAC Microtec har utsett MID Co Ltd som ny distributör på den sydkoreanska marknaden. MID Co. Ltd bildades 2018 av ett sydkoreanskt team som har lång erfarenhet inom rymdindustrin. Distributionsavtalet omfattar alla AAC Clyde Space produkter och syftar till att tillgodose behoven av delsystem och plattformar till den växande sydkoreanska kubsatellit- och småsatellitmarknaden.


ÅAC Microtec appoints MID Co. Ltd as new distributor in South Korean Market

ÅAC Microtec has appointed MID Co. Ltd as their new distributor in the South Korean Market. MID Co. Ltd was formed in 2018 by a South Korean team that has a long experience of operating in the Space Industry. The distribution agreement covers all products across the group and aims to address the needs of the South Korean market which is a growing market for CubeSat and SmallSat platforms and sub-systems.


Följ oss

Om beQuoted

beQuoted publicerar nyheter, analyser och pressmeddelanden för investerare och journalister. Viktiga företagshändelser bevakas av vår egen nyhetsredaktion och vidaredistribueras i ledande finansiella medier.

Vi uppdaterar även nyhetsrum, Investor Relations och IR-webbplatser för företag som vill utveckla sina relationer med finansmarknaden.

Kontakta oss

beQuoted AB
Sturegatan 32
114 36 Stockholm

08-692 21 90
Kontaktformulär