Interim report for AAC Clyde Space AB (publ) January - March 2021

2021-05-27 AAC Clyde Space AB (publ)

First quarter, January-March 2021 (compared with January-March 2020)

· Net sales increased 55% to SEK 36.8 M (23.8)

· Earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) improved 92% and totalled SEK -0.5 M (-6.2)

· Earnings before interest and tax (EBIT) improved 52% and totalled SEK -4.4 M (-9.1)

· The loss after tax was SEK -4.0 M (-9.5)

· Basic and diluted earnings per share amounted to SEK -0.03 (-0.10)

· Cash flow from operating activities amounted to SEK -20.8 M (-6.2) due to accrued, not yet invoiced, revenues in ongoing projects, tax assets and receivables from Scottish Enterprise for ongoing development projects

· The order backlog amounted to SEK 142 M (183). After the acquisition of Omnisys Instruments AB, on 30 April 2021 the order backlog was SEK 260 M

Significant events in the first quarter of 2021

· AAC Clyde Space AB changed its management structure to increase agility and underpin continued growth. A distributed management structure was implemented, with Group-level sales and strategic leadership in Group management, and geographical operations management for each country

· OHB Sweden selected AAC Clyde Space as the intended supplier of core avionics for the ESA Arctic Weather Satellite

· AAC Clyde Space has been awarded a contract with the Canadian Earth observation company Wyvern Inc. to secure a launch of 3 satellites into orbit in 2022. The contract precedes an intended Space Data as a Service agreement between the parties for hyperspectral data delivery expected to be finalised during Q2, 2021

Significant events after the end of the reporting period

· AAC Clyde Space acquired the Swedish space company Omnisys Instruments AB. The company was consolidated into the financial reporting from 30 April 2021. The acquisition increased the Group's order backlog to SEK 260 M at the end of April 2021.

· AAC Clyde Space carried out a directed new share issue of SEK 100 M


Comments from the CEO

It's been a busy start to the year at AAC Clyde Space, as the momentum we've built over the last 12 months continues to gather pace.

Although the pandemic poses an ongoing challenge to people and businesses across the world, we have adapted our operations and hit the ground running in 2021, united by a clear strategy and ambition: to become a world leader in commercial small satellites and services from space.

Our strong first quarter results put us firmly on track to be profitable by 2022, with a 92 percent improvement in EBITDA compared to Q1 2020 and net sales up by 55% over the same period to SEK 36.8 million.

With the support of our investors, we continue to use strategic acquisitions to enhance our capabilities and accelerate our growth plan. Most recently, in April, we acquired Omnisys Instruments, gaining 28 years of experience in developing profitable, high-performance electronics hardware, including world-class atmospheric sensors. This added expertise means that we can build constellations that deliver new data, timelier data, and better-quality data to clients, catapulting our Space Data as a Service offering to new heights. With this latest acquisition, the Group order backlog stands at SEK 260.4 million at the end of April, reflecting the strength of our current strategy and putting our target revenue of SEK 500 million by 2024 well within reach.

In particular, combining AAC Clyde Space satellites with Omnisys sensors will create a revolutionary capability in weather forecasting, of value across a vast range of applications: from farmers seeking to optimize crop yields to shipping operators transporting cargo overseas to cities preparing for hurricanesto ordinary day-to-day living.

Accurate weather forecasting will become even more important as climate change inflicts increasingly uncertain weather patterns upon our planet. So, I am delighted that our Group is being chosen to support missions, such as the ESA Arctic Weather Satellite (AWS), that aim to further our understanding of the Earth's environment. AWS is the single prototype for a potential constellation of satellites. It aims to improve weather forecasts, in particular over the Arctic region, where it will bring important and missing observations that are beyond the capability of larger geostationary satellites already in use.

As well as expanding our capabilities this quarter, we felt it was the right time to update our management structure to ensure that we remain agile and innovative as we grow. Our new, decentralized approach supports this goal, with Sales and Strategy now sitting within Group management and country operations managed locally.

Towards the end of the summer, we will present an updated plan that lays out our commitment to strengthen our efforts in profitable and commercial environmental applications. Meanwhile, our teams will be focused on fulfilling launches and critical deliveries, integrating our recent acquisitions, and strengthening our pipeline of contracts. Thanks to their hard work and with our newly combined capabilities, we are poised to fulfil the promise of many years of small satellite development and enable a better understanding of our planet at a time when it is most needed.

Luis Gomes
CEO

FOR MORE INFORMATION:
Please visit: www.aac-clyde.space 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 CEST on 27 May 2021.

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

ABOUT AAC CLYDE SPACE

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 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 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. Erik Penser Bank AB, e-mail [email protected], telephone +46 8 463 83 00, is the Certified Adviser. The share is also traded on the US OTCQX-market under the symbol ACCMF.

AAC Clyde Space receives follow-on order for Europes new weather satellites - MetOp-SG

2022-05-20 AAC Clyde Space AB (publ)
Leading New Space company AAC Clyde Space's subsidiary Omnisys has secured an EUR 0.47 M (approx. SEK 4.9 M) order to deliver strategic spare parts to Airbus Defence and Space for Europe's next generation of meteorological satellites, the MetOp-SG.


Kommuniké från årsstämma i AAC Clyde Space AB (publ)

2022-05-19 AAC Clyde Space AB (publ)


Bulletin from the Annual General Meeting in AAC Clyde Space AB (publ)

2022-05-19 AAC Clyde Space AB (publ)


Interim report for AAC Clyde Space AB (publ) January -March 2022

2022-05-19 AAC Clyde Space AB (publ)


AAC Clyde Space offentliggör årsredovisningen för 2021

2022-04-28 AAC Clyde Space AB (publ)


AAC Clyde Space publishes the Annual Report for 2021

2022-04-28 AAC Clyde Space AB (publ)


AAC Clyde Space to deliver ground station in Africa

2022-04-28 AAC Clyde Space AB (publ)
Leading New Space company AAC Clyde Space has through its subsidiary AAC Space Africa been selected to deliver a ground station to a client in Africa. The order valued at approx. SEK 3.4 M will be delivered in 2022.


AAC Clyde Space Wins Top Accolade of 'Grand prix' at the Corporate Content Awards Europe 2022

2022-04-21 AAC Clyde Space AB (publ)
A stellar night at the Corporate Content Awards in London yesterday, where we received three golds for our corporate communications work with Bladonmore.


Kallelse till årsstämma i AAC Clyde Space AB (publ)

2022-04-19 AAC Clyde Space AB (publ)
Aktieägarna i AAC Clyde Space AB (publ), org.nr 556677-0599 ("Bolaget"), kallas härmed till årsstämma torsdag den 19 maj 2022. Närvaro på stämman sker uteslutande genom poströstning. VDs anförande kommer att publiceras på bolagets hemsida efter årsstämman.


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

2022-04-19
The shareholders in AAC Clyde Space AB (publ), reg. no. 556677-0599 (the "Company"), are hereby given notice to attend the annual general meeting on Thursday 19 May 2022. Attendance at the meeting is only possible via postal ballot. The CEO's statement will be published on the company's website after the annual general meeting.


AAC Clyde Space issues remuneration shares

2022-04-13 AAC Clyde Space AB (publ)
AAC Clyde Space has issued 525 457 shares to the previous owners of Omnisys Instrument AB as an earn-out payment achieved following the completion of the preliminary design of the weather instrument to the ESA project Artic Weather Satellite (AWS). Omnisys was awarded a EUR 12.2 million contract to supply microwave sounding sensors to the AWS-project in March 2021. The share issue increases the total number of shares in AAC Clyde Space to 193 250 943.


AAC Clyde Space to develop AI capability with ESA funding

2022-04-01 AAC Clyde Space AB (publ)
Leading New Space company AAC Clyde Space's subsidiary AAC Hyperion has acquired a contract to develop an onboard artificial intelligence (AI) capability for small satellites in collaboration with the Royal Netherlands Aerospace Centre (NLR). The European Space Agency (ESA) will fund the project with EUR 0.41 M (approx. SEK 4.2 M) sponsored by the Netherlands Space Office (NSO). The funding comes through ESA's General Support Technology Programme (GSTP).


AAC Clyde Space wins follow-on order for subsystem

2022-03-09 AAC Clyde Space AB (publ)
Leading New Space company AAC Clyde Space has won an order for a power subsystem to be utilized in a new type of mission. The order is valued at EUR 0.5 M (approx. SEK 5.3 M), and follows an order received in 2019. The power subsystem is planned to be delivered during the fourth quarter 2022.


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