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

AAC Clyde Space bildar ny ledningsgrupp

2020-01-20 AAC Clyde Space AB (publ)
AAC Clyde Space har utsett John Charlick COO och Ross Lang Finanschef UK till den verkställande ledningen. En ny struktur för hur gruppen arbetar har också införts för att stödja den växande verksamheten.


AAC Clyde Space forms new executive management team

2020-01-20 AAC Clyde Space AB (publ)
AAC Clyde Space has appointed John Charlick COO and Ross Lang UK Head of Finance to the executive management team. A new structure for how the team operates has also been implemented in order to support the company's growing operations.


AAC Clyde Space AB (publ) senarelägger Årsstämma 2020

2019-11-29 AAC Clyde Space AB


AAC Clyde Space AB (publ) postpones the Annual General Meeting 2020

2019-11-29 AAC Clyde Space AB


Delårsrapport för AAC Clyde Space AB (publ) januari - september 2019

2019-11-21 AAC Clyde Space AB


Interim report for AAC Clyde Space AB (publ) January - September 2019

2019-11-21 AAC Clyde Space AB


ÅAC Microtec byter namn till AAC Clyde Space

2019-11-06 AAC Clyde Space (tidigare ÅAC Microtec AB)

Bolagsverket har idag godkänt bolagets ansökan om namnändring, vilket innebär att moderbolaget och därmed även koncernen, byter namn till AAC Clyde Space. Namnet har tidigare använts i marknadskommunikation och är väl känt på småsatellitmarknaden.


ÅAC Microtec changes name to AAC Clyde Space

2019-11-06 AAC Clyde Space (previously ÅAC Microtec AB)

The Swedish Companies Registration Office has today approved the company's application for name change, wherefor the parent company and thus the group changes its name to AAC Clyde Space. The name has previously been used in marketing communication and is a well reputed brand in the small satellite market.


Ledningsförändring i ÅAC Microtec

2019-11-06 ÅAC Microtec AB (AAC Clyde Space)

Iraklis Hatziathanasiou lämnar sin position som VP Business Development på AAC Clyde Space. VD Luis Gomes agerar från och med idag tillförordnad VP Business Development.


Change in the management team of ÅAC Microtec

2019-11-06 ÅAC Microtec AB (AAC Clyde Space)

Iraklis Hatziathanasiou leaves his position as VP Business Development at AAC Clyde Space. CEO Luis Gomes will, as of today, take over as acting VP Business Development.


Kommuniké från extra bolagsstämma i ÅAC Microtec AB (publ) (u.n.ä. till AAC Clyde Space AB (publ))

2019-10-29 ÅAC Microtec AB (u.n.ä. till AAC Clyde Space AB)

Vid extra bolagsstämma i ÅAC Microtec AB (publ) (under namnändring till AAC Clyde Space AB (publ)) den 29 oktober 2019 fattades följande beslut:


Bulletin from extraordinary general meeting in ÅAC Microtec AB (publ) (under change of name to AAC Clyde Space AB (publ))

2019-10-29 ÅAC Microtec AB (under change of name to AAC Clyde Space AB)

At the extraordinary general meeting in ÅAC Microtec AB (publ) (under change of name to AAC Clyde Space AB (publ)) held on 29 October 2019 the following resolutions were adopted:


ÅAC Microtecs framgång med Sirius fortsätter med 11,3 MSEK order

AAC Clyde Spaces, Europas ledande småsatellitbolag, framgång med satellitdelsystemen Sirius fortsätter med en order om totalt 11,3 MSEK, från en stor europeisk satellittillverkare. Två uppsättningar delsystem kommer att levereras inom sex månader för att användas i en ej offentliggjord rymdmission.


ÅAC Microtec's Sirius range extends its success through 11.3 MSEK order

AAC Clyde Space, Europe's leading New Space mission specialists, extends the success of its Sirius satellite subsystems range with an order valued at a total of 11.3 MSEK, from a major European satellite manufacturer. Two sets of subsystems will be delivered in six months and will be used in an undisclosed mission.


ÅAC Microtec vinner order på delsystem till småsatelliter från US Air Force Academy

2019-10-01 ÅAC Microtec AB (AAC Clyde Space)
AAC Clyde Space, har fått en ny order på delsystem från US Air Force Academy till deras FalconSat-program. Ordern, med ett värde på ca 655 000 USD (ca 6,4 MSEK), avser tre solpaneler och åtta 1,2Nm reaktionshjul till småsatelliter i nästa FalconSat-mission. Det är tredje gången US Air Force Academy har valt AAC Clyde Space för leverans av delsystem till deras rymdmission för småsatelliter.


ÅAC Microtec Awarded Contract from US Air Force Academy for Small Satellite Components

2019-10-01 ÅAC Microtec AB (AAC Clyde Space)
AAC Clyde Space, has received a new order of components from the US Air Force Academy and its FalconSat programme. The order, with a value of USD 655,000 (approx. 6,4 MSEK), is for a set of THREE small satellite solar panels and EIGHT 1.2Nms small satellite reaction wheels for the next FalconSat mission. This is the third time the US Air Force Academy has selected AAC Clyde Space to supply small satellite components for its missions.


ÅAC Microtec AB (publ) beviljas 2,2 MSEK för nästa generations kraftsystem

AAC Clyde Space har beviljats anslag om 2,2 miljoner SEK från Rymdstyrelsen för att stödja utvecklingen av nästa generations kraftsystem (EPS) för satelliter i storleken 50 - 250 kg. Denna nästa generations "Starbuck-Mini EPS" erbjuder satellittillverkare ett tillförlitligt och konkurrenskraftigt alternativ till egentillverkade kraftsystem.


ÅAC Microtec AB (publ) awarded 2.2 MSEK to develop next generation power subsystems

AAC Clyde Space has been awarded 2.2 million SEK from the Swedish National Space Agency to support the development of its next generation of satellite power subsystems (EPS) for the 50 - 250 kg satellite class. This next gen Starbuck-Mini EPS will offer a reliable and competitively priced option to spacecraft manufacturers.


Kallelse till extra bolagsstämma i ÅAC Microtec AB (publ)

Aktieägarna i ÅAC Microtec AB (publ), org.nr 556677-0599, kallas härmed till extra bolagsstämma den 29 oktober 2019 klockan 13.00 att avhållas i bolagets lokaler på Dag Hammarskjölds väg 48, 752 37 Uppsala. Inregistrering till stämman börjar 12.30.


Notice to attend the extraordinary general meeting in ÅAC Microtec AB (publ)

The shareholders in ÅAC Microtec AB (publ), reg. no. 556677-0599, are hereby given notice to attend the extraordinary general meeting at 29 October 2019 at 13:00 p.m. (CET) at the company's premises at Dag Hammarskjölds väg 48, 752 37 Uppsala, Sweden. Registration for the meeting commences at 12:30 p.m. (CET).


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