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AAC Clyde Space (AAC) investor relations material
AAC Clyde Space Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 net sales were SEK 76.3M, down 10.1% year-over-year, with EBITDA at SEK 0.5M and EBIT at SEK -13.6M, reflecting project delays and lower order intake.
For the nine months, net sales increased 6.7% to SEK 223.9M, with EBITDA at SEK 15.5M and EBIT at SEK -26.9M; result after tax was SEK -40.4M.
Cash flow was very negative in Q3, attributed to large prepayments and supplier payments, with cash flow from operating activities at SEK -23.0M.
Backlog decreased to SEK 390.1M from SEK 641.2M year-over-year, mainly due to delayed large orders (Sterna, SKAO) and timing of key program decisions.
Data & Services segment showed strong growth, more than tripling year-over-year in Q3, while Products & Missions declined due to project delays.
Financial highlights
Q3 2025 net sales: SEK 76.3M (down 10.1%); EBITDA: SEK 0.5M; EBIT: SEK -13.6M; EPS: SEK -2.12.
Nine months net sales: SEK 223.9M (up 6.7%); EBITDA: SEK 15.5M; EBIT: SEK -26.9M; EPS: SEK -6.61.
Gross margin for Q3: 66%; for nine months: 71%.
SEK 30M in expected revenue from the SKAO project was not recognized due to supplier issues, impacting annual net sales.
Cash and cash equivalents at period end: SEK 21.5M.
Outlook and guidance
Full-year 2025 guidance updated: net sales expected to be 10% below 2024, positive EBITDA for the year, but operating cash flow not expected to be positive.
Order backlog expected to recover in 2026, supported by key program decisions and continued Data & Services growth.
Delays in SKAO and Sterna programs have shifted approximately SEK 30M of revenue to 2026.
Sales expected to grow next year as new satellites come online, with profitability also expected to improve.
SEK 370–375M in sales for next year is considered achievable.
Funding strategy for constellation buildout?
Order backlog recovery drivers for 2026?
Future role of Products & Missions segment?
Sterna delay: What is the path to contract award?
How will cash flow volatility be managed going forward?
Compare growth drivers for Data & Services vs Products
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Next AAC Clyde Space earnings date
Q4 202519 Feb, 2026
Next AAC Clyde Space earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
AAC Clyde Space AB primarily provides solutions and services to the small satellite market in Sweden, the United Kingdom, other European countries, the United States, Asia, and internationally. The company’s products include cubesat avionics, cubesat telecommunication payloads, and solution systems; cubesat structures; and ground stations. It also provides mission management software solution; and antenna systems that comprise mission support and communications platform.
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