AAC Clyde Space (AAC) Q1 2026 earnings summary

Executive summary

• Major Sterna contract signed, boosting order backlog to SEK 1,111.1 million and securing significant future revenues.

• Net sales for Q1 2026 were SEK 67.7M, down 8.5% year-over-year, with negative EBITDA of SEK -2.7M and EBIT of SEK -16.1M.

• Two company satellites and five customer satellites launched in March, including VIREON-1 and VIREON-2, expanding the Earth Observation constellation.

• INFLECION and VIREON programs progressing, with new satellites in commissioning and customer engagement ongoing.

• Directed share issue to Bonnier Capital raised SEK 49.6M, with further potential proceeds from warrants.

Financial highlights

• Q1 results subdued due to delayed Sterna contract and a supply issue in the U.S. operation, impacting net sales and EBITDA.

• Net sales: SEK 67.7M (Q1 2025: SEK 74.0M), down 8.5% year-over-year.

• EBITDA: SEK -2.7M (Q1 2025: SEK 11.9M), with no earn-out reversals or insurance payouts this quarter.

• Revenue and EBITDA expected to recover in Q2 as Sterna revenue recognition begins and U.S. supply issues resolve.

• Previous year’s Q1 EBITDA benefited from exceptional items; adjusted comparison shows less disparity.

Outlook and guidance

• Full-year net sales guidance set at SEK 440–510 million, with EBITDA margin around 10% and positive operational cash flow.

• Guidance considered cautious, based on stress-tested delivery scenarios and a strong order backlog.

• Growth expected in the remainder of 2026, supported by a strong order backlog and new contract wins.

• Supplier issues that impacted Q1 are expected to be resolved in Q2.

• Large majority of 2026 revenues already underpinned by backlog and contracted business.