AAC Clyde Space (AAC) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 rose 37.5% year-over-year to SEK 73.7M, with positive EBITDA for the fourth consecutive quarter at SEK 3.1M, reflecting robust business expansion and adherence to targets.

• Structural changes included merging products and missions into a single hardware business line and later restructuring into two segments: Products & Missions and Data & Services, to streamline management and production.

• Increased visibility through media outreach and industry engagement supported growth in both hardware and data/services segments.

• Order backlog decreased to SEK 447.1M from SEK 660.0M, attributed partly to currency effects and market uncertainty.

• A directed share issue raised SEK 64.5M to accelerate strategic initiatives in earth observation and defence.

Financial highlights

• Q2 2025 EBITDA was SEK 3.1M (up from SEK -16.5M), EBIT at SEK -10.8M (improved from SEK -27.4M), and net loss after tax at SEK -16.4M (from SEK -27.5M).

• Net sales in the Data & Services business line increased by 86.1% year-over-year in H1 2025, with Q2 net sales up 270.4% to SEK 21.0M and EBITDA margin 63.1%.

• H1 2025 net sales reached SEK 147.7M, up 18.1% year-over-year; EBITDA was SEK 15.0M (from SEK -3.8M), EBIT SEK -13.3M (from SEK -31.2M).

• Gross margin increased to 78% from 61% year-over-year in Q2.

• Cash flow from operating activities in Q2 was SEK 1.7M (down from SEK 6.9M); H1 was SEK -25.6M (from SEK -6.2M).

Outlook and guidance

• Full-year guidance maintained: double-digit net sales growth, positive EBITDA, and sustained positive operating cash flow.

• Order backlog expected to increase later in the year despite current decline.

• Plans to update strategy and present new initiatives, especially in data/services and defense, by the end of the next quarter.

• Launch of the first VIREON satellite delayed to February next year due to third-party component issues.