AAC Clyde Space (AAC) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales rose 51.1% year-over-year to SEK 84.8M, with EBITDA at SEK 17.5M and net profit of SEK 7.6M, driven by a one-off license deal and strong order intake.

• Order backlog reached SEK 641.2M, supporting future growth; supply chain issues largely resolved, but some supplier dependency remains.

• Strategic acquisitions and new contracts, including Spacemetric AB and multiple satellite system orders, expanded capabilities and market reach.

Financial highlights

• Q3 2024 net sales: SEK 84.8M (up 51.1% YoY); EBITDA: SEK 17.5M (6.7M); EBIT: SEK 6.8M (-1.0M); EPS: SEK 1.34 (-0.48).

• 9M 2024 net sales: SEK 209.8M (up 1.9% YoY); EBITDA: SEK 13.7M (10.7M); EBIT: SEK -24.5M (-11.8M) including SEK -6.5M impairment; EPS: SEK -4.04 (-3.06).

• Q3 operating cash flow: SEK 9.3M (-2.2M YoY); cash and equivalents at period end: SEK 25.4M (22.7M).

• Gross margin in Q3: 72% (84% YoY); order backlog up to SEK 641.2M (433.6M YoY).

Outlook and guidance

• Revenue target for 2024 remains SEK 350–400M with EBITDA margin of 5–10%, contingent on timely supplier deliveries.

• Focus for 2025 is on improving profitability and operational cash flow, with continued margin expansion and cost control.