AAC Clyde Space (AAC) Q3 2025 earnings summary

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.