AAC Clyde Space (AAC) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 31.8% YoY to SEK 100.5M; EBITDA was SEK 10.3M versus SEK 0.5M, and profit after tax was SEK 1.2M.

• 9M net sales increased 25.1% to SEK 280.1M; order backlog reached SEK 1,183.0M, up from SEK 390.1M a year earlier.

• Growth reflected large Sterna and INFLECION contracts and efficiency improvements; EBITDA was positive for a second consecutive quarter.

Financial highlights

• Q3 total income was SEK 108.8M versus SEK 83.3M; EBIT was SEK -4.3M versus SEK -13.6M, and basic EPS was SEK 0.16 versus SEK -2.12.

• 9M EBITDA was SEK 18.3M versus SEK 15.5M reported; excluding the prior-year SEK 9.6M earn-out reversal and SEK 3.5M net insurance gains, 2025 EBITDA was SEK 2.4M.

• 9M EBIT was SEK -23.3M versus SEK -26.9M; net loss was SEK 17.5M versus SEK 40.4M, and basic EPS was SEK -2.40 versus SEK -6.61.

• 9M operating cash flow was SEK 48.4M versus SEK -48.6M; Q3 operating cash flow was SEK -34.0M versus SEK -23.0M, following supplier payments after earlier customer prepayments.

Outlook and guidance

• FY net sales are expected toward the lower end of guidance due to major-programme and supplier delays; ~10% EBITDA margin and positive operational cash flow expectations remain unchanged.

• Four Sedna maritime data satellites are planned for launch in 2027, followed by 12 INFLECION satellites in 2028; six launches are planned in 2027 and 12 in 2028.

• VIREON 3 and 4 are scheduled for launch in 2027; next-quarter priorities include Sterna and INFLECION deliveries and VIREON launch readiness.