AAC Clyde Space (MKC0) AI Stock Analysis

AAC Clyde Space

(Frankfurt:MKC0)

Rating:―N/A

Action:N/A

Date:―

No summary available

Positive Factors

Strong Backlog and Revenue VisibilityAn order backlog approaching SEK 1.2 billion provides meaningful visibility into future activity and supports planning across multiple quarters. This backlog can help sustain revenue execution, improve resource utilization, and create a foundation for scaling the company’s satellite and space-services operations.

Negative Factors

Persistent Operating LossesDespite better revenue and gross margin, the company has not yet converted growth into sustainable profitability. Continued EBIT and net losses limit internal capital formation, weaken returns on shareholder equity, and leave future performance dependent on achieving the targeted improvement in operating leverage.

AAC Clyde Space (MKC0) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 89.91M
Dividend Yield: ―
Average Volume (3M): 229
Price to Earnings (P/E): -18.6
Beta (1Y): 1.18
Revenue Growth: -9.57%
EPS Growth: -1149.02%
Country: Germany
Employees: 207
Sector: Industrials
Sector Strength: 63
Industry: Aerospace & Defense

AAC Clyde Space Business Overview & Revenue Model

Company Description

Headquartered in Uppsala, Sweden, and established in 2005, AAC Clyde Space AB (publ) specializes in delivering comprehensive solutions and services to the global small satellite industry. The company's reach extends across Sweden, the UK, continental...

AAC Clyde Space Earnings Call Summary

Earnings Call Date:Aug 12, 2026(Q2-2026)|% Change Since:-18.08%|Next Earnings Date:Nov 11, 2026

Earnings Call SentimentPositive

The call conveyed a generally positive operational and financial quarter: strong net sales growth (~51%), positive EBITDA (SEK 10.7m), a healthy order backlog (approaching SEK 1.2bn), progress on strategic contracts (Sterna, INFLECION, SKAO) and the start of revenue timing for VIREON in Q3. Key risks mentioned include revenue concentration on a few large contracts, margin pressure on very large constellation procurements (leading the company to walk away from some bids), and schedule/customer-dependency for programs like SKAO. On balance the achievements, confirmed guidance, and backlog provide a constructive near-term outlook despite the noted commercial and timing risks.

Positive Updates

Strong Net Sales Growth

Net sales grew ~51% versus the same quarter last year, signaling robust topline momentum for the quarter.

Negative Updates

Revenue Concentration Risk (Sterna)

A large portion of Product & Mission revenue this quarter came from the Sterna contract, indicating potential concentration risk as Sterna remains dominant for the next two years; management did not provide a specific percentage split.

Company Guidance

Management reiterated full‑year net sales guidance of SEK 440–510 million, an EBITDA margin target of 10% and a positive operational cash flow; Q2 came in line with expectations with net sales up ~51% year‑on‑year, a positive EBITDA of SEK 10.7 million and an order backlog approaching SEK 1.2 billion. They expect VIREON‑1 (with VIREON‑2 under commissioning) to start generating revenue in Q3 with a normal ramp to full contribution by next year, see Sterna as a dominant Products & Missions revenue source over the next two years, noted the INFLECION 12‑satellite award and referenced a EUR 12 million SKAO Band‑1 feed contract (with substantial revenue still to come), and signaled continued heavy activity into Q3 and Q4.

AAC Clyde Space Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

DE:MKC0 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SAAB.B	76Outperform	SEK 364.17B	48.26	15.83%	0.36%	28.45%	44.48%
SE:MILDEF	74Outperform	SEK 12.06B	36.16	20.11%	0.29%	75.60%	―
SE:AFRY	67Neutral	SEK 14.69B	17.13	6.63%	4.63%	-3.51%	-7.54%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SE:REJL.B	61Neutral	SEK 3.40B	19.84	8.01%	3.52%	6.51%	-22.98%
SE:GOMX	47Neutral	SEK 2.22B	82.47	18.20%	―	―	―

* Industrials Sector Average

Performance Comparison

DE:MKC0 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:MKC0	Aac Clyde Space Ab	9.11	0.30	3.41%
SE:SAAB.B	Saab AB	675.20	155.37	29.89%
SE:AFRY	AFRY AB Class B	129.70	-27.04	-17.25%
SE:MILDEF	MilDef Group AB	256.00	99.43	63.51%
SE:REJL.B	Rejlers AB Class B	149.00	-43.46	-22.58%
SE:GOMX	GomSpace Group AB	12.80	-5.90	-31.55%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

AAC Clyde Space AI Stock Analysis