Want to see SE:AAC full AI Analyst Report?
Top Page
AAC Clyde Space
(AAC)
Select Model
Select Model
Rating:56Neutral
Price Target:
kr123.00
▲(9.43% Upside)
Action:Reiterated
Date:08/19/26
The score is primarily held back by weak underlying profitability and negative free cash flow despite improving revenue and gross margin, while a low-leverage balance sheet provides support. The latest earnings call was constructive with reiterated guidance, strong quarterly momentum, and a sizable backlog, but technicals remain muted and valuation is constrained by negative earnings.
Positive Factors
Backlog and Revenue Momentum
Strong quarterly growth combined with a sizable backlog improves multi-quarter revenue visibility. This supports continued capacity utilization and provides a foundation for scaling the satellite hardware, mission, and data-services businesses.
Negative Factors
Weak Sustainable Profitability
AAC has not yet demonstrated durable operating leverage despite revenue and gross-margin improvement. Continued losses reduce internal funding capacity and leave results sensitive to project mix, execution costs, and delays in achieving management’s margin targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and Revenue Momentum
Strong quarterly growth combined with a sizable backlog improves multi-quarter revenue visibility. This supports continued capacity utilization and provides a foundation for scaling the satellite hardware, mission, and data-services businesses.
Read all positive factors
AAC Clyde Space (AAC) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr842.33M
Dividend YieldN/A
Average Volume (3M)24.35K
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth-12.86%
EPS Growth-1793.94%
CountrySE
Employees198
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-5.55
Shares Outstanding7,162,647
10 Day Avg. Volume18,270
30 Day Avg. Volume24,349
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.90
Price to Sales (P/S)2.18
P/FCF Ratio-5.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.34
Revenue Forecast (FY)kr476.60M
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, continen...
How the Company Makes Money
AAC primarily generates revenue from selling space hardware and delivering mission and data services. Key revenue streams include: (1) Satellite hardware and subsystems sales: supplying components and equipment used in small satellites (e.g., sate...
AAC Clyde Space Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
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.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Net Sales Growth
Net sales grew ~51% versus the same quarter last year, signaling robust topline momentum for the quarter.
Read all positive updates
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 Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 327.23M | 295.28M | 352.86M | 276.61M | 196.72M | 179.95M |
| Gross Profit | 82.41M | -34.59M | 247.46M | -43.00M | 135.69M | 110.35M |
| EBITDA | 1.99M | -3.02M | 29.45M | -1.01M | -29.61M | -18.13M |
| Net Income | -37.94M | -46.09M | -5.58M | -41.36M | -46.55M | -39.49M |
Balance Sheet | ||||||
| Total Assets | 1.05B | 895.53M | 988.61M | 938.37M | 881.40M | 874.41M |
| Cash, Cash Equivalents and Short-Term Investments | 126.92M | 30.12M | 49.68M | 59.55M | 52.10M | 96.11M |
| Total Debt | 21.65M | 37.23M | 21.04M | 40.80M | 17.21M | 15.71M |
| Total Liabilities | 281.93M | 184.77M | 285.62M | 275.62M | 217.90M | 195.59M |
| Stockholders Equity | 769.50M | 712.19M | 704.02M | 663.57M | 663.51M | 678.81M |
Cash Flow | ||||||
| Free Cash Flow | -18.83M | -115.42M | 34.63M | -46.09M | -34.44M | -64.68M |
| Operating Cash Flow | 35.43M | -72.60M | 56.79M | 4.88M | 6.43M | -35.46M |
| Investing Cash Flow | -45.92M | -39.09M | -44.64M | -50.97M | -40.87M | -21.78M |
| Financing Cash Flow | 109.55M | 93.63M | -23.00M | 53.91M | -10.27M | 89.64M |
AAC Clyde Space Technical Analysis
Neutral
112.40
Price Trends
122.52
Negative
129.74
Negative
116.69
Positive
Market Momentum
-1.54
Positive
46.97
Neutral
20.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AAC, the sentiment is Neutral. The current price of 112.4 is below the 20-day moving average (MA) of 119.42, below the 50-day MA of 122.52, and below the 200-day MA of 116.69, indicating a neutral trend. The MACD of -1.54 indicates Positive momentum. The RSI at 46.97 is Neutral, neither overbought nor oversold. The STOCH value of 20.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:AAC.
AAC Clyde Space Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr344.22B | 48.61 | 15.85% | 0.37% | 26.03% | 35.89% | |
64 Neutral | kr3.72B | 21.84 | 8.01% | 3.43% | 6.51% | -22.98% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr9.88B | 36.19 | 17.14% | 0.34% | 91.38% | ― | |
60 Neutral | kr11.60B | 14.93 | 6.19% | 4.09% | -5.02% | -15.85% | |
56 Neutral | kr842.33M | -21.23 | -7.29% | ― | -12.86% | -1793.94% | |
50 Neutral | kr1.93B | -37.43 | -24.76% | ― | ― | ― |
* Industrials Sector Average
SE:AAC
AAC Clyde Space
117.80
4.80
4.25%
SE:SAAB.B
Saab AB
641.10
103.93
19.35%
SE:AFRY
AFRY AB Class B
104.20
-38.86
-27.16%
SE:MILDEF
MilDef Group AB
206.30
54.62
36.01%
SE:REJL.B
Rejlers AB Class B
164.00
-32.22
-16.42%
SE:GOMX
GomSpace Group AB
11.35
-3.99
-26.01%
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.