AAC CLYDE SPACE AB (publ)
YEAR-END REPORT 2025
2 AAC CLYDE SPACE AB (PUBL)
YEAR-END REPORT 2025
FOURTH QUARTER, OCTOBER - DECEMBER 2025
(COMPARED WITH OCTOBER - DECEMBER 2024)
Net sales amounted to SEK 71.3 M (143.0) a decrease of -50.1% | Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to SEK 2.0 M (33.0) |
Earnings before interest and tax (EBIT) amounted to SEK -13.1 M (20.4) | The total result after tax was SEK -6.2 M (17.3) |
Basic and diluted earnings per share amounted to SEK -0.93 (2.97) | Cash flow from operating activities totalled SEK -24.0 M (53.7) |
The order backlog amounted to SEK 351.8 M (641.2) |
3 AAC CLYDE SPACE AB (PUBL)
YEAR-END REPORT 2025
JANUARY - DECEMBER 2025
(COMPARED WITH JANUARY - DECEMBER 2024)
Net sales amounted to SEK 295.3 M (352.9) a decrease of -16.3% | Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to SEK 17.5 M (46.7) |
Earnings before interest and tax (EBIT) amounted to SEK -40.0 M (-4.0) | The total result after tax was SEK -46.6 M (-5.7) |
Basic and diluted earnings per share amounted to SEK -7.63 (-1.00) | Cash flow from operating activities totalled SEK -72.6 M (56.8) |
AAC Clyde Space has welcomed Bonnier Capital as a new shareholder following a directed investment of up to SEK 140 M. The Board has resolved on a directed share issue of approximately SEK 100 M at market price, with warrants that may provide an additional SEK 40 M. The investment secures full funding of the INFLECION programme and supports continued growth.
AAC Clyde Space has been awarded SEK 4.7 M from the ESA Phi-Lab Sweden programme to develop the foundation for its next-generation on-board computer, building on the flight-proven Sirius computer family. The project will run until the fourth quarter of 2026 and will deliver a laboratory demonstrator for the AI-ready Sirius EDGE platform, supporting the company's longterm strategy to deliver advanced, high-value space products and data services.
AAC Clyde Space's subsidiary Spacemetric has been awarded a SEK 3.3 M fully funded project by the Swedish National Space Agency under the Dual-Use Space Technology Programme. The project will further develop the Bluestone software for advanced onboard data processing, supporting both civil and defence applications.
AAC Clyde Space has received a USD 0.5 M (approx. SEK 4.75 M) order from a U.S. satellite manufacturer for the delivery of Starbuck Mini power systems. The planned first delivery before year-end highlights the product's standardised design and ability to enable rapid, high-quality delivery.
AAC Clyde Space's Sedna-1 and Sedna-2 satellites are now fully operational, strengthening the company's space-based AIS data network and enhancing capacity, coverage and reliability. Together, they reinforce AAC
Clyde Space's leading position in space-based maritime intelligence and support its strategy to grow recurring revenues from high-value maritime data services.
AAC Clyde Space has begun assembly of the first two satellites in its VIREON™ Earth Observation constellation. Launch of the first satellite is planned in Q1. The project marks an important step in realising the company's vertically integrated business model -building its own satellites, using its own components, and delivering recurring revenue through data services to multiple global customers.
AAC Clyde Space updated its full-year 2025 guidance, mainly due to delays in the award of the EPS Sterna programme and in a customer project, with around SEK 30 M of revenue from the customer project now expected in 2026.
AAC Clyde Space's subsidiary Spacemetric has divested a minority shareholding in an associated company for a total consideration of SEK 7.65 M. The transaction has no impact on operational activities.
EVENTS AFTER THE END OF THE REPORTING PERIODAAC Clyde Space's extraordinary general meeting on 2 January 2026 approved the Board's resolution on a
directed share issue to Bonnier Capital at a subscription price of SEK 84.13 per share. The meeting also approved the issue of warrants to Bonnier Capital and authorised the Board to increase the share capital by up to 20 %.
AAC Clyde Space has welcomed EUMETSAT's decision to give the green light to the EPS-Sterna programme, now confirmed as a mandatory mission. The approval authorises programme activities to start and builds on the Arctic Weather Satellite (AWS), following earlier preparations and orders related to EPS-Sterna.
AAC Clyde Space has issued 17,092 remuneration shares to the former owners of Spacemetric AB following fulfilment of a contractual milestone under the earn-out agreement.
AAC Clyde Space has initiated the build of two additional maritime data satellites, Sedna-3 and Sedna-4, by placing orders for key components. The
satellites will add capacity and support continuity within the company's established maritime data services, with launch planned for early next year.
AAC Clyde Space has completed integration of the first two satellites in its VIREON™ Earth Observation constellation and shipped them to the launch site ahead of launch. In parallel, the company has initiated procurement of components for VIREON™-3 and VIREON™-4 to continue building out the constellation.
FINANCIAL OVERVIEW - GROUP | ||||
KSEK | OCT-DEC | OCT-DEC | JAN-DEC | JAN-DEC |
2025 | 2024 | 2025 | 2024 | |
Net sales | 71,339 | 143,022 | 295,283 | 352,857 |
EBITDA | 1,956 | 33,029 | 17,463 | 46,694 |
EBIT | -13,088 | 20,432 | -39,985 | -4,022 |
Basic and Diluted earnings per share, SEK | -0.93 | 2.97 | -7.63 | -1.00 |
Equity ratio | 80% | 71% | 80% | 71% |
Cash flow from operating activities | -24,000 | 53,712 | -72,600 | 56,791 |
Cash flow for the period | 8,729 | 23,859 | -18,060 | -10,848 |
Cash and cash equivalents | 30,117 | 49,676 | 30,117 | 49,676 |
Order backlog | 351,810 | 641,191 | 351,810 | 641,191 |
400,000
350,000
300,000
250,000
kSEK
200,000
150,000
100,000
50,000
0
70,000
60,000
50,000
40,000
30,000
kSEK
20,000
10,000
0
-10,000
-20,000
2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4
Quarter Last 12 months
2024-Q2 2024-Q3 2024-Q4* 2025-Q1 2025-Q2 2025-Q3 2025-Q4
Quarter Last 12 months
* EBITDA 2024-Q4 excluding acquisition costs of SEK 2.6 M
FINANCIAL OVERVIEW CONTINUEDNET SALES LAST 12 MONTHS PER QUARTER | kSEK | 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Products & Missions Data & Services |
ORDER BACKLOG | kSEK | 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 30 JUN 30 SEP 31 DEC 31 MAR 30 JUN 30 SEP 31 DEC 2024 2024 2024 2025 2025 2025 2025 Products & Missions Data & Services |
8 AAC CLYDE SPACE AB (PUBL)
YEAR-END REPORT 2025
COMMENTS FROM THE CEO
2025 marked our third consecutive year of positive EBITDA, in line with our guidance. Net sales in Data & Services increased by 78.5% to SEK 80.1 million, reflecting our continued shift towards recurring revenues from assets we design, build and operate ourselves. Just before year-end, we welcomed Bonnier Capital as our largest shareholder. Their investment allows us to continue expanding our satellite constellations in line with our long-term strategy.At the same time, this is not where we intended to be at the end of 2025. The level of net sales and order intake is not satisfactory. External delays in two major programmes pushed expected revenues into 2026 and impacted both order intake and cash flow. After year-end, EUMETSAT gave green light to EPS-Sterna, which has removed uncertainty around this programme. As a result, planning for 2026 has become clearer, and we expect a high level of operational activity during the year.
Demand for space and satellite capabilities remains strong across civil, commercial and security-related applications. Over the long term, this is a positive trend, as it attracts capital and raises demand. We are confident the market rewards organisations that can deliver solutions that work reliably, an area where our long operational experience is a clear advantage.
OUR PERFORMANCE
EBITDA for the full year amounted to SEK 17.5 million, marking a third consecutive year with a positive result and was broadly in line with expectations. Net sales for the full year amounted to SEK 295.3 million, a decrease of 16.3 % compared with the previous year and lower than expected, reflecting external delays in two major programmes. Cash flow from operating activities was negative for the year, as customer prepayments were recognised as net sales and order intake, including prepayments, was delayed. This affected the level of the order backlog, which is expected to increase during the first half of 2026.
Our focus on expanding Data & Services continues to bear fruit. Two Sedna satellites were commissioned during the year and are now delivering data, supporting the continued build-up of data revenues. Recurring revenues from AIS and Earth observation satellites amounted to SEK 60.8 million, compared with SEK 39.4 million in the previous year.
LOOKING AHEAD
In the near term, activity is driven by a clearly defined delivery plan. During the next six months, we expect to launch fifteen satellites for ourselves and our customers. This includes the first two VIREON™ Earth observation satellites, an important step in expanding our data offering. We have also started building VIREON™ 3-4 and Sedna 3-4. Later in the year, when the Sterna project plan is agreed, we will share a forecast for the year.
As launches and programme milestones move into operations, we expect growth to accelerate through 2026. With a strengthened capital structure, secured funding for INFLECION and the recent green light from EUMETSAT on EPS-Sterna, key elements are now in place. Our strategy remains unchanged.
Luis Gomes, CEO FINANCIAL OVERVIEW FOURTH QUARTER 2025 THE GROUP'S SALES AND EARNINGSNet sales amounted to SEK 71.3 M (143.0), a decrease of
-50.1%. The decrease is mainly due to less revenues recognised from the order backlog than expected. Total income amounted to SEK 77.7 M (152.6). The order backlog amounted to SEK 351.8 M (641.2). The order backlog would have been approximately SEK 32 M higher if exchange rates had remained the same as of December 31, 2024.
The gross margin increased to 77% (64) due to an increased share of revenues from Data & Services. Personnel costs and Other external expenses amounted to SEK -58.2 M
(-65.9) reflecting a streamlined organisation. EBITDA amounted to 2.0 M (33.0).
Depreciation/amortisation and impairment of tangible and intangible assets amounted to SEK -15.0 M (-12.6) of which SEK -3.8 M (-4.2) refers to depreciation of surplus values from acquisitions. EBIT totalled SEK -13.1 M (20.4). The result after tax was SEK -6.2 M (17.3).
DATA & SERVICES 28%NET SALES 2025 Q4
PRODUCTS & MISSIONS 72%NET SALES
2024 Q4
DATA & SERVICES 12%PRODUCTS & MISSIONS 88%
FINANCIAL OVERVIEW CONTINUED SEGMENT SALES AND EARNING
Data & Services
Data & Services Net sales amounted to SEK 22.0 M (18.5) for the quarter, an increase of 19.3%. The increase in Net sales is primarily attributable to revenues from the Inflecion program, data revenues from the two new Sedna satellites and revenues of SEK 10.6 M (4.3) from the acquired company Spacemetric, which was acquired in October 2024. Net sales in the previous period included one-off effect from recognition of earlier prepaid revenues of SEK 3.6 M, which also had a direct impact on EBITDA.
EBITDA amounted to SEK 6.5 M (7.7), corresponding to an EBITDA margin of 29.3% (41.4).
Products & Missions
Products & Missions Net sales amounted to SEK 56.2 M (135.3) for the quarter, a decrease of -58.5%.
EBITDA amounted to SEK 1.1 M (34.2), corresponding to an EBITDA margin of 2.0% (25.2).
The outcome was lower than expected, due to continuous technical discussions between an end customer and a subcontractor engaged by the customer. This has delayed the production phase and shifted approximately SEK 32 M of revenues from 2025 to 2026. In addition, it was expected that the Sterna-project would have been initiated during the period.
DATA & SERVICESNET SALES (KSEK)
25,000
20,000
15,000
10,000
5,000
0
2024-Q4 2025-Q4
PRODUCTS & MISSIONSNET SALES (KSEK)
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2024-Q4 2025-Q4
DATA & SERVICESEBITDA (KSEK)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2024-Q4 2025-Q4
PRODUCTS & MISSIONSEBITDA (KSEK)
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2024-Q4 2025-Q4
FINANCIAL OVERVIEW CONTINUED JANUARY - DECEMBER THE GROUP'S SALES AND EARNINGSNet sales amounted to SEK 295.3 M (352.9), a decrease of
-16.3%. Total income amounted to SEK 337.8 M (408.8), including a reversal of unfulfilled earn-outs of SEK 9.6 M (0) related to the acquisition of Omnisys Instruments AB, and insurance payouts of SEK 3.4 M (13.5).
The gross margin increased to 72% (64). Personnel costs and Other external expenses amounted to SEK -232.6 M (-225.0). The personnel costs include SEK 1.7 M (0.0) in one-off redundancy costs.
EBITDA amounted to SEK 17.5 M (46.7).
Depreciation/amortisation and impairment of tangible and intangible assets amounted to SEK -57.4 M (-50.7) of which SEK -16.3 M (-15.7) refers to depreciation of surplus values from acquisitions. EBIT totalled SEK -40.0 M (-4.0). The result after tax was SEK -46.6 M (-5.7).
Financial expenses of SEK -12.7 M (-6.3) include a revaluation of earn-outs amounting to SEK -8.8 M (-0.1), attributable to a higher share price.
Exchange rate differences of SEK -58.1 M (37.3) during the period reflect the revaluation of goodwill and surplus values from acquisitions, driven by a strengthening of the Swedish krona.
NET SALES 2025 Q1-Q4
DATA & SERVICES 25%PRODUCTS & MISSIONS 75%
NET SALES 2024 Q1-Q4
DATA & SERVICES 11%PRODUCTS & MISSIONS 89%
FINANCIAL OVERVIEW CONTINUED SEGMENT SALES AND EARNING
Data & Services
Data & Services Net sales amounted to SEK 80.1 M (44.9) for the period, an increase of 78.5%. Net sales from the acquired company Spacemetric amounted to SEK 19.3 M (4.3).
Recurring revenues from AIS and Earth Observation satellites increased to SEK 60.8 M (39.4).
EBITDA amounted to SEK 27.8 M (21.1), corresponding to an EBITDA margin of 34.7% (47.1). The net effect on EBITDA from insurance payouts was SEK 3.4 M (12.6).
Products & Missions
Products & Missions Net sales amounted to SEK 245.0 M (346.0) for the period, a decrease of -29.2%. The reduced revenues in 2025 are due to ongoing technical discussions between an end customer and a subcontractor engaged by the customer, which have shifted approximately SEK 32 million of revenues from 2025 to 2026, as well as fewer achieved milestones and deliveries compared with the previous period.
EBITDA amounted to SEK 16.8 M (51.6), corresponding to an EBITDA margin of 6.9% (14.9).
DATA & SERVICESNET SALES (KSEK)
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2024 Q1-Q4 2025 Q1-Q4
PRODUCTS & MISSIONSNET SALES (KSEK)
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2024 Q1-Q4 2025 Q1-Q4
DATA & SERVICESEBITDA (KSEK)
30,000
25,000
20,000
15,000
10,000
5,000
0
2024 Q1-Q4 2025 Q1-Q4
PRODUCTS & MISSIONSEBITDA (KSEK)
60,000
50,000
40,000
30,000
20,000
10,000
0
2024 Q1-Q4 2025 Q1-Q4
FINANCIAL OVERVIEW CONTINUED INVESTMENTS AND FINANCIAL POSITIONAvailable cash and cash equivalents as of 31 December 2025 totalled SEK 30.1 M (49.7). Used bank overdraft facility totalled SEK 0 M (8.9) of the total available overdraft facility of SEK 50.0 M (30.0). Total available cash, including unused bank overdraft facility, amounted to SEK 80.1 M (70.8).
AAC Clyde Space AB carried out a directed share issue of 585,938 shares at a subscription price of SEK 110 per share in July 2025. Through the directed share issue, AAC Clyde Space AB raised approximately SEK 64.5 M before transaction costs.
The Board of Directors resolved to carry out a directed share issue of 1,188,637 shares to Bonnier Capital in December 2025. The first tranche, amounting to 598,409 shares and based on the remaining part of the authorisation granted by the annual general meeting on 22 May 2025, was completed in December 2025 at a subscription price of SEK 84.13 per share. Through the directed share issue, AAC Clyde Space AB raised approximately SEK 50.3 M before transaction costs.
The second tranche, amounting to 590,228 new shares and approximately SEK 49.6 M, was resolved by an extraordinary general meeting in January 2026. Completion of the second tranche remains subject to the necessary permits and approvals from the Swedish Inspectorate of Strategic Products (Sw. Inspektionen för strategiska produkter). The review process with the ISP is currently ongoing. The Board of Directors also resolved to carry out a directed issue of warrants to Bonnier Capital, which may provide the Company with additional proceeds of up to approximately SEK 40 M upon full exercise.
The negative cash flow from operating activities is mainly explained by customer prepayments being recognised as Net Sales during the period. Since these payments were received in earlier periods, the revenue recognition did not generate new cash inflows in the quarter.
Contract liabilities (customer prepayments) decreased to SEK
51.0 M (97.9) as prepayments from customers were converted to Net Sales.
The Group's investments in non-current assets for the period totalled SEK 39.1 M (44.6), of which intangible assets accounted for SEK 2.8 M (17.9). The investments have primarily been allocated to four proprietary satellites: two
VIREON™ satellites designed for Earth observation and two Sedna AIS satellites designed for maritime vessel tracking.
The equity ratio amounted to 79% (71).
PERSONNEL AND ORGANISATIONThere were 190 employees (199) at the end of the period. The reduced headcount is in line with the plan to streamline the organisation to align resources with larger volumes and increase scalable recurring sales from Data & Services.
PARENT COMPANYParent Company net sales for the period totalled SEK 80.6 M (102.8), and the result after tax, before impairment of the shares in Clyde Space Ltd. was SEK -12.4 M (7.2) and after impairment SEK -27.4 M (-19.9). Investments in non-current assets amounted to SEK 1.8 M (4.9). The equity ratio amounted to 92% (87).
DIVIDENDThe Board of Directors proposes to the Annual General Meeting that no dividend should be distributed for the 2025 financial year.
2026 ANNUAL GENERAL MEETINGThe Annual General Meeting will be held in Uppsala at 16:00 CEST on May 19, 2026. Notice convening the meeting will be sent no later than April 21, 2026.
THE SHAREAAC Clyde Space's share is traded on Nasdaq First North Growth Market under the symbol AAC. The share is also traded on the American OTCQX market under the symbol ACCMF.
As of 31 December 2025, 7,106,085 shares had been issued at a quotient value of SEK 2.00 per share. All shares carry equal rights to the company's profits and assets. On 31 December 2025, the number of shareholders totalled 11,505. A table with the largest shareholders can be found on page 25 in this report.
INCENTIVE PROGRAMSFor information on outstanding incentive programs, please refer to the Annual Report 2024.
During December 2025, a total of 478,350 warrants under the Warrants 2022/2025 programme were exercised at an exercise price of 94.65 SEK, resulting in an increase in the number of shares by 9,567 and a dilution of approximately 0.13%. Of the exercised warrants, 220,000 warrants, corresponding to 4,400 shares, were exercised by members of the Board of Directors and executive management.
RELATED-PARTY TRANSACTIONSDuring the period, Board members have invoiced the company on market terms for the performance of consultant services linked to the company's operations. The services were performed primarily by the Chairman of the Board, refer to Note 5.
SIGNIFICANT RISKS AND UNCERTAINTIESAn account of the Group's material financial and business risks can be found in the administration report and under Note 3 in the 2024 Annual Report. No further significant risks are deemed to have arisen during the period.
FINANCIAL OVERVIEW CONTINUED CERTIFICATIONThe Board of Directors and CEO give their assurance that the Year-end Report 2025 provides a true and fair account of the Parent Company's and Group's operations, financial position, and results, and that it describes the material risks and uncertainties faced by the Parent Company and the companies that form the Group.
Uppsala, 19 February 2026
REPORTING CALENDARAnnual Report 2025 23 Apr 2026
Interim Report Jan-Mar 2026 13 May 2026
Interim Report Jan-Jun 2026 13 Aug 2026
Interim Report Jan-Sep 2026 12 Nov 2026
The Annual Report and interim reports are available on the company's website: https://investor.aac-clyde.space/en/financial-reports/
Rolf Hallencreutz
Chairman of the Board
Lars-Olof Corneliusson
Board member
Dino Lorenzini
Board member
Luis Gomes
CEO
Per Aniansson
Board member
Per Danielsson
Board member
Stuart Martin
Board member
QUESTIONS MAY BE DIRECTED TO:Håkan Tribell, Director of Marketing and Communications investor@aac-clydespace.com
Phone: +46 70 7230382
This Year-End Report has not been reviewed by the
Company's auditor.
ABOUT AAC CLYDE SPACE
AAC Clyde Space provides small satellite
technologies and services that help governments,
businesses and institutions access high-quality data from
space. Covering satellite components, mission services and
space-based data delivery, the company offers end-to-end
solutions that turn space-based intelligence into real-
world impact. Applications include weather monitoring,
maritime safety, security and defence, agriculture and
forestry.
AAC Clyde Space is headquartered in Uppsala, Sweden,
with operations also in the UK, Netherlands, South Africa
and the USA. The company's shares are traded on Nasdaq
First North Premier Growth Market in Stockholm (Ticker:
AAC) and on the US OTCQX Market (Symbol: ACCMF). The
Company's Certified Adviser is DNB Carnegie Investment
Bank AB.
KSEK | OCT-DEC 2025 | OCT-DEC 2024 | JAN-DEC 2025 | JAN-DEC 2024 |
Net sales | 71,339 | 143,022 | 295,283 | 352,857 |
Work performed by the company for its own use and capitalised | 3,133 | 5,212 | 15,548 | 22,703 |
Other operating income | 3,213 | 4,343 | 26,927 | 33,190 |
TOTAL 77,685 152,577 337,758 408,750 | ||||
Raw materials and subcontractors | -16,602 | -52,124 | -81,260 | -128,096 |
Personnel costs | -47,244 | -51,008 | -190,471 | -178,874 |
Other external expenses | -10,982 | -14,898 | -42,120 | -46,172 |
Other operating expenses | -901 | -1,518 | -6,444 | -8,915 |
Earnings before interest, tax, depreciation and amortisation 1,956 33,029 17,463 46,694 (EBITDA) |
intangible assets | -15,044 | -12,597 | -57,448 | -50,716 |
Earnings before interest and tax (EBIT) -13,088 20,432 -39,985 -4,022 | ||||
Financial income | 8,016 | 314 | 9,277 | 5,006 |
Financial expenses | -2,611 | -1,947 | -20,045 | -6,327 |
Net financial items 5,405 -1,633 -10,768 -1,321 | ||||
Income tax | 1,480 | -1,499 | 4,197 | -403 |
PROFIT/LOSS FOR THE PERIOD -6,203 17,300 -46,556 -5,745 | ||||
PROFIT/LOSS FOR THE PERIOD ATTRIBUTED TO: | ||||
Parent Company Shareholders | -6,056 | 17,122 | -46,091 | -5,582 |
Non-Controlling Interest | -147 | 179 | -465 | -163 |
Other comprehensive income: | ||||
Items that may be transferred to profit or loss | ||||
Exchange-rate differences | -9,015 | 18,418 | -58,081 | 37,282 |
Other comprehensive income for the period -9,015 18,418 -58,081 37,282 |
Other comprehensive income for the period attributed to: |
Parent Company Shareholders | -8,996 | 18,408 | -58,137 | 37,347 |
Non-Controlling Interest | -19 | 10 | 56 | -65 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -15,218 35,718 -104,637 31,537 |
SEK | OCT-DEC | OCT-DEC | JAN-DEC | JAN-DEC |
2025 | 2024 | 2025 | 2024 | |
Average no. of shares - basic | 6,697,178 | 5,829,169 | 6,100,438 | 5,735,169 |
No. of shares at end of period | 7,106,085 | 5,891,835 | 7,106,085 | 5,891,835 |
Average no. of shares - diluted | 6,697,178 | 5,829,169 | 6,100,438 | 5,735,169 |
Basic earnings per share | -0.93 | 2.97 | -7.63 | -1.00 |
Diluted earnings per share | -0.93 | 2.97 | -7.63 | -1.00 |
CONSOLIDATED BALANCE SHEET
KSEK 31 DEC 2025 31 DEC 2024 |
ASSETS |
Non-current assets |
Intangible assets | ||
Goodwill | 510,550 | 557,953 |
Brands | 25,915 | 28,379 |
Customer relationships | 1,844 | 4,584 |
Technology | 31,463 | 45,384 |
Capitalised expenditure for development | 78,030 | 95,593 |
Other intangible assets | 331 | 726 |
Total intangible assets 648,133 732,619 |
Tangible assets |
Plant and equipment | 80,551 | 69,028 |
Inventories | 1,079 | 1,265 |
Right-of-use assets | 22,838 | 12,200 |
Total tangible assets 104,468 82,493 |
Financial assets |
Other long-term securities holdings - 333
Total financial assets 0 333 |
Total non-current assets 752,601 815,445 |
Current assets |
Inventories |
Raw material and consumables | 21,658 | 21,550 |
Current receivables | ||
Accounts receivables | 33,579 | 55,267 |
Current tax assets | 8,288 | 7,139 |
Contract assets | 29,940 | 26,077 |
Subscribed capital not paid in | - | - |
Other receivables | 5,911 | 6,661 |
Prepaid expenses and accrued income | 13,436 | 6,796 |
Cash and cash equivalents | 30,117 | 49,676 |
Total current assets | 142,929 | 173,166 |
TOTAL ASSETS | 895,530 | 988,611 |
KSEK 31 DEC 2025 31 DEC 2024 |
EQUITY AND LIABILITIES |
Equity attributable to Parent Company shareholders |
Share capital | 14,212 | 11,784 |
Unregistred share capital | - | - |
Other contributed capital | 1,046,882 | 937,001 |
Ongoing directed share issue | - | - |
Reserves | 47,617 | 105,773 |
Retained earnings (including earnings for the year) | -396,519 | -350,533 |
Equity attributable to Parent Company shareholders 712,192 704,025 | ||
Equity attributable to Non-Controlling Interest | -1,431 | -1,033 |
Total equity 710,761 702,992 |
Non-curernt liabilities |
Additional purchase consideration | 4,016 | 4,627 |
Lease liability | 14,831 | 5,492 |
Deferred tax liabilities | 11,008 | 15,665 |
Total non-current liabilities 29,855 25,784 |
Current liabilities |
Accounts payable | 30,775 | 52,290 |
Liabilities to credit institutions | - | 8,864 |
Lease liability | 7,563 | 6,683 |
Other liabilities | 25,380 | 30,695 |
Contract liabilities | 51,022 | 97,928 |
Additional purchase consideration | 6,554 | 10,674 |
Accrued expenses and deferred income | 33,620 | 52,700 |
Total current liabilities 154,914 259,834 |
Total liabilities 184,769 285,618 |
TOTAL EQUITY AND LIABILITIES 895,530 988,611 |
INTEREST
SHAREHOLDERS
ATTRIBUTABLE TO CONTROLLING
RESERVES
PAID-IN
CAPITAL
CAPITAL
NON- TOTAL EQUITY
TOTAL EQUITY
OTHER CAPITAL INCLUDING NET
INCOME
SHARE ADDITIONAL TRANSLATION
KSEK
CONSOLIDATED CHANGES IN EQUITYOpening balance, 1 January 2024 Profit/loss for the period | 11,408 928,671 68,427 | -344,939 -5,582 | 663,565 -5,582 | -813 -163 | 662,752 -5,745 |
Other comprehensive income | 37,347 | 37,347 | -65 | 37,282 |
Total comprehensive income 0 0 37,347 -5,582 31,765 -228 31,538 |
Transactions with shareholders |
Transaction between owners | -8 | -8 | 8 | 0 | ||
Non cash issue - acquisition of Space | 376 | 7,484 | 7,860 | 7,860 | ||
Incentive programmes | 845 | 845 | 845 |
Closing balance, 11,784 937,000 105,773 -350,532 704,024 -1,033 702,992 31 December 2024 |
Opening balance, 11,784 937,000 105,773 -350,532 704,024 -1,033 702,992 1 January 2025 |
Profit/loss for the period | -46,091 | -46,091 | -465 | -46,556 | |
Other comprehensive income | -58,137 | -58,137 | 56 | -58,081 |
Total comprehensive income 0 0 -58,137 -46,091 -104,228 -409 -104,637 |
Transactions with shareholders |
Reclassifications | -18 | 124 | 106 | 106 | |||
Transaction between owners | -19 | -19 | 19 | 0 | |||
Incentive programmes | 1,108 | 1,108 | -8 | 1,100 | |||
Directed share issue | 2,369 | 112,428 | 114,797 | 114,797 | |||
Issue expenses | -6,481 | -6,481 | -6,481 |
Non cash issue acquisitions 60 2,826 2,886 2,886
Closing balance,
31 December 2025
14,212 1,046,882 47,617
-396,519
712,192
-1,431 710,761
CONSOLIDATED STATEMENT OF CASH FLOWSKSEK | OCT-DEC | OCT-DEC | JAN-DEC | JAN-DEC |
2025 | 2024 | 2025 | 2024 | |
Cash flow from operating activities | ||||
EBIT | -13,088 | 20,432 | -39,985 | -4,022 |
Adjustments for non-cash items | 12,423 | 12,913 | 48,616 | 50,873 |
Interest received | 52 | -2,198 | 154 | 500 |
Interest paid | -673 | 867 | -2,339 | -2,603 |
Income taxes paid | -1,753 | -371 | -2,368 | -2,936 |
Cash flow from operating activities before changes in working -3,039 31,645 4,079 41,815 | ||||
capital | ||||
Cash flow from changes in working capital | ||||
Change in inventory | -1,027 | 351 | -1,730 | 1,661 |
Change in operating receivables | -7,238 | 65,437 | 8,580 | 20,916 |
Change in operating liabilities | -12,696 | -43,720 | -83,529 | -7,600 |
Total changes in working capital | -20,961 | 22,068 | -76,679 | 14,976 |
Cash flow from operating activities | -24,000 | 53,712 | -72,600 | 56,791 |
Cash flow from investing activities | ||||
Investments in tangible assets | -8,932 | -11,112 | -42,818 | -22,158 |
Investments in intangible assets | 3,968 | -2,254 | -2,802 | -17,895 |
Investments in subsidiaries after cash acquired | 7,653 | -4,590 | 6,533 | -4,590 |
Cash flow from investing activities | 2,689 | -17,956 | -39,086 | -44,643 |
Cash flow from financing activities | ||||
Cash payment for Earn-Out | - | - | - | - |
Outgoing repayments of lease liabilities | -2,264 | -1,834 | -8,711 | -6,708 |
Utilised credit facility | -20,374 | -10,063 | -8,864 | -16,288 |
Cash flow from financing activities | 30,040 | -11,897 | 93,626 | -22,996 |
Cash flow for the period | 8,729 | 23,859 | -18,060 | -10,848 |
Decrease/increase in cash and cash equivalents | ||||
Cash and cash equivalents at start of period | 21,513 | 25,427 | 49,676 | 59,546 |
Exchange-rate differences in cash and cash equivalents | -125 | 392 | -1,498 | 980 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 30,117 | 49,676 | 30,117 | 49,676 |
KSEK
OCT-DEC OCT-DEC JAN-DEC JAN-DEC
2025 2024 2025 2024
Other operating income
247
1,558
1,225
8,660
Total operating income 23,217 24,972 83,241 114,984
Net sales 22,788 22,050 80,606 102,848
-
Work performed by the company for its own use and capitalised
182
EBITDA -3,064 836 -11,324 8,465
Total earnings from financial items -14,316 -28,118 -14,216 -27,108
PROFIT AFTER FINANCIAL ITEMS -18,029 -27,604 -27,369 -19,885
Profit/loss for the period -18,029 -27,604 -27,369 -19,885
-
-
1,364
-
Tax on profit/loss for the period
3,302
-30,410
4,045
-18,261
-26
-28,092
1,485
-15,801
Interest income and similar profit/loss items
Interest expenses and similar profit/loss items
-21,827
-42,922
-36,521
-5,249
-13,503
-45,546
-34,614
-902
-7,219
-10,921
-5,556
-440
-3,578
-12,083
-10,498
-122
Raw materials and subcontractors Personnel costs
Other external expenses
Other operating expenses
3,476
1,410
Depreciation/amortisation and impairment of tangible and
intangible assets
-649
-322
-1,829
-1,242
EBIT -3,713 514 -13,153 7,223
In the Parent Company, no items are recognised in other comprehensive income and, therefore, total comprehensive income for the period was consistent with profit/loss for the period.
CONDENSED PARENT COMPANY BALANCE SHEETKSEK | 31 DEC 2025 | 31 DEC 2024 |
Subscribed capital not paid in | - | - |
ASSETS | ||
Non-current assets | ||
Intangible assets | 8,174 | 8,144 |
Tangible assets | 770 | 790 |
Receivables from Group companies | 84,004 | 37,108 |
Financial assets | 558,035 | 557,910 |
Total non-current assets | 650,983 | 603,952 |
Current assets | ||
Inventories | 4,829 | 4,499 |
Accounts receivable | 3,992 | 14,428 |
Receivables from Group companies | 29,121 | 12,307 |
Other receivables | 7,991 | 9,475 |
Cash and bank balances | 5,778 | 1,165 |
Total current assets | 51,711 | 41,874 |
TOTAL ASSETS | 702,694 | 645,826 |
EQUITY AND LIABILITIES | ||
Equity | ||
Restricted equity | 22,354 | 19,699 |
Unrestricted equity | 627,450 | 545,165 |
Total equity | 649,804 | 564,864 |
Non-current liabilities | ||
Other non-current liabilities | 14,016 | 14,627 |
Total non-current liabilities | 14,016 | 14,627 |
Current liabilities | ||
Accounts payable | 4,044 | 5,891 |
Liabilities to Group companies | 7,781 | 3,168 |
Other liabilities | 27,049 | 57,276 |
Other current liabilities | 38,874 | 66,335 |
TOTAL EQUITY AND LIABILITIES | 702,694 | 645,826 |
SHAREHOLDERS AS OF 31 DECEMBER 2025 | ||
SHAREHOLDERS | NO. OF SHARES | VOTES & CAPITAL |
CBNY-RJA-CLIENT ASSET ACCT | 624,000 | 8.78% |
Bonnier Capital AB | 598,409 | 8.42% |
Försäkringsaktiebolaget Avanza Pension | 534,221 | 7.52% |
Nowo Fund Management AB | 435,831 | 6.13% |
Nordnet Pensionsförsäkring AB | 181,620 | 2.56% |
Edgardh Holding | 150,354 | 2.12% |
Baxon Holding AB | 62,924 | 0.89% |
Mellgren Claes | 58,000 | 0.82% |
Kock John | 52,750 | 0.74% |
Holmberg Svante | 46,353 | 0.65% |
Others | 4,361,623 | 61.38% |
TOTAL | 7,106,085 | 100.0% |
NOTES
NOTE 1 GENERAL INFORMATION
AAC Clyde Space AB (publ) Corp. Reg. No. 556677-0599 is the Parent Company registered in Sweden with its registered office in Uppsala at Uppsala Science Park, Dag Hammarskjölds väg 48, SE-751 83 Uppsala, Sweden.
Unless otherwise stated, all amounts are in thousands of SEK (KSEK). Data in parentheses pertain to the comparative period.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting.
The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and recommendation RFR 2 of the Swedish Financial Reporting Board.
The accounting policies applied agree with those described
in the AAC Clyde Space Group's Annual Report for 2024.
NOTE 3 SEGMENT INFORMATION
Description of segments and primary activities During the second quarter of 2025, AAC Clyde Space implemented a change to its segment structure, as announced in a press release on 23 April 2025.AAC Clyde Space's strategic steering group, consisting of its Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, President of Data & Services, President of Products & Missions, Director of Finance UK & Deputy CFO, Chief People Officer, Director of Government Programmes and Chief Scientific Officer, corresponds to the chief operating decisionmaker (CODM) for the AAC Clyde
Space Group and evaluates the Group's financial position
and performance as well as makes strategic decisions. Company management has determined the operating segments based on the information reviewed by the executive committee for the purposes of allocating resources and assessing performance.
Data & ServicesData & Services provides Space Data as a Service, delivering high-quality data to our clients and helping them to improve life on earth. Our services allow customers to subscribe to our space-based data for a fixed period with the option for a longer duration, as well as working together to define and deliver a custom dataset for a bespoke service. We can provide that data through an individual tailored mission, where we build, own and operate the satellite to provide the data the customers need, or we can provide data from our existing assets in space, serving multiple customers.
Products & MissionsThe Products & Missions segment combines advanced satellite components with complete mission services to meet diverse customer needs. We design and build modular subsystems, instruments and components for cube and small satellites. Our products include power, ADCS and data handling solutions, which can be customised to meet mission requirements. We also supply traditional radio frequency-based communication systems and cutting-edge laser communication terminals. Turnkey solutions empower customers to streamline their space missions. Our offer includes mission design, manufacturing and integration of components, as well as launch and ground services. Licenses and royalties are also included in this segment.
The strategic steering group primarily uses total net sales and earnings before interest, tax, depreciation and amortisation (EBITDA, see below) in assessing the operating segment's performance. Other segments include costs related to Group management and finance, stock exchange and Board of Directors.
OCTOBER - DECEMBER 2025 | |||||
KSEK | DATA & SERVICES | PRODUCTS & MISSIONS | OTHER SEGMENTS | ELIMINATIONS | TOTAL |
Net sales by segment | 22,046 | 56,194 | - | -6,902 | 71,338 |
EBITDA by segment | 6,453 | 1,116 | -5,052 | -561 | 1,956 |
29.3% | 2.0% | 2.7% | |||
Depreciation/amortisation and impairment of tangible & intangible assets | -15,044 | ||||
Net financial items | 5,405 | ||||
Net income before tax | -7,683 | ||||
OCTOBER - DECEMBER 2024 | |||||
KSEK | DATA & SERVICES | PRODUCTS & MISSIONS | OTHER SEGMENTS | ELIMINATIONS | TOTAL |
Net sales by segment | 18,485 | 135,343 | - | -10,806 | 143,022 |
EBITDA by segment | 7,654 | 34,166 | -8,600 | -192 | 33,029 |
41.4% | 25.2% | 23.1% | |||
Depreciation/amortisation and impairment of tangible & intangible assets | -12,597 | ||||
Net financial items | -1,631 | ||||
Net income before tax | 18,799 | ||||
JANUARY - DECEMBER 2025 | |||||
KSEK | DATA & SERVICES | PRODUCTS & MISSIONS* | OTHER SEGMENTS | ELIMINATIONS | TOTAL |
Net sales by segment | 80,142 | 245,000 | - | -29,859 | 295,283 |
EBITDA by segment | 27,801 | 16,791 | -23,178 | -3,951 | 17,463 |
34.7% | 6.9% | 5.9% | |||
Depreciation/amortisation and impairment of tangible & intangible assets | -57,448 | ||||
Net financial items | -10,768 | ||||
Net income before tax | -50,753 | ||||
*Products & Missions EBITDA include removal of not fulfilled earn-outs of SEK 9.6 M (0), attributable to the acquisition of Omnisys Instruments AB
JANUARY - DECEMBER 2024 | |||||
KSEK | DATA & SERVICES | PRODUCTS & MISSIONS | OTHER SEGMENTS | ELIMINATIONS | TOTAL |
Net sales by segment | 44,887 | 345,998 | - | -38,028 | 352,857 |
EBITDA by segment | 21,121 | 51,579 | -25,164 | -842 | 46,694 |
47.1% | 14.9% | 13.2% | |||
Depreciation/amortisation and impairment of tangible & intangible assets | -50,716 | ||||
Net financial items | -1,321 | ||||
Net income before tax | -5,343 |
NOTE 4 FINANCIAL INSTRUMENTS - FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS
As of 31 December 2025, there were no financial liabilities measured at fair value in addition to what is stated below. Fair values for foreign currency forwards are found in Level 2 of the fair value hierarchy.
Liabilities for the additional purchase consideration for shares in Spacemetric are measured at fair value. Fair values for additional purchase considerations are found in Level 3 of the fair value hierarchy.
Definitions of the levels in the fair value hierarchy:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as price listings) or indirectly (i.e. derived from price listings).
Level 3 Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).
The carrying amounts for liabilities to credit institutions recognised at amortised cost correspond to their fair values for the current period and the comparative period.
NOTE 5 RELATED-PARTY TRANSACTIONS
During the period, three Board members have invoiced the company SEK 768 K (869) at market rates for the
performance of consultant services linked to the company's
operations.
NOTE 6 FINANCIAL KEY PERFORMANCE INDICATORS
Definitions of key performance indicators:
Equity ratio % Equity divided by total assets.
EBITDA Operating profit/loss before
depreciation/amortisation of tangible and intangible assets
Order backlog The total at the end of the period of
remaining unearned project revenue on confirmed orders, including products that have yet to be delivered or invoiced
Gross margin Net sales less Raw materials and
subcontractors divided by Net sales
CLYDE
SPACE
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