reports
- Toby Thorrington
AAC Clyde Space - Back on track
AAC Clyde Space (AAC) remains an interesting avenue into the fast-growing low Earth orbital space sector. A strong Q324 performance has seen the supplier-related issues that affected Q2 largely reversed, albeit the supply chain remains stretched. The order book is strong, which, with two satellite launches due in Q4, offers the potential to build momentum into 2025.
- Toby Thorrington
AAC Clyde Space - Volatility affecting progress
AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. The difficulties experienced in Q2, affecting full year expectations, are clearly disappointing if not wholly unexpected in a fast-growing company in a relatively volatile market. The recent acquisition of Spacemetric and key launches in Q3 are positive, suggesting that AAC remains an interesting play in the burgeoning space sector.
- Toby Thorrington
AAC Clyde Space - Acquisition of Spacemetric
AAC Clyde Space has announced the acquisition of Spacemetric for a total consideration of SEK25m (including SEK9m subject to a performance earnout). Spacemetric provides geospatial data management systems, including software capable of transforming data into visionary images. In particular, Spacemetric will enhance the capabilities and deliverables from AAC’s Cyclops small satellite constellation which is currently being deployed.
- Toby Thorrington
AAC Clyde Space - Solid start to the year with further order growth
AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging. We also note the internal restructuring to promote delivery of the group’s products and services. We expect this combination to drive an improving performance, albeit within the lumpy nature of the business, in turn improving investor confidence and the stock’s valuation.
- Toby Thorrington
AAC Clyde Space - Strong order backlog underpins growth prospects
In FY23, AAC was largely affected by continuing supplier delays, which compromised the anticipated delivery of subsystems and delayed projects, with subsequent key revenue deferred. Nevertheless, Q423 saw tremendous order inflow worth more than SEK200m, leaving a year-end record backlog of SEK630m, which should bolster the acceleration of revenues towards the SEK430–500m targeted by management in FY24. This should accompany improving profitability and positive operating cash flow and move AAC to...
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