2026-02-19 AAC Clyde Space AB (publ)
Fourth quarter, October - December 2025 (compared with October - December 2024)
January - December 2025 (compared with January - December 2024)
Events in the fourth quarter of 2025
Events after the end of the reporting period
Comments from the CEO
Positioned for the next phase of growth
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
For more information:
Håkan Tribell, Director of Marketing and Communications
e-mail: investor@aac-clydespace.com, phone: +46 707 230382, website: http://www.aac-clyde.space.
The information in this press release is such that AAC Clyde Space AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 7:30 CET on 19 February 2026.
The Year-End Report and further information are available at:
https://investor.aac-clyde.space/en/financial-reports
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.