AAC Clyde Space AB

At the annual general meeting of AAC Clyde Space AB on 23 May 2024, several resolutions were adopted. The income statements and balance sheets for 2023 were approved, and it was decided that no dividend would be paid for that year. The board of directors was granted discharge of liability for 2023. The board will consist of six members, with Rolf Hallencreutz re-elected as chairman and Stuart Martin and Michael Mattsson elected as new members. The auditing firm PwC was re-elected as the company's auditor. The board was authorized to increase the share capital by up to 20% by the next annual meeting. Warrants were issued under three incentive programs for employees and board members. Changes were made to the remuneration guidelines for senior management.

AAC Clyde Space's satellite, Ymir-1, has successfully completed two tests, collecting high-quality AIS signals from over 6,000 vessels using its VDES payload. This marks a significant step towards the satellite becoming fully operational. The tests were part of the AOS project, a collaboration between AAC Clyde Space, Saab, and ORBCOMM, aiming to develop a next-generation space-based VDES system for efficient and reliable data exchange and communication for vessels at sea. AAC Clyde Space provided an EPIC LINK CubeSat hosting Saab's advanced R6 VDES PAYLOAD transponder for two-way communication between satellite and ground. ORBCOMM will integrate the data into its distribution center for maritime navigation and communications service deployment.

AAC Clyde Space, in partnership with Dutch TNO and FSO Instruments, is developing a hub for laser satellite communications in the Netherlands. The partnership aims to establish a European ecosystem for laser satellite communication. AAC Clyde Space will deliver a next-generation compact, low-cost, laser system capable of transmitting data from space at a speed of up to 10 Gbps, several times faster than current systems. AAC Clyde Space has also gained a licensing agreement to use TNO's laser communication terminal technology and entered a memorandum of understanding with FSO Instruments for joint support in manufacturing and marketing. The technology will enable 100 to 1000 times more data to be transmitted to Earth than current radio frequency systems and offer a more secure option.

AAC Clyde Space reported a decrease in net sales by 3.5% to SEK 71.4 M in Q1 2024 compared to Q1 2023. However, EBITDA increased to SEK 12.7 M, largely due to an insurance payout of SEK 12.6 M for an under-performing satellite. The total loss after tax was SEK -3.2 M, an improvement from SEK -6.4 M in Q1 2023. The order backlog amounted to SEK 654.2 M. During Q1 2024, AAC Clyde Space received an insurance claim payment of SEK 13.5 M for the satellite Kelpie-1. The company also won a SEK 56.2 M order for 11 satellite kits from LusoSpace, and AAC Clyde Africa won its first satellite order valued at SEK 2.3 M. AAC Clyde Space was involved in the Intuitive Machines Nova C cargo lander mission and secured a SEK 9.9 million order for its Sirius range of computers and services. Post reporting period, the company was appointed to lead a consortium to develop a laser communication system valued at SEK 40.4 M and won its first order for its 16U EPIC satellite with a total order value of SEK 27.0 M. CEO Luis Gomes commented on the financial results and the company's growth, highlighting new contracts, organisational changes, and the company's focus on customer delivery and growth.

AAC Clyde Space has received its first order for its 16U EPIC satellite, valued at EUR 2.3 M (approx. SEK 27.0 M), to be delivered and commissioned by June 2026. The satellite will be part of the ESA OPS-SAT VOLT mission, led by Craft Prospect Ltd., under ESA's ARTES Scylight programme. The mission aims to test real-time techniques and technologies for optical and quantum direct-to-earth communication. The satellite will host multiple payloads and will be used for demonstrations including quantum key delivery, optical communications, and hyperspectral imagery capture for climate resilience applications.

AAC Clyde Space's subsidiary, AAC Hyperion, along with partners FSO Instruments and TNO, will develop the next generation of laser communication terminals for small satellites. The project, set to be completed by Q3 2026, will deliver a compact, low-cost laser system capable of transmitting data from space at speeds of up to 10 Gbps. The project is valued at EUR 3.5 million, with EUR 1.9 million co-funded by the Dutch National Growth Fund program NXTGEN HIGHTECH through the Netherlands Space Office. The remaining EUR 1.6 million will be funded by AAC Hyperion and its partners. Laser communication technologies are increasingly being used to send data from satellites directly to earth, avoiding the limitations of standard radio frequency communication technologies.

AAC Clyde Space AB has released its 2023 Annual Report, accessible on the company's website. The company specializes in small satellite technologies and services, providing data from space to various businesses, governments, and educational organizations. It operates in three divisions: Space Data as a Service, Space Missions, and Space Products and Components. The company's main operations are located in Sweden, UK, Netherlands, South Africa, and the USA, with partner networks in Japan and South Korea. AAC Clyde Space's shares are traded on Nasdaq First North Premier Growth Market and the US OTCQX-market.

AAC Clyde Space has received a full insurance payout of approximately SEK 13.5 M for its Kelpie-1 satellite, which failed to meet key performance indicators due to a payload issue. The satellite, launched in January 2023, has been operational but its data gathering capacity was limited, triggering the insurance claim. The company plans to replace the lost capacity with new satellites, which are under construction and set to be launched later in 2024. The projected net margin from Kelpie-1 for the period 2024-2027 was approximately SEK 15.0 M.