AAC Clyde Space AB

AAC Clyde Space announced the successful completion of the mission for its satellite, Brio, which was developed by its U.S. subsidiary, AAC SpaceQuest. Launched on December 4, 2018, Brio operated in low Earth orbit for over six years before its planned re-entry and complete burn-up in Earth's atmosphere, leaving minimal debris. The satellite was a platform for testing advanced electronics payloads, including AAC Clyde Space's AIS receivers for maritime data collection. CEO Luis Gomes highlighted Brio's uninterrupted performance as evidence of the company's technical resilience and operational responsibility. Following Brio's de-orbit, AAC Clyde Space operates nine commercial satellites, with two in commissioning. The company plans to launch VIREON-1, the first of a four-satellite Earth Observation constellation, in Q4 2025. AAC Clyde Space, headquartered in Sweden with operations in several countries, provides satellite technologies and services for various applications, including maritime intelligence and Earth observation. Its shares are traded on the Nasdaq First North Premier Growth Market in Stockholm and the US OTCQX Market.

AAC Clyde Space has delivered its first two commercial CubeCAT laser communication terminals to EMTECH SPACE S.A. for Greece's Hellenic Space Dawn (HSD) mission, a significant milestone for the Greek National Satellite Space Program. Supported by the European Space Agency (ESA), the mission aims to demonstrate high-speed optical communications using CubeSats. The CubeCAT terminals, which use laser light for data transmission, offer data rates up to 1 Gbps, providing enhanced speed and security over traditional radio frequency systems. This delivery marks AAC Clyde Space's first commercial contract for CubeCAT, highlighting its capability to provide advanced communication solutions for small satellites. The collaboration between AAC Clyde Space and EMTECH SPACE is seen as a crucial development for Greece's space sector, with ESA supporting the partnership to advance optical communication capabilities in Europe.

AAC Clyde Space AB has announced a directed share issue of 585,938 shares at a subscription price of SEK 110 per share, raising approximately SEK 64.5 million before transaction costs. The share issue, aimed at institutional and qualified investors, seeks to strengthen the company's institutional ownership and will result in a dilution of about 9.0 percent of the company's shares and votes. The funds will support AAC Clyde Space's strategic initiatives in Earth Observation, maritime intelligence, and European defense and security. The company plans to expand its Earth Observation constellation with new satellites and enhance its maritime intelligence services and defense offerings. The board opted for a directed share issue over a rights issue due to its quicker implementation and lower complexity. Nowo Global Fund is among the new institutional investors, acquiring a 4.1 percent stake in AAC Clyde Space. The transaction was advised by Skills Corporate Finance Nordic AB and Setterwalls Advokatbyrå AB.

AAC Clyde Space AB has secured a EUR 0.12 million order from University College Dublin for a mission study as part of the COMCUBE-S development program. This initial phase will evaluate the technical feasibility of a CubeSat Swarm In-orbit Demonstration mission aimed at observing Gamma Ray Bursts (GRBs). Scheduled for completion in the fourth quarter of 2025, the study represents a potential step towards deploying a constellation of up to 27 satellites. COMCUBE-S, led by University College Dublin, seeks to advance understanding of GRBs through rapid, multi-angle satellite observations. AAC Clyde Space is responsible for the system design and will leverage its experience from the ESA-funded xSPANCION program. The project is part of a broader collaboration with international partners, including institutions from France and Sweden. AAC Clyde Space's involvement underscores its role as a key supplier of advanced satellite missions. The company's shares are traded on Nasdaq First North Premier Growth Market in Stockholm and the US OTCQX Market.

On May 28, 2025, AAC Clyde Space AB issued 29,903 new shares to the former owners of Spacemetric AB as part of an earn-out agreement, which was triggered by Spacemetric meeting its financial targets for 2024. This issuance increases the total number of shares in AAC Clyde Space to 5,921,738. This earn-out is the first of potentially four such issuances. AAC Clyde Space specializes in small satellite technologies and services, with operations in several countries and its shares traded on various markets.

AAC Clyde Space AB has increased its overdraft bank facility from SEK 30 million to SEK 50 million to improve its financial flexibility and manage working capital during growth. The facility, secured by chattel mortgages and shares in Spacemetric AB, carries an interest rate of VECU plus 3.48% and is renewable annually on December 31st. This announcement complies with EU market regulations and was released on May 27, 2025. AAC Clyde Space specializes in small satellite technologies and services, with operations in Sweden, the UK, Netherlands, South Africa, and the USA. Its shares are listed on Nasdaq First North Premier Growth Market and the US OTCQX Market.

On May 22, 2025, AAC Clyde Space AB held its Annual General Meeting, during which Major General Lars-Olof Corneliusson was elected to the Board of Directors. Corneliusson has a four-decade career in the Swedish Armed Forces, with roles such as Director of Intelligence at the EU Military Staff in Brussels and Military Advisor to the Swedish Ministry for Foreign Affairs. His experience includes international cooperation with NATO and the UN, focusing on intelligence, defense policy, and strategic leadership. This election aims to strengthen the company's capabilities in intelligence and security, aligning with the growing importance of space-based intelligence for civil protection and national defense. AAC Clyde Space specializes in small satellite technologies and services, providing data for various applications, including weather monitoring and defense. The company operates in multiple countries and is publicly traded on Stockholm's Nasdaq First North Premier Growth Market and the US OTCQX Market.

At the annual general meeting of AAC Clyde Space AB on May 22, 2025, several resolutions were adopted. The income statements and balance sheets for 2024 were approved, and it was decided not to distribute dividends for that year. The board members and managing director were discharged of liability for 2024. The board will consist of six members, with Rolf Hallencreutz re-elected as chairman and Lars-Olof Corneliusson elected as a new member. Öhrlings PricewaterhouseCoopers AB was re-elected as the auditor. The board was authorized to increase share capital by up to 20% until the next meeting. Three incentive programs were approved, issuing 117,700 warrants for employees and board members, exercisable from July 2028 to December 2028. Changes to the nomination committee's appointment principles were also approved, allowing compensation for the independent chair. AAC Clyde Space specializes in small satellite technologies and services, with operations in several countries and shares traded on Nasdaq First North Premier Growth Market and the US OTCQX Market.