AAC Clyde Space (AAC) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 rose 51.9% year-over-year to SEK 112.0 M, with strong growth in both Products & Missions and Data & Services segments.

• Achieved a foundational and busy quarter, signing the second part of the EPS-Sterna contract and launching the next phase of Inflection for 12 satellites.

• VIREON-1 and VIREON-2 satellites launched and are in commissioning, with first light announced for VIREON-1.

• Order backlog reached a record SEK 1,197.1 M, bolstered by major contracts including INFLECION and EPS-Sterna programmes.

• Cash flow from operating activities was SEK 106.8 M, driven by customer prepayments and contract advances.

Financial highlights

• Q2 2026 net sales: SEK 112.0 M (Q2 2025: SEK 73.7 M), up 51.9%.

• EBITDA: SEK 10.7 M (Q2 2025: SEK 3.1 M); EBIT: SEK -2.9 M (Q2 2025: SEK -10.8 M).

• Net result after tax: SEK -3.3 M (Q2 2025: SEK -16.4 M).

• Cash and cash equivalents at period end: SEK 126.9 M (Q2 2025: SEK 28.0 M).

• Equity ratio: 73% (Q2 2025: 71%).

Outlook and guidance

• Full-year 2026 guidance: net sales of SEK 440–510 M, EBITDA margin around 10%, and positive operating cash flow.

• Major programmes (INFLECION, EPS-Sterna, VIREON, Sedna) underpin revenue visibility and future growth.

• Revenue from VIREON satellites expected to start in Q3, with full ramp-up into next year.

• Strong demand expected to continue, with focus on execution and expansion in both business segments.