AAC Clyde Space AB (publ)

Q3 was financially was a good quarter for AAC Client Space. We were profitable in the quarter on the back of an EBITDA of 17.5 million and on the back of revenue of 84.8 million SEC, what represents a growth of about 51% in relation to last year. And our order backlog remains very strong. And this shows that our focus on improved financials that are also demonstrated by the positive operational cash flow that we achieved in this quarter, those are delivering better performance for the company. And we see that as a great foundation to continue to improve the company, to improve the profitability and grow the company in the future to come. The highlights for Q3 have to be a launch of the AWS, the Arctic Weather Satellite that flies our microwave sounding payloads and also a computer and power system from our team in Uppsala. The satellite is up there, is delivering data. It's quite an important mission for Europe and for the world, as it will improve weather forecasting. On the same launch, we had Sedna 1, a satellite for our own constellation of maritime services satellites. It will add a whole new range of capabilities and expand our data and services business. On the same vein, we actually reached a milestone on Cyclops, our Earth Observation Constellation, so we signed our first contract for a service. And also the structural qualification model for the satellite has now passed this testing. What is a very important milestone in delivering this first expansion constellation? On top of that, of course, we closed the acquisition of Space Metric, a very important addition to our Earth Observation data business. They will allow us to actually process data, to manage much larger quantities of data. Their expertise in that area will help us delivering a much better product to our customers. The outlook for the rest of the year is busy. As always, the last quarter of the year tends to be quite hectic, and 2024 is going to be no different. We have quite a lot of milestones to achieve on many projects. We have to deliver to our customers what they expect and what they need to progress their projects. We are, as always, a little bit dependent on some of our suppliers. We have some large suppliers that have to deliver on time for us to meet our target. That can be a challenge. We manage them quite closely, but we are dependent on their success. And then as we approach the end of this year, we will be preparing to launch two new satellites in the new year, one for ourselves, one for our customers. And as such, we have to prepare operations. We have to actually make sure that everything is ready to operate these satellites once they are in orbit. So it's going to be quite a busy end of the year.