AAC

ÅAC Microtec

Market Cap 312.7M

ÅAC Microtec was founded in 2005 as a spinout from Ångströms-laboratoriet at the University of Uppsala. In December 2016 the company made its IPO and listed the shares at Nasdaq Stockholm First North. ÅAC has successfully developed subsystems for satellites over the last ten years. First launch with ÅAC components was in 2009 and since then several projects have been completed with customers including NASA, ESA, Airbus and York Space Systems. No doubt the company is renowned for its advanced and reliable products and know how. Certainly they also have an ongoing business with repeat orders. But they are currently in a transition period focusing on commercial business as opposed to previously when they had steady income streams from development projects. Consequently revenues dropped significantly in 2017 compared to 2015-16 levels.   Merger with Clyde Space, one giant leap for ÅAC However, the recent merger with Scottish company Clyde Space has completely transformed the company. Clyde Space is mainly focused on the CubeSat market and has delivered a large number of satellites to customers around the world in the last few years. They design and build the entire system and has a manufacturing capacity of approximately of up to 40 satellites per year in their facilities in Glasgow. The new AAC-Clyde has a significant footprint in the CubeSat industry, a position that AAC probably never would have achieved without an acquisition.

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