AAC Clyde Space's Foundational Quarter: The Shift to Data Services Begins
A Quarter of Execution and Expansion
The second quarter of 2026 marked a turning point for AAC Clyde Space. Reporting net sales growth of 51% year-over-year, positive EBITDA, and a robust order backlog approaching SEK 1.2 billion, CEO Luis Gomes described the period as "foundational." “We have growth, about 51% growth on net sales in relation to last year” — Luis Gomes, CEO · 2026-08-13 he said, while also highlighting the company's positive operational cash flow — a milestone after years of investment. He also noted “an order backlog approaching the SEK 1.2 billion” — Luis Gomes, CEO · 2026-08-13. The order backlog now covers a large portion of expected revenue, reducing execution risk.
The quarter's momentum was driven by two major developments: the full activation of the Sterna contract and the launch of the VIREON satellites. "We have not only we finished signing the second part of the Sterna contract," Gomes noted, adding that "the whole payload and avionics contract came into life during this quarter." This is a significant change from prior quarters when the company was still awaiting the Sterna closure; already in May, Gomes had confirmed the start of recognition: “We started recognizing already revenue on EPS-Sterna.” — Luis Gomes, CEO · 2026-05-13 These programs underpin the company's hardware strength, while the VIREON constellation represents the future growth engine in Data & Services.
VIREON: From Launch to Revenue
VIREON-1 and VIREON-2, launched in March, have now achieved first light on VIREON-1, with commissioning ongoing. The company expects to start generating revenue from these satellites in Q3. “We expect revenues to start on quarter 3” — Luis Gomes, CEO · 2026-08-13 Gomes confirmed, noting that customers are already lined up. This marks the beginning of a VIREON 1 data services ramp, which will accelerate into 2027. The strategic shift from pure hardware sales to recurring data revenue is central to the company's long-term plan to achieve a 50-50 revenue split between Products & Missions and Data & Services.
But then we see huge potential on the growth of data and services. And that, of course, is an area we are investing. It's an area that we expect to grow. And in the long term, we expect those areas to be about 50-50 of our business.
This vision was already evident in the prior quarter, when the company was preparing for the satellite launch. "It's early days. So we are waiting for first light of those satellites," Gomes had said in May. Now that first light has arrived, the focus is on customer demonstrations and contract signings.
Beyond Constellations: SKAO and Other Opportunities
AAC Clyde Space is also advancing on the SKAO project, supplying feed systems for the Square Kilometre Array in South Africa. The first pre-production units have been shipped, and revenue recognition will follow as the customer ramps production. "We have a large amount of the revenue is still to come," Gomes stated, indicating substantial upside from this program. The company continues to evaluate large European satellite initiatives like IRIS² but remains disciplined on margins, choosing to license technology rather than accept loss-making contracts.
The company's confidence is underpinned by a strong backlog and continued demand for its products. "We've got the backlog. We've got a strong backlog with most of the revenue already booked," Gomes emphasized. This was a contrast to the previous year, when order intake was weak due to Sterna delays. Now, with the backlog secured, the company reiterated its full-year guidance of SEK 440-510 million net sales and 10% EBITDA margin.
In prior quarters, the narrative revolved around waiting for Sterna to close. That contract has now closed, and the company is transitioning into an execution phase that promises to deliver scalable growth through its data services. The combination of hardware reliability, new satellite assets, and a clear path to recurring revenue makes this quarter a genuine inflection point for the company.