Swedish space company sees defence as key growth driver

Swedish satellite and data company AAC Clyde Space is guiding for renewed growth in 2026, supported by a rising order backlog and increasing demand for space-based data linked to defence and security. 

The shares of AAC Clyde Space are traded on Nasdaq First North Premier Growth Market.

The company expects net sales of SEK 440-510 million and an EBITDA margin of around 10 percent, alongside positive operating cash flow.

The outlook follows a year marked by delays and declining revenue. In 2025, net sales fell 16 percent to SEK 295 million, partly due to postponed programmes and milestone shifts. 

At the same time, the company points to structural drivers that are now feeding into its pipeline, including geopolitical developments and increased public-sector investment.

In particular, defence and security applications are emerging as a key demand driver. According to the company’s annual report, “the current geopolitical environment has led to increased demand for space-based capabilities in defence and security, particularly in Europe.” 

This includes both dedicated defence use and dual-use technologies, where the same satellite data can serve civil and military purposes.

Dual-use gains traction

One example is the INFLECION programme, which combines maritime communication and surveillance technologies. 

The system integrates VDES (VHF Data Exchange System, a next-generation maritime communication standard), radio frequency sensing and radar to enable services such as vessel tracking and detection of “dark vessels” operating without transponders.

In the annual report, security and defence are described as a core market where satellite-based signals and imagery are used to “monitor activity on land and at sea” and support national sovereignty.

At the same time, software developed within the group is being positioned for both civil and defence applications. For example, onboard data processing systems are being advanced under dual-use programmes supported by national space agencies.

The improved 2026 outlook is also tied to large institutional contracts. At the end of March 2026, the company’s order backlog reached approximately SEK 1.1 billion following its largest order to date.

Taken together, the guidance points to a company positioned between traditional space industry contracts and a growing market for security-related data services.