MARGARETVILLE, N.Y.— Small-satellite builder AAC Clyde Space reported a 17.7% drop in revenue for the first six months of 2019 but a narrower EBITDA loss, saying current projects were costing more than expected and new orders were slowed by recruitment issues.
The Sweden- and Scotland-based company, which is positioning itself to become a major merchant supplier of satellite hardware and operations for the growing smallsat market, said its June rights issue and a healthy pipeline of prospective customers are reasons for optimism.
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