Smallsat builder AAC meets EBITDA, revenue targets, but needs cash and is replacing its CEO

by Peter B. de Selding

PARIS — Small satellite manufacturer AAC reached its goal of becoming EBITDA positive in the last three months of 2018 but said it will need to raise fresh funding soon and has decided to replace Chief Executive Alfonso Barreiro.

The company reported its 2018 performance on Feb. 21 and the statement to shareholders included the usual performance review by Barreiro, who said nothing about his imminent departure.

In a separate statement, AAC said Barreiro would be leaving his job immediately but would stay on to work on special projects for . . .

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