Filtronic - Largest contract yet from SpaceX

Following on from the expanded strategic agreement signed with SpaceX in March, Filtronic has received its largest ever order from the company worth $32.5m/£24.0m. This is a follow-on order for solid state power amplifiers (SSPAs) for use in the Starlink satellite network and triggers the vesting of warrants worth another 5% of shares. FY26 revenue looks increasingly supported by confirmed orders and we upgrade our forecast by 8%, although we maintain our EBITDA forecast on the expectation that incremental gross profit will be reinvested in the business. The company is building on its strong position with SpaceX by broadening its customer base in the space market, and is also building its presence in other strategic growth markets such as aerospace and defence.

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