Filtronic (LON: FTC) shares surged over 10% to 144p in early Tuesday trading, extending their bullish run after a pullback last week to around 120p.
The upturn follows the announcement of the company's largest contract to date with SpaceX. The deal is expected to solidify FTC's position in the rapidly expanding space market.
The company, which designs and manufactures advanced RF solutions for the space, aerospace and defence, and telecoms infrastructure markets, confirmed it has secured a follow-on order from SpaceX for its E-band Cerus 32 Solid State Power Amplifier.
The order is valued at $32.5 million (£24 million) and is expected to be fulfilled within the 2026 financial year.
Filtronic said in its release that the contract reinforces its strategic partnership with SpaceX, a leading provider of Low Earth Orbit technology.
As a result of the deal, Filtronic is now confident of exceeding current revenue expectations for FY2026.
Nat Edington, Filtronic's Chief Executive Officer, said the firm is “delighted to have secured our largest order to date with SpaceX.”
“This milestone builds on the momentum of recent contract awards and highlights the progress we are making as we expand in key strategic markets,” he added.
The agreement also sees the vesting of around 10.95 million share warrants, representing 5% of Filtronic's current share capital.
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