Filtronic (AIM: FTC) shares gained over 5% to around 110p on Tuesday after the company announced an expanded strategic agreement with Elon Musk’s SpaceX to supply advanced technology for the Starlink satellite constellation.
The partnership, initially signed in April 2024, has been extended, allowing for increased business allocation to Filtronic.
The company said the enhanced partnership will boost its supply of E-band solid-state power amplifier (SSPA) modules, supporting Starlink’s global high-speed, low-latency internet network.
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In connection with the deal, Filtronic has issued 10.95 million warrants to SpaceX at an exercise price of 92.8p.
The warrants give SpaceX the option to subscribe for up to 5% of Filtronic’s existing share capital, with vesting linked to the receipt of irrevocable purchase orders.
CEO Nat Edington welcomed the strengthened partnership, saying: “The new agreement demonstrates the value of our technology to one of the world’s most innovative technology companies and secures further significant supply of E-band SSPAs into the Starlink constellation.”
He added that the agreement gives Filtronic greater visibility on future revenue and that the company is now trading slightly ahead of market expectations for its financial year ending 31 May 2026.
“This continues to be an exciting time for the business, and we look forward to continuing our relationship with SpaceX,” concluded Edington.
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