Filtronic (LON: FTC), the AIM-listed maker of high-frequency radio components for space, defence and telecoms, has announced a $68.1m (£51.3m) follow-on order from SpaceX, its largest from the customer to date. The announcement came before the market opened today.
Filtronic shares closed yesterday at 237.5p, which values the company at about £522m. That sits in the middle of a closing range of 207.5p to 285p over the past three months. It is also a little below both the 50-day average of 242.87p and the 200-day average of 247.99p. The stock has rallied to around 260p in early Thursday trading..
The order is for Cerus E-band gallium nitride (GaN) solid-state power amplifier units. These are components that boost radio signal strength, using a semiconductor material suited to higher power and efficiency, for very high-frequency data links.
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It is a repeat order from an existing customer and follows a $62.5m order placed in 2025. The units are expected to be largely delivered in Filtronic’s financial year to May 2028, and Filtronic says the contract underpins its expectations for that year.
The £51.3m value is about 92% of Filtronic’s trailing twelve-month revenue of £55.5m, so the order is about the size of a year’s revenue. Because delivery falls mainly in the 2028 financial year, it gives revenue visibility, meaning confidence in future sales from contracted orders, rather than an immediate lift to sales.
The two SpaceX orders together come to about $130.6m, which makes SpaceX a major customer. That validates Filtronic’s technology but also ties its fortunes to a single buyer.
Three analysts’ average revenue forecasts stand at £61.5m for the year to May 2027 and £75.0m for the year to May 2028.
