Filtronic - Agreement with SpaceX drives upgrades
Filtronic has signed a strategic partnership and commercial agreement with SpaceX which includes a production order worth £15.8m and warrants that could be exercised for up to 10% of existing share capital. Filtronic announced its first orders from SpaceX in January 2023, although the customer was unnamed at that point. Since then, SpaceX has placed orders totalling $43m (including yesterday’s order) for products to support the build out of its Starlink low Earth orbit (LEO) satellite constellation. The scale of these orders is such that we upgrade our forecasts, with the larger impact on FY25. We raise FY24 EPS by 19% and FY25 by 142%.Filtronic designs and manufactures customized radio frequency (RF), microwave and millimeter-wave components and subsystems. Co. operates two business segments: Filtronic Wireless, which designs and manufactures RF filters, microwave subsystems, and ultra wide band antennas for the mobile telecommunications industry; and Filtronic Broadband, which designs and manufactures millimeter-wave products as well as provides build to print manufacturing and testing services for microwave and millimeter-wave products. The product range for the Filtronic Broadband segment includes transceiver modules and multi-chip, surface mountable transceiver packages at microwave, E-band and V-band frequencies.
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