Filtronic has received its largest order yet from SpaceX, worth $68.1m/£51.2m. This follows on from the previous $62.5m order received in August 2025. The company expects to materially deliver the order in FY28, providing significant support to our FY28 forecasts, which we maintain. These contracts combined with the recent wins with an unnamed US satellite customer highlight the company’s strong position at the leading edge of the satellite communications market.

Filtronic has confirmed that it has won a follow-on contract from the unnamed US-based satellite customer that it started working with in March. The $8.0m/£5.9m contract expands on the initial development contract signed in June for prototype units to be deployed on satellites. The contract is expected to contribute to revenue in FY27 and FY28 and underpins our forecasts.

Filtronic’s FY26 results were broadly in line with our recently upgraded estimates. During the year, the company diversified its customer base and invested to ensure the business is able to scale to meet its customers’ technology and production requirements. Filtronic is seeing a growing proportion of multi-year programmes and repeat business, resulting in good visibility entering FY27. We maintain our FY27 revenue forecast, which factors in modest growth, before factoring in accelerating growth in FY28 as we expect the wider customer base to place larger production orders.