Last close As at 05/08/2026
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Market capitalisation
GBP533m
Research: TMT
Filtronic has received a follow-on order from SpaceX worth $9m/£7.1m. This is the second order Filtronic has received since it signed the strategic partnership with SpaceX in April and results in the vesting of a further 2.17m warrants, taking vested warrants to 4% of the company’s share capital as at the time of signing. We believe that this order is for use in Starlink ground stations. In addition to further follow-on orders of this type, we believe there will be more opportunities for Filtronic to supply products for use in Starlink satellites in the medium term.
Filtronic |
Follow-on order from SpaceX |
Contract win |
Tech hardware and equipment |
23 July 2024 |
Share price performance
Business description
Analyst
Filtronic is a research client of Edison Investment Research Limited |
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Filtronic has received a follow-on order from SpaceX worth $9m/£7.1m. This is the second order Filtronic has received since it signed the strategic partnership with SpaceX in April and results in the vesting of a further 2.17m warrants, taking vested warrants to 4% of the company’s share capital as at the time of signing. We believe that this order is for use in Starlink ground stations. In addition to further follow-on orders of this type, we believe there will be more opportunities for Filtronic to supply products for use in Starlink satellites in the medium term.
Year end |
Revenue (£m) |
EBITDA* (£m) |
PBT* |
Diluted |
DPS |
P/E |
05/22 |
17.1 |
2.8 |
1.5 |
0.53 |
0.00 |
139.0 |
05/23 |
16.3 |
1.3 |
0.1 |
0.06 |
0.00 |
N/A |
05/24e |
25.4 |
4.8 |
3.3 |
1.50 |
0.00 |
49.4 |
05/25e |
35.1 |
7.9 |
5.9 |
2.64 |
0.00 |
28.2 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Filtronic has received an irrevocable follow-on production order from SpaceX for Eband solid state power amplifiers to be used in ground stations for the Starlink satellite constellation. The order is worth $9.0m/£7.1m and is due to be shipped in FY25. This follows on from the $19.7m/£15.8m order placed when Filtronic and SpaceX announced their strategic partnership in April. As part of this agreement, SpaceX is entitled to warrants (exercise price 33p) in proportion to the value of orders placed over a five-year period, up to a maximum of 21,712,109 warrants across two tranches. For Tranche 1, 2,171,211 warrants vested as a result of this order, taking the cumulative number of warrants vested to 8,684,844, which equates to 4% of shares outstanding as at the date the agreement was signed (the maximum available in this tranche is 5%). Tranche 2 relates to orders for products in other frequency bands and we believe such products are currently under development. We view this order as supportive of our FY25 forecasts with risk to the upside. We maintain our forecasts pending FY24 results on 31 July.
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Research: Investment Companies
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