Filtronic shares rise as secures 'largest single order to date'
Filtronic PLC on Tuesday said it has inked a ‘landmark contract’ with Elon Musk’s Space Exploration Technologies Corp, or SpaceX, worth $62.4 million, setting a commercial record for the company.
Shares in Filtronic rose 7.4% to 145.00 pence on Tuesday morning in London.
The Sedgefield, England-based maker of advanced micro electronics said the contract is for its proprietary gallium nitride E-band product, marking its ‘largest single order to date’.
Filtronic stated that GaN enables greater power, efficiency and thermal performance critical advantages for satellite communications and aerospace and defence applications.
Initial production units for this contract are expected to deliver ‘material revenues’ in financial 2027 and financial 2028, with the units due to ship in financial 2027.
‘We are extremely proud to announce this landmark contract, which not only sets a new commercial record for Filtronic, but also reflect the success of our partnership with world-leading satellite company SpaceX, supporting the Starlink constellation,’ said Filtronic Chief Executive Nat Edington.
‘GaN represents a transformative opportunity for the ground segment of LEO communications, and this contract is further testament to the world-class engineering talent of both teams working together,’ Edington continued.
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