LONDON (dpa-AFX) - Filtronic Plc. (FTC.L), a maker of products for the aerospace, defense, space, and telecom infrastructure, announced on Friday that it has received a follow-on production order of $8.4 million from its partner SpaceX.
The company expects to fulfill the order in the calendar year 2025.
The irrevocable order represents a continuation of demand for the E-band solid state power amplifier modules to support the ongoing deployment of SpaceX's Starlink constellation.
Consequently, Filtronic expects to trade ahead of current market expectation for the full-year 2025.
The order has been placed under the framework of the strategic partnership, signed in April, with the vesting of a further 2.171 million share warrants.
Under the terms, as disclosed on April 24, the company issued two separate tranches of warrants with this latest vesting of warrants being part of tranche 1.
Tranche 1 relates to the supply of E-band SSPAs with a total of 10.856 million share warrants now vested to date, representing the maximum 5 percent of the company's share capital.
The order completes the vesting of warrants in tranche 1 and future orders received from SpaceX for E-band SSPAs will not result in the vesting of warrants in the firm.
Tranche 2 relates to technology developments at other frequency bands and will not vest until orders are placed for these particular products.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
