Filtronic - Upgrading on follow-on space order

Filtronic continues to benefit from the agreement signed with SpaceX in April - it has received a follow-on production order for E-band solid state power amplifier (SSPA) modules with shipment expected in CY25. As management anticipates this pushing FY25 revenue ahead of market expectations, we have upgraded our FY25 and FY26 revenue and EPS forecasts to reflect the new contract and the related vesting of warrants. While the maximum level of warrants has been earned from E-band product orders, we believe there is still potential for more orders at this frequency, in addition to the opportunity to supply products at different frequency bands.

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