Shares in AIM-listed satellite communications specialist Filtronic soared on Monday after the group revealed another significant contract win with Elon Musk’s SpaceX.
Filtronic told shareholders it had agreed a $20.9million (£16.8million) deal to provide SpaceX, the group’s top customer, with radio frequency solutions over the 2025 and 2026 financial years.
It follows a deal announced last year to provide modules for the US firm’s Starlink satellite constellation, which saw SpaceX buy up to 10 per cent of Filtronic’s shares.
Filtronic said it was now ‘confident’ that full-year revenues and profits for 2025 and 2026 will exceed current market expectations.’
Elon Musk’s SpaceX bought a large stake in Filtronic last year
Boss Nat Edington added that the ‘substantial order…underscores Filtronic’s reputation for delivering high-performance RF solutions to our market leading customer’.
He said: ‘This contract, alongside our growing momentum in strategic markets, provides us with increased confidence in our ability to exceed our growth targets.’
Filtronic shares were up 11.1 per cent to 103p, approaching midday, having rocketed 184 per cent over the last 12 months.
The shares were handed another boost in December after Filtronic again upgraded profit guidance.
Elon Musk is CEO of SpaceX, which is at the leading edge of the new space race
Analysts at Edison wrote in a note: ‘The close working relationship with SpaceX provides the company with good visibility into FY26 and the conversion of recent design wins in the aerospace and defence market into orders could provide further support.
‘The relationship with SpaceX [has] the potential to widen the customer base in the space market and growing penetration of the aerospace and defence market all provide avenues for sustainable growth.’
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