County Durham-based Filtronic plc unveiled a new contract win and a trading update for the year ended May 31, 2026.
Filtronic is a manufacturer of products for the aerospace, defence, telecoms infrastructure, space and critical communications markets.
Filtronic said it secured “a second contract win with a US-based customer for technology used on the satellite.”
The County Durham company said: “The contract is valued at approximately $0.5m (£0.4m), as part of an initial development phase, to design a state-of-the-art high-frequency module.
“The award follows the $8.0m (£6.0m) contract announced in March 2026 with the same customer and deepens the relationship with a new technology offering for use on satellite payload, reinforcing Filtronic’s growing position across the satellite communications market.
“The programme supports advanced connectivity applications requiring high-performance, high-bandwidth and low latency at mmWave frequency. This design-stage engagement is a precursor to further stages in the programme and potentially leading to volume manufacture.”
In its trading update, Filtronic said: “Filtronic expects to deliver adjusted EBITDA slightly ahead of market expectations and revenue in line with market expectations for FY2026, supported by robust execution across customer programmes and continued progress in broadening its customer base …
“Subject to audit, the Board expects to report revenue of at least £55.5m, and adjusted EBITDA of at least £11.1m. Cash at bank was £13.4m, with Net cash when excluding right of use property leases of £11.3m …
“FY2026 marked a further step in Filtronic’s transformation into a business operating at greater scale, with increasing customer diversification and enhanced operational capability, as demonstrated by …
“Expansion of Filtronic’s relationship with SpaceX through the previously announced multi-year $62.5m next-generation GaN E-band contract …
“Further contract wins across the US and European space and defence markets …
“Completion of next-generation high power mmWave technologies; and …
“Completion of the Group’s new self-funded headquarters and manufacturing facility in Sedgefield, which is now fully operational with capacity to support revenues in excess of £200m per annum …
“Filtronic enters FY2027 with a strong order book, which already covers 90% of FY2027 consensus revenue. The Company has increasing visibility, including multi-year order coverage with Filtronic’s primary customer, and engagement across additional major space customers and continued momentum in defence and aerospace.
“The contract announced today also provides further evidence of continuing customer engagement and reinforces the Board’s confidence in the opportunities ahead.”
Filtronic shares fell about 10% to £3.40 but they are up roughly 88% in 2026, lifting the firm’s stock market value to around £748 million.
Filtronic CEO Nat Edington said: “The additional US contract announced today reflects the strength of our customer relationships and reinforces the expanding opportunity landscape for our specialist complex RF technologies.
“Alongside our recent design wins, which we believe have the potential to be transformational for the business over time, and a strong order book, we are building increasing visibility across key programmes and entering FY2027 with real momentum and confidence.
“FY2026 marked another year of strong strategic progress, with continued investment in technology, operational capability and customer diversification strengthening our foundations for long-term growth.
“Together, these actions are positioning the Group to capture the significant opportunities ahead and convert growing market demand into sustained value creation.”