REG - Filtronic PLC - Contract Win

FiltronicAnnouncement

30/08/2024 07:00

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RNS Number : 2294C  Filtronic PLC  30 August 2024

 

30 August 2024

Filtronic plc

(the "Company")

 

CONTRACT WIN

 

$8.4m contract win from SpaceX and vesting of share warrants

 

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the
aerospace, defence, space and telecoms infrastructure markets, is pleased to
announce the receipt of a further follow-on production order from our partner
SpaceX.

 

The order is irrevocable, valued at $8.4m (£6.4m), and represents a
continuation of demand for the E-band solid state power amplifier ("SSPA")
modules to support the ongoing deployment of SpaceX's Starlink constellation
which provides high-speed, low-latency internet to users all around the world.
It is anticipated the order will be fulfilled in calendar year 2025.
Consequently, we now expect to trade ahead of current market expectation for
FY2025.

 

The order has been placed under the framework of the Strategic Partnership,
signed in April 2024, with the vesting of a further 2,171,211 share warrants.
Under the terms of the agreement, as disclosed in the announcement on 24 April
2024, 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 10,856,055 share warrants now vested to date,
representing the maximum 5% of the Company's share capital at the time of the
signed agreement. For the avoidance of doubt, this 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 Company. Tranche 2 relates
to technology developments at other frequency bands and will not vest until
orders are placed for these particular products.

 

The Company does not plan to announce further order intake for the E-band
SSPA unless they fall outside the expected pattern or are material in the
context of our anticipated financial performance.

 

Nat Edington, Chief Executive Officer, said: "We are delighted to receive
another production order from our partner, SpaceX, as we continue to support
the deployment of the Starlink constellation with E-band technology."

 

 

Enquiries:

 Filtronic plc                                                         Tel. 01740 618800 or investor.relations@filtronic.com
                                                                       (mailto:investor.relations@filtronic.com)
 Nat Edington (Chief Executive Officer)
 Michael Tyerman (Chief Financial Officer)

 Cavendish Capital Markets Limited                                     Tel. 020 7220 0500
 Jonny Franklin-Adams/George Dollemore (Corporate Finance)
 Sunila de Silva (ECM)

 Walbrook PR Limited                                                   Tel. 020 7933 8780 or filtronic@walbrookpr.com
                                                                       (mailto:filtronic@walbrookpr.com)
 Nick Rome/Jospeh Walker

 

Note: This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulation.

 

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