FILTRONIC
Expansion into space drives profitability
Filtronic reported strong revenue, cash and profit growth for H125, with revenue tripling and an adjusted EBITDA margin of 34% compared to 2% H124. This growth was mainly due to the supply of product into the LEO satellite market for SpaceX. The company continues to invest in scaling the business to support this higher level of activity and product development to remain at the forefront of RF technology. With a new order just received from SpaceX, we upgrade our revenue and EBITDA forecasts for FY25 and FY26 and highlight that this order supports at least a third of our FY26 forecast.