Highlights

  • Filtronic has received a Buy rating a target price of AUD 4.06, indicating a 47.37% upside from current levels.
  • The company’s largest single order to date from SpaceX is valued at £47.3 million (AUD 93.3 million).
  • FY2025 revenue rose 121% year-on-year to £56.3 million.
  • Adjusted EBITDA for FY25 grew 247% to £17 million, while profit before tax surged 294% to £13.4 million.

Filtronic plc (LSE: FTC) has received a Buy rating from an analyst with a target price of AUD 4.06, representing a 47.37% potential increase from current levels. The positive rating might follows the company’s announcement of a landmark contract with SpaceX and a year of significant financial growth in FY2025.

Major SpaceX Contract Secured

On 29 August 2025, the company announced it had received its biggest single order to date from SpaceX. The order is valued at £47.3 million (AUD 93.3 million) and is related to its next-generation gallium nitride (GaN) E-band product.

The first production units under this contract are scheduled for shipment in FY2027, with revenue contributions expected in FY2027 and FY2028. The agreement expands Filtronic’s existing strategic partnership with SpaceX to include the E-band GaN line, while adjusting vesting criteria to reflect product delivery milestones.

This marks the company’s first GaN-based product from its next-generation portfolio, offering double the output power of its gallium arsenide (GaAs) range. The GaN process enables higher power, better efficiency, and improved thermal performance.

Technological Leadership

The successful development of the GaN E-band product underscores Filtronic’s technical expertise and innovation in overcoming complex challenges in high-power millimetre-wave systems. The product sets new standards for size, weight, power, and cost (SWaP-C) within its frequency range, strengthening Filtronic’s position as a trusted technology partner in next-generation communications and defence systems.

FY2025 Financial Performance

For the year ended 31 May 2025, Filtronic reported a revenue increase of 121% to £56.3 million, up from £25.4 million in FY2024. Adjusted EBITDA climbed 247% to £17 million, while operating profit rose 272% to £13.4 million.

Profit before taxation reached £13.4 million, up 294%, and profit for the year surged 352% to £14 million. Basic earnings per share grew to 6.42p, a 343% rise from the prior year.

The company ended the period with £10.8 million in net cash, a 157% increase, and generated £13.8 million from operating activities.