Filtronic PLC Contract Win

RNS Number : 3643X

Filtronic PLC

23 July 2024

 

 

23 July 2024

Filtronic plc

("Filtronic")

 

CONTRACT WIN

 

$9m contract win from SpaceX and vesting of share warrants

 

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

 

The order is irrevocable, valued at $9m (£7.1m), 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 high-speed internet to users all around the world. It is anticipated the order will be fulfilled in the current financial year.

 

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 vesting of warrants being part of tranche 1. Tranche 1 relates to the supply of E-band SSPAs with a total of 8,684,844 share warrants now vested to date, representing 4%, of the maximum 5%, of Company's share capital at the time of the signed agreement.

 

Nat Edington, Chief Executive Officer, said: "We are delighted to receive this further order from our partner, SpaceX, as we continue to support the rollout of the Starlink constellation. The order demonstrates the continued significant role we are playing in helping SpaceX achieve their mission."

 

 

Enquiries:

Filtronic plc	Tel. [phone] or [e-mail]
Nat Edington (Chief Executive Officer)
Michael Tyerman (Chief Financial Officer)
Cavendish Capital Markets Limited	Tel. [phone]
Jonny Franklin-Adams/George Dollemore (Corporate Finance)
Sunila de Silva (ECM)
Walbrook PR Limited	Tel. [phone] or [e-mail]
Nick Rome/Jospeh Walker

 

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

 

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END

 

 

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