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Filtronic the leader in high-performance mmWave technologies, has today signed a Strategic Partnership and commercial agreement with SpaceX, a market leader in the low Earth Orbit market.
The Strategic Partnership includes the ongoing supply of Filtronic’s cutting-edge E-band Solid State Power Amplifiers (SSPA), alongside collaborative efforts in developing and delivering comparable products across multiple frequency bands core to SpaceX’s Starlink platform.
The agreement was signed with an initial order of $19.7m (£15.8m) to supply E-band SSPA modules, scheduled for delivery in FY2025, with further order flow expected to continue thereafter to support the ongoing deployment of SpaceX’s Starlink constellation, which provides high-speed, low-latency internet to users all around the world.
As part of the partnership, SpaceX has committed to ongoing orders for the next five years to ensure Filtronic remains a key part of its supply chain.
Richard Gibbs, Chief Executive Officer, of Filtronic, commented: “We are delighted to enter into this important Strategic Agreement with SpaceX, a market leader in LEO satellite constellations. This ongoing SpaceX partnership underlines our core value proposition of high-performance mmWave and operational excellence. It also provides Filtronic with the opportunity to scale manufacturing, build capability and execute our technology roadmap. The team at Filtronic are excited to develop our existing relationship with SpaceX and secure the ongoing supply of E-band SSPAs. We also look forward to collaborating with the SpaceX engineering team to develop new products for use in the Starlink system.”
Mike Nicolls, SpaceX’s Vice President of Starlink Engineering commented: “Filtronic has been an outstanding supplier for Starlink. They have matched our rate ramp and increasing demand for high-quality parts. Their strong engineering teams have taken ownership of their production process to meet our needs, taking their designs from wafer to functional unit, and are delivering quality parts in E-band which will enable the Starlink network to continue to grow and connect millions of more people around the world with high-speed, low-latency broadband internet.”
Biggy post trades nice
SP held well today, hopefully see similar tomorrow once news filters out
There you go https://www.telegraph.co.uk/business/2024/04/24/elon-musk-spacex-invest-british-engineering-company-garage/ they'll be all reading about it tonight
I agree I think this doubles over the next week or so, I can’t imagine many ppl will sell on this news. Traders quick in and out will happen but if you look at the worm over the last year it should easily hit the high 60-80p soon. Anything with elons name attached to it will shoot upwards.
Yes todays news is significantly undervalued (the open gap didn’t help) but I believe will re-rate strongly over the next few sessions as news gets out - not only is it significant that musk is now involved it will also open up lots of other doors and more contracts plus from potential space x rivals
Hmmm I wonder if musk will want this to happen ?
This stock was trading at 41p in February following the string of contract wins totalling £20Million from mid December onwards.
The fact that on can still buy for 6p more following today’s announcement is amazing, so I will just continue buying, certainly popping as many as I can in the ISA.
It’s early days though so word has to get out, give it time.
Anyone surprised this didn't double today?
I thought the news was outstanding
Musky will just buy it out cheap, £1 a share am guessing
Could get interesting when they de-frost it.
Yes the listings been off line since last November - so lse only
Well I don’t think you can buy on otc, it’s frozen on November 10th. Still think this has legs though
Yes, see earlier post with link.
Dropping is good, so we can buy more at a cheaper price.
You can get pills for that. Is it even listed on otc ??
It’s dropping.
Just about to open
That link doesn't show 100%. It says there were no trades.
Https://www.nasdaq.com/market-activity/stocks/fltcf/real-time
With SpaceX taking a stake I expect it won’t stay on the OTC for long.
Furthermore, now the MCap is becoming properly established well above the minimum £50M and SpaceX stake, I expect institutional investors to take note.
It could get US interest - the last LSE small cap company which garnered a US following was Ilika, which was pushed by Matt McCall etc. Doubt it'll be via the OTC listing though, given the likely illiquidity. Suspect this moves higher over the coming days once profit takers are out, if it was a private company and signed a deal like this then the valuation would certainly have at least doubled IMO.
A couple of hours until we find out. 🇺🇸
Be interesting to see how the US respond to this - I think the ticker over there is FILTRONIC PLC (FLTCF) they love anything Musk speaks about let alone invests in
To see the rise here today - not really followed the company but there’s been quite a few trades today and apparently the shares are held pretty tightly. Looking to buy in and am being quoted sub 50p… I guess this could be the pre lunch fall or is the rise over?
In an extraordinary testament to the visionary collaboration between Filtronic and SpaceX, the Strategic Partnership has paved the way for an unprecedented alliance, exemplified by the issuance of 21.7 million warrants. These warrants, emblematic of a steadfast commitment, signify a monumental milestone as SpaceX undertakes to place orders exceeding £48 million with Filtronic, thereby igniting a transformative journey. As a beacon of confidence and trust, the warrants not only encapsulate the depth of this partnership but also empower SpaceX to subscribe for up to 10% of Filtronic’s share capital, cementing a bond poised for exponential growth and innovation. Furthermore, the recent announcement of SpaceX’s acquisition of £15.8 million-worth of E-band SSPA modules for its Starlink satellite communications network is a resounding testament to the unwavering dedication towards enhancing global connectivity. With delivery anticipated in the forthcoming 2025 financial year, this monumental step marks the inception of a paradigm shift, with a trajectory set for unparalleled success and boundless opportunities for collaboration. As the journey unfolds, the promise of additional order flow underscores the enduring commitment to pioneering advancements, heralding a future brimming with endless possibilities and transformative impact.
AI seems to give it the thumbs up 👍
Yes about a dozen of us and a secretary acting as security ! They were always well spoken of by everyone locally and later after I’d left I heard a delivery driver got bounced out because he tried to walk into the workshop, along with a massive police presence during the 1st gulf war so obviously upped security after I’d left !
GLA