Allenby Capital: EnSilica plc - Update

EnSilica’s latest contract win with a leading European satellite operator represents a significant validation of its growing position in the high-growth space semiconductor market. Building on its proven track record in satellite payload ASICs and a developing portfolio of user terminal IP, the award highlights the company’s ability to secure complex, multi-chip design mandates across the full satellite value chain. While near-term revenues will be driven by NRE fees, the longer-term opportunity is materially more attractive, with high-margin recurring supply revenues expected as the programme moves into production. In our view, this win not only underpins forecast growth but also strengthens EnSilica’s credentials in a strategically imp...