Filtronic (AIM:FTC) H1 2025 earnings summary

Executive summary

• Revenue for H1 FY2025 surged to £25.6m, up 202% year-over-year from £8.5m in HY2024, driven by strong order inflow, especially from SpaceX under a strategic partnership.

• Adjusted EBITDA increased by 4,129% to £8.7m, with EBITDA margin over 30%.

• Operating profit was £6.8m, a 1,932% increase from a loss of £0.4m in HY2024.

• Significant investments in technology, capacity, and headcount (16% increase) supported growth and future demand.

• Strategic partnership with SpaceX continues to deliver transformational growth and long-term planning visibility.

Financial highlights

• Revenue reached £25.6m, up 202% year-over-year compared to £8.5m in HY2024.

• Adjusted EBITDA: £8.7m (H1 2024: £0.2m).

• Operating profit: £6.8m (H1 2024: loss of £0.4m).

• Cash at bank stood at £7.2m as of 30 November 2024, with net cash of £5.1m.

• Basic EPS: 3.08p (H1 2024: -0.24p); Diluted EPS: 3.04p (H1 2024: -0.24p).

Outlook and guidance

• Continued strong order intake in H2, resulting in two material upgrades to market expectations in the last two months.

• Healthy cash position supports ongoing investment in growth initiatives and strategic plan execution.

• LEO satellite market expected to grow at a CAGR of over 9% to $310bn by 2031; defence electronic warfare market to grow 7% to $35bn by 2031.

• Space and defence markets dominate the sales pipeline, with 12 new design wins in 1H 2025.

• Continued investment in technology and capacity to support future growth.