Filtronic (FTC) H2 2025 earnings summary

Executive summary

• FY2025 marked a transformational year with 121% revenue growth and significant business expansion initiatives.

• Major investments in leadership, engineering, and manufacturing capacity supported rapid scaling.

• Strategic partnership with SpaceX extended, reinforcing position in the LEO satellite market.

Financial highlights

• Revenue reached £56.3m, up from £25.4m in FY2024, driven primarily by the Space market.

• Adjusted EBITDA rose 248% year-over-year to £17.0m, with an EBITDA margin of 30%.

• Operating profit increased 272% to £13.4m.

• Net cash balance at year-end was £14.5m, more than doubling from the prior year.

• Largest single order valued at $32.5m.

Outlook and guidance

• Order book provides significant coverage against market forecasts.

• Revenue expected to remain broadly flat in the coming year, with diversification reducing customer concentration.

• Confident in maintaining 20% adjusted EBITDA margins.