Filtronic reports revenue miss on SpaceX charges and FX headwinds

Filtronic reported fiscal 2026 revenue of £55.5 million, missing analyst estimates of £56.15 million, as higher amortization charges tied to its SpaceX warrant agreement and foreign-exchange headwinds weighed on results. A weaker U.S. dollar reduced dollar-denominated sales by £2.0 million, while operating costs rose 19% due to investment in engineering, manufacturing and business development. Despite the revenue miss and lower year-over-year EBITDA and net income, the company said its order book covers about 90% of expected fiscal 2027 revenue and that the year should be weighted to the second half as gallium nitride production ramps. Management signaled 2027 results should still come in line with market expectations, limiting the negative takeaway to near-term profitability pressure rather than a major deterioration in demand.