Rakon is pleased to announce a contract win, worth up to NZD$17 million over 3 years, to supply its industry-leading space subsystems for a new Low Earth Orbit (LEO) satellite constellation.
Rakon was awarded the contract by a global leader in communications satellites.
Rakon will supply its Master Reference Oscillator (MRO) subsystems for the satellite constellation, starting in FY26 and running for an initial period of 3 years, with the potential for a substantial extension thereafter. The contract will provide over NZD$3 million of revenue for Rakon in FY25.
The MROs provide highly accurate and stable frequency references, and precision timing that enable satellite communications and synchronisation. Rakon’s ultra-stable oscillator technology also delivers industry-leading reliability and timing holdover (ability to maintain uninterrupted frequency stability and time, during periods when a GPS signal may be unavailable).
CEO, Sinan Altug, says the company is incredibly proud to announce its largest space contract win which is a direct result of Rakon’s strategic push into subsystems for the fast growing LEO constellation and commercial satellite systems (NewSpace) market.
“We are pleased to be contributing our world-leading oscillator and space subsystem technology, and decades-long space heritage to this exciting new constellation with a well-respected industry leader,” says Altug.
"This contract win is a significant development for our space business and tangible confirmation that our strategy and investments to become a key supplier in this rapidly growing ecosystem are delivering results. We continue to target strategic high level contracts in this sector and are confident that our latest products and technology have put Rakon in a strong position to deliver future wins.”
At the FY24 half-year results Rakon reported seeing the highest ever order book for its space business. The company expects this growth to continue as it focuses on diversifying its product offering and increasing market share.
The contract win puts Rakon ahead of schedule in achieving its three-year growth strategy milestone of becoming a top-3 supplier for its
NewSpace subsystem products. It is also on track to double its serviceable addressable market for NewSpace, in the next 5 years, largely driven by demand for its subsystem products.
Rakon has recently released several new products for its NewSpace portfolio, including new GNSS (Global Navigation Satellite System) receivers, MROs, and ultra-stable oscillators.
Rakon is also preparing to launch a new semiconductor chip designed for its space oscillator products and will provide an update soon.
Contact:
Investor and media relations
Nick Laurent
+64 21 240 7541
investors@rakon.com