Concurrent Technologies

CNC · AIM · Technology · mcap £241m · 275.0p 3 open situations →

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2026 Systems unit path to profitability Record European GBAD supply contract FY26 guidance trend

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Segment turn

Systems unit path to profitability

First profitable half delivered

Systems was loss-making at the April results, and in July the company said it had a profitable H1 on about $8m of orders. The 7 Sep 2026 results confirm it as the first profitable first half, with gross margin up to 26.3% from 13.3%. The CEO now considers the unit fully mobilised and expects strong year-on-year progress.

H1 orders: $8m secured in H1 2026 7 Sep 2026 ↗
H1 result: profitable first half; no figure stated
Company view: expected to be an increasingly material contributor over the medium term
Gross margin: 26.3% vs 13.3% in H1 2025, from more production work in the mix 7 Sep 2026 ↗
Revenue: $4.6m, up 9% from $4.2m 7 Sep 2026 ↗
Profit figure: Profitable first half; no profit figure stated 7 Sep 2026 ↗

Next: further Systems progress and H2 production orders

7 Sep 2026 First profitable half delivered
13 Jul 2026 Profitable first half; ~$8m orders in H1
11 Jun 2026 Order intake improving; profitability not yet stated
13 Apr 2026 FY25 performance below expectations; revenue up 157%

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Transformational contract / build-out

Record European GBAD supply contract

Full $9.4m order now firm

A 2024 design win with a major US defence prime moved into production on 2 Jul 2026 with a $9.4m order, of which $3.2m of components was conditional on customer funding. The 7 Sep 2026 results say that commitment is now secured, so the whole $9.4m is firm. About $18m lifetime value is expected, with further orders to 2030.

Order: $9.4m, now fully firm (confirmed 7 Sep 2026) 7 Sep 2026 ↗
Firm element: $6.2m, approx. 400 PICs, delivered 2026 and 2027
Component commitment: $3.2m, short-term cancellation period, subject to customer funding in H2 2026
Lifetime value: Approximately $18m, further orders anticipated through to 2030 7 Sep 2026 ↗
Competition: Only board evaluated; competing solutions could not meet performance and delivery timescales
Earlier condition: $3.2m component commitment depended on further customer funding in H2 2026; now secured 7 Sep 2026 ↗

Next: PIC deliveries during 2026 and 2027; further orders to 2030

7 Sep 2026 Order booked; drives H2 phasing
2 Jul 2026 Production order placed; PIC deliveries 2026-27
11 Jun 2026 Order secured; four-year delivery starting

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Upgrade / downgrade cycle

FY26 guidance trend

Guidance raised above consensus

On 13 Jul 2026 the Board said FY26 would be at least in line with consensus. On 7 Sep 2026 it went further, expecting results ahead of consensus (revenue £52m, PBT £8m). It expects revenue materially ahead and profit ahead, citing record orders and the phasing of profit recognition on a record contract.

Consensus: FY26 revenue £52m, PBT £8m (as at 6 Sep 2026) 7 Sep 2026 ↗
New guidance: Revenue materially ahead, profit ahead of expectations 7 Sep 2026 ↗
Prior guidance: At least in line (13 Jul 2026) 7 Sep 2026 ↗
Risk noted: Timing of orders can vary; supply chain pressures continue 7 Sep 2026 ↗

Next: FY26 delivery against raised expectations; busy Q4

7 Sep 2026 Guidance raised above consensus

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Company filings. Not investment advice.