Trading Update
Solid State plc announced a strong year-end trading performance for the fiscal year ended March 31, 2026, with revenue expected to exceed £150 million and adjusted profit before tax also surpassing market expectations. All three divisions, Components, Power, and Systems, contributed to this positive result, driven by new design wins, strong demand in autonomous technology and defence, and robust communications product sales. The company's open orderbook has increased to approximately £106.5 million as of March 31, 2026, up from £97.0 million in November 2025, primarily due to significant order intake in the Power division. Despite potential supply chain challenges arising from AI adoption and geopolitical instability, Solid State remains well-positioned to meet demand for sovereign technology and capability.
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Solid State plc (AIM: SOLI), the specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces a trading update for the year ended 31 March 2026 (FY25/26) and provides an update on its trading outlook.
The Directors are pleased to report the Group has had a strong end to the FY25/26, building on the positive momentum achieved in the first three quarters.
This strong trading means revenue is expected to be ahead of consensus market expectations1 and not less than £150m and adjusted profit before tax will accordingly also be ahead of consensus1 market expectations for FY25/26.
All three divisions have performed strongly:
- Components delivered strong year on year improvement benefitting from exciting new design wins in the UK and the US underpinned by improved market conditions.
- Power has seen significant improvement benefitting from the management re-organisation and investment in capabilities. We have seen strong demand from the drone and other autonomous technology applications with significant new and emerging defence opportunities.
- Systems performance reflects continuing strong demand for communications products in the period combined with building opportunities for its antenna and integrated systems capabilities. While these growth opportunities are not fully reflected in the revenue in the period, they underpin the expected sales mix enhancement going forward.
The open orderbook as at 31 March 2026 of c.£106.5m (30 Nov 2025: £97.0m), has increased primarily as a result of strong order intake in the Power division since our December update, amounting to approximately $20m. As previously reported, the open order book includes an initial order from a new Communications customer announced in Q3, with shipments scheduled for Q1 26/27.
The majority of the open orderbook is expected to be delivered over the next 18 months, subject to supply chain availability. In recent weeks lead times have started to extend significantly for certain components due to the demand arising from the adoption of AI and the impact of geopolitical instability. The Group is pro-actively engaged with customers to manage any potential impact going forward.
Despite this we are encouraged by the progress made against our strategic objectives. We continue to invest in building out our capabilities and capacity to meet the customer needs which strengthens the platform for sustainable mid-term performance and growth.
Commenting on trading, Nigel Rogers, Chairman of the Board, said:
"It is very pleasing to be upgrading expectations for the year ended 31 March 2026 and reporting positive momentum in the open orderbook.
Against a backdrop of heightened global tensions, governments are prioritising defence and security. While the context is challenging, it is leading to increased demand for our technology and capabilities from both new and existing customers. We are approaching this with a strong sense of responsibility, focused on supporting our customers effectively while maintaining strict oversight on risk, governance, and compliance.
"We are also mindful of the macroeconomic effect of regional conflicts, and the resulting uncertainties on supply side constraints which are as yet unclear.
"Despite these uncertainties, Solid State is very well placed to fulfil the demand for sovereign technology and capability both in the UK and the US, and benefits from the resilience that is derived from our exposure to other structural growth markets."
1The Company considers the average of the most recently published research forecasts prior to this announcement by all providers - Cavendish Capital Markets Ltd, Berenberg Capital Markets LLC and Zeus Capital Ltd to represent market expectations for Solid State.
| Market Expectations | FY25/26 | FY26/27 |
|---|---|---|
| Revenue | £145.0m | £149.4m |
| Adjusted profit before tax* | £7.2m | £8.1m |
* Adjustments relate to IFRS 3 acquisition amortisation, share based payments charges and non-recurring charges in respect of re-organisation cost/acquisition costs and fair value adjustments.
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Introduction to Solid State - https://youtu.be/1M_Q_B1mYic
Why invest in Solid State? - https://youtu.be/ShmTz6005ws
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