Etherstack Sets New Revenue Records, Eyes $17.5m in FY26

Record-Breaking FY25 Performance

Etherstack plc, a specialist in mission-critical wireless communications technology, has delivered a standout trading update for the fiscal year ending December 2025. The company expects to report revenues between US$9.6 million and $10.1 million, marking a remarkable 62% increase compared to the previous year. This surge not only sets a new revenue record for Etherstack but also reflects the successful execution of its growth strategy focused on expanding its footprint in the US and UK markets.

Alongside revenue growth, Etherstack anticipates positive operating cashflow exceeding US$2 million, underscoring the company’s improving financial health and operational efficiency. The robust cash generation provides a solid foundation for funding ongoing development and scaling efforts.

Strong Order Book and Contract Wins

Central to Etherstack’s momentum is a record order book valued at approximately A$60 million, predominantly driven by two major contracts in the US and UK. These agreements are expected to contribute significantly to revenue over the next five years, positioning Etherstack as a key supplier of InterWorking Function (IWF) technology to national carriers.

The IWF technology, which bridges traditional Land Mobile Radio (LMR) systems with modern 4G and 5G networks, is gaining traction globally as public safety and mission-critical communications migrate to broadband cellular platforms. Etherstack’s unique positioning in this niche, combined with its recent contract wins, signals growing market confidence in its solutions.

Ambitious FY26 Guidance and Growth Drivers

Looking ahead, Etherstack has provided FY26 revenue guidance ranging from US$16.2 million to $17.5 million, reflecting expectations of continued strong growth. This forecast is underpinned by the expansion of its Communications-as-a-Service (CaaS) offerings and the scaling of IWF deployments, particularly in the UK project slated to go live in FY28.

The company highlights that its IWF technology will represent the majority of revenues in FY26, with the CaaS business expected to grow significantly in subsequent years. This growth trajectory aligns with the broader industry trend of integrating mission-critical radio communications with broadband cellular networks, a transition that Etherstack is well-positioned to lead.

Strategic Positioning in Public Safety and Defence

Etherstack’s technology is increasingly critical for public safety agencies, defence, and other mission-critical sectors requiring reliable, secure communications. The company’s solutions enable seamless interoperability between legacy radio systems and modern cellular networks, a capability that is becoming essential as national carriers worldwide adopt 3GPP standards for mission-critical communications.

With offices and R&D facilities spanning Australia, the US, UK, and Japan, Etherstack is strategically placed to capitalize on the growing demand for interoperable communications technology across OECD nations and beyond. Its recent contract wins in the US and UK further sharpen its focus on becoming the predominant global supplier of IWF technology.