Yesterday, Bittium announced two significant developments. The first is a software upgrade adding AI and electronic warfare (EW) capabilities to its radios, through its partnership with MarshallAI. The second is a product launch, Tough SDR Unmanned, which capitalises on Bittium's extensive expertise in secure wireless communications to address unmanned vehicles' most critical battlefield challenge: reliable connectivity under jamming. We view both product launches as structurally significant.
Pending further developments regarding the UK tender and other near-term opportunities, we make no changes to our estimates. We remain highly convinced by Bittium's long-term prospects, keeping our BUY rating and PT of € 40 unchanged at this time.