Etherstack secures first international defence deal for its NATO narrowband waveform technology
Etherstack plc announced on 22 September 2026 that its Australian subsidiary, Etherstack Pty Ltd, has signed its first international contract to supply its NATO Narrowband Waveform (NBWF) technology to an offshore defence wireless equipment manufacturer. The current contract value falls below the Company’s market materiality threshold and is for initial technical evaluation purposes, which may or may not lead to a material future contract award. The identity of the counterparty has not been disclosed.
While the immediate commercial value is limited, management has framed the agreement as a strategic milestone rather than a standalone transaction. CEO David Deacon signalled a pipeline beyond this single deal, describing the company as “bullish on future material awards.”
David Deacon, CEO, Etherstack
“This is an extraordinary achievement of strategic value for Etherstack and Australian defence export. This milestone caps twenty years of significant long-term R&D and technical projects with government and industry partners in Europe, the United States and Japan. We are bullish on future material awards.”
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What is NATO narrowband waveform technology and why does it matter for defence?
NATO Narrowband Waveform (NBWF) technology is a standardised radio communications protocol designed to ensure interoperability between defence forces operating across different platforms and national systems. In simple terms, it allows military units using different radio equipment to communicate reliably on the battlefield, a capability that becomes critical in coalition operations where NATO-aligned forces must coordinate in real time.
The technology is also referred to as a MANET waveform. MANET stands for Mobile Ad-hoc Network, a type of decentralised, self-forming radio network that does not rely on fixed infrastructure. These networks are particularly suited to mission-critical environments such as battlefield communications, where traditional infrastructure may be unavailable or compromised.
Etherstack specialises in developing, manufacturing and licensing mission-critical radio technologies for wireless equipment manufacturers and network operators across the public safety, defence, utilities, transportation and resource sectors. The company’s NBWF capability is the product of what management describes as twenty years of R&D and technical collaboration with government and industry partners across Europe, the United States and Japan, representing a meaningful barrier to entry for competing technology providers seeking NATO alignment.
Etherstack’s commercial reach across government markets extends beyond defence waveform technology: its subsidiary Auria Wireless holds an Australian government infrastructure contract with the Department of Home Affairs, covering wireless network services at major ports and airports through to December 2028.
Pipeline signals and what investors should watch
The forward-looking signal in this announcement comes from Anna Squires, Director of Etherstack Defence and Waveforms, who referenced “the first of multiple interested parties” signing up for evaluation. That framing suggests the company has additional prospective counterparties in its pipeline beyond this initial agreement.
Anna Squires, Director, Etherstack Defence and Waveforms
“It is fantastic to see over a decade’s worth of research and development come to materialisation in this new MANET waveform technology. We are pleased to see the first of multiple interested parties sign up for evaluation to assess suitability for the end-market application.”
Key investment-relevant takeaways from the announcement include:
Etherstack’s North American channel partner strategy has followed a similar evaluation-to-expansion arc: a follow-on US$830,000 equipment order from Daniels Electronics in mid-2026 built on an original US$2.3 million deal signed in late 2023, illustrating how initial commercial relationships have developed into repeat revenue for the group.
- First international contract for NBWF technology confirmed, signed by Etherstack Pty Ltd
- Current agreement is for initial technical evaluation; conversion to a material contract is not guaranteed
- Multiple additional parties cited as interested in evaluation
- CEO has stated the company is “bullish on future material awards”
- Etherstack maintains offices and R&D facilities in London, Sydney, New York, Annapolis and Yokohama, underpinning its international commercial reach
Investors should watch for subsequent announcements disclosing whether evaluation contracts convert into commercial agreements, or confirming that additional interested parties have entered the evaluation process.
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