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Etherstack Hits Its Third UK Government Milestone, Adding US$1.9m

Etherstack has delivered the third milestone of its UK Government project on time, adding US$1.9 million to second half revenue on a contract now worth over £16.2 million.
By Josua Ferreira -
Etherstack (ASX: ESK) high-tech facility interior as third major milestone delivered for UK Government project
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  • Etherstack delivered the third major milestone of its UK Government project on time, adding US$1.9 million to second half revenue.
  • That follows a US$1.8 million milestone in September 2026, and the project should bring in about US$4 million in the second half once smaller deliveries are counted.
  • The delivery supports the full year revenue forecast the company gave earlier.
  • The UK Government contract is worth over £16.2 million (about US$21.5 million), with further increases expected in the first three months of next financial year.
  • Management expects material awards from other contract negotiations before 31 December 2026, though the NATO waveform contract is small and may not grow.
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Third major milestone delivered on time for UK Government project

Etherstack has delivered, on time, the third major milestone for its project with the UK Government, announced to the market on 17 October 2025. The milestone adds US$1.9m to second half revenues, on top of the US$1.8m milestone achieved in September 2026.

The delivery underpins Etherstack’s previously provided full year revenue guidance. Etherstack reports in USD, its primary trading currency, so all figures below are in US dollars.

The revenue build for the project, as stated in the announcement:

  • Third milestone: US$1.9m
  • September 2026 milestone: US$1.8m
  • Total project revenue in H2 2026 (31 December year end), when combined with smaller deliveries: US$4m

Etherstack H2 2026 UK Government Project Revenue Build

Contract value and further awards expected

The total value of the contract currently stands at over £16.2m (~US$21.5m). Further increases in size are expected in Q1 FY27.

Management notes that projects of this nature typically have scope for functional, durational and revenue growth.

An earlier UK project revenue increase added professional services work to the primary contract, a category that typically carries stronger margins than hardware sales.

Management also expects material awards from other contract negotiations between now and 31 December 2026.

Etherstack’s NATO waveform evaluation contract with an offshore manufacturer is one early pipeline example, though it sits below the materiality threshold and conversion to a larger award is not guaranteed.

What happens next for Etherstack

The announcement points to two management expectations:

  1. Further increases in the size of the UK Government contract: expected in Q1 FY27.
  2. Material awards from other contract negotiations: expected between now and 31 December 2026.

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Frequently Asked Questions

What is the Etherstack UK Government project?

It is a contract between Etherstack and the UK Government, now worth over £16.2 million (about US$21.5 million). Etherstack gets paid as it delivers milestones.

How much revenue did Etherstack's third UK Government milestone add?

The third milestone adds US$1.9 million to second half revenue. It follows a US$1.8 million milestone in September 2026.

When could the Etherstack UK Government contract get bigger?

Management expects further increases in the size of the contract in the first three months of next financial year. It also expects material awards from other contract negotiations by 31 December 2026.

What is a project milestone?

A milestone is an agreed stage of work that a company must deliver to be paid. Etherstack counts its revenue from this project as each milestone is completed.

Josua Ferreira
By Josua Ferreira
Partnership Director
Josua Ferreira holds a Bachelor of Commerce in Marketing and Advertising and brings a background in publication, business development, and ASX market storytelling. He has worked with listed companies across the resource sector and broader market, combining sharp commercial instincts with a genuine commitment to keeping investors informed.
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