EnSilica has been awarded £10.4m in funding from the UK Space Agency. We believe this is quite a pivotal moment, as not only does this demonstrate significant endorsement from the UK Space Agency and potential lead customers, it should also accelerate EnSilica’s progress within the booming SATCOM market, which has huge volume potential. For this reason, we think the cash value of this award (~11p/share) significantly underplays today’s significance and furthermore: the TCV that this should unlock should well exceed the near term cash drag.