[Click e-Stock] "Intellian Technologies Secures Both Aerial Networks and Terrestrial Bases"

On September 24, Hana Securities analyzed that Intellian Technologies is accelerating its efforts to target the satellite communications market, spanning both aerial and terrestrial domains.

Intellian Technologies, a specialized manufacturer of satellite communication antennas, owns a total of seven overseas subsidiaries, including Intellian USA and B.V. The company primarily focuses on satellite communication antennas and ground gateway antennas, which are utilized across global maritime, aerospace, and terrestrial sectors.

Its major clients include global satellite communications operators such as Inmarsat, OneWeb, SES, Telesat, Marlink, and Maersk, as well as defense companies in North America and Europe, and global shipping and cruise lines. As of the first half of this year, maritime satellite communications accounted for 61.2% of sales, while terrestrial satellite communications made up 38.8%.

Han Yugun, a researcher at Hana Securities, commented, "The company views changes in the low Earth orbit satellite communications market as an opportunity and is actively expanding into the aerospace antenna market. It is leading the market by developing LEO/MEO flat panel antennas."

In particular, ground gateway antennas are expected to drive the company’s topline growth both this year and next year. Intellian Technologies has signed large-scale supply contracts after passing quality tests with a specific North American company and continues to provide stable annual supplies.

Han further analyzed, "Revenue from gateway antennas supplied to this company is expected to reach approximately 110 billion won in 2025, and with additional supply due to site expansion, it could reach between 130 billion and 150 billion won in 2026." To accommodate the increasing supply volume, the company is establishing a production base in North America and plans to begin full-scale production in the second half of 2026.

Additionally, following Amazon, on August 11, Intellian Technologies signed a 28 billion won D2D (Direct to Device) gateway antenna contract with AST SpaceMobile, a global leader in space communications. Sales from this low Earth orbit gateway antenna development are expected to be recognized starting in the fourth quarter of this year. Since AST SpaceMobile aims to newly install around 300 to 400 sites, there is also potential for follow-up contracts.

The company has also made progress in entering the low Earth orbit satellite antenna market for aircraft. Intellian Technologies signed a supply contract worth approximately 41 billion won with Panasonic Avionics, marking its full-fledged entry into the antenna value chain for both manned and unmanned aircraft.

Han emphasized, "The aircraft IFC (In-Flight Connectivity) market is at a major turning point, shifting from traditional GEO (geostationary orbit) satellites to LEO (low Earth orbit) satellites. Since this is directly related to aircraft safety, the company has successfully achieved technical validation from global clients through this contract, and future entry into the domestic market for localized parts for manned and unmanned aircraft is also anticipated."

At the same time, demand recovery from shipping companies is leading to increased supply of maritime flat panel antennas. As a result, Intellian Technologies is expected to achieve sales of 317.1 billion won this year (up 23% year-on-year), 364.6 billion won in 2026 (up 15% year-on-year), and turn to an operating profit of 4.18 billion won.

This content was produced with the assistance of AI translation services.