Solid State

What Solid State does

Solid State PLC is a UK-headquartered, AIM-listed value-added electronics group that designs, manufactures and distributes ruggedised electronic components, custom battery and power systems, antenna/RF assemblies, and secure communications equipment for operation in extreme temperatures, pressure, humidity and vibration. The group operates through two principal divisions: Components (Solsta), which supplies specialist electronic components and assemblies to commercial, industrial and defence customers, and Systems (Steatite), which delivers manufactured units, ruggedised computers and antenna solutions into defence, aerospace, industrial, medical and transportation markets. A third Power capability, centred on the 2022 acquisition of US-based Custom Power LLC and supplemented by the 2024 acquisition of Q-Par Antennas USA and Gateway Electronic Components, has materially expanded the group's transatlantic footprint and its ability to design and build custom battery packs, including pressure-tolerant Li-S chemistries, for defence, medical, marine and downhole applications.

The company makes money primarily through direct enterprise and government hardware sales on a project-by-project, contract-negotiated basis, with no publicly disclosed list pricing. The go-to-market is direct field sales to defence ministries (notably the UK MoD and the NATO Support and Procurement Agency), tier-one defence primes (BAE Systems, Saab), and industrial OEMs, supported by attendance at industry events such as DSEI London. Reported revenue on the company website is £125.1m, with FY2024 profit before tax of £12.2m and adjusted operating margin of 10.4%, and the group has been profitable every year since its 1996 AIM listing. The business model is deliberately diversified across verticals (defence, aerospace, industrial, medical, transportation) and geographies (UK, US, Europe) to offset the lumpy, programme-driven nature of defence contracting.

The group has executed an active inorganic growth strategy, raising approximately £25m via a 2022 placing to fund the Custom Power acquisition, and following up with the cash-funded Gateway acquisition in October 2024 and the Q-Par USA acquisition in November 2024. Recent commercial milestones include a US$10.8m NSPA order for Project CAIN, a UK defence collaboration with Volklec, and a Saab naval antenna assembly contract, all of which deepen the group's positioning as a niche supplier of mission-critical electronics into Western defence supply chains.

Name

Solid State

Legal name

Solid State PLC

Website

https://solidstateplc.com

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

101–250 employees

Short description

Solid State PLC is a UK-based, AIM-listed electronics group that designs, manufactures and distributes ruggedised components, custom battery and power systems, and RF/antenna assemblies for defence, aerospace, industrial, medical and transportation customers operating in harsh environments, with a growing US presence.

Ownership category

akta.pro rank

Product category

Defence and Industrial Electronics Manufacturing

NAICS

Switchgear and Switchboard Apparatus Manufacturing (335313), Computer and Peripheral Equipment Manufacturing (3341), Semiconductor and Other Electronic Component Manufacturing (3344)

SIC

Electrical Industrial Apparatus (3620), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro industry

PRIMARYIMAGADAA

AC-DC Power Supplies (Industrial PSUs, DIN-rail, enclosed/open-frame)

Industrials, Manufacturing & Construction/Electrical Equipment & Industrial Electronics/Industrial Power Electronics (Inverters, Converters, UPS, Power Supplies)

SECONDARYIMAHAHAK

Industrial Control Cabinets & Power Distribution (Panels, Switchgear for Automation)

Industrials, Manufacturing & Construction/Industrial Machinery & Heavy Equipment/Industrial Automation & Robotics Equipment

SECONDARYIMAGAHAD

Stationary Energy Storage Systems (BESS/ESS Integrators)

Industrials, Manufacturing & Construction/Electrical Equipment & Industrial Electronics/Batteries, Energy Storage & Charging Equipment (Industrial ESS, chargers)

Keywords

• Ruggedised electronic components
• Custom battery systems
• Defence electronics manufacturing
• Harsh environment electronics
• Electronic components distribution

Headquarters

HQ city

Redditch

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Components: Sale of electronic components and ruggedised computer hardware through the Solsta brand, serving commercial, industrial and defence customers with components for harsh environments.
2. Systems (Steatite): Sale of manufactured systems including power solutions, battery packs, and antenna assemblies through the Steatite brand, serving defence, aerospace, and industrial markets.
3. Custom Power (USA Operations): Revenue from Custom Power LLC, a US-based battery systems and energy solutions provider acquired in 2022, serving the defence, medical and industrial markets in North America.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Solid State PLC is a value-added electronics group that designs, manufactures, and distributes ruggedised electronic components, assemblies, and complete manufactured units (including custom battery packs, antennas, power systems, and secure communications equipment) engineered to operate reliably in harsh and extreme environments. Operating through the Solsta (Components), Steatite (Systems) and Custom Power (Power) divisions, the company supplies commercial, industrial, defence, aerospace, medical and transportation markets.

Product overview

Solid State PLC is a UK-listed (AIM:SOLI) electronics group operating two divisions: Components (Solsta) and Systems (Steatite). The company supplies commercial, industrial, and defence markets with durable components, assemblies, and manufactured units for specialist and harsh environments. The portfolio includes acquired brands such as Custom Power LLC (battery systems and energy solutions), Gateway Electronic Components Ltd (electronic components distribution), and Q-Par Antennas USA (antenna and RF solutions). The company serves markets including defence, aerospace, medical, and industrial applications, with operations in the UK and USA.

Differentiator

Problem solved

Functional benefit

Products and services

• Steatite Systems Ruggedised computers, antenna assemblies, secure communications systems, and integrated electronic systems engineered for harsh operational environments, supplied to defence, aerospace, industrial and transportation customers.
• Solsta Components Distribution and supply of electronic components, assemblies, and manufactured units for specialist applications in commercial, industrial and defence markets.
• Custom Power Battery Systems Design and manufacture of custom battery packs and energy solutions, including pressure-tolerant Li-S (lithium-sulfur) battery packs, serving defence, medical, marine, downhole and industrial applications.
• Q-Par Antennas RF Solutions Antenna and RF solutions, including naval antenna assemblies integrated into defence platforms, serving defence and aerospace customers.
• Gateway Electronic Components Distribution Electronic components distribution serving defence, aerospace and industrial applications, broadening the group's product range and customer base within the components sector.
• Rugged Systems Computing Solutions Ruggedised computing hardware and systems designed for harsh environments, including defence, aerospace and industrial applications.

Quantifiable outcome

• Revenue grew from £67.4m (2020) to £163.3m (2024), representing a 2.4x increase over four years
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• NATO Support and Procurement Agency (NSPA)coreChannel Partner/ Reseller/ Distributor · 30 October 2025Solid State secured a US$10.8m initial order from the NATO Support and Procurement Agency (NSPA) for Project CAIN, representing a major channel to NATO member nation defence customers through the NSPA procurement framework.
• VolkleccoreStrategic or Co-development Partner · 8 September 2025Solid State (through its Custom Power division) entered into a UK Defence collaboration with Volklec, a battery technology partner. The collaboration is focused on advancing power solutions for UK defence applications, combining Custom Power's battery systems expertise with Volklec's capabilities.
• SaabcoreStrategic or Co-development Partner · 12 September 2023Saab selected Steatite, a Solid State brand, for a Naval Antenna Assembly contract. Steatite provides antenna and RF solutions integrated into Saab's naval defence systems, representing a strategic supply partnership in the defence sector.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• EnerSys: US-listed industrial battery and energy storage systems manufacturer serving defence, medical and industrial customers. Closest direct comparable for Solid State's Custom Power LLC business.
• Mercury Systems, Inc. US-listed mission-critical defence electronics and ruggedised computing provider serving aerospace and defence primes. Closest US peer for Solid State's ruggedised computing and RF/antenna offerings.
• Chemring Group plc: UK AIM-listed defence electronics and countermeasures business with strong UK MOD and allied nation customer overlap. Similar size band and ruggedised defence technology profile.
• Cohort plc: UK AIM-listed defence technology group supplying electronics, sensors and communications to UK MOD and allied governments. Directly comparable customer base, size and defence focus as Solid State's Steatite division.
• Allied Motion Technologies Inc. US-listed designer and manufacturer of precision motion control and power electronics for defence, aerospace and industrial markets. Comparable in ruggedised power and motion electronics for harsh environments.
• TT Electronics plc: UK-listed manufacturer of electronic components and assemblies for harsh-environment industrial, aerospace and defence applications. Closely comparable in ruggedised electronics design and manufacturing for demanding environments.
• discoverIE Group plc: UK-listed specialist electronic components designer and distributor serving industrial, medical and defence markets. Closely comparable to Solid State's Solsta components distribution model with similar customer verticals and design-in philosophy.
• Ultra Electronics Holdings plc: UK defence electronics specialist serving naval, land and air platforms with secure communications and rugged systems. Overlapping capability set with Solid State's Steatite division, particularly naval antenna and secure comms work.

Broad incumbents

• Curtiss-Wright Corporation: US-listed defence and industrial electronics, power and motion control specialist. Provides a broader incumbent comparison for Solid State's combined rugged electronics, power and antenna businesses.
• HEICO Corporation: US-listed aerospace and defence electronics aftermarket and OEM manufacturer. Larger, broader incumbent in defence electronics; useful as an aspirational scale benchmark for the Steatite/Custom Power portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Solid.State.PLC

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solid State