This is how I’ve interpreted the Indra cooperation; there probably isn’t anything new here (either), but regardless.
The original press releases mentioned a deal value of approximately €120M for the Indra deal, but in the latest communications, the wording has changed to “over €120M”. This shouldn’t be dismissed with a shrug. In the defense industry, such a change in phrasing often suggests that the basic framework is locked, but probable additional orders (further development, customer-specific versions, production support, etc.) are already being anticipated, even if more specific guidance can’t—or won’t—be provided yet.
Furthermore, it’s worth remembering that this isn’t a “quick case”. I discussed this with an acquaintance who was involved in the ramp-up of mobile phone production at Nokia back in the day. His message was quite clear: production doesn’t scale to full speed in a few months, and often not even in a year. When you add defense sector certifications, NATO requirements, and Spanish (as well as Latin American) bureaucracy, it is entirely realistic that significant radio production will only be fully underway on a 1–2 year timeline.
However, this doesn’t mean that nothing is happening in the meantime. A typical model is:
– licensing and technology transfer
– pilots and pre-series
– limited delivery batches
– only then volumes
Bittium continues to do billable work in those intermediate stages: software, integrations, customer-specific modifications, and support. These might not make headlines, but they will show up as euros over time.
Furthermore, if Indra takes these solutions to Latin America, the requirements and variations will differ from those in Europe, which typically increases development work rather than decreasing it. That’s why I see “over €120M” not as a ceiling, but rather as the current floor for this collaboration.
In summary:
This is not a fast rocket or a hype case. This looks more like slow, step-by-step industrial cooperation where the money comes with a delay but more sustainably. The market often either gets excited too early or gets bored too quickly; reality lies somewhere in between.
