I’ll also put the last two sentences of the press release here, which are sure to bring a smile to your face:
In addition to Finland, Bittium’s solutions are used in four other European countries as part of their defense command and control systems, as well as in systems by various weapon system suppliers, such as air defense systems. Furthermore, pilot projects are underway in several other countries.
Here are Juha’s comments on Denmark joining the happy crowd 
Hi @Opa
The equipment market for ECG diagnostics is growing, driven by an aging population, the increasing prevalence of cardiovascular diseases, and the ongoing technological shift towards patch-like devices and longer measurement periods. There are two structural changes in the background here. First, the technological shift has progressed at different paces in different regions. Over the past six years, the United States has transitioned almost entirely to patch-based ECG technology and long-term measurements—precisely what Faros is designed for. In Europe, this same transition is now underway, and Asia is following suit. Thus, the growth potential lies ahead of us, not behind us, in the markets where we are strongest.
The second significant factor is reimbursement practices. Reimbursement policies have moved in opposite directions. In the U.S., reimbursement levels have dropped by about 40–70% from their peak in 2020, depending on the measurement category. This means that even though the number of tests has grown, the value of the market has simultaneously compressed, so volume growth has not directly translated into euros. In Europe, the development is the opposite: reimbursement rates are on the rise, which supports both the market’s transition to patch devices and device pricing.
Why this growth is not yet visible in Medical’s figures is a very good question. It is not primarily a matter of losing market share to competitors, but rather of where and when the market value grows. The largest and already transformed market (the USA) has suffered from declining reimbursements, while the markets where value is growing (Europe, Asia) are only at the beginning of the technological shift. Our growth follows the timeline of this European and Asian transition, which is slower to get started, but the direction and drivers are clear.
BAE reported that it has secured a place in all three lots of the UK’s tactical communications framework agreement; the maximum value of the arrangement was stated as £8 billion and its duration runs until 2034.
@Karoliina_Malmi what does this mean for Bittium?
Bittium is participating today in NuWays’ investor event in Frankfurt along with ten other Finnish companies:
It looked like there are several interesting Finnish companies present, I definitely need to check out what is being said there. I have to take my hat off to Toljamo and the others for traveling to various events to talk about Bittium to investors, potential partners, as well as potential buyers of products and services.
I see this way of operating as almost mandatory; this is how a small company, which in many people’s minds is far away from everyone and everywhere, gains more visibility and a chance to be in the spotlight.
Next up is the conquest of France:
Interesting press release. One would think that France’s Thales is the king of communications in France, while the French Safran Electronics & Defence, in turn, is looking for expertise to expand its portfolio.
The press release seems to have a clear focus specifically on the French armed forces, including local production, even though Safran Electronics & Defence is quite large with 20,000 employees and international business. Part of the Safran Group.
An MoU – Memorandum of Understanding – in this sector is not created to ensure the quality of croissant and latte servings at chat workshops, but rather to make public an intention that has been considered for a wider audience so that it can be planned/promoted and offered.
Still, it is not a guarantee of a sale.
Bittium Oyj Press Release September 22, 2026 at 9:00 a.m.
Bittium Oyj’s subsidiary Bittium Wireless Oy and Safran Electronics & Defense SAS have signed a Memorandum of Understanding (MoU) on exploring advanced tactical communication solutions and offering them to the French Ministry of Armed Forces and the French Armed Forces. The Memorandum of Understanding was signed at the Embassy of Finland in Paris. The agreement emphasizes the companies’ shared will to develop advanced solutions for the French Armed Forces.
The solutions offered by the companies complement each other. Bittium is a reliable and experienced provider of modern tactical communication systems, software-defined radios, and secure communication solutions, with 40 years of experience in serving defense forces in Europe and beyond. Safran Electronics & Defense is a leading French player in integrated soldier systems, optronics, and avionics, with decades of experience equipping the French Army and allied forces with field-tested technology. Together, the companies will explore how their capabilities can be combined to meet the evolving communication needs of the French Armed Forces.
The areas defined for joint review include, among others, the networking of ground-based air defense, communications for counter-drone and unmanned systems, networking in operational missions, radios for individual soldiers, and secure communications. These areas reflect the core operational challenges of modern defense forces, where reliable and secure connections between sensors, platforms, and command structures play an increasingly decisive role.
The Memorandum of Understanding is valid for two years and creates a framework in which the companies will evaluate opportunities for deeper cooperation, including the joint development, production, and commercialization of solutions in France.
“France is a strategically important market for Bittium, and we are committed to strengthening our presence in the country. Safran’s strong position as a local player, deep understanding of the French Armed Forces, and track record in soldier systems make them an ideal partner to bring Bittium’s most modern tactical communication capabilities and secure communication solutions to French defense programs,” says Tommi Kangas, Senior Vice President of the Defense & Security business segment.
As is well known, the defense sector traditionally prefers to choose products from domestic suppliers. Now it just seems that in major European countries (Spain, Germany, Britain, France), domestic solutions do not match Bittium’s technical level. Therefore, a great opportunity is opening up for Bittium to enter large markets, and the threshold for purchasing is lowered by allying with a local player. It is looking promising.
Drones were mentioned in this press release as well. Based on the experiences of the war in Ukraine, it is easy to bet that investments in drones will grow dramatically in European defense. A large market is opening up for Bittium from this.
Doesn’t Bittium analyst Kinnunen have anything to say?
I feel confused myself about how successful an investment can turn out to be.
Previously, there was a bit of concern in the air that Thales would still be a major competitor and that there was a risk of losing market share to them. If people in France were satisfied with their own company’s products, they definitely would have been chosen from there. It’s not enough, and Bittium is needed at least to help out. This is certainly very good news, and coming from a surprising direction, too.
Hi @Karoliina_Malmi,
In 2024 (in February and August), Bittium signed two contracts with Lockheed Martin. Both contracts run until the end of this year.
Can you give any update on the status of these? Is any concrete outcome to be expected from them, or will the projects simply conclude on their own at the end of the year?
Thanks.
BR: Tallitonttu
Doesn’t this exclude Thales in any way? In my opinion, this letter of intent shouldn’t now be compared to Spain, where the incentive for the agreement came from the state. Now, I don’t think there is a similarly strong incentive from the French state here; instead, this is perhaps more of an observation by two commercial enterprises that together they could offer a competitive alternative to Thales in France. On the other hand, the results of the cooperation can be sold elsewhere as well. Couldn’t this be compared more perhaps to the BAE Systems - Bittium and Himera - Bittium cooperation?
Here are Juha’s fresh comments on Bittium’s recent partnership developments.
Bittium announced on Tuesday that its subsidiary Bittium Wireless and the French company Safran Electronics & Defense have signed a Memorandum of Understanding (MoU) to explore and offer advanced tactical communications solutions to the French Ministry of Defense and armed forces. The two-year memorandum creates a framework for potential deeper cooperation, which could cover the joint development, production, and commercialization of solutions in France. In our view, this is a promising opening for Bittium in a strategically important and large market. However, there is a long way from the agreement to binding orders, so it does not cause changes to our forecasts for the coming years. We will examine this promising cooperation in more detail later.
Nuways new target price for the European champion is €46 and BUY. NuWays Platform
According to this, the French army has already tested Bittium’s devices: “Safran, with the French army, have extensively tested Bittium’s tactical communications solutions, which makes the MoU a key validation of Bittium’s technology stack in a strategic market.”
It feels like Nuwica is looking towards the future. They don’t have such pessimistic views regarding France or Denmark. What does it feel like Inderes is experiencing, when all new contracts are already priced into the targets and don’t cause any changes to near-term forecasts?
At least in those iMugs consortia, the offerings of Safran and Bittium have been publicly tested together.
And Bittium mentioned in the last interim report that deals regarding autonomous systems have been made in multiple directions.
Certain hush-hush tests could well have been conducted as well… There have been delays in the French CONTACT modernization (cf. Germany’s D-LBO), and there is probably no reason not to look at alternatives… At least for the sake of learning.
The Consortium - The Consortium -
Nuways didn’t change its short-term forecasts either, though it did change its medium and long-term forecasts.
The fact that the French military has already extensively tested Bittium’s solutions is indeed excellent news, and in the best-case scenario, deals could materialize as early as the coming years.
That’s true too, but it really makes you wonder what Inderes’ definition of the “near future” actually is.
After all, that MoU is made for 2 years. In Defense, two years is not some distant illusion, but rather active business here and now—especially since the French have already field-tested the equipment.
It’s pretty strange if a two-year active pipeline is just brushed aside and supposedly doesn’t affect the valuation in any way. In Germany, at least, they immediately understood what a 2-year window like this, with already tested tech, means for the company’s value.
I tried to search – but couldn’t find – a reference to this NuWays statement about extensive tests regarding Bittium’s solutions with Safran & the French army.
Bittium and Safran have been involved in the iMUGS project, and similarly, in the ESSOR project, the interoperability of equipment from various manufacturers, such as Bittium & Thales, has been tested.
If NuWays has information that testing has been done extensively, one can deduce that we are closer to deals than just planning things, as is being bandied about in Bittium’s press release.
Ok, not everything that has been done needs to be written into a press release, but NuWays writes something that would be nice to get confirmation on. Of course, there was just a NuWays seminar where Bittium was presenting… And the mystery country is still unrevealed…