News•Feb 16, 2026
CALNEX ON THE RECOVERY ROAD - 16/02/26
Calnex (LSE: CLX) is re‑emerging after a turbulent 2023‑24 period, prompting the author to re‑enter at 46‑47p. The company has shed its reliance on Spirent, building a broader channel network and a strategic partnership with VIAVI to supply integrated test‑beds for Open RAN and AI‑driven 5G/6G deployments. With the Open RAN market forecast to expand to $45 billion by 2033 and new opportunities in the US defence, satellite and data‑centre sectors, Calnex aims to capture higher‑margin recurring revenue. FY26 guidance projects £20.3 m revenue and a net cash position of £12.6 m, suggesting a capital‑light growth path.
