Gelion
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Gelion (GELN) investor relations material

Gelion H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Gelion PLC
H1 2026 earnings summary2 Mar, 2026

Executive summary

  • Focused on commercializing proprietary sulfur-based cathode active material (CAM) for next-generation batteries, targeting the $132 billion cathode materials market by 2032 through global collaborations and a capital-light, IP-driven model.

  • Achieved significant technical and commercial progress, including collaborations with TDK and QinetiQ, successful delivery and prototyping of NES/NEST CAM materials, and grant funding from UK and Australian agencies.

  • Business units span sulfur battery technology, integrated solutions, and recycling, each advancing on strategic and technological milestones.

  • Expanded into the U.S. and strengthened presence in the U.K., Australia, and Japan, with ongoing discussions for new strategic partnerships and an expanded advisory panel.

  • Completed an oversubscribed capital raise of £9.9m–£10.5m in November 2025, strengthening the balance sheet and supporting ongoing R&D and commercialization.

Financial highlights

  • Total income for H1 FY26 increased to £0.5m from £0.4m in H1 FY25, mainly from higher grant income and project recognition.

  • Adjusted EBITDA loss improved by 15.8% to £2.4m from £2.9m year-over-year, reflecting cost control, increased grant funding, and reduced OPEX.

  • Cash and cash equivalents rose to £10.5m at 31 Dec 2025, up from £2.7m at 30 Jun 2025, following the capital raise.

  • Equipment CapEx increased by £0.9m to support scaling production, with £0.4m covered by grants.

  • Net assets increased to £16.9m (30 June 2025: £10.0m), driven by the capital raise and investment in technology.

Outlook and guidance

  • No integration revenue expected in FY26 due to long sales cycles; pipeline maturing for FY27.

  • Strategic investments planned in FY26 and FY27 to scale CAM manufacturing and expand US presence, leveraging grants and external funding.

  • Focus on advancing commercial readiness, expanding partnerships, and progressing technical milestones for commercial pouch cells.

  • Recycling business moving from lab to pilot scale, with revenue expected post-pilot phase.

  • Fiscal discipline will be maintained while selectively investing in growth opportunities.

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Frequently asked questions

Gelion PLC is a UK-based energy storage company engaged in the development and commercialization of advanced battery technologies. The company focuses on non-lithium-ion chemistries, aiming to provide safe, scalable, and sustainable energy storage solutions for industrial and renewable energy applications. Gelion’s operations include research, development, and pilot manufacturing. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.

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