EnSilica (ENSI) H1 2026 earnings summary

Executive summary

• Record H1 FY26 revenues of £12.7 million, up 37% year-over-year, driven by strong chip supply and NRE/design-led growth.

• Five ASICs are in production generating recurring revenue, with more in design and tape-out phases supporting future growth.

• Over 10 million ASICs shipped on a major automotive program, demonstrating operational scalability.

• 95% of FY26 revenues are already contracted, supporting strong revenue visibility.

• Expanded EU presence with a new Budapest office focused on automotive, industrial, and mixed-signal chip design.

Financial highlights

• EBITDA reached £1.7 million, up from a £0.2 million loss in H1 FY25; operating profit improved to £0.4 million from a £0.8 million loss.

• Gross margin improved to 38% from 37% in H1 FY25, with gross profit at £4.9 million.

• Chip supply revenue grew 34% to £3.9 million; NRE revenues more than doubled to £5.8 million; consultancy revenues declined as focus shifted to NRE.

• Cash position stable at £2 million, with positive cash generation of £0.8 million in H1 FY26.

• Net cash flow from operations was a £4.4 million inflow versus a £1.6 million outflow in H1 FY25.

Outlook and guidance

• 95% of full-year revenues are contracted, underpinning confidence in achieving £28–30 million revenue and £3.5–4.5 million EBITDA for FY26.

• Board anticipates positive monthly operational cash generation by end of calendar year 2026.

• Targeting three to four new contract wins per year and annual revenues in excess of £60 million in the medium term, >£100 million longer term.

• Lifetime supply revenues of £250 million are underpinned by contracts, with a pipeline of £400 million in sales opportunities.

• Revenues expected to be weighted to H2 FY26 due to customer milestone timing.