EnSilica (ENSI) H2 2025 earnings summary

Executive summary

• Secured six ASIC design and supply wins in FY25; five chips are in supply and 12 are in design, supporting a shift toward recurring chip-supply revenue.

• Chip-supply revenue nearly doubled, while total revenue declined amid project delays and the non-recurrence of a large FY24 takeout.

• Cited $250m of lifetime chip-supply visibility and a $400m sales and opportunities pipeline.

Financial highlights

• FY25 revenue was £18.2m versus £25.3m in FY24; gross profit was £7.3m versus £9.0m.

• Gross margin improved to 40% from 36%, driven by a higher share of chip-supply revenue.

• Operating loss was £2.6m versus operating profit of £0.9m; EBITDA was breakeven after a £1.8m expected credit loss allowance, and £1.8m excluding the allowance.

• FY25 cash consumption was £5.3m, mostly in H1; cash at year-end was £2.0m.

• Capitalised R&D was £5.8m; investment in customer ASICs and internal IP was £5.8m, with a further £0.7m invested in IT and manufacturing equipment.

Outlook and guidance

• FY26 year-to-date revenue was significantly ahead of FY25, with visibility from contracted NRE and supply.

• Targeting cash-flow positivity during 2026; medium-term ambition is annual revenue above £60m in 3–5 years, with longer-term aspirations above £100m and increasing margins.

• Targeting three to four new NRE design-and-supply contracts annually; six ASIC design and supply contracts were secured in FY25.

• Contracted NRE of $40m is expected over FY25–FY27; revenue-evolution chart projections are illustrative, not forecasts.