Ensurge Micropower (ENSU) Q2 2026 earnings summary

Executive summary

• Achieved record multi-layer cycle life and capacity retention, including 4x improvement in LiPON electrolyte performance and 3x reduction in process variability, supporting manufacturability and scalability.

• Completed major leadership team transformation and organizational restructuring, with key hires in commercial, technical, and financial roles.

• Relocated operations to a smaller, modern facility, reducing recurring site-related costs by ~70% and enabling a purpose-built pilot manufacturing line.

• Broadened commercial pipeline into defense, IoT, sensors, and medical implantables, advancing negotiations for multi-year development agreements.

• Embedded a product-led operating model and modernized data infrastructure, including AI-enabled tools.

Financial highlights

• Revenue and other income totaled USD 157 thousand in H1 2026, with Q2 2026 revenue at USD 3 thousand.

• Operating expenditures, including capitalized R&D, were USD 4,396 thousand in Q2 2026, broadly flat year-over-year.

• EBITDA loss of USD 4,393 thousand in Q2 2026, similar to Q2 2025.

• Net loss of USD 9,518 thousand in H1 2026 (USD 0.01 per share), compared to USD 4,076 thousand (USD 0.005 per share) in H1 2025.

• Secured NOK 80 million in convertible loan financing at a 48% premium, extending runway into mid-H2 2026.

Outlook and guidance

• H2 2026 priorities: exit Proof-of-Concept stage, achieve external validation, demonstrate repeatability at scale, advance commercial agreements, and complete site relocation.

• Additional funding required to extend runway beyond mid-H2 2026; Board actively pursuing multiple funding pathways.

• Proof of concept exit targeted for H2 2026, with ongoing progress on technical and commercial milestones.