Gelion (GELN) H2 2026 earnings summary

Executive summary

• Strategy centers on commercialising proprietary Nano-Encapsulated Sulfur (NEST) cathode materials as a drop-in alternative for lithium-ion and sodium-ion battery platforms.

• FY26 results exceeded consensus across total income, adjusted EBITDA loss, adjusted PBT and cash measures; priorities are partner milestones, validation and production scale-up.

• The strategic focus is defence, drones and EVs, with targeted partner-agreement commercial revenue in FY27.

Financial highlights

• FY26 total income was £2.5m vs £2.7m in FY25; grant income/R&D tax incentives were £2.4m vs £1.8m, while product revenue was £0 vs £0.9m.

• FY26 adjusted EBITDA loss was £4.4m vs £4.1m in FY25; excludes non-cash share-based payments and exceptional and non-recurring items.

• FY26 R&D expenses were £3.8m vs £3.6m; business overheads were £3.0m vs £2.5m, reflecting US expansion and business development.

• FY26 reported cash and cash equivalents were £7.6m; pro forma cash, including grants and tax receivables, was £9.6m vs £4.1m at 30 June 2025.

• FY26 actuals beat consensus: total income £2.5m vs £2.1m; adjusted EBITDA loss £4.4m vs £4.9m; adjusted PBT loss £5.3m vs £5.7m.

Outlook and guidance

• Targeting commercial revenue in FY27 from partner agreements, with revenue linked to JDA milestones and other collaborations.

• Priorities include delivering existing collaboration milestones, adding targeted drone and EV partnerships, increasing lab-scale CAM output and advancing pilot-scale production.

• Strategy spans commercialising NEST for defence, aerospace, drones, devices and EVs; demonstrating solid-state EV applications; and exploring new applications through funded partner programs.