Ilika (IKA) H1 2025 earnings summary

Executive summary

• Achieved key milestones in commercialising Stereax miniature batteries for medical and industrial IoT, and Goliath large-format batteries for automotive and consumer applications, with Stereax production equipment installed at Cirtec's US facility and Goliath prototypes shipped to Tier 1 customers.

• Business model centers on IP development, licensing, and royalties, minimizing working capital needs and accelerating time to market.

• Strategic partnerships, notably with Cirtec for Stereax and multiple OEMs for Goliath, underpin commercialization efforts.

Financial highlights

• Total revenue for H1 2024/25 was £1.0m, down from £1.3m in H1 2023/24, mainly from £0.9m grant funding and £0.1m Goliath commercial activity.

• EBITDA loss (excluding share-based payments) was £1.9m, unchanged year-over-year, reflecting strong cost control.

• Cash and cash equivalents at period end were £10.1m, down from £13.2m, supported by a £2.3m fundraising in May.

• Net loss for the period was £2.2m, compared to £2.6m in H1 2023/24.

Outlook and guidance

• Stereax product revenues to begin in 2025 under Cirtec licensing agreement, with initial volumes low but projected to grow as certification progresses.

• Goliath roadmap targets Minimum Viable Product by end of 2025, with 10Ah and 50Ah prototypes to be released over the next 18 months; licensing discussions ongoing.

• No formal forward guidance provided until production and licensing milestones are achieved.

• Pilot production facility capacity to increase to 1.5 MWh/a by end of 2025 to support automotive RFQs.