Ilika (IKA) H1 2026 earnings summary

Executive summary

• Achieved key milestones in Stereax (miniature solid-state batteries for medical/IoT) and Goliath (large-format batteries for automotive and consumer appliances), including Stereax commercial deliveries and Goliath 10Ah prototype shipments.

• Asset-light, IP-driven business model with Stereax licensed to Cirtec Medical and Goliath at prototype stage; Stereax manufacturing qualified at Cirtec's US facility.

• Stereax integration with Cirtec's power management platform and initial application designs expected in 2026.

• Goliath: customer feedback on 10Ah prototypes pending, with licensing discussions and plans to refine prototypes for MVP A-Sample in 2026.

• Secured first revenue-generating purchase order for Stereax electrodes and expanded evaluation agreements pipeline to 27 companies.

Financial highlights

• Turnover/revenue for the half-year: £0.6 million, down year-over-year due to timing of grant funding.

• EBITDA loss increased to £3.2m, reflecting lower turnover and higher material costs for Goliath prototype ramp-up.

• Operating loss for the period was £4.5m, compared to £3.1m in the prior year.

• Cash and cash equivalents at period end: £6.9 million, with additional R&D tax credit received post-period.

• Successful gross fundraising of £4.2m to support product roadmaps and commercialisation.

Outlook and guidance

• Stereax: commercial revenues starting from cathode deliveries, with product sales expected before end of 2026 and plans to ramp sales as regulatory approvals progress.

• Goliath: licensing window open, with discussions expected to continue over the next 30 months; plans to refine 10Ah prototypes and move towards MVP A-Sample in 2026.

• Intends to broaden Goliath's customer base, targeting consumer appliance and defence sectors in addition to automotive OEMs and Tier 1 suppliers.

• Key 2026 milestones: Stereax integration into Cirtec development board, Goliath customer feedback and MVP definition.

• Confident in securing larger follow-on orders for Stereax M300 batteries from the current customer base.