Ilika (IKA) H2 2025 earnings summary

Executive summary

• Focused on solid-state battery development with two product lines: Stereax (miniature batteries for medical/IoT) and Goliath (large format for automotive/consumer appliances).

• Asset-light, licensing-based business model with strong IP portfolio (78 patents) and GBP 55 million invested to date.

• Stereax partnership with Cirtec Medical progressing, with production and revenue expected to commence in 2025.

• Goliath prototypes validated by third parties; scale-up at UK BIC demonstrates industrial scalability and higher yields.

Financial highlights

• Revenue for the year was GBP 1.1 million, down from GBP 2.1 million year-on-year due to timing of grant-funded projects ending.

• Commercial income includes first sales of Goliath P1 prototypes.

• EBITDA loss increased year-on-year, mainly due to lower grant revenue; cost base remains stable.

• Cash balance at year-end was GBP 8 million, rising to over GBP 11 million after a successful fundraise.

Outlook and guidance

• Stereax batch production and initial revenues expected in the second half of 2024, with commercial ramp-up in 2025.

• Goliath 10 Ah P1.5 prototypes to be released for customer evaluation later in 2024, followed by 50 Ah P2 prototypes.

• Additional GBP 1.25 million grant secured to support Goliath A sample production.