Ilika (IKA) Investor Update summary

Business Overview and Product Lines

• Focuses on solid-state battery technology with two main product lines: Stereax for medical/industrial IoT and Goliath for EVs and consumer appliances.

• Stereax is licensed to Cirtec for medical device applications, with a ten-year manufacturing partnership and ongoing tech transfer.

• Goliath targets large-format applications, with evaluation agreements in place with 21 OEMs and Tier 1s globally, and collaboration with Tata Group's Agratas.

• Asset-light business model leverages licensing, royalties, and partnerships for commercialization.

• Over GBP 51 million invested to date, supported by a strong patent portfolio.

Recent Milestones and Operational Progress

• Stereax equipment commissioning at Cirtec completed; engineering lots in production and product validation for M300 underway.

• Goliath technology validated at UKBIC, demonstrating scalability and improved performance at gigascale.

• Achieved 50 Ah capacity for D8 prototype, meeting commercialization requirements.

• P1 prototypes received third-party validation; P1.5 (5x larger) to be released in summer, with P2 (50 Ah) prototypes to follow.

• Strong news flow and milestones achieved in both product lines, supporting licensing discussions in 2026.

Capital Raise and Financial Highlights

• Raised approximately £3.3 million via placing and director subscription, exceeding the £3.0 million target, with shares issued at 33p each.

• Retail offer for up to £0.5 million open to UK shareholders, bringing total potential gross proceeds to £3.8 million.

• Proceeds to support Stereax tech transfer, validation, and customer support (£1.1 million) and Goliath prototype development and testing (£2.4 million).

• Half-year revenue to October 2024 was £1 million, mainly from grants; cash balance at April 2025 was £7.9 million.

• Admission of new shares to AIM expected on or around 2 June 2025.