Ilika (IKA) Trading Update summary

Trading and operational highlights

• Stereax batteries are being promoted for active implantable medical devices, supporting 21 customers under a 10-year licensing agreement with Cirtec Medical.

• Cirtec has completed installation of key equipment, with production runs for commercial samples of the M300 battery set for 2025.

• Goliath programme achieved technical milestone verification, shipped first P1 prototype batch to a Tier 1 customer, and released third-party validated safety data showing improvements over current EV batteries.

• Goliath's development is supported by the £8.2m Faraday Battery Challenge and £2.7m SISTEM project, with collaborations including BMW, Fortescue, Mpac, UKBIC, and Tata Sons' Agratas.

• Non-automotive sectors are being assessed for Goliath, targeting lower volume, higher margin opportunities.

Financial update

• Expected revenue for the six months ended 31 October 2024 is £1.0m, down from £1.3m in the prior period, reflecting grant project timing.

• EBITDA loss (excluding share-based payments) remains steady at £1.9m.

• Cash and cash equivalents at period end were £10.1m, compared to £13.2m in the previous year.

• Full year guidance remains unchanged.

Upcoming events and presentations

• Half-year results will be announced on 21 January 2025.

• Analyst briefing scheduled for 9:30am and investor presentation at 4:30pm on the same day.