Ilika (IKA) H1 2026 earnings summary

Executive summary

• Focus on two product lines: Stereax (miniature solid-state batteries for medical/IoT, licensed to Cirtec) and Goliath (large-format batteries for automotive, consumer appliances, and defense), targeting diversified, high-growth markets.

• Achieved key milestones: successful equity raise, Stereax manufacturing qualification and initial deliveries, Goliath 10Ah prototype validation and shipments, and expanded evaluation agreements to 27 companies.

• Stereax commercialisation underway via Cirtec partnership, with integration into power management platforms and initial application designs expected in 2026.

• Goliath progressing through prototype validation, customer feedback pending, and licensing discussions underway, with MVP A-Sample targeted for 2026.

• Asset-light, IP-driven business model with licensing to manufacturing partners supports rapid adoption.

Financial highlights

• Turnover for the half-year was £0.6 million, down from £1.0 million year-over-year, primarily due to lower grant funding.

• EBITDA loss (excluding share-based payments) increased to £3.2 million from £1.9 million year-over-year, reflecting higher development costs and lower revenue.

• Cash and cash equivalents at period end were £6.9 million, down from £10.1 million year-over-year.

• Gross fundraising of £4.2 million completed to support product development and commercialisation.

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

Outlook and guidance

• Stereax expected to ramp commercial revenues as medical device certifications progress and industrial IoT volumes increase, with product sales anticipated before end of 2026.

• Goliath MVP delivery and A-sample shipments planned for 2026, with ongoing licensing discussions and targeted expansion into consumer appliance and defense sectors.

• Ongoing grant support and industrial steering for Goliath development.

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

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