Ilika (IKA) H2 2025 earnings summary

Executive summary

• Developer of solid-state batteries 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 proven industrial scalability.

• Stereax partnership with Cirtec Medical operational, with commercial production and revenues expected to commence in 2025 and ramp up from FY26.

• Goliath prototypes validated by OEMs and tier one suppliers; scale-up at UK BIC/UKBIC demonstrates industrial scalability and higher yields.

• Commercial partnerships and global OEM engagement support both product lines.

Financial highlights

• FY revenue was GBP 1.1 million (2024: GBP 2.1 million), including GBP 0.9 million grant income and GBP 0.1 million Goliath commercial income.

• EBITDA loss increased year-on-year to GBP 5.2 million (2024: GBP 4.1 million); loss per share: 3.54p (2024: 3.03p).

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

• Commercial income includes first sales of Goliath P1 prototypes.

• £3.8m net proceeds from May 2025 placing and retail offer.

Outlook and guidance

• Stereax batch production and initial revenues expected in the second half of 2024, with commercial ramp-up in 2025 and royalty income ramping as certifications progress.

• Goliath 10 Ah P1.5 prototypes to be released for customer evaluation later in 2024, followed by 50 Ah P2 prototypes and commercial licensing discussions from 2025.

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

• Use of proceeds from recent placing: up to £1.2m for Stereax commercial launch, up to £2.6m for Goliath development.