Ilika (IKA) H2 2026 earnings summary

Executive summary

• Two solid-state battery product lines: Goliath (large format for EVs, e-bikes, defense) and Stereax (miniature for medical and IoT devices), with key milestones in grant funding, prototype development, and commercial partnerships.

• Transitioned from R&D to revenue-generating, with first Stereax sales recognized and ongoing commercialization efforts, including a 10-year licensing agreement with Cirtec Medical.

• Secured significant grant funding and completed a successful top-up funding round to support strategic initiatives.

• Established partnerships with Cirtec (Stereax), Agratas/JLR (Goliath), and Brompton, with positive prototype feedback and early commercialization opportunities.

• Strategic focus on accelerating Stereax market entry, early Goliath commercialization, and progressing Goliath EV applications.

Financial highlights

• Revenue flat year-over-year at £1.1 million, with £100,000 from initial Stereax sales and £1 million from grants.

• EBITDA loss increased to £6.2 million from £5.2 million, mainly due to ramp-up in material costs for larger Goliath batteries.

• Loss per share widened to £0.0402 from £0.035.

• Year-end cash balance at £5.3 million as of 30 April 2026, not reflecting July's £4.6 million cash raise.

• £4.6 million net proceeds from placing completed 10 July 2026.

Outlook and guidance

• Expectation of growing Stereax revenues as deliveries ramp up, supported by regulatory approvals and licensing contracts.

• Early commercialization of Goliath 10 Ah cells in non-automotive sectors (defense, e-bikes) to generate revenue and close gap to profitability.

• Sufficient financial resources to support Stereax scale-up and Goliath licensing.

• Anticipated further grant support and potential licensing agreements for Goliath.

• Focus on select market opportunities for 10 Ah prototypes before broader diversification.