REG - Ilika plc - Trading Update & Notice of Half-Year Results

IlikaAnnouncement

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RNS Number : 2481I  Ilika plc  20 November 2025

20 November 2025

Ilika plc

('Ilika,' the 'Company,' or the 'Group')

 

Trading Update & Notice of Half-Year Results

 

Stereax and Goliath progress

 

Analyst and Investor Presentations

 

 

Ilika (AIM: IKA), the UK pioneer in solid-state battery technology, provides
an update on trading for the six months ended 31 October 2025 (the "Period").

 

Ilika expects to announce results for the Period on Thursday 22 January 2026.

 

Highlights:

·    Stereax manufacturing process qualified at licensing partner for
production of first product, M300

·    Goliath P1 (2Ah) prototypes validated by customer testing

·    Grant award of £1.25m from Government's DRIVE35 programme to support
development of generic A-Samples

 

 Operational Update:

 

Stereax

Stereax batteries are miniature solid-state batteries ("SSB")
for active implantable medical devices and wireless sensors.

 

In August 2025, Ilika announced a significant manufacturing milestone with
strategic partner, Cirtec Medical Corp ("Cirtec Medical"), with the successful
completion of process qualification for the Stereax M300 micro-battery
production line at Cirtec Medical's facility in Lowell, Massachusetts. This
achievement followed successful equipment commissioning in January 2025 and
represented the final technical validation before commencement of production.
The qualified manufacturing line includes sophisticated layer deposition,
alignment, and patterning systems essential for producing medical-grade
micro-batteries. The milestone progressed a ten-year manufacturing agreement
signed in August 2023, under which Cirtec Medical will produce Ilika's Stereax
battery portfolio. This collaboration combines Ilika's advanced battery
technology with Cirtec Medical's established medical device manufacturing
expertise to address growing demand for miniaturised medical implants. Barring
any last-minute delays due to international logistics over the US-UK festive
period, initial deliveries of Stereax M300 batteries to lead customers are
targeted to commence in Q4 2025.

 

Goliath

Goliath batteries are large format SSBs designed for electric vehicles and
consumer appliances.

 

At the beginning of the Period, Ilika confirmed that its Goliath 2Ah P1 cells
had been validated by customer testing at its OEM and Tier 1 testing partners.
In July 2025, the Company announced the award of further grant support to
manufacture the first Goliath A-Sample batteries for automotive applications.
This support is being provided from the newly launched Demonstrate fund,
facilitated by the Advanced Propulsion Centre UK, in a 12-month, £3 million
collaboration programme, of which Ilika is receiving £1.25 million in grant
funding. By September 2025, Ilika was able to confirm Jaguar Land Rover and
Professor Paul Shearing of Oxford University had joined the programme in
strategic steering roles.

Last month, the Company announced it had completed commissioning of its
automated assembly line, marking full operational status for its Goliath SSB
pilot production facility. The automated line significantly improves
manufacturing yield and product consistency, enabling Ilika to deliver the
larger volumes of Goliath SSBs required for both internal validation and
customer testing programmes. Following this important milestone, Ilika remains
on track to begin releasing 10Ah prototypes to customers in December 2025,
with 50Ah cells following based on 10Ah feedback and customer demand.

 

Financial Update:

 

 The Company expects to announce revenue for the Period of £0.6m (H1
2024/5: £1.0m), resulting from the DRIVE35 PRIMED grant funded programme
which commenced in August and accelerates through the second half of the
financial year. EBITDA loss, excluding share-based payments, is expected to
be £3.2m (H1 2024/5: loss of £1.9m) for the Period, reflecting a ramp up
of costs associated with developing, manufacturing and testing the Goliath
10Ah prototypes. Cash and cash equivalents at the Period
end were £6.9m (H1 2024/5: £10.1m).

 

Analyst Briefing

The management team will be hosting a hybrid analyst briefing at 9.30 a.m. on
22 January 2026. Analysts who wish to attend should contact: FTI Consulting at
ilika@fticonsulting.com.

 

Investor Presentation

An investor presentation will be held at 4.30 p.m. on 22 January 2026, and
will be hosted through Investor Meet Company. Investors can sign up to
Investor Meet Company for free and add Ilika plc via the following
link: https://www.investormeetcompany.com/ilika-plc/register-investor
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.investormeetcompany.com_ilika-2Dplc_register-2Dinvestor&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=1OI9eWQUVfVpxZXWzxX2tPcSAmxw5YMa3-DImHWnbkA&m=22nIVAzynQ78VnYQ8pNvYLoiaC3r3JGnA0Gjs0X1HfI&s=GFcaJdt_WBmGcV6u2cZxJzgNoqqkh-ky8V45ELknGH8&e=)
. For more information, please contact FTI Consulting
at: ilika@fticonsulting.com.

 

Enquiries:

 

 Ilika Plc                                             www.ilika.com (http://www.ilika.com/)
 Graeme Purdy, Chief Executive

                                                     Via FTI Consulting
 Jason Stewart, Chief Financial Officer

 Cavendish Capital Markets Limited (Nomad and Broker)  +44 (0)131 220 9772
 Peter Lynch

                                                     +44 (0)131 220 9771
 Neil McDonald

 FTI Consulting (Comms Advisors)                       ilika@fticonsulting.com

 Ben Brewerton

 Elizabeth Adams

 Dwight Burden

 

About Ilika plc

 

Ilika is a global expert in the development of solid-state battery technology
for electric vehicles, medical devices and consumer appliances. The Company's
pioneering next-generation technologies aim to provide scalable, affordable
alternatives to conventional batteries, to industries which need to
incorporate a smaller, lighter, and safer power source in their products.

 

The Company has two product lines. Its Stereax batteries are designed for
powering miniature medical implants, industrial wireless sensors and Internet
of Things (IoT) applications and the Goliath large format batteries are
designed for EV cars and cordless appliances.

 

Through its licensing business model, Ilika supplies its IP portfolio to both
OEMs and manufacturing partners in exchange for a license fee and future
royalties.

 

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