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RNS Number : 8569P Ilika plc 22 January 2026
22 January 2026
Ilika plc
('Ilika,' the 'Company,' or the 'Group')
Half-year Results
Delivering key milestones initiating Stereax product sales & Goliath
validation
Ilika (AIM: IKA), a pioneer in solid-state battery technology, announces its
unaudited half-year report for the six months ended 31 October 2025.
Significant Milestones Achieved on Schedule
During the period, significant commercial milestones have been met with both
Ilika's thin-film StereaxÒ miniature solid-state batteries (SSBs) for
powering medical devices and industrial wireless sensors in specialist
environments, and its large-format Goliath cells for electric vehicles (EVs)
and cordless appliances.
Graeme Purdy, CEO of Ilika, said:
"Ilika has delivered its key targets across both the Stereax and Goliath
businesses in the period. Having completed the process qualification of our
equipment at Cirtec Medical's facility in the USA, we were able to commence
production of the initial batches of Stereax prototype product that we
released to customers at the end of 2025. This marks a significant step
towards full commercial production.
"The period started with confirmation that a customer had validated our 2Ah
Goliath battery prototypes and judged them to be in the leading cohort of
SSBs. We built on that foundation through collaboration with the UK Battery
Industrialisation Centre, demonstrating that our process has a clear route to
gigafactory manufacturing. Upon completion of our automated pilot line in
October, we were able to produce and ship our first 10Ah Goliath prototypes.
Grant funding from the UK Government's DRIVE35 programme managed by the
Advanced Propulsion Centre has been important in supporting our progress this
year. While further funding is expected from grant applications which we have
in flight, this is not likely to be contiguous with our current funding, due
to the timing of application and award processes. The current DRIVE35 grant is
expected to have been fully deployed in Q1CY26 and we are confident of further
support for our roadmap. All in all, we are pleased with progress to date but
there is a lot more to do and to come in the second half."
Operational Highlights
Stereax (Medical Device Applications)
· Completed the manufacturing process qualification for Stereax
batteries at Cirtec Medical's facility in Lowell, MA, US; cathode
manufacturing initially remaining at Ilika's UK facility as a sub-contracted
service to Cirtec.
· Commenced production of Stereax batteries for product testing and
initial deliveries.
· Continuing to liaise with our portfolio of 21 customers including
advising on power management integration into their applications, leveraging
Cirtec's platform technology portfolio.
Goliath (EV Applications)
· Received customer validation of 1(st) generation P1 prototype
batteries confirming they, "perform to specification, putting them in the
cohort of leading solid-state batteries".
· Secured further £1.25m grant funding from the UK Government's
DRIVE35 programme to produce Goliath A-Samples on industrial equipment,
working with the UK Battery Industrialisation Centre with steering support
from JaguarLandRover and the University of Oxford.
· Completed commissioning of Ilika's 1.5 MWh/a pilot line, enabling
delivery of larger batteries to customers for evaluation.
· Expansion of pipeline of evaluation agreements by 29%, from 21 to 27
companies, including EV original equipment manufacturers (OEMs) and Tier 1
suppliers globally, as well as an increasing number of consumer appliance and
defence companies.
Financial Summary
· Total revenue for the period of £0.6m (H1 2024/25: £1.0m),
reflecting grant funding of £0.6m (H1 2024/5: £0.9m) from the commencement
of the PRIMED grant project in the current year against the completion of both
HISTORY and SiSTEM grants which were active in 2024/5.
· EBITDA loss, excluding share-based payments, of £3.2m (H1 2024/25:
£1.9m loss).
· Successful £4.2 million (gross) fundraising to support the Goliath
roadmap and Stereax commercialisation.
· Cash & Cash equivalents at period end of £6.9m (H1 2024/25:
£10.1m).
Post Period End
· Initiated delivery of prototype M300 Stereax samples to customers
meeting an important commercial milestone.
· Shipped prototype 10Ah Goliath cells to customers for evaluation, a
5x increase in capacity relative to the P1 prototypes which were released to
customers in summer 2024. These batteries are estimated to save £2,500 per EV
and reduce battery weight by 20%.
· Secured its first revenue-generating purchase order from Cirtec
Medical for the supply of Stereax electrodes.
Outlook
· We are confident we can secure larger follow on orders for the
Steareax M300 batteries from a number of the 21 customers who are currently
evaluating the product for their applications.
· Obtain customer feedback on performance of Goliath 10Ah prototypes
and refine design to move rapidly towards a minimum viable product A-Sample in
2026.
· Broaden Goliath customer base by further engaging with customers with
consumer appliance and defence applications.
· Further develop interest in Goliath from our portfolio of automotive
and consumer appliance original equipment manufacturers (OEMs) and Tier 1
suppliers globally, from our pipeline of evaluation agreements with 27
companies.
Analyst Briefing
The management team will be hosting a hybrid analyst briefing at 9.30am this
morning. For futher details analysts should contact: FTI Consulting
at ilika@fticonsulting.com.
Investor Presentation
An investor presentation will be held at 4.30pm this afternoon via 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 - https://www.ilika.com (https://www.ilika.com/)
Ilika specialises in the developing and commercialisation of solid-state
batteries. The Company's mission is to rapidly develop leading-edge IP,
manufacture and license solid-state batteries for markets that cannot be
addressed with conventional batteries due to their safety, charge rates,
energy density and life limits. The Company achieves this by using
ceramic-based lithium-ion technology that is inherently safe in manufacture
and usage, higher thermal tolerance and easier to recycle which differentiates
our products from existing batteries.
The Company has two product lines. Its Stereax batteries which are designed
for powering miniature medical implants, industrial wireless sensors and
specialist Internet of Things (IoT) applications and the Goliath large format
batteries designed for EV cars and cordless appliances.
CEO's Statement
Principal Activities
Ilika commercialises its leading-edge intellectual property (IP) in Solid
State Batteries (SSBs) for high performance markets through licensing
supported by manufacturing at pilot scale. We use ceramic-based lithium-ion
technology, which differentiates our products from existing batteries by
offering competitive energy density and charge times, while being inherently
safe and easier to recycle.
Ilika has two product lines: miniature Stereax® SSBs for powering medical
devices and industrial wireless sensors in specialist environments, and large
format Goliath SSBs for EVs and cordless appliances.
Review of Period
Stereax SSBs
Ilika's miniature Stereax batteries are differentiated from other Li-ion
technology through their miniaturisation, their ability to deliver high power
pulses and their tolerance to high temperature.
These unique benefits make Stereax batteries ideal for medical implants and
industrial applications. Miniature Stereax batteries enable smaller, thinner
and more integrated device designs not currently possible with conventional
lithium-ion batteries. Their compact, high energy-density, high power
characteristics allow for use in a range of medical implant applications
covering blood pressure monitoring to neuro- stimulation. Industrial
automation, or Industrial Internet of Things (IIoT), requires low maintenance
batteries with a long lifetime, often in situations that require operation at
temperatures exceeding the safety rating for standard lithium-ion batteries
(typically 60 degrees Celsius) and Stereax is ideally suited to achieve this.
Ilika's proprietary efficient, low temperature evaporation process delivers
higher manufacturing rates than competing miniature solid-state technologies,
providing an affordable alternative to conventional battery manufacturing
approaches.
Stereax Manufacturing and Commercialisation
During the period, Ilika continued to implement the ten-year manufacturing
licence in place with Cirtec to produce the Stereax range of miniature
batteries at Cirtec's facility in Lowell, Massachusetts, US. Cirtec is an
industry-leading strategic outsourcing partner of complex medical devices
including minimally invasive and active implantable devices. In August 2025,
Ilika and Cirtec completed the manufacturing process qualification for Stereax
batteries. Cathode manufacturing initially remains at Ilika's UK facility as a
sub-contract service to Cirtec. As planned, commercial production runs of
Stereax M300 samples were started, allowing for first customer deliveries from
Cirtec facilities within 2025 calendar year.
M300 Stereax batteries are being evaluated for a growing number of Active
Implantable Medical Device (AIMD) applications, by 21 current Stereax
customers. Demand from applications such as smart orthopaedics, orthodontics,
neurostimulation and smart contact lenses has created opportunities in the
medical device sector, which is the sector generating the strongest demand.
Commercial ramp up in this space usually takes three to five years, depending
on the regulatory classification of the device. Receipt of commercial Stereax
product will enable our customers to initiate the formal regulatory approval
process, requiring increasingly large volumes of product for validation
throughout the process. Cirtec brings particular strengths to the partnership
though its deep relationships in the medical device sector and the technology
integration opportunities it offers with its neurostimulation platform.
Once economies of scale are achieved, Ilika and Cirtec are anticipating being
able to address larger volume applications in specialised sectors of
Industrial IoT.
Large Format Goliath SSBs
Ilika's Goliath cells have the potential to reduce the cost of electric
vehicles, while at the same time enabling longer range with battery packs that
last longer and can be recycled more easily.
Goliath cells are differentiated from other solid-state prototype cells
through the Company's choice of materials, cell architecture and manufacturing
process for its cathode, electrolyte and anodes. Different developers have
selected distinct combinations of these materials to achieve an outcome
suitable for their target markets and Ilika has chosen materials that deliver
these distinct advantages in the EV sector.
Ilika's initial target market for Goliath in automotive is the higher
performance sector, which is less cost- sensitive than higher volume segments
and where enhanced vehicle range commands a premium price. To address this
market, Ilika is driving forward its Goliath development programme.
At the beginning of the period, Ilika received customer validation of its 2Ah
P1 prototype batteries confirming they, "perform to specification, putting
them in the cohort of leading solid-state batteries." The P1 Goliath prototype
is a solid-state pouch cell made from readily available materials including a
lithium-nickel-manganese- cobalt oxide (NMC) cathode and a silicon anode. This
progress represents an intermediate milestone on Ilika's roadmap to its
minimum viable product (MVP).
In July 2025, Ilika announced it had secured £1.25m grant funding from the UK
Government's DRIVE35 programme to produce Goliath A-Samples on industrial
equipment, working with the UK Battery Industrialisation Centre (UKBIC) with
steering support from JaguarLandRover and the University of Oxford. Supported
by the Advanced Propulsion Centre UK (APC) through its Demonstrate fund, the
grant funded project is codenamed PRIMED and represents another significant
step towards commercialising Ilika's innovative solid-state battery
technology. The programme is utilising the electrode production facilities at
the UK Battery Industrialisation Centre (UKBIC). PRIMED builds upon two
successful predecessor projects. The Battery Innovation Programme (formerly
Faraday Battery Challenge) project HISTORY developed a 50Ah solid-state
battery prototype, whilst the Automotive Transformation Fund programme SiSTEM
established SSB assembly capabilities and conducted production trials at
UKBIC. PRIMED will deliver several critical outcomes in H2CY26. These include
the production of P2 solid-state battery prototype cells (A-Sample batteries),
creation of a Production Scale Model, and a comprehensive Business Case Review
for gigafactory-scale manufacturing. These deliverables will support responses
to commercial requests for quotation (RFQs).
In October 2025, Ilika completed the successful final commissioning test of
its automated assembly line marking full operational status for its pilot
production facility. The automated line significantly improves manufacturing
yield and product consistency, enabling Ilika to deliver the larger volumes of
SSBs (up to 1.5 MWh/a) required for both internal validation and customer
testing programmes.
At the end of 2025, Ilika used its newly commissioned pilot facilty to
manufacture prototype 10Ah Goliath cells, which it shipped to customers for
evaluation. 10Ah represents a 5x increase in capacity relative to its P1
prototypes which were released to customers in summer 2024.
These technical activities underpinned Ilika's continued interaction with a
portfolio of automotive and consumer appliance original equipment
manufacturers (OEMs) and Tier 1 suppliers globally, resulting in a pipeline of
evaluation agreements with 27 companies.
Ilika's experience working with automotive partners has shown that the
industry expects suppliers to have reached what it defines as A-Sample
readiness to respond to requests for quotation (RFQs). Beyond 1.5 MWh/a, at B-
and C-Sample readiness and volumes, Ilika will continue to work with
manufacturing partners such as UKBIC to scale to higher levels of production
capacity on equipment that could be used for mass production.
Outlook
The addressable markets for AIMDs are growing at a healthy pace. For example,
the market for neuromodulation, addressing cognitive disorders, chronic pain,
disability following a stroke and psychiatric disorders, is growing at 12.2%
pa. Following the currect focus on meeting the initial order book, Ilika and
Cirtec expect to secure larger volume repeat orders for Stereax in 2026,
allowing both companies to ramp product sales revenue.
Despite the sometimes gloomy media headlines concerning the EV market, the
reality remains encouraging. Battery EVs accounted for 23% of new vehicle
sales in 2025; when hybrids and plug-in hybrids are added to the picture,
vehicles with batteries accounted for nearly half of all vehicle sales in the
UK in 2025. The trend continued to ramp, with battery EVs accounting for 32%
of the market in December 2025.
Ilika looks forward to working with its Tier 1 and OEM partners in 2026 to
evaluate its Goliath 10Ah prototype performance and further develop its
roadmap towards an MVP for the automotive market. In addition, Ilika
recognises that there are earlier commercialisation opportunities in consumer
appliances and defence, which the Company is closely evaluating.
Graeme Purdy, CEO
Ilika plc
Consolidated statement of comprehensive income for the six months ended 31
October 2025 (unaudited)
Unaudited Unaudited Audited
Six months ended Six months ended Year
31 Oct 2025 31 Oct 2024 ended
30 Apr 2025
Notes £ 000's £ 000's £ 000's
Turnover 593.7 982.1 1,052.9
Revenue 4.5 72.7 73.5
UK grants 589.2 909.4 979.4
Cost of sales (428.3) (429.0) (526.2)
Gross profit 165.4 553.1 526.7
Other Operating Income - - -
Administrative expenses
Administrative expenses (4,318.9) (3,354.2) (7,559.9)
Share-based payment charge (326.7) (292.0) (527.7)
(4,645.6) (3,646.2) (8,087.6)
Operating loss (4,480.2) (3,093.1) (7,560.9)
Financial income 138.8 236.9 391.4
Financial expense (14.6) (12.8) (47.5)
Loss before tax (4,356.0) (2,869.0) (7,217.0)
Taxation 700.0 650.0 1,314.8
Loss for period/total comprehensive income attributable to owners of parent
(3,656.0) (2,219.0) (5,902.2)
£ £ £
Loss per share
Basic and diluted 2 (0.02) (0.01) (0.04)
The results from the periods shown above are derived entirely from continuing
operations.
Consolidated balance sheet as at 31 October 2025 (unaudited)
Unaudited Unaudited Audited
Six months ended Six months ended Year
31 Oct 2025 31 Oct 2024 ended
30 Apr 2025
Notes £ 000's £ 000's £ 000's
ASSETS
Non-current assets
Intangible assets 5,394.5 4,127.4 4,719.1
Property, plant and equipment 2,945.7 3,651.9 3,295.4
Right-of-use assets 329.8 465.3 432.1
Total non-current assets 8,670 8,244.6 8,446.6
Current assets
Trade and other receivables 1,743.6 3,141.3 1,722.2
Current tax receivable 2,000.0 1,176.2 1,300.0
Other financial assets - bank deposits - 4,288.3 -
Cash and cash equivalents 6,921.4 5,839.7 7,978.1
Total current assets 10,664.1 14,445.5 11,000.3
Total assets 19,335.1 22,690.1 19,446.9
Issued capital and reserves attributable to owners of parent
Issued share capital 1,809.9 1,674.7 1,682.7
Share premium 70,778.1 67,201.9 67,056.6
Capital restructuring reserve 6,486.1 6,486.1 6,486.1
Retained earnings (61,375.2) (54,598.3) (58,045.9)
Total equity 17,698.9 20,764.4 17,179.5
LIABILITIES
Current liabilities
Trade and other payables 1,035.5 1,143.0 1,547.2
Lease liabilities 140.2 288.7 216.3
Total current liabilities 1,175.7 1,431.7 1,763.5
Non-current liabilities
Lease liabilities 211.0 244.5 254.4
Provisions 249.5 249.5 249.5
Total non-current liabilities 460.5 494.0 503.9
Total liabilities 1,636.2 1,925.7 2,267.4
Total equity and liabilities 19,335.1 22,690.1 19,446.9
Consolidated cash flow statement for the six months ended 31 October 2025
(unaudited)
Unaudited Unaudited Audited
Six months ended Six months ended Year
31 Oct 2025 31 Oct 2024 ended
30 Apr 2025
£ 000's £ 000's £ 000's
Cash flows from operating activities
Loss before taxation (4,356.0) (2,869.0) (7,217.0)
Adjustments for:
Amortisation 18.9 19.6 39.2
Depreciation 946.7 859.9 1,750.9
Equity settled share-based payments 326.7 292.0 527.7
Profit on disposal of plant, property and equipment - 5.0 -
Net financial expense/ (income) (124.2) (224.1) (343.9)
Operating cash flow before changes in working capital, interest and taxes (3,187.9) (1,916.6) (5,243.1)
Decrease/(increase) in trade and other
receivables (21.4) (837.0) 581.9
Increase /(decrease) in trade and other payables (511.7) (447.7) (43.5)
Decrease in provisions - - -
Cash utilised by operations (3,721.0) (3,201.3) (4,704.7)
Tax received - - 526.3
Net cash flow from operating activities (3,721.0) (3,201.3) (4,178.4)
Cash flows from investing activities
Interest received 138.8 236.9 391.4
Purchase of intangible assets (597.0) (406.3) (1,037.2)
Purchase of property, plant and equipment (592.1) (673.4) (1,068.8)
Sale of Property, Plant and equipment - - -
Inflows from maturity of other financial assets - 4,180.9
(Increase) in other financial assets - (107.4) -
Net cash used in investing activities (1,050.3) (950.2) 2,466.3
Cash flows from financing activities
Proceeds from issuance of ordinary share capital 4,196.4 2,477.0 2,339.7
Cost of share issue (347.7) (145.3) (145.3)
Capital element of finance leases repaid (119.5) (92.1) (221.1)
Lease Payments interest (14.6) (12.8) (47.5)
Net cash from financing activities 3,714.6 2,226.8 1,925.8
Net (decrease)/ increase in cash and cash equivalents (1,056.7) (1,924.7) 213.7
Cash and cash equivalents at the start of the period 7,978.1 7,764.4 7,764.4
Cash and cash equivalents at the end of the period 6,921.4 5,839.7 7,978.1
Consolidated statement of changes in equity (unaudited)
Share premium account Capital
Share capital restructuring reserve Retained earnings
Total
£ 000's £ 000's £ 000's £ 000's £ 000's
As at 30th April 2024 1,591.4 64,953.5 6,486.1 (52,671.4) 20,359.5
Share-based payment - - - 292.0 292.0
Issue of Shares 83.3 2,248.4 - - 2,331.7
Loss and total
comprehensive income - - - (2,218.9) (2,218.9)
As at 31 October 2024 1,674.7 67,201.9 6,486.1 (54,598.3) 20359.5
Share-based payment - - - 235.7 235.7
Issue of shares 8.0 (145.3) - - (137.3)
Loss and total
comprehensive income - - - (3,683.3) (3,683.3)
As at 30th April 2025 1,682.7 67,056.6 6,486.1 (58,045.9) 17,179.55
Share-based payment - - - 326.7 326.7
Issue of shares 127.2 3,721.5 - - 3,848.7
Loss and total
comprehensive income - - - (3,656.0) (3,656.0)
As at 31 October 2025 1,809.9 70,778.1 6,486.1 (61,375.2) 17,698.9
Share capital
The share capital represents the nominal value of the equity shares in issue.
Share premium account
When shares are issued, any premium paid above the nominal value is credited
to the share premium reserve.
Retained earnings
The retained earnings reserve records the accumulated profits and losses of
the Group since inception of the business.
Capital restructuring reserve
The capital restructuring reserve arises on the accounting for the share for
share exchange. It represents the difference between the value of the issued
equity instruments of Ilika Technologies Limited immediately before the share
for share exchange and the equity instruments of Ilika plc along with the
shares issued to effect the share for share exchange.
Notes to the consolidated financial statements
1. Accounting policies
Basis of preparation
The interim financial statements, which are unaudited, have been prepared on
the basis of accounting policies consistent with International Financial
Reporting Standards ("IFRSs") adopted by the European Union. The accounting
policies are the same as applied in the Group's latest financial statements.
The interim financial statements do not include all of the information
required for full annual financial statements and do not comply with all the
disclosures in IAS 34 'Interim Financial Reporting'. Accordingly, whilst the
interim financial statements have been prepared in accordance with IFRS they
cannot be construed as being in full compliance with IFRS.
The financial information for the year ended 30 April 2025 does not constitute
the full statutory accounts for that period. The Annual Report and Accounts
for 30 April 2025 have been filed with the Registrar of Companies. The
Independent Auditors' Report on the Annual Report and Accounts for 2025 was
unqualified and did not include references to any matters which the auditors
drew attention by way of emphasis without qualifying their report and did not
contain statements under Section 498(2) or 498(3) of the Companies Act 2006.
Going concern
The financial statements are prepared on a going concern basis which the
directors believe continues to be appropriate. The Group meets its day to day
working capital requirements through existing cash resources which, at 31
October 2025, amounted to £6.9m, including cash in hand at the bank (£6.9m).
The directors have prepared projected cash flow information for the period
ending twelve months from the date of their approval of these financial
statements. On the basis of this cash flow information the directors believe
that the Group will be able to continue to trade for the foreseeable future.
2. Loss per share
Loss per ordinary share have been calculated using the weighted average number
of shares in issue during the relevant financial periods. The weighted average
number of equity shares in issue and the earnings, being loss after tax, are
as follows:
Unaudited Unaudited Audited
Six months ended Six months ended Year
31 Oct 2025 31 Oct 2024 ended
30 Apr 2025
Number Number Number
Weighted average number of equity shares 178,692,358 166,124,565 166,883,795
£ 000's £ 000's £ 000's
Loss, being loss after tax (3,656.0) (2,219.0) (5,902.2)
The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted earnings per
ordinary share are identical to those used for basic earnings per share. This
is because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of IAS 33.
- Ends -
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