Ilika Plc (LON:IKA) has announced its Financial Statements for year ended 30th April 2026.
Operational highlights
During the year ended 30th April 2026, Ilika continued to develop and commercialise its two solid state battery product lines: Stereax® batteries for miniature medical devices and wireless sensors for specialist applications, and large format Goliath™ batteries for electric vehicles, defence and consumer appliances.
During the financial year, Ilika commenced production of Stereax batteries for product testing and initial customer deliveries with its US-headquartered partner, Cirtec Medical LLC, and received validating feedback relating to application opportunities of its 10Ah Goliath prototypes in the defence industry.
Post-period end, the Company successfully raised £5 million before costs to support and accelerate progress on both product lines.
Commenting on the results, Ilika’s Chief Executive Officer, Graeme Purdy, said, “This year we’ve reinforced our position in the leading cohort of solid state battery developers with material progress on both sides of the business. Our Stereax product-line has transitioned to a revenue-generating commercial business, and we’ve had additional validation of our Goliath technology.
“Stereax continues to be a compelling proposition for powering applications including neurostimulation, smart orthopaedics, orthodontics, and biometric sensors. The intensive collaboration between our manufacturing partners at Cirtec and our technology transfer team delivered results when we were able to recommence sample deliveries to customers and commercial production of electrodes.
“The last year in the EV sector has been volatile, against a backdrop of policy changes and related cooling sales in the US and China, but a record-breaking 27% surge of new registrations in Europe. We have also seen inbound interest in our 10Ah prototypes from non-EV applications including e-bikes and defence, offering early commercialisation opportunities.
“We will build on this commercial momentum in the reporting period that’s just started to ramp up product revenue and engage ever closer with customers to address their application needs.”
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.
· Delivered prototype M300 Stereax samples to customers meeting an important commercial milestone.
· Manufactured and delivered commercial-grade Stereax electrodes to Cirtec.
· Continuing to liaise with our portfolio of 16 customers including advising on power management integration into their applications, leveraging Cirtec’s platform technology portfolio.
Goliath (EV, Defence and Consumer Appliance Applications)
· Received customer validation of 1st generation P1 2Ah 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 JLR and the University of Oxford.
· Completed commissioning Ilika’s 1.5 MWh/a pilot line, enabling delivery of larger batteries to customers for evaluation.
· 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%.
· Announced positive feedback on safety testing by UK defence agency.
· Initiated a collaboration with Brompton Bicycles.
· Expansion of pipeline of evaluation agreements by 19%, from 27 to 33 companies, including EV original equipment manufacturers (OEMs) and Tier 1 suppliers globally, as well as an increasing number of consumer appliance and defence companies.
Portfolio of 88 granted patents, with 17 new grants in the reporting period; 2 additional international filings submitted.
Financial highlights:
· Total income £1.1m (2025: £1.1m) with other income of £0.0m (2025: £0.0m)
· EBITDA Loss adjusted for share-based payments for the year £6.2m (2025: £5.2m)
· Loss per share 4.02p (2025: 3.54p)
· Cash, cash equivalents and longer term bank deposits of £5.3m (2025: £8.0m)
Post-period end highlights:
· Successful £5 million (gross) fundraising to support the Goliath roadmap, early commercialisation opportunities and Stereax commercialisation.
Outlook for FY2027:
· Increase recognition of Stereax product revenues, through the signed licensing agreement in place with Cirtec
· Realise initial royalty payments for Stereax through the delivery of M300 batteries onto customer testing programmes
· Validate Goliath 10Ah Minimum Viable Product (MVP) to high margin non-EV segments
· Generate early revenue from non-EV battery sales
Chairman, Prof. Keith Jacksons statement
Last year I stated on how we are working in a more complex and volatile world, not expecting that we would be going forward in a world with even more uncertainty and volatility. However, the key messages still stand even with those challenges; products with well understood differentiation which drive growth markets will always have their place, rates of market pull may vary, but the underlying demand will always be there. An ageing population, rising expectations of an increase in quality of life for all and the increase in medical device applications sustain the demand for Stereax. We have an effective operational model in which Ilika makes the cathodes in Southampton, working closely with our industrialisation partner Cirtec, to complete the microfabrication. As you would expect, the Ilika and Cirtec teams are working together closely, with daily contact and regular face to face working sessions to drive efficiency and improvements, with a focus on repeatability, quality and scale up.
The Goliath automotive market has seen a lot more flex than the medical markets, with some well publicised changes in OEM market strategy. From my experience of many years in the automotive electronics business this should be to Ilika’s advantage. Automotive companies are risk-averse, if rushed into a decision they take the commercially safest option of sticking with what they know. With their plans becoming more fluid following changes to global political imperatives, this has given them more time to engage with and evaluate emerging technologies, and we have seen a related increase in inbound enquiries. Part of our reaction to the changes has been to look at other markets for early commercialisation, like defence and e-bikes, as exemplified by the recent Brompton joint development initiative for e-bikes which are validated to be safe on public transport. These opportunities allow us to drive our key unique selling point (“USP”) of safety (which reduces system complexity and weight, important for a soldier carrying a battery pack) and prove it in lower volume, higher margin applications, which drives confidence in the technology and processes at high volume for our automotive customers. Another USP across markets, which has grown in significance, is “sovereignty”. All customers, in automotive, military and even consumer products, need to know that they can source their technologies from a reliable (commercial and political) supply chain and Ilika is one of a very select few potential suppliers of solid state battery technology in Europe.
As always, none of this would be possible without a strong team and we have a top-class team at all levels at Ilika, the support of our investors, the support of UK grant funds, our expert external technology consultants and engagement with end customers. It’s never going to be easy, if it was it would be done already, but we have exciting opportunities on two product fronts (Stereax and Goliath), generating value and improving outcomes for many.
Keith Jackson
Chairman
Notice of Results
Ilika expects to announce its audited full year results for the year ended 30 April 2026 on Wednesday 29 July 2026.
Analyst Briefing
The management team will be hosting a hybrid analyst briefing today on Wednesday 29 July 2026, at 9.30am BST. Analysts who wish to attend should contact FTI Consulting at [email protected] to register.
