Ilika Plc (LON:IKA), a pioneer in solid-state battery technology, has announced its results for the year ended 30 April 2025.
Operational highlights
During the Period, Ilika continued to develop and commercialise its two solid state battery (“SSB”) product lines: Stereax® batteries for miniature medical devices and wireless sensors for specialist applications, and large format Goliath™ batteries for electric vehicles (“EVs”) and consumer appliances.
During the financial year, Ilika supported commercialisation and transferred manufacturing operations of Stereax to its US-headquartered partner, Cirtec Medical LLC (“Cirtec”), and also achieved significant technical and commercial milestones on its Goliath development roadmap.
Post-period end, the Company successfully raised £4.2 million before costs to support and accelerate progress on both product lines.
Commenting on the results, Ilika’s Chief Executive Officer, Graeme Purdy, said, “Ilika has achieved a significant number of important technical and commercial milestones over the past twelve months. Our two product lines, Stereax and Goliath, offer compelling value propositions which address large and rapidly growing global markets.
“Stereax has very little competition in the miniature battery sector for active implantable medical devices. Stereax batteries enable enhanced and novel solutions with reduced risks to patients across a range of applications including neurostimulation, smart orthopaedics, orthodontics, and biometric sensors. We are well-advanced with our implementation of the Stereax manufacturing process at Cirtec Medical’s manufacturing facility in the US and we are working diligently with Cirtec to further develop commercial opportunities and re-commence deliveries to customers.
“The technical validation we have received for our Goliath battery technology has been very encouraging. The release of our P1 prototypes to customers in the summer of 2024 was an important milestone delivering confirmation that our batteries “do what they say on the tin”, offering reduced vehicle weight and cost alongside extended range and rapid charging. We have built on this success with the roll-out of our process at the UK Battery Industrialisation Centre, demonstrating that our solid state processes can be deployed on large scale, production ready equipment.
“We expect the forthcoming period to be equally exciting, presenting opportunities for increased product-related revenue and further commercial engagement. The successful fundraising post-period end leaves us well placed to further accelerate progress across both of our product lines.”
Stereax (Medical Device Applications)
Completed the installation of Ilika’s key equipment required to manufacture Stereax cells at Cirtec Medical’s expanded cleanroom facility in Lowell, Massachusetts, US; cathode manufacturing initially remaining at Ilika’s UK facility as a sub-contract service to Cirtec.
Supporting Cirtec to run trial batches of batteries to fully qualify the Stereax manufacturing process.
Planning production runs to deliver commercial M300 samples in 2025.
Promoting Stereax, in cooperation with Cirtec, to a growing number of Active Implantable Medical Device (AIMD) applications.
Supporting portfolio of 21 customers with their development plans and launch schedules, capitalising on integration opportunities with Cirtec’s platform technology portfolio.
Goliath (EV Applications)
Completed validation of 1st generation P1 prototype batteries in customer-sponsored programmes, allowing customers to verify Goliath’s performance characteristics.
Released third-party validated safety data and confirmed achievement of D5 development milestone demonstrating significant improvements relative to commercially available EV batteries, with resulting benefits in vehicle weight, cost and extended range.
Completed execution of the HISTORY project, an £8.2m grant-funded Faraday Battery Challenge programme to integrate high silicon content electrodes into Goliath, in collaboration with BMW and Fortescue Zero. This delivered an 50Ah Goliath prototype.
Completed the Automotive Transformation Fund’s £2.7m grant-supported SiSTEM project, in which Ilika collaborated with MPac plc, UK Battery Industrialisation Centre (UKBIC) and Tata Sons subsidiary, Agratas. This is resulting in the addition of a 1.5 MWh/a assembly line to Ilika’s automated pilot line capability.
Continued interaction with automotive and consumer appliance customers including original equipment manufacturers (OEMs) and Tier 1 suppliers globally, resulting in a pipeline of evaluation agreements with 21 companies.
Completed large scale preparation of Goliath electrolyte and the coating of Ilika’s composite electrode-electrolyte on industry standard giga-scale equipment at the UK Battery Industrialisation Centre (UKBIC). The resulting batteries showed improved performance and higher manufacturing yield.
Portfolio of 78 granted patents, with 9 new grants in the reporting period; 4 additional international filings submitted.
Financial highlights:
· Turnover £1.1m (2024: £2.1m) with other income of £0.0m (2024: £0.5m) giving a Total Income of £1.1m (2024: £2.6m)
· EBITDA Loss adjusted for share-based payments for the year of £5.2m (2024: £4.1m)
· Loss per share 3.54p (2024: 3.03p)
· Cash, cash equivalents and longer term bank deposits of £8.0m (2024: £11.9m)
Post-period end highlights:
· Successful £4.2 million (gross) fundraising to support the Goliath roadmap and Stereax commercialisation.
· Award of £1.25m of grant funding from DRIVE35 programme.
Outlook:
Commence recognition of Stereax product revenues in CY2025, with a signed licensing agreement in place with Cirtec.
Progress Goliath roadmap to the completion of the Minimum Viable Product (MVP) by the end of CY2025, after completing the test programmes for P1.5 and P2 prototypes and releasing them to customers for evaluation in H2 CY25, underpinning licensing opportunities.
Complete the capacity increase of pilot production facility to 1.5 MWh/a enabled by an automated cell assembly line from MPac to accommodate automotive requests for quotation (‘RFQ’) with 3rd generation P2 prototypes by the end of CY2025.
Capitalise on commercial interest and government grant support, which is expected to intensify as the Goliath product continues to mature.
Analyst Briefing
The management team will be hosting a hybrid analyst briefing at 9.30am this morning. For further details analysts should contact: FTI Consulting at [email protected].
