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

- Link: https://www.directorstalkinterviews.com/ilika-plc-trading-update-notice-of-half-year-results-2/4121133968
- Published: 2023-11-24T07:10:10+00:00
- Author: Emily Johnson

**[Ilika Plc](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)**(
[LON:IKA](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)), a pioneer
in solid-state battery technology, has provided an update on trading and notice 
of results for the six months ended 31 October 2023.

**Operating Highlights:**

**_Stereax_**

In the first half of the current financial year Ilika continued to develop the scale
and potential reach of its Stereax business. The Period started with shipments of
stacked M300 batteries from its UK manufacturing facility – being the first of a
series of planned deliveries to customers.

The licencing and royalty agreement with US-headquartered Cirtec Medical (“Cirtec”),
which was signed in August 2023, was a key milestone for the Group, enabling the
transfer of Stereax production to Cirtec’s manufacturing facility in Lowell, MA.

Ilika has now completed the despatch of the key equipment required to manufacture
Stereax batteries to Cirtec, with the exception of the cathode manufacturing process
which will initially remain with Ilika in the UK. Cirtec is currently expanding 
its cleanroom capacity in Lowell to accommodate growth in its business, including
Stereax manufacturing. Ilika and Cirtec continue to work closely with a portfolio
of 20 customers to support their development plans and launch schedules.

**_Goliath Programme_**

Ilika’s Goliath programme also progressed strongly during the Period – especially
from the perspective of improving technical parameters and implementing its production
scale-up plans. Based on the performance of recent prototypes, the Company confirmed
the achievement of its D4 technical milestone and remains firmly on track to achieve
lithium-ion energy density parity by the end of 2023, in-line with guidance set 
out in November 2022.

The development efforts are supported by the Faraday Battery Challenge 24-month,
£8.2m grant-funded HISTORY project, steered with input from BMW and WAE (Williams
Advanced Engineering), to integrate high silicon content electrodes into Goliath.
In parallel, Ilika has been trialling production-intent equipment at vendor sites
and its pilot facility in the UK. Since October 2023, this scale-up work has been
supported by the Automotive Transformation Fund 16-month, £2.7m grant-supported 
SiSTEM project, in which Ilika is collaborating with Mpac plc and UK Battery Industrialisation
Centre (UKBIC). Ilika continues to interact closely with many of the global automotive
OEMs, with a view to sharing Goliath P1 prototypes for their evaluation in H1 CY
2024, as a precursor to large-scale manufacturing through licensing.

**Financial Highlights:**

The Company expects to announce revenue of £1.3m (H1 2023: £0.2m) as a result of
increased grant funding received during the Period through the HISTORY programme
and the newly announced SiSTEM grant. This positive income position is not expected
to be mirrored in the second half of the financial year due to phasing of the grant
activity. EBITDA loss, excluding share-based payments, of £1.9m (H1 2023: loss of
£4.1m) for the six months ended 31 October 2023, reflects the higher income and 
cost reduction resulting from the technology transfer of Stereax production to Cirtec.
Cash and cash equivalents at the period end were £13.2m (H1 2023: £18.6m). 

**Notice of Results:**

Ilika Plc expects to announce half-year results for the six months ended 31 October
2023 on Tuesday 23 January 2024.

**_Analyst Briefing_**

The management team will be hosting a hybrid analyst briefing on the day, 23 January
2024, at 9.30am. Analysts who wish to attend should contact Nick Rome at Walbrook
PR on +44(0)20 7933 8780 or email ilika@walbrookpr.com to register. 

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