Ilika plc (LON:IKA), a pioneer in solid-state battery technology, has announced 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 Stereax 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 1st 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.
