# Ilika trading update & notice of results

- Link: https://www.directorstalkinterviews.com/ilika-trading-update-notice-of-results/4121064112
- Published: 2022-05-11T07:26:21+01:00
- Author: Giles

**[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 updates on trading, Stereax® manufacturing,
and Goliath product development, as well as notice of its full year results for 
the year ended 30 April 2022.

**Trading Update for FY22**

Trading for the year ended 30 April 2022 has been in line with management expectations.
The Company expects to announce revenues of approximately £0.5m (2021: £2.3m), and
an EBITDA loss of around £7.0m (2021: EBITDA loss of £2.3m). Cash and cash equivalents
at the period end were £23.4m (30 April 2021: £9.7m).

**Stereax Manufacturing Update and Trading Update for FY23**

Further to the official opening in December 2021 of its manufacturing facility for
Stereax miniature solid-state batteries for industrial wireless sensors and medical
implants, Ilika has been progressing facility process qualification to the point
where it is now substantially complete. As indicated in the Company’s Interim Results
on 20 January 2022, product qualification has commenced, which involves production
of initial batches of batteries and testing them against specification. Whilst a
series of process optimisation cycles have been carried out to date, it is taking
longer than previously anticipated to ensure that product batches reproducibly meet
specification.

In terms of an update on Ilika’s pipeline, the demand from potential customers is
now weighted predominantly towards miniature medical device applications. The demand
for such applications starts with device prototyping, followed by pre-clinical and
clinical trials before regulatory approval and mass market roll-out, which has a
longer regulatory approval cycle than industrial sensors. Ilika will match production
volumes to customer demand.

The shift in the weighting of customer demand towards medical device applications
combined with the expectation of optimisation cycles continuing into H2 FY23, means
the Company now expects commercial sales to commence at the end of that period, 
later than originally anticipated. A number of the potential applications for Stereax
exceed the capacity of Ilika’s facility, which provides longer term opportunities
for partnering and licensing.

**Goliath Progress Update**

Product development of Goliath, Ilika’s large format battery for electric vehicles
and customer appliances, has continued to progress to schedule, with significant
improvements achieved in energy density (providing the potential for lighter weight
battery packs) and power density (key for rapid charging). Ilika continues to explore
opportunities for closer collaboration with strategic partners interested in aligning
their product roadmaps with Goliath.

**Notice of Results**

Ilika plc (LON IKA) expects to announce its full year results for the year ended
30 April 2022 on Wednesday 13 July 2022.**_ _**

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