Ilika plc (LON:IKA), an independent global expert 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 2024.
Trading Update for FY24
Unaudited trading for the year ended 30 April 2024 has been in line with management expectations. The Company expects to announce revenues of approximately £2.1m (2023: £0.7m), and an EBITDA loss excluding share-based payments of around £4.5m (2023: EBITDA loss of £7m). Cash and cash equivalents at the period end were £11.9m (30 April 2023: £15.8m).
Operational Update
During the Period, significant progress was made with transferring manufacturing to Cirtec Medical LLC under the licence of Ilika’s thin-film Stereax miniature solid-state batteries for powering medical devices and industrial wireless sensors in specialist environments.
In addition, the Company achieved significant milestones in developing its large-format Goliath cells for electric vehicles and cordless appliances. Recently the Company also announced that Agratas, a Tata Group global battery business, has joined its SiSTEM grant funded scale up activity.
In parallel to joining the SiSTEM project, Ilika and Agratas have entered into a 12-month agreement that will facilitate interactions between the companies to support Ilika’s journey to its D8 (50Ah, chemistry frozen) development milestone in H1 2025 – which will underpin licencing opportunities, alongside exploring wider collaboration opportunities between the two parties.
On 10 May 2024, Ilika also announced a capital raising activity comprising of a conditional placing of new ordinary shares, raising gross proceeds of £1.7m, and an open offer for new ordinary shares, with the intention to raise up to an additional £1.7m, to provide additional support for the development of its Goliath solid-state battery.
Notice of Results
The Company expects to announce its audited full year results for the year ended 30 April 2024 on Thursday 11 July 2024.
Analyst Briefing
The management team will be hosting an in-person analyst briefing on the day, Thursday 11 July 2024, at 9.30am. Analysts who wish to attend should contact Nick Rome at Walbrook PR on +44(0)20 7933 8780 or email [email protected] to register.
