Ilika plc

Revenue was GBP 1.1 million, flat year over year. Within that, Stereax contributed its first GBP 100,000 of revenue from electrode sales. Grant income was GBP 1 million. EBITDA loss was GBP 6.2 million versus GBP 5.2 million last year, and loss per share was 4.02p versus 3.5p. Year-end cash was GBP 5.3 million, before the July cash raise. Looking ahead, management said Stereax revenue should build this financial year, grant income should continue, and commercialization progress on Goliath could bring early revenue through prototype sales, LOIs, and commercial agreements, though no quarterly sales guidance was provided.

Graeme Purdy emphasized that Ilika now has two solid-state battery product lines and is moving from pure R&D toward commercialization. He highlighted first revenue from Stereax, strong validation from partners like Cirtec, JLR/Agratas, Brompton, and a defense advisory agency, and said the company is using its latest funding to focus resources on the most promising near-term opportunities. His tone was upbeat and opportunistic, especially around turning the 10Ah Goliath prototype into a product for defense, e-bikes, and other non-automotive markets while still pursuing the EV roadmap.

Jason Robert Stewart said the financials reflected an inflection point, with GBP 100,000 of Stereax revenue starting to come through late in the year and expected to grow this financial year. He noted GBP 1 million of grant income continued, but EBITDA loss widened to GBP 6.2 million from GBP 5.2 million because of higher material consumption as Goliath moved from 2Ah to 10Ah cells and because Stereax development costs were no longer being capitalized once revenue began. He also pointed to year-end cash of GBP 5.3 million and said the July raise added support, but did not give detailed capital allocation figures beyond continued investment in formation and testing equipment.

Analysts asked about the status of Agratas, why the 50Ah cell was being de-emphasized, whether Ilika had input into the new factory design, and whether the company could give quarterly sales forecasts. Management said Agratas is already under a technology collaboration agreement with workshops and prototype deliveries, and that the 50Ah program was not abandoned but resources were being focused on commercializing the 10Ah product instead. On forecasting, Jason said the company could not provide quarterly sales figures because of market rules. Other questions focused on defense, tariffs, capacity, robotics, and China; management said defense may become a faster opportunity than expected, tariffs should have limited impact because of the Cirtec U.S. partnership, and IP protection remains a key concern in China.