Ilika plc (LSE:IKA) reported its half-year results, highlighting the achievement of several important technical and commercial milestones across both its Stereax and Goliath solid-state battery programmes, despite lower revenues and a wider EBITDA loss over the period.
Within the Stereax programme, the company completed process qualification and began production at Cirtec Medical’s manufacturing facility in the United States. Ilika also started delivering M300 prototype samples, secured an initial revenue-generating purchase order for Stereax electrodes, and continued active discussions with 21 customers spanning medical and industrial applications. These steps mark tangible progress as Stereax moves closer to scaled commercial deployment.
Progress was also reported on the Goliath programme. Ilika’s 2Ah solid-state prototypes were validated by a customer as being among the leading solutions currently available, while the company commissioned its new 1.5MWh pilot line. In addition, the first 10Ah Goliath prototypes were shipped to customers for evaluation, with management highlighting their potential for significant cost and weight reductions per electric vehicle. This expanded the Goliath evaluation pipeline to 27 customers across the automotive, appliance and defence sectors.
From a financial perspective, Ilika recorded £0.6m in revenue, entirely from grant income, and an EBITDA loss of £3.2m. The group ended the period with £6.9m in cash following a £4.2m fundraising. Management noted that existing DRIVE35 grant funding is expected to be fully utilised in early 2026, while future grant support may be less predictable—an area investors are likely to monitor as the company advances toward full commercialisation and potential gigafactory-scale adoption.
Overall, Ilika’s outlook continues to be shaped by financial pressures and bearish technical signals. However, ongoing strategic progress in solid-state battery technology and deepening engagement with industry partners underpin longer-term growth potential. While valuation remains constrained by negative earnings, recent corporate developments point to the possibility of meaningful improvement over time.
More about Ilika plc
Ilika plc is a UK-based developer and commercialiser of solid-state battery technology, specialising in ceramic-based lithium-ion designs that offer enhanced safety, thermal stability and recyclability compared with conventional batteries. The company focuses on two core product families: Stereax miniature solid-state batteries for medical implants, industrial wireless sensors and specialist IoT uses, and larger-format Goliath cells aimed at electric vehicles and cordless appliances. Its business model centres on intellectual property development, pilot-scale manufacturing and licensing into high-performance markets.
Leave a Reply