Ilika Financial Results expected to show 50% increase in total revenue

Ilika (LON:IKA), a pioneer in solid-state battery technology, has provided a trading update for the six months ended 31 October 2019, in advance of a site visit for analysts and investors that will take place tomorrow, Thursday 5 December 2019. No new material information regarding current trading will be disclosed at the site visit. All attendees must register through Walbrook PR to reserve a space. 

Graeme Purdy, CEO of Ilika, said: “Ilika’s ability to act in an agile, speedy manner has been demonstrated by the short time it has taken us to design, outfit and commission our new facility for solid-state large format cells over the summer. Our continued commercial progress is a promising reflection of the large pipeline of opportunities we have for both miniature Stereax® and Goliath.”

Financial Highlights

Trading in the first half of the year has been in line with our expectations and the financial results are expected to show a 50% increase in total revenue for the period to £1.5m relative to the same period last year (H1 2018: £1.0m). This increase in revenue has translated into a reduced EBITDA Loss of £1m relative to the EBITDA Loss for the same period last year (H1 2019: £1.3m). Cash and cash equivalents at the period end were £1.9m (H1 2018: £5.8m) with further receipts of £0.7m banked post period end.

Operating Highlights

Ilika has continued to develop and commercialise its thin-film miniature Stereax solid state batteries for powering wireless sensors, as well as progressing its large format Goliath cells for electric vehicles (EV).

In April 2019, Ilika launched its Stereax® M50 mm-scale solid-state batteries designed for medical implants. This product brings a unique technology option for devices requiring miniature, biocompatible batteries with a zero risk of leakage and a long life-span. At the same time, Ilika optimised its photolithographic process to be able to offer customisable battery sizes and shapes. Applications include the monitoring of heart rhythm, blood pressure, glucose levels and also provision of neurostimulation.

The second significant addressable market for Stereax® batteries is industrial IoT, where the hostile operating environment requires a low maintenance wireless solution, possibly combined with elevated operating temperatures. Over the last six months, Ilika has continued to execute its demonstration deployments in wind turbines, rail networks and environmental pollution monitors. It has also further improved product robustness, including demonstrating a strong performance capability during rapid temperature change.

In September 2019, Ilika announced its third Goliath development alliance, code-named “Granite”, with Jaguar Land Rover and AGM Batteries, supported by grant funding from the UK Government’s Faraday Battery Challenge. The aim of this particular project is to develop cost-effective routes for scaling-up Ilika’s Goliath technology. This brings the total grant support available to Ilika for the development of Goliath to £5m.

In the same month, Ilika announced the opening of its new large format battery facility, the Goliath pre-pilot line. This facility underpins its portfolio of industrial collaboration programmes, including Granite, MoSESS (with McLaren and A123) and PowerDrive Line (with Honda and Ricardo).

Ilika’s activities in the sector were recognised with a Green Economy Classification from the London Stock Exchange in October 2019.

Ilika expects to announce half-year results for the six months ended 31 October 2019 on 23 January 2020.

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