Ilika’s unaudited trading results for the year ended 30 April 2024 have aligned with management expectations. The Company anticipates reporting revenues of approximately £2.1 million (2023: £0.7 million), with an EBITDA loss excluding share-based payments of around £4.5 million (2023: EBITDA loss of £7 million). Cash and cash equivalents at the period’s end were £11.9 million (30 April 2023: £15.8 million).
During the period, significant progress was made in transferring manufacturing to Cirtec Medical LLC under the licence of Ilika’s thin-film Stereax miniature solid-state batteries, designed to power medical devices and industrial wireless sensors in specialist environments.
Additionally, the Company reached important milestones in developing its large-format Goliath cells for electric vehicles and cordless appliances. Recently, Ilika announced that Agratas, a Tata Group global battery business, has joined its SiSTEM grant-funded scale-up activity.
Alongside joining the SiSTEM project, Ilika and Agratas have entered into a 12-month agreement to facilitate interactions between the companies. This will support Ilika’s journey to its D8 (50Ah, chemistry frozen) development milestone in H1 2025, underpinning licensing opportunities and exploring broader collaboration prospects between the two parties.
On 10 May 2024, Ilika also announced a capital-raising initiative comprising a conditional placing of new ordinary shares, raising gross proceeds of £1.7 million, and an open offer for new ordinary shares, with the intention of raising up to an additional £1.7 million to support the development of its Goliath solid-state battery further.
The Company plans to announce its audited full year results for the year ended 30 April 2024 on Thursday, 11 July 2024.
The management team will host an in-person analyst briefing on Thursday, 11 July 2024, at 9:30 am. Analysts wishing to attend should contact Nick Rome at Walbrook PR on +44(0)20 7933 8780 or email ilika@walbrookpr.com to register.
