Ilika trading in line with expectations, with expected revenues of approx. £0.8m

Ilika plc (LON:IKA), a pioneer in solid-state battery technology, has provided an update on trading, Stereax® manufacturing, and Goliath product development, as well as issuing its notice of full year results for the year ended 30 April 2023.

Trading Update for FY23

Unaudited trading for the year ended 30 April 2023 has been in line with management expectations. The Company expects to announce revenues of approximately £0.8m (2022: £0.5m), and an EBITDA loss excluding share-based payments of approximately  £7.0m (2022: EBITDA loss of £6.4m). Cash and cash equivalents at the period end were £15.8m (30 April 2022: £23.4m).

Stereax  Manufacturing Update

Following initial process qualification at its Stereax manufacturing facility in the UK, Ilika has been improving process yield and qualifying initial product batches. This enabled Ilika to release its first customer shipment of Stereax M50 cells in April 2023. The M50 cells can be used individually, but they are also the building blocks for Ilika’s M300 batteries, which are made from six M50 cells connected in parallel. Ilika shipped its first batch of M300 batteries to customers earlier this month.

Ilika has 23 commercial orders from 20 customers, with miniature medical devices making up the majority of the demand. The applications cover 11 active implantable medical devices, three smart dental devices, two smart lenses, one for aerospace and three others.

Further to Ilika’s announcement in January 2023, Ilika and Cirtec Medical LLC (‘Cirtec’), a strategic outsourcing partner of complex medical devices including minimally invasive and active implantable devices, are currently finalising the terms of their intended partnership. Ilika and Cirtec have signed a memorandum of understanding (‘MOU’) which outlines the transfer of Stereax® mm-scale battery manufacturing to Cirtec’s facility in Lowell, Massachusetts, U.S. Following the transfer, Ilika will focus on advanced technology development and IP licensing in support of Cirtec’s manufacturing and commercialisation activities.

Goliath Progress Update

Product development of Goliath, Ilika’s large format battery for electric vehicles and consumer appliances, has continued to progress to schedule. Building on the significant improvement achieved in energy density (providing the potential for lighter weight battery packs) in the first half of the year, Ilika has focussed on increasing cycle life.

In parallel, Ilika has continued carrying out scale-up studies with partners to ensure its process is as compatible as possible with existing Gigafactory assets. In particular, Ilika has completed an equipment design study with Comau, an economic feasibility study with the UK Battery Industrialisation Centre (UKBIC) and is currently executing a series of trials on production-ready equipment. 

Ilika continues to explore opportunities for closer collaboration with strategic partners interested in aligning their product roadmaps with Goliath. In February 2023, Ilika commenced leading a 24-month £8.2 million Faraday Battery Challenge collaboration programme to integrate high silicon content electrodes into its Goliath solid-state batteries to enable automotive level performance. The programme is supported by BMW and Williams Advanced Engineering.

Notice of Results

Ilika expects to announce its audited full year results for the year ended 30 April 2023 on Thursday 13 July 2023. 

Analyst Briefing

The management team will be hosting an in-person analyst briefing on the day, Thursday 13 July 2023, at 9.30am. Analysts who wish to attend should contact Lianne Applegarth at Walbrook PR on +44(0)20 7933 8780 or email ilika@walbrookpr.com to register.

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