Ilika losses narrow in year of progress

16th May 2024 16:46

(Sharecast News) - Solid-state battery technology developer Ilika reported full-year growth in a trading update on Thursday, alongside significant advancements in its 'Stereax' manufacturing and 'Goliath' product development.

The AIM-traded firm said that for the year ended 30 April, its unaudited revenue reached around £2.1m, up from £0.7m in the 2023 financial year.

It recorded an EBITDA loss, excluding share-based payments, of around £4.5m, narrowing from £7m a year earlier.

As of 30 April, Ilika held £11.9m in cash and cash equivalents, compared to £15.8m at the end of April 2023.

On the operational front, Ilika said it had made substantial progress in transferring the manufacturing of its thin-film Stereax miniature solid-state batteries (SSBs) to Cirtec Medical.

The batteries are designed for use in medical devices and industrial wireless sensors in specialised environments.

Additionally, Ilika said it achieved significant milestones in the development of its large-format Goliath cells, intended for electric vehicles (EVs) and cordless appliances.

The company recently announced a partnership with Agratas, a Tata Group global battery business, as part of its 'SiSTEM; grant-funded scale-up activities.

In collaboration with Agratas, Ilika had entered into a 12-month agreement to facilitate interactions supporting the company's development milestone of D8 - 50Ah, chemistry frozen - by the first half of 2025.

That milestone would be crucial for licensing opportunities and exploring broader collaboration possibilities.

On 10 May, Ilika announced a capital raising through a conditional placing of new shares, raising gross proceeds of £1.7m.

An open offer for new shares aimed to raise an additional £1.7m, providing further support for the development of its Goliath solid-state battery, the board explained.

Ilika said it expected to announce its audited full-year results for the 12 months ended 30 April on 11 July.

At 1626 BST, Ilika shares were down 2.63% at 27.75p.

Reporting by Josh White for Sharecast.com.