Business
Trading Update & Notice of Results
Trading Update & Notice of Results.
About this update from Ilika Plc
[{"type":"text","content":"\n\n \nIlika plc\n(\"Ilika\" or the \"Company\")\n \nTrading Update & Notice of Results\n \nAnalyst and Investor presentations\n \nIlika (AIM: IKA), a pioneer in solid-state battery technology, provides 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.\n \nTrading Update for FY23\nUnaudited 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).\n \nStereax Manufacturing Update\nFollowing 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.\n \nIlika 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.\n \nFurther 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.\n \nGoliath Progress Update\nProduct development ...