Business
Pre-Close Trading Update
Strip Tinning Holdings plc reported a pre-close trading update for the year ended 31 December 2025, with an Adjusted EBITDA loss of £0.5m, better than market expectations, and revenue of £8.6m, in line with forecasts. Gross margins improved by 8.5% to 41.7% due to operational enhancements and improved sample order margins. The company's cash position strengthened to £617k from £512k, reflecting strict cash control. Key projects, including the Zoox Robotaxi battery pack system and two smart glass connector projects, are progressing towards serial production in Q2 and Q3 2026. The company also received £425k in R&D tax credits and has submitted its first claim for an £857k consortium grant with JLR. Disclaimer*
About this update from Strip Tinning Holdings Plc
[{"type":"text","content":"\n\n2 February 2026\nStrip Tinning Holdings plc\n(\"Strip Tinning\" or the \"Company\")\nPre-Close Trading Update\nStrip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems for battery modules and automotive glazing applications, is pleased to provide a pre-close trading update for the year ended 31 December 2025 (\"FY25\"). The figures set out in this statement are subject to audit.\nThe Board is pleased to confirm that FY25 Adjusted EBITDA loss was better than market expectations¹ at £0.5m and revenue was in line at £8.6m. The Adjusted EBITDA improvement was partly due to £0.2m of underlying Company performance and partly due to £0.2m of R&D Tax credits received in the year under the new RDEC scheme being shown as Other Revenue.\nManagement have continued to focus on operational improvements contributing, alongside the improved margin on sample and prototype orders during the year, to gross margins for FY25 improving by 8.5% to 41.7% (FY23: 33.2%). The cash position at the end of the year was £617k (FY24 £512k), which reflects the strong focus on strict cash control in line with the Company's current order book.\nAs previously reported, FY25 was a year focused on successfully launching the three major projects. The Company is pleased to report that the Cell Contacting system (CCS) for the battery pack in the Zoox Robotaxi project remains on track for serial production in early Q2 2026. The two smart glass PDLC roof connector projects are ramping up pre serial volumes with start of serial production in Q2 & Q3 2026.\nOn the major Battery project, the business has delivered half of the D-phase order and will complete the delivery of these by the end of February 2026 and is now expecting an order for Production Part Approval Process (PPAP)² parts. During a visit to the U.S. in January 2026 Strip Tinning management discussed the details of the project with senior members of the Zoox battery management team and were highly encouraged by their serial readiness for early Q2 2026.\nIn December the Company received the remaining amount for its 2022 R&D tax credit claim of £133k and received £292k in relation to its 2024 claim. \nThe Company is also pleased to note that the APC26 consortium grant project with JLR and others announced in July 2025 has delivered all the startup requirement...