Business
Ilika Trading Update and Notice of Results
Ilika plc announced its full-year trading update for the period ending 30 April 2026, expecting revenues of approximately £1.1 million, including £100,000 from Stereax electrode sales, and an EBITDA loss of around £6.2 million, an increase from the previous year's £5.2 million loss. The company's cash reserves stood at £5.3 million, down from £8.0 million. Significant progress was made with the Stereax product line, securing its first revenue-generating purchase order from Cirtec Medical for electrodes, and the Goliath product line received automotive customer validation, secured £1.25 million in grant funding for A-Samples, commissioned an automated assembly line for 10Ah cells, and received positive feedback from a UK defence agency, alongside initiating a joint development programme with Brompton for e-bikes. Disclaimer*
About this update from Ilika Plc
21 May 2026 Ilika plc ('Ilika,' the 'Company,' or the 'Group') Ilika Trading Update and Notice of Results Ilika (AIM: IKA), the UK pioneer in solid-state battery technology, provides an update on trading as well as issuing its notice of full year results for the year ended 30 April 2026. Stereax Update - Delivering First Revenues Ilika continues to implement the ten-year manufacturing licence in place with Cirtec Medical LLC (Cirtec) to produce the Stereax range of miniature batteries at Cirtec's facility in Lowell, Massachusetts, US. Cirtec is an industry-leading strategic outsourcing partner of complex medical devices, including minimally invasive and active implantable devices. In August 2025, Ilika and Cirtec completed the manufacturing process qualification for Stereax batteries. This was followed by the dispatch of prototype batteries to customers in December 2025. Cathode manufacturing initially remains at Ilika's UK facility as a sub-contract service to Cirtec. In January 2026, Ilika secured its first revenue-generating purchase order from Cirtec for the supply of Stereax electrodes, marking the commercial transition of this strategic partnership. In March 2026, Ilika successfully delivered its initial batch of Stereax electrodes to Cirtec. Goliath Update - Broadening End Use Optionality At the beginning of the period, Ilika received automotive customer validation of its large format 2Ah P1 prototype batteries, confirming they "perform to specification, putting them in the cohort of leading solid-state batteries." In July 2025, Ilika announced it had secured £1.25m grant funding from the UK Government's DRIVE35 programme to produce Goliath A-Samples on industrial equipment, working with the UK Battery Industrialisation Centre (UKBIC) with steering support from Jaguar Land Rover and the University of Oxford. In October 2025, Ilika commissioned its automated assembly line for the manufacture of prototype 10Ah Goliath cells, which it started shipping at the end of 2025 to customers for evaluation. In March 2026, Ilika received positive feedback from a UK defence agency on safety tests of its batteries under battlefield conditions, highlighting the potential of the technology for use in high-risk, mission-critical environments where safety is paramount. The Ilika commercial team is building on this positi...