Nanoco Group plc (LSE:NANO) reported H1 FY26 revenue of £7.7m for the six months ended 31 January 2026, up 123% from £3.4m a year earlier, and delivered adjusted EBITDA of £5.1m and an adjusted operating profit of £4.1m (H1 FY25: loss £0.2m).
The uplift was driven largely by a no-fault licence settlement with LG Electronics for $5m received in January 2026; the group also settled litigation with Shoei. Reported cash at period end was £14.4m (31 July 2025: £14.0m).
Commercial progress centred on image-sensor partnerships. Nanoco (LSE:NANO) said it has met all milestones with its first Asian Chemical Customer and will move from R&D into scale-up in the coming months, while the second Asian Chemical Customer achieved positive JDA results and further discussions are underway. The group completed an Innovate UK grant to simplify PbS inks and continues exploratory work on SWIR and MWIR materials.
"The past six months have been constructive for Nanoco, with the JDA with our first Asian Chemical Customer continuing to progress and our focus remaining on developing and scaling the materials over the next couple of years. We are also in discussions regarding a potential extension to the JDA with the second Asian Chemical Customer.
Alongside this, we remain engaged with a number of other potential customers; while these discussions are at an early stage, they could over time contribute to additional revenues and a broader product portfolio.
We have also reduced our cost base significantly, preserving shareholder value while pursuing our organic prospects with our core operational capabilities and IP. We successfully negotiated a licence agreement with LG Electronics, receiving a lump sum payment in the year, and also settled the litigation with Shoei." Liam Gray, Interim Chief Executive Officer, said:
For FY26 the board expects full-year revenue of c. £11.3m and forecasts cash at 30 April of c. £10.4m (which includes a £3.2m payment for Shoei-related costs). Post-restructuring gross annual cash costs are expected to be c. £4.2m from 1 August.
