Ilika (AIM:IKA) reported total income of £1.1 million for the year ended 30 April, unchanged from the prior year, as its Stereax miniature battery line moved into commercial production.
The solid state battery developer, which supplies Stereax batteries for medical devices and larger Goliath cells for electric vehicles, defence and consumer appliances, widened its adjusted EBITDA loss to £6.2 million from £5.2 million, with loss per share rising to 4.02p from 3.54p.
Cash, cash equivalents and longer-term bank deposits fell to £5.3 million from £8.0 million, though the company raised £5 million before costs after the period end to fund both product lines.
During the year Ilika began production of Stereax batteries with US partner Cirtec Medical, delivering prototype samples and commercial-grade electrodes, and received customer validation of its 10Ah Goliath prototypes in the defence sector.
"Stereax continues to be a compelling proposition for powering applications including neurostimulation, smart orthopaedics, orthodontics, and biometric sensors," chief executive Graeme Purdy said, adding that EV market volatility had prompted inbound interest in Goliath prototypes from e-bike and defence applications.
The company's evaluation pipeline grew 19% to 33 companies during the period, including EV manufacturers, Tier 1 suppliers, and consumer appliance and defence firms.
For the year ahead, Ilika expects to increase recognition of Stereax revenues through its licensing agreement with Cirtec, realise initial royalty payments as M300 batteries reach customer testing programmes, and generate early revenue from non-EV battery sales.
News Intelligence what this means for the company
Ilika held flat revenues at £1.1 million while widening adjusted losses to £6.2 million, but marked a transition point: Stereax moved into commercial production with US partner Cirtec, delivering prototype samples and commercial-grade electrodes, and the company flagged its first revenue-generating orders from that partnership. Cash fell to £5.3 million from £8.0 million, though the company closed a £5 million fundraising in July 2026 to fund both product lines. The evaluation pipeline grew 19% to 33 companies, signalling broadening customer interest beyond EVs into e-bikes and defence.
- Cirtec Medical's role as manufacturing partner is now revenue-bearing: Ilika expects to recognise Stereax revenues through its licensing agreement and realise initial royalty payments as M300 batteries reach customer testing, making execution risk on that partnership material to near-term cash generation.
The shift from prototype to commercial production with Cirtec and the first revenue orders represent progress toward cash generation, but widening losses and a cash burn rate (£2.7 million in the year) that would exhaust the post-fundraise £10 million liquidity within 3–4 years underscore that Ilika remains pre-revenue at scale and dependent on near-term licensing and royalty traction to extend runway.
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