Ilika PLC (AIM:IKA, OTCQX:ILIKF) reported initial orders ranging from medical implants to smart lenses and ongoing discussions with automotive manufacturers as it continued to develop miniature and large-scale versions of its solid-state battery technology.
Results for the six months to end-October showed the cash balance stood at £18.6mln, with minimal revenue of £0.2mln as the company builds up to commercial launches, as revealed in its trading update in November.
Underlying losses were smaller than expected at £4.1mln on an EBITDA basis, having been predicted to come in at £4.5mln compared to £2.7mln a year ago.
For the Stereax miniature solid-state batteries, where commercial demand remains strongest from the medical device sector, commercial release in the second quarter of the calendar year is planned.
In preparation, the period saw Stereax put through product qualification and optimisation of the manufacturing process yield.
Earlier this week, Ilika announced that manufacturing of Stereax will be from partner Cirtec Medical’s facilities in the US, which is expected to bring economies of scale and an ability to ramp up output quickly.
Ilika said it has secured 21 initial orders from 18 customers, including one from the aerospace industry, 11 for implanted medical devices, three for smart dental applications, two for smart lenses and four others.
Chief executive Graeme Purdy said the agreement with Cirtec is “an important milestone on the journey to implementing our chosen IP licensing model”.
For Goliath, the large format batteries designed to enable longer range vehicles with battery packs that last longer and can be recycled more easily, it reported an 80% increase in energy density of the prototype since the start of the financial year, which has gone through a series of scale-up studies, including manufacturing equipment trials backed by the government’s Automotive Transformation Fund.
As well as discussions over further grant support, the company said it was making progress with commercial projects, with continued interaction with automotive and consumer appliance original equipment manufacturers around the world.
The Goliath programme has reached the half-way point in matching lithium-ion equivalence by the end of the calendar year, said Purdy, “an important milestone on the way to the initial release of prototype cells to automotive partners for evaluation in 2024”.
He added: “we are engaging with partners to assist with product specification and scale-up. Our Goliath partnering activities will provide a platform from which we aim to secure both grant funding and commercial revenue.”
The appointment of Jason Stewart as chief financial officer post period end was also confirmed, as flagged in November.