Ilika said trading for the year ended 30 April 2023 had been in line with management expectations, while final terms are being discussed over its partnership with Cirtec.
Revenue for the twelve months will be approximately £0.8mln (2022: £0.5m), with an underlying (EBITDA) loss of £7mln (2022: EBITDA loss of £6.4m).
Cash and cash equivalents at the period end were £15.8m (30 April 2022: £23.4m).
By product, Ilika said its Stereax miniature solid-state batteries now have 23 commercial orders from 20 customers covering eleven implantable medical devices among others.
Its larger format battery, Goliath, meanwhile is undergoing scaling-up tests for use in EV gigafactories and to improve the life cycle.
Goliath targeting li-ion energy density parity by the end of 2023 ahead of implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and supercar models.
Liberum has a price target of 60p and a "buy" recommendation, adding that it had also been a good start to 2023, especially for Stereax.
Shares eased 2.3% to 42.5p.