Ilika PLC (AIM:IKA, OTCQX:ILIKF), a leader in solid-state battery technology, is headed into the new fiscal year with a strong financial base.
In a trading update covering the 12 months ended April 30, the group said it exited the period with £11.9 million on the balance sheet. Earlier this month it announced plans to raise up to a further £3.4 million which will be invested in developing its Goliath technology.
During the year just gone, Ilika made substantial progress in transferring the manufacturing of its Stereax thin-film solid-state batteries to Cirtec Medical. These miniature batteries are designed to power medical devices and industrial wireless sensors in specialized environments.
Ilika also achieved significant milestones in developing its large-format Goliath cells for electric vehicles and cordless appliances. The company announced a partnership with Agratas, a Tata Group global battery business, joining its SiSTEM grant-funded scale-up project.
This collaboration aims to reach the D8 development milestone of a 50 ampere-hour (Ah) Goliath cell by the first half of 2025, which will support licensing opportunities and broader collaborations.
Financially, Ilika traded in line with expectations as it generated £2.1 million in revenues (up from £700,000 previously) and posted an underlying loss of £4.5 million (down from £7 million).
Results will be on July 11, and there will be an analyst briefing the same day starting at 9.30 am.