Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the solid-state battery developer, has reported its first commercial revenue from its miniature Stereax battery range as it provided a trading update.
The company secured its first revenue-generating purchase order in January from Cirtec Medical, its US manufacturing partner, for the supply of Stereax electrodes, and successfully delivered the initial batch in March.
Cirtec, a specialist outsourcing partner for complex medical devices, holds a ten-year manufacturing licence to produce the Stereax range at its facility in Lowell, Massachusetts, with cathode manufacturing initially remaining at Ilika's UK site.
Manufacturing process qualification for Stereax batteries was completed in August 2025, followed by the dispatch of prototype batteries to customers in December.
On the larger-format Goliath battery, Ilika has broadened its target markets beyond automotive into defence and consumer applications.
In March, the company received positive feedback from a UK defence agency on safety tests of its batteries under battlefield conditions, prompting engagement with a portfolio of defence companies supplying European forces.
The following month, Ilika announced a joint development programme with Brompton, the folding bicycle manufacturer, to integrate its 10Ah Goliath prototypes into next-generation e-bike battery packs.
An automotive customer validated Ilika's 2Ah P1 prototype batteries at the start of the period, confirming they perform to specification and sit within the leading cohort of solid-state batteries globally.
The company has a pipeline of evaluation agreements with 27 companies across automotive, defence and consumer sectors.
For the year ended 30 April, Ilika expects to report revenues of around £1.1 million for the full year, including £100,000 of commercial revenue from Stereax electrode sales, unchanged from the prior year.
The EBITDA loss excluding share-based payments widened to approximately £6.2 million from £5.2 million, while cash and cash equivalents fell to £5.3 million from £8 million a year earlier.