Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A) CEO, Graeme Purdy, talked with Proactive about the company’s latest commercial progress, including the first recognised revenue from its Stereax solid-state battery technology and growing interest in its Goliath battery platform. Purdy described the milestone as a major step in Ilika’s commercialisation journey, with commercial-grade cathode material now being shipped to manufacturing partner Cirtec for incorporation into batteries.
During the interview, Purdy explained that Ilika expects to build on the initial revenues achieved in the recently completed financial year, with “multiples of that coming through in the year that we've just started.” He also outlined strong momentum in the European electric vehicle market, noting that battery electric vehicle sales in the EU rose 32.5% year-on-year while UK EV adoption continued to grow at record levels.
The discussion also covered expanding applications for Ilika’s Goliath technology beyond electric vehicles, including opportunities in defence and e-bike markets through collaborations such as Brompton. Purdy highlighted the potential for early commercialisation of 10Ah prototype cells while development continues towards larger EV-relevant battery formats.
Ilika currently has evaluation agreements with 27 companies, with Purdy confirming these are already generating modest revenues through battery sampling programmes. He added that the company is targeting larger-scale manufacturing agreements over the next 12 months.
Watch the full interview for insights into Ilika’s commercial roadmap, battery technology strategy and upcoming milestones ahead of its FY2026 results in July.
Proactive: Graeme, very good to speak with you. You've just delivered your first commercial Stereax revenue, small but significant. What does crossing that threshold mean, and how quickly can those revenues scale?
Graeme Purdy: Stereax has crossed the Rubicon, as they say. We are launching commercial product now. There is demand for the commercial grade cathode or LCO that we use in Stereax batteries. We are shipping that to our partners at Cirtec, and they are incorporating those electrodes into the batteries that they're making.
So, it's a really significant point in the technology transfer and in the commercialisation journey. We expect we'll build on the initial revenue that we recognised in the financial year that's just finished, and we should see multiples of that coming through in the year that we've just started.
Proactive: Automotive validation, defence interest, Brompton e-bikes. You’re finding applications for Goliath fast, but of course EV is the big one. Take us through EV market dynamics please?
Graeme Purdy: The EV market dynamics have been really interesting over the last 12 months. The global picture is a bit mixed. Policy changes in the US and China have led to a slowdown in the rate of growth there. But here in Europe, EV sales have been absolutely going gangbusters.
In the EU, battery electric vehicle sales jumped 32.5% year-on-year, capturing just over 19% market share. Here in the UK, we saw another record year where we've got sustained growth of EV sales. So plenty to get excited about in terms of our Goliath roadmap and its delivery into the EV market.
Proactive: Can you talk to us about that roadmap, Graeme?
Graeme Purdy: What we've seen, in terms of an early intercept of that roadmap, is interest in non-EV sectors. You'll have seen some of the news flow around our collaboration with Brompton and also feedback from some of the defence sector relevant safety testing that was carried out.
These are opportunities where we should have an early MVP, minimum viable product, at the 10Ah level while we continue on our roadmap to larger capacity EV-relevant pouch cells towards the 50Ah level that we've talked about previously. There are early commercialisation opportunities in these non-EV markets and that'll be a theme that we'll talk about again, I'm sure.
Proactive: You have valuation agreements with 27 companies. What needs to happen to convert those into purchase orders and what's a realistic timeline?
Graeme Purdy: They are converting into purchase orders right now because when these companies evaluate our batteries, they typically pay for them as part of that process. That does generate modest levels of revenue from the word go.
But ultimately, we are looking to convert those sampling agreements into larger-scale manufacturing agreements. Over the next 12 months, we expect to see progress on that front.
Proactive: So, cash at the end of the period, £5.3 million. How far does that take you?
Graeme Purdy: At our current level of activity, we expect that will sustain our continued investment in product development for a further 12 months. So our balance sheet remains robust at the end of the previous financial year.
Proactive: Graeme, your full-year 2026 results due out in July. What other milestones should your investors be watching out for?
Graeme Purdy: Following on from that, we will be talking about how we transition Stereax from some of the electrode revenue-generating activities at the moment through to the commencement of royalties coming via Cirtec.
Then on the Goliath front, this whole story about an early MVP and commercialisation of the 10Ah prototypes that we've already got in the bag, I think, will excite investors.
Proactive: I hope you continue to keep us updated with your progress. Thank you so much for your time today, Graeme.