Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A) flagged that it is now a revenue-generating business, with initial royalties from its miniature solid-state batteries expected to flow in the 2027 financial year as it moves from development towards commercial production.
In the battery developer's results for the year to April 2026, it noted that production of Stereax batteries has already begun with US manufacturing partner Cirtec Medical, supplying samples for customer testing and making initial deliveries.
For the past year, total income was unchanged at £1.1 million, while the adjusted EBITDA loss widened to £6.2 million from £5.2 million amidst the ramp-up to production. Cash and longer-term deposits fell to £5.3 million from £8.0 million.
Ilika raised £5 million after the year-end to accelerate both battery programmes. It aims to validate Goliath prototypes for high-margin non-automotive markets and generate initial battery sales during the current year.
Chief executive Graeme Purdy said Stereax had "transitioned to a revenue-generating commercial business", with potential uses in neurostimulation, smart orthopaedics, orthodontics and biometric sensors.
Ilika is working with 16 prospective Stereax customers and expects to recognise product revenue under its licensing agreement with Cirtec. Initial royalties are anticipated as M300 batteries enter customer testing programmes.
The company also advanced its larger Goliath battery technology, shipping 10 ampere-hour prototypes for evaluation and receiving positive safety-testing feedback from a UK defence agency.
Its pipeline of evaluation agreements expanded 19% to 33 companies, including electric vehicle manufacturers, suppliers and businesses in the defence and consumer-appliance sectors.
Ilika said the Goliath cells could reduce the cost of an electric vehicle by an estimated £2,500 and cut battery weight by 20%. However, cooling electric vehicle sales in the US and China have prompted it to pursue earlier commercial opportunities in defence and e-bikes, including a collaboration with Brompton Bicycle.
