Ilika (LON:IKA), a pioneer in solid-state battery technology, today announced its unaudited half yearly report for the six months ended 31 October 2019.
Ilika has continued to develop and commercialise its thin-film miniature solid-state batteries for powering wireless sensors, as well as progressing its development of large format Goliath cells for electric vehicles (EV).
· Launched the latest of the Company’s miniature batteries, the Stereax® M50 in April 2019, designed for medical implants
· Continued the commercialisation of its Stereax® batteries for industrial wireless sensors, which is the Company’s second significant addressable market opportunity and part of the industrial Internet of Things ecosystem
· Executed other demonstration deployments including wind turbines, rail networks and environmental pollution monitors and process control
· Third Goliath alliance, project “Granite”, launched in September 2019 and led by Jaguar Land Rover. This project is supported by grant funding from the UK Government’s Faraday Battery Challenge.
· Total grant support offered to Ilika for its Goliath programme to date is £5m
· In September 2019 the Company opened its new large format battery facility, the Goliath pilot line, to support its portfolio of industrial collaborations.
· Total revenue for the period £1.5m (H1 2018: £1.0m)
· Loss per share 1p (H1 2018: 1p per share)
· EBITDA loss £1.0m (H1 2018: £1.3m)
· Cash balance at period end £1.9m (H1 2018: £5.8m) with £0.7m banked post period end
Post period end:
· Awarded the Green Economy Classification by the London Stock Exchange, recognising its contribution to a more sustainable economy.
Commenting on the results Graeme Purdy, CEO of Ilika, said: “The first half of this financial year has seen us increase the utilisation of the production capacity of our Stereax® pilot line in response to commercial demand, positioning us for the scale-up of miniature battery production. In parallel, we have demonstrated our ability to act in an agile manner by rapidly completing our new pilot line for Goliath cells. We look forward to sustained momentum through the rest of this year and beyond.”