Ilika (IKA)

Sector:

Electronic and Electrical Equipment

Index:

FTSE AIM All-Share

27.00p
   
  • Change Today:
    -0.80p
  • 52 Week High: 48.94p
  • 52 Week Low: 24.50p
  • Currency: UK Pounds
  • Shares Issued: 167.30m
  • Volume: 85,855
  • Market Cap: 45.17m

Ilika flags development delays as full-year losses widen

By Josh White

Date: Wednesday 11 May 2022

LONDON (ShareCast) - (Sharecast News) - Solid state battery technology company Ilika said in an update on Wednesday that trading for the financial year just ended was in line with management expectations.

The AIM-traded firm said it expected to announce revenues of about £0.5m for the 12 months ended 30 April, down from £2.3m, and an EBITDA loss of £7m, widening from £2.3m.

Cash and cash equivalents at the end of the year totalled £23.4m, up from £9.7m.

On the operational front, Ilika said further to the official opening of its manufacturing facility for Stereax miniature solid-state batteries for industrial wireless sensors and medical implants in December, it had been progressing facility process qualification to the point where it was now "substantially" complete.

As it said in January, product qualification had started, which involved producing initial batches of batteries and testing them against specification.

"Whilst a series of process optimisation cycles have been carried out to date, it is taking longer than previously anticipated to ensure that product batches reproducibly meet specification," the board said in its statement.

"In terms of an update on Ilika's pipeline, the demand from potential customers is now weighted predominantly towards miniature medical device applications.

"The demand for such applications starts with device prototyping, followed by pre-clinical and clinical trials before regulatory approval and mass market roll-out, which has a longer regulatory approval cycle than industrial sensors. Ilika will match production volumes to customer demand."

Ilika said the shift in the weighting of customer demand towards medical device applications, combined with the expectation of optimisation cycles continuing into the second half of the new financial year, meant it now expected commercial sales to start at the end of that period, later than originally anticipated.

A number of the potential applications for Stereax exceeded the capacity of Ilika's facility, which the board said provided longer-term opportunities for partnering and licensing.

Product development of the company's large-format battery for electric vehicles and customer appliances, Goliath, had meanwhile continued to progress to schedule, with significant improvements achieved in energy and power density.

"Ilika continues to explore opportunities for closer collaboration with strategic partners interested in aligning their product roadmaps with Goliath," the board said.

Ilika said it would announce its results for the year ended 30 April on 13 July.

At 1238 BST, shares in Ilika were down 25.26% at 71p.

Reporting by Josh White at Sharecast.com.

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Ilika Market Data

Currency UK Pounds
Share Price 27.00p
Change Today -0.80p
% Change -2.88 %
52 Week High 48.94p
52 Week Low 24.50p
Volume 85,855
Shares Issued 167.30m
Market Cap 45.17m

Ilika Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
34.91% below the market average34.91% below the market average34.91% below the market average34.91% below the market average34.91% below the market average
66.67% above the sector average66.67% above the sector average66.67% above the sector average66.67% above the sector average66.67% above the sector average
Price Trend
72.08% below the market average72.08% below the market average72.08% below the market average72.08% below the market average72.08% below the market average
68.42% below the sector average68.42% below the sector average68.42% below the sector average68.42% below the sector average68.42% below the sector average
Income Not Available
Growth
60.09% above the market average60.09% above the market average60.09% above the market average60.09% above the market average60.09% above the market average
69.70% above the sector average69.70% above the sector average69.70% above the sector average69.70% above the sector average69.70% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Ilika Dividends

No dividends found

Trades for 19-Jul-2024

Time Volume / Share Price
13:01 351 @ 26.90p
10:40 50,000 @ 27.00p
11:31 45 @ 26.40p
11:25 3,827 @ 26.40p
11:01 3 @ 26.00p

Ilika Key Personnel

CEO Graeme Purdy
Chair Keith Jackson

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