Ilika shares tumble after half-year report
By Josh White
Date: Thursday 23 Jan 2020
(Sharecast News) - Solid state battery technology company Ilika reported an improvement in total revenue for its first half on Thursday, to £1.5m, up from £1.0m year-on-year.
The AIM-traded firm said its losses per share remained stable at 1p, while its EBITDA loss for the six months ended 31 October narrowed to £1m from £1.3m.
Its cash balance at period end totalled £1.9m, down from £5.8m, with £0.7m banked since the period ended.
On the operational front, Ilika said it had 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).
It noted that it launched the latest of its miniature batteries, the 'Stereax M50' in April, designed for medical implants.
The company also continued the commercialisation of its 'Stereax' batteries for industrial wireless sensors, which is its second significant addressable market opportunity and part of the industrial 'internet of things' (IoT) ecosystem.
Ilika said it executed other demonstration deployments including wind turbines, rail networks and environmental pollution monitors and process control during the half-year, and launched its third Goliath alliance, dubbed 'project Granite', in September.
That allisance was being led by Jaguar Land Rover, with the project being supported by grant funding from the UK government's Faraday Battery Challenge.
Total grant support offered to Ilika for its Goliath programme to date was £5m.
In September, the company opened its new large-format battery facility, the Goliath pilot line, to support its portfolio of industrial collaborations.
Since the period ended, Ilika noted that it was awarded the Green Economy Classification by the London Stock Exchange, recognising its contribution to a more sustainable economy.
"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."
At 1611 GMT, shares in Ilika were down 17.47% at 36.72p.
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