Ilika annual loss widens as grant income falls despite higher revenue

(Alliance News) - Ilika PLC on Thursday reported a widened pretax loss and a sharp drop in grant income for its latest financial year, despite a modest rise in revenue and progress across its two battery product lines.

The Romsey, England-based solid-state battery technology company said its pretax loss for the year ended April 30 widened to GBP7.2 million from GBP5.8 million the year before.

Total income fell to GBP1.1 million from GBP2.6 million, with grant income more than halving to GBP979,400 from GBP2.1 million. Revenue rose to GBP73,500 from GBP20,100.

Ilika said it continued developing its Stereax batteries for miniature medical devices and its Goliath batteries for electric vehicles and consumer appliances. In the year, it transferred manufacturing of Stereax cells to its US partner Cirtec Medical, and released its first-generation Goliath prototypes to customers.

Chief Executive Officer Graeme Purdy said: "Ilika has achieved a significant number of important technical and commercial milestones over the past twelve months." He cited growing demand in the medical sector and strong interest from automotive customers.

Operating loss widened to GBP7.6 million from GBP6.2 million, while cash and equivalents fell to GBP8.0 million from GBP11.9 million.

Looking ahead, Ilika expects to begin recognising Stereax product revenue in calendar 2025 and to complete the next phase of Goliath prototype development, targeting licensing opportunities by year-end.

Post year-end, Ilika raised GBP4.2 million in new funds and was awarded a GBP1.25 million grant from the DRIVE35 programme.

Shares in Ilika closed up 1.7% at 45.26 pence in London on Thursday.

By Eva Castanedo, Alliance News reporter

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