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Once the generic P2 A sample cells are sent to customers and feedback has been received, commercialisation agreements would be expected to lead to custom version B samples more specific to individual customer requirements, for certain specific vehicle platforms, for example. This would also lead to commercial revenue for Ilika, not meaningfully included in our forecasts (mainly due to the uncertainty of timing). We would then work with them to scale up on B samples as you need a good idea of the vehicle platform that the cells will be integrated into.

The involvement of UKBIC is an important advantage for Ilika, as UKBIC’s 2GWh facility is large enough to manufacture at a scale to support B samples. This is important as it will underpin confidence that the manufacturing process can be transferred for OEMs.

It is expected that the forthcoming P2 prototype will form the basis of Ilika’s Minimum Viable Product (MVP) for the automotive EV sector, as well as some consumer electronics applications. Delivery of P2 prototypes will enable the Ilika to commence discussions with customers to secure strategic partnerships and licence agreements, perhaps even strategic investment ahead of significantly ramping up the scale of Goliath commercialisation.

Goliath - Expansion of pipeline of evaluation agreements by 29%, from 21 to 27 companies, including EV original equipment manufacturers (OEMs) and Tier 1 suppliers globally, as well as an increasing number of consumer appliance and defence companies.

Stereax - We are confident we can secure larger follow on orders for the Steareax M300 batteries from a number of the 21 customers who are currently evaluating the product for their applications.

Today saw 709,000 shares traded which is the biggest volume of Ilika shares traded since 10th October. Looks like a classic Bullish descending triangle with a major breakout coming.

Whilst it might not seem obvious, we are making progress with the share price. Unlike previous trading updates which were followed by a sharp sell off, the price this time has remained steady. I think the vast majority of private investors are holding or holding and adding. The current share price remains extremely attractive for adding shares and I intend to keep adding at these levels.

We are now in the territory of each TU bringing good news without worries. I also think we will see some unexpected RNS this year leading to jumps in share prices. There is so much progress being made that Itaconix will not stay under the radar for much longer.

Morbox - well tomorrow is the ideal opportunity to ask the question at the Investormeetcompany event. I’ve already submitted my questions but fundraising isn’t one of my concerns so I haven’t asked about the possibility of that.

Https://www.proactiveinvestors.co.uk/companies/news/1085973/ilika-ceo-hails-first-purchase-order-for-stereax-electrodes-from-cirtec-medical.html

Why would they need to raise funds? Stereax is now commercialised and bringing in revenues. Goliath has all the funding it needs to get it to licensing stage and if it did need any more it could easily get a government grant.

Today’s announcement is validation of Ilika’s technology base and clearly the early feedback from 21 customers has been favourable on Stereax. This is a massive business in its own right. The timing of the trade shows in USA is also perfect. Onwards and upwards.

Elsol I think it’s just the overall market selling off due to jitters about Greenland. There is the potential for this to escalate as for once the Europeans are saying enough!

None of this materially affects Itaconix and I for one will add more shares if the price drops lower.

Hi AJP, it catches the eye doesn’t it! I don’t think it was a sell or a buy as either would have had a huge impact on today’s price. Therefore presume shares being moved around. Still it is good to see greatly increased volume, a sure sign that interest is ramping up.

Hi Marcus, my tip would be to keep a note of the support and resistance levels. During the previous 9 months there has been solid support at £1.00 and resistance around £1.35. So that is actually a 35% opportunity if you timed your trades perfectly.

I would like to think that this year the support and resistance level move upwards in line with the progress being realised. Historically the next resistance zone is around £1.70 with support around £1.40 but moving forward that may change.

I think the share price would be flying up today if it weren’t for the general market worry about tariffs but I’m ignoring that as it has never impacted on Itaconix in the past. Thankfully Itaconix are not in any of the sectors that the Europeans target in tit-for-tat retaliations, if it were to come to that. In fact, the company saw some significant benefits in North American trade during the previous round of tariff games.

Managed to grab another 2,000 shares on the opening bell. Fridays non-exec director buy gives me great confidence that now is the time to add before the share price shoots up.

Directors always know when to buy!!

Very pleased to see this as the markets always track Director buys 💰💰💰

Kat agree with your positive settlements but my target price is in the 3 figures.

If Stereax roll out goes well (which I am sure it will with Cirtec) that alone takes it £1 by year end.

If Goliath licenses are signed that takes it over £2 by year end.

All in my opinion of course.

Hi Marcus, given the pattern you describe why don’t you do what I do which is to keep a decent core holding whilst adding/selling as the share price fluctuates. The current share price baffles me which is why I keep asking are we missing something in terms of the share structure? The company is clearly flourishing and I believe it will turn profitable during the next 12 months. The broker's target price or 325p seems logically calculated to me. I am 90% certain that if I sell out I will regret it in the future. But I have given up trying to predict when it will hopefully take off. Given today’s price action I wouldn’t be surprise if it drifts back to £1 next week. If that happens I will add more.

Agree AJP which is why I did a little 1000 share top up this morning. In his interview John mentioned they had been financially frugal (words to that effect).

I also wonder if news will start to get out about how under-priced this company is. Just seen a chunky buy go in this morning.

I’ve added another 1000 shares this morning at 116.5p as I had planned to add more before the TU which came earlier than I expected (AJP called it right). Hoping that those who wanted to sell out are gone now along with the day traders so maybe we see a rebound?

I have to hold my hands up and say that I was wrong as I thought this RNS would be the one to see a re-rating. It’s a 6 month wait to the next TU on revenue (H1 / 2026) and I’m not sure that one will do it either. I now think if we are reliant on trading updates to drive the share price it will be January 2027 when they announce their first break even / start of profitability. Seems we always say another 12 months lol. But this is a speculative investment and speculative investments should never form the bedrock of your portfolio. I love speculative investments and the ones I have given up on have usually rocketed within 12-24 months so I’m not ready to give up yet.

Good luck to Monte, sorry to loose any long term investor.

Truth is, I don’t think anyone on this forum understands why the share price is so low. In fairness to the company they have delivered (actually exceeded) what they promised last year. Business is booming as the revenue demonstrates, and they have created and cornered a specific sector of the speciality ingredients market.

We assume that the share price is down to poor comms, but is it? Or is it something more fundamental to do with the share structure. The majority of shares are held by private institutions who bought in at a much higher price. What is their take on the current share price? Sadly I don’t have any contacts in this field to ask. Just think we may be assuming it’s the company’s fault without understanding the cause of the low share price first.

Thanks AJP, I did try to buy some ITXXF shares as I have an international account, but sadly that wasn’t an option. Let’s keep a watchful eye on any future OTC trades and if the price discrepancy remains, I think we need to ask some pokey questions about this at the next meeting.

Absolutely agree with you about everything moving in the right direction. Just need the share price to reflect that! $10.3m revenue and a market cap of just $20m is bonkers IMO

This morning I am struggling to understand why the share price is under 120p when there were hefty buys at 125p yesterday and not many sells. I checked Aquis exchange and no trades there.

So I then checked ITXXF OTC overseas market. There aren’t any trades showing there at present but I did notice an inexplicable drop in share price on 6th January when just 463 shares were sold. The price quoted on 5th January was $1.6 which tally’s with the price in £ GBP and up to that date the price in dollars has always been in tandem with the U.K. price taking into account the £1 to $1.34 exchange rate. However on 6th January the price dropped from $1.6 to $1.05 where it has remained since. That is the equivalent of £0.78 !!!

Can anyone explain this as I am baffled?

And how do we know if the firms who invested privately in Itaconix in previous fund raises are trading shares in the background? Is there a hidden correlation with the suppressed share prices we are seeing here?