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Marcus there is no excuse for the abysmal communication. As a small add on to my busy job, I am currently doing a Masters degree in Strategic Leadership and a central theme to running a successful organisation is managing your communications proactively with stakeholders / customers and being responsive to them. The company is probably very good at doing this with its customers given how fast revenue is growing, but they don’t seem to apply the same care to private investors. I’m not sure that will ever change.

On a more positive note despite the lack of comms the share price has held firm and it seems that remaining PIs are in it for at least the medium term. This provides a good foundation for share price growth on the back of good news (when they can be bothered to tell us it 😄)

I think you’ve timed it well. Ilika on the cusp and generally speaking there will be more liquidity flowing into financial markets with further US interest rate cuts coming.

Also good to see sales of electric vehicles continued to perform strongly in November, accounting for over a quarter of the new car market for the second month in succession. That is despite a complete hash of government policies. EVs are the future, and Ilika is well positioned to supply the next generation of SSBs alongside the Chinese.

It is increasingly looking like we won’t be getting a trading update before the full H2 trading update. At least this makes it much more likely that the H2 trading update will be in mid- late January rather than February.

I think if we do get a RNS before then it will be for some big noteworthy announcement rather than a basic “this is how trading is going” update. As ever impossible to predict.

I think I’ve just got to stop expecting a RNS now until mid to late January and enjoy the festive period.

I will hang on for the next trading update but I think each of us needs to be individually writing to the company / submitting questions about their comms to private investors.

They need to understand how dissatisfied we all are at the scarcity of communications.

In retrospect for previous investor meet company sessions it was a mistake to divide questions and just submit one question on comms as I don’t think they realised how hot a topic this is for private investors.

Hi Elsol,

Difference between other company and Itaconix is that the other company provide monthly RNS updates and frequent publications. You really feel that they care about their private investors.

Just in answer to your other comments about said company, they actually have 2 products:

1. A minature Stereax battery which is already in production in partnership with Cirtec Medical who implant the batteries in medical devices within the human body, so proven safe tech.

2. The Goliath (car battery) which has already demonstrated that it can be produced on existing car manufacturer plant lines. Like Itaconix they have a ton of IP and protected patents and are the leaders in solid state batteries in Europe.

The confidence their regular and continual updates give me have led me to invest 5 times what I hold in Itaconix, but diversification of portfolio is always a good thing.

If it weren’t for the updates provided by yourself, AJP, Thordon and previously Dougerboy I would have left Itaconix a long time ago.

AJP please can you tell me the email address you got a response from. I would like to contact John to explain that without regular updates to investors I personally can not stay invested. In the absence of a trading update in the coming days I will have to sell out on principle. That may come back to haunt me after so many years, but I’m at the point of just writing off my losses here and investing what’s left elsewhere. It’s just not worth the constant frustration and is bad for my mental health.

Patience my friend. The lack of selling is a very positive sign. On previous cycles we were down to 35p. With 2 significant announcements due later this month everyone is holding firm

2026 is expected to be the year AI glasses starts to take off. They use lithium batteries. Given the miniature size and weight and stability of the Stereax battery it seems to me to be another market that could readily work for Ilika.

Nice to see a new name here Cadbury who is already such an expert on ITX. Hope your prediction is right and Itaconix does better than the likes of IQE, JLP, PRTC, CREO…not exactly a roll call of success there! So please excuse me for ignoring your kind advice.

Elsol “Its not a major PLC with almost limitless Investor Relations capabilities with weekly RNSs on tap that we tend to benchmark ITX against”.

Then please tell me why did they make new appointments in their marketing / comms team (which we all applauded at the time), but little has changed since then expect for a revamped webpage. Perhaps they are focused on customers but who looks after external news flow?

There’s a popular saying “It’s the hope that kills you” and I am beginning to think our investment in Itaconix is built entirely on hope:

- Hope private investors get more regular RNS

- Hope the company does more to attract new investors

- Hope the company hits breakeven in the second half of 2026

- Hope the company doesn’t hit investors with another share dilution to expand operations

Sorry to sound so negative but in the absence of managed positive news flow from the company this is what happens.

First the good news:

• The Government is increasing the threshold at which motorists with new EVs have to pay the VED Expensive Car Supplement, effective from 1 April 2026. The Supplement currently applies to vehicles costing £40,000 or more; this will be increased to £50,000. Auto Trader claims the changes mean that the Supplement will now apply to just 43% of new EVs, down from 63%.

• Reeves further confirmed an additional £1.3bn of funding for the Electric Car Grant, taking total Government backing for the scheme to £2bn and extending its duration to 2030. The Grant provides buyers with up to £3,750 off the upfront cost of a new car.

• Elsewhere, £200m of additional Government funding has been pledged to rolling out EV charging infrastructure, and a 100% business rates relief for EV charger installations has been confirmed.

Now the stupid news:

• EV drivers will be charged 3p per mile, which they will need to pay annually alongside their regular vehicle excise duty (VED). A lower rate of 1.5p per mile for plug-in hybrids will also be introduced.

• Auto Trader’s chief commercial officer Ian Plummer was among those questioning the intention of the EV policy changes as a whole. He said: “The Chancellor is driving with the handbrake on. The Office for Budget Responsibility estimates that there will be 440,000 fewer electric cars on the road thanks to the introduction of pay-per-mile charging from 2028. This sends completely the wrong signal completely, as only 130,000 of these sales are offset by moves to make EVs more affordable.”

Looks like John’s reply to Marcus is the position we are faced with:

“Unless circumstances require a trading update, our practice has been to release 2025 highlights in late January or early February.”

If this is the case then we can only assume that trading is in line with forecast range and there are no material changes. Feels like a long wait to late January!

I have to say that even by Itaconix’s poor communication standards the lack of any update is appalling. Why not issue RNS about the recent patent wins for example? I’m left once again with the feeling that the company don’t communicate to private investors because financially we don’t matter one jot. Happy Thanksgiving John, carry on ignoring us and enjoy your turkey.

Yep the world is ready for the next generation of electric batteries. As per recent articles / interviews there are likely to be several viable new gen products rather than one battery to rule them all. Ilika is one of the leading contenders and I have great faith in its methodology and strategy. They have already successfully got Stereax to market in an even more safety demanding market (medical devices) so already tried and tested technology.

Great spot Tonks! Ilika is so primed for take off. It astounds me that the price isn’t already higher. The latest RNS virtually spells out upcoming key dates. If all goes to plan then December is a massive month for both Stereax and Goliath.

Stereax will start to be deployed in thousands of cutting edge medical devices. Nothing has a higher standard than medical devices. If Ilika’s SSB is good enough for the human body then it will certainly be good enough to go in a car. My point being that Ilika’s solid state batteries are the highest quality.

With Thanksgiving on Thursday I wonder if John will get into the holiday spirit and give us a trading update on Tuesday. I say Tuesday because I can’t remember a TU on a Monday and Wednesday is Thanksgiving Eve. Anyway it would be most warmly welcomed, pretty please with sugar on top!

Thanks for sharing. Useful info during interview including GP saying that during the reporting period to end of October they completed the first quarter of the PRIMED collaboration which commenced 1st August. Assuming a constant rate this means the program will be complete by 1st August 2026. As a reminder the PRIMED programme will deliver several critical outcomes. These include the production of P2 solid-state battery prototype cells, development of 50Ah A-Sample batteries, creation of a Production Scale Model, and a comprehensive Business Case Review for gigafactory-scale manufacturing.

Whilst there is some overlap with the production line Ilika now have up and running, the PRIMED programme is very much aimed at demonstrating to the 17 interested parties just how easily Ilika’s batteries can be produced on an industrial scale.

I thought there was a flat fee for Distribution of Real Time Information of £22,000 per annum. If so, the company really isn’t getting its monies worth!

The good thing though Neil, is that they completed commissioning of its automated assembly line, marking full operational status for its Goliath SSB pilot production facility (makes it sound like the Death Star 😅) and GP said in recent interview it can knock out thousands of batteries. So in a great position to rapidly provide customers with 50Ah or other prototypes as demanded. With 17 interested customers that line is gonna be kept busy!

I will be writing to the company to urge them to release a TU next week and would encourage other fellow investors to do the same. The other company I am heavily invested in, release at least 1 RNS per month and sometimes 2 per month. As investors this makes you feel well informed and assuages any fears in between trading updates. By comparison we have to beg Itaconix for trading updates.

Maybe if all of us write to the company they may finally get the message.

December 2025 release of 10Ah Goliath prototypes

Late December 2025 initial deliveries of Stereax M300 batteries to lead customers

Cash for 2 years (as of 31st October 2025) at current run rate and Stereax revenues commencing in coming weeks

22 January 2026 presentation and meet the investor event looking like being quite the celebration!

10Ah prototypes