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I think you are bang on the money. I think there is going to be a massive uplift in share price on the back of a massive Golliath commercialisation deal. Until then I am continuing to top up at these very attractive entry levels. Plus Stereax revenue will start to come in later this year so we are building up to the perfect storm of good news. Of course this is just my strong held belief based on the research I have carried out, and I would always say to any potential investor DYOR.

Wacca I too got severely burnt buying all the way up to 13p. But the price back then was purely speculative and not based on the strong fundamentals we are now seeing reported:

Very strong revenue growth

Much improved gross margins

Significant product diversification.

So I don’t agree with your “danger” analogy at all. I do however agree that the volume of trading is pitiful and the company need to do a lot more to attract new private investors.

Hi Wacca what is this plummet you are referring to?

In the past 2 months the share price has risen from 100p to 130p.

The share price is now back to where it was following the recent H1 trading update. So the sell off by market makers following the TU was very limited. This is important as it establishes a new support zone to build from. Hopefully Septembers update will see us up another 20+%. Much to look forward to over the next 6 months I think. GLA.

Q. Business is booming but the share price doesn’t yet reflect the progress that the company is making. What steps is the company taking to raise its profile with prospective new retail investors?

The more I read about Ilika’s partnership with Cirtec (see article below) the more I believe the company is sat on an absolute gold mine with its Stereax battery. It’s not just the incredibly small size of the SSB, it’s the system on a chip technology which Cirtec apply to manufacture the latest cutting edge products. The two technologies really complement each other perfectly.

The article summarises this in 2 neat paragraphs:

Ilika’s partnership with Cirtec leverages Cirtec’s full stack development capability, from ASIC and firmware co-design to implant assembly and regulatory strategy, providing device developers a single source solution to deliver miniaturized, rechargeable implants to market faster and with greater confidence.

The Stereax M300, for example, is an SSB designed by Ilika Technologies specifically to power AIMD. It has a capacity of 300 µAh and can deliver 3 mA of pulsed current, all within a form factor of just 5.6 mm x 3.6 mm x 1.1 mm and a mass of 40 mg. These batteries can be stacked to increase voltage or capacity, making them adaptable for various applications. Further, the Stereax M300 can be readily integrated into standard ASIC processing, allowing for rapid development, testing, and end-to-end quality control.

https://www.mpo-mag.com/exclusives/enabling-next-gen-implants-with-asic-driven-solid-state-energy-solutions/

Keep your eye out for another RNS soon to update

on 2 important milestones on Ilika’s roadmap which are due late summer:

• Completion of 10Ah P1.5 test programme

• Release of P1.5 evaluation prototypes

Cavendish (broker) are all over this saying “Today’s announcement therefore confirms a significant de-risking in the commercialisation of Stereax solid state micro batteries”.

They go on to say “Cirtec and Ilika have also recently released a joint article on the benefits of ASIC-integrated AIMDs with solid state batteries, something we believe is currently only possible with Stereax (https://www.mpo-mag.com/exclusives/enabling-next-gen-implants-with-asic-driven-solid-state-energysolutions/). We see this article as likely signalling the start of a growing sales campaign by Cirtec, which will benefit Ilika as its battery technology licensor.”

“De-risking our valuation, which is maintained at 130p: Today’s news is a positive milestone, demonstrating that Stereax is on track with expectations, and we therefore maintain our forecasts and 130p DCF-based valuation.” Target price 130.0p Upside 225%

The share price will take care of itself when we receive further RNS announcements shortly:

• Completion of 10Ah P1.5 test programme

• Release of P1.5 evaluation prototypes

Any partnership announcements later this year would send this rocketing. I’m continuing to add at these prices. Good luck all and DYOR.

Wow that’s fast work re BioAsterix! 😮

Thanks for posting this article. Everyone focuses on Goliath but Stereax is just as exciting and a massive market for miniature batteries. Cirtec are leaders in the US on medical devices and it will be a profitable relationship for Ilika and Cirtec.

There are 2 important milestones on Ilika’s roadmap which are due late summer:

• Completion of 10Ah P1.5 test programme

• Release of P1.5 evaluation prototypes

I would estimate that the company must be very close to completing the P1.5 test programme as they have been busy working on this for a few months since Spring. It remains to be seen whether the company waits for both milestones to be achieved or releases separate updates for each milestone. Either way, I don’t think it will be very long.

In the meantime I’ve been busy adding to my already substantial holding, now the price seems to have found support at 40p. It feels like a game of chicken knowing when to add, as you want to get the best price but also know the RNS could land any day. Good luck all. Bright days ahead :-)

What I like most about Ilika over Quantumscape is Ilika’s low capital business model and their clear roadmap to commercialisation.

Ilika is by far my most invested stock and I’d like to add even more if there is any short term dip in share price before the next RNS.

I acknowledge that I have sometimes been a harsh critic of the company but I do feel that some of the complaints below are very unjustified.

1. Yeah hindsight is a great thing but frankly the share price of 16/17p a few years ago was total nonsense. That’s 6 times the current share price on what was much lower revenue. The price was driven by pure market speculation which the company was not responsible for.

2. Over the past 15 months (since April 2024) the company has delivered everything it promised and what the brokers forecast. The market response may not be the euphoria we would all like to see but again that is not the company’s fault. They have improved their marketing and they are increasing their new releases to fill the void between the 6 monthly trading updates that tend to drive the price.

Markets will have noted the transition to profit is forecast to occur during 2026 and will move their money into Itaconix at the appropriate juncture. To quote a movie “money never sleeps” so MMs are not going to sit on their money when the next major trading update is likely in January 2026. Of course the risk with that strategy is that they will miss out on any potential major news releases between trading updates. Which is why I am content to sit and hold over the next 12 months. GLA and please give the company credit where it is due.

It will be interesting to see how they choose to fund this in 2026. By my calculations they will be generating a cash surplus from the second half of 2026 which they can use to pay for raw materials / operational expenses. However, depending on the size of the outlay they may or may not have sufficient capital left over to pay for additional / new production facilities. It’s impossible to know without further info on the size of the production facility. However, I would be surprised if the directors were willing to see any further dilution of their shares just at the point the company turns profitable.

By next year Itaconix will be a $10m+ company and continuing to grow fast. It sounds like there are some big opportunities emerging to grow even faster. Remember, JS talked about become a $100m+ company by 2030. It’s clear they are now embedded in multiple companies production chains and gaining significant coverage. With 3 major product lines now with the addition of BioAsterix the company is rapidly transitioning from being a small fish to a medium sized fish in a pool full of opportunities.

Wow big news dropped in at the end of the interview!

“We have all the capacity we need to meet our needs over the next 12 to 18 or 24 months. That being said we are going to start taking a look at our production footprint, at what it could look like a few years out, based on some very sizeable opportunities in projects in our customer’s pipeline.”

This is truly exciting news. The question is whether Itaconix raise additional capital to do this themselves, or do they go down a partnership route , or a potential buy out by a larger company. Lots to ponder now!

On the back of stellar H1 revenue growth and maintained improved gross margins from the previous half, with a clear pathway to EBITDA positive during 2026, Itaconix is a solid hold for me. Anyone who can do maths can work out the company has enough cash for 3 years but will actually only need cash for another 12 months.

If there is any short term drop in share price I will gladly add more. Personally I think anything under 150p is going to deliver a good return over the next 12 months as come the January 2026 trading update we are likely to be somewhere between 200p and 250p and that’s without any major new announcements before January. However, I think there will be more announcements as the company has promised to release more news between trading updates. I also think Itaconix is going to start hitting a lot more investor radars because of the rate it is growing.

So if there are any derampers here I would just ignore them.

Hi Monte, at the last investor meet company event the company did promise to increase the amount of news releases. This month we have had 3 very positive RNS so I think they’ve got the message lol. I was surprised John didn’t do a proactive interview on the back of such incredible results but perhaps that is coming tomorrow.

Hopefully we will get to 200p before Christmas on the back of more good news, perhaps on the back of the SPARX program. Lots of buying these past 2 days and very few sells so clearly investors are HODLing their shares with renewed confidence. GLA.

The trading updates are high level and will not go into the detail which the full results do.

I think the company has been very transparent about its trajectory to EBITDA surplus in 2026 followed by cash surplus. This is published in black and white in the broker report and I would urge any investor to access this via Research-tree. The company needs to hit a critical level of revenue in order to achieve this. So for 2026 that revenue is $13.3m estimated.

What should give investors confidence is that the company is firmly achieving its revenue targets. The plan for 2025 is $9.6m and the company achieved $4.8m in H1. All the company has to do in H2 is match H1 income to achieve this year’s target. However, given the group is growing income every half I think there is a strong possibility it will exceed the $9.6m target for 2025 which would be a nice bonus. However, as long as it continue to achieve its set income targets and maintains its improved gross margins then it will move to EBITDA positive in 2026 and then move to a cash positive position in H2 2026.

Broker note update is very positive as you would imagine. Worth noting that they haven’t yet updated their figures to include the impact of BIO*Asterix.

Here are the key points from it as it takes a long time to write out (you can’t copy and paste):

Headline: Record 1H and Fast Improving cash burn

Itaconix has this morning reported strong 1H results: revenue $4.8mn + 73% y/y, driven by growth in European cleaning product volume, and cash of $5.7mn. Gross margins continue to be strong, supported by increased market share for the scale inhibitors in detergents, growth in the SPARX program, and continued good momentum. The outlook for the remainder of the year is for continued strong revenue growth, and management expectations for the full year are unchanged at $9.6mn, up c50%.

We highlight that there has been no material impact on the group from tariffs, and the recently announced commercial launch of BIO*asterix products, a third product line targeting the costings and adhesive market is yet to be reflected in our forecasts.

We are making minor changes to the numbers, reflecting the 1H announcement, and we continue to expect the group to move to EBITDA positive in 2026E and free cash flow shortly thereafter.

We remain BUYers with an unchanged target of 325p.