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With record half year revenues of $4.8 million up 73% growth from the first half of 2024 and record half year unaudited gross profits, both driven by an incredible 87% increase in HY25 Cleaning revenues to $4.3 million (HY24: $2.3 million) this is what the company means when it says it is in the take off phase!

Also notable that the company has increased its market share for Itaconix's scale inhibitors in detergents so clearly has benefits from all the tariff upheaval.

Also good to see that the Company's hygiene and beauty products made steady commercial progress with 9% HY25 revenue growth over HY24 to $0.5 million. Imagine when that hits the ‘take off’ stage!

With Bioasterix a third sector to look forward to in years to come the pipeline for revenue looks incredible.

Clearly our collective guesses of an early July TU were wrong. I do wish they would have a published schedule of TUs, it’s just so much more professional. However, I’m not nervous because of the content of the 1st May RNS and what was said by the CFO on 2nd May 2025 in the proactive interview:

“We've worked for many years to get to our current growth phase in our detergent polymers and we are off to a very strong start for 2025.”

“We’re seeing a very strong growth year.”

“Overall the business is off to an excellent start in 2025.”

If you also re-watch the video there were some tangible positives from the tariff fallout to consider:

-30% of sales in 2024 in Euros and the Euro has been very strong in 2025.

-one of their major brands is moving production from Canada to the US

- US retailers seeking alternative dual sourcing for their detergents as a way to mitigate the impact of the tariffs.

Hopefully tomorrow! The last half year trading update was on Wednesday 22nd January so there would be some symmetry to an update tomorrow.

It was clearly given as an example. The revenue model is complex with 4 sources and none of us knows what it will translate into.

I do find some of your posts here questionable. Are you actually invested in Ilika or are you hoping for a lower price to invest at?

Looking at yesterday’s slides there are 4 sources of income for Stereax:

1. Commercial revenues via wafer processing income

2. Non-recurring engineering

3. Battery royalty revenue. Royalty timelines driven by the certification of medical devices.

4. License issuance fee. License agreement initially on profit share terms. Licence reverts to revenue share once commercial volumes achieved.

No Buzz. The device is £500 (for example) of which Ilika gets 8% for the battery component.

Do you actually understand Ilika’s business model at all. Ilika are not manufacturers. Cirtec are. Likewise Ilika will not be producing SSBs, this will also be licensed out. That’s what keeps their business model investment light and relatively low risk.

Buzz first I think comparing Ilika to QS is like comparing apples with pears. They are two completely different business models. Frankly the QS business model would scare me as a shareholder. The Ilika approach is much sounder financially and unlike QS doesn’t rely on raising hundreds of millions. The current QS market cap is about 66 times greater than Ilika when you take into account exchange rates.

Why would Ilika release commercially sensitive full specs on their SSBs during the development phase? What they share with their 21 interested customers is another matter. Ilika has a clearly laid out roadmap and strategy to deliver which they are continuing to hit.

QS is also a one trick pony whereas Ilika has two incredible product lines. During the call yesterday they let slip that they will be getting a high single figure percentage of the revenue from the medical devices Cirtec sells using their Stereax batteries. Let’s say in 3 years time Cirtec are selling 100,000 units at an average price of £500 and that Ilika gets 8%. That would equate to revenue of £4m. Cirtec are massive and Stereax is a business in its own right.

I wouldn’t worry Buzz. In my humble opinion there are much greater returns to be had holding Ilika which is underpriced whereas quantumscape is overpriced. That sound you heard yesterday was Graham Purdy firing the starting gun on a massive 12 months ahead. The initial Stereax revenues will come in by year end and Goliath will progress to a MVP which will bring in licensing agreements. In a year’s time or less my expectations are a share price somewhere in the range of £1 to £2. DYOR.

Clearly the analysts liked what they heard at 9.30am.

Looking forward to tuning into the Investor meet company event at 4.30pm

Stereax has always excited me just as much as Goliath and it still does. Ilika has found itself a wonderful bed-fellow in Cirtec who are a massive cutting edge company. The ever-growing range of miniature medical devices requring a safe battery source is a massive market. Do not under-estimate future revenue flows from this.

Whilst I too am frustrated at the wait for the H1 TU let us console ourselves with the following quotes from the CFO on 2nd May 2025 in the proactive interview:

“We've worked for many years to get to our current growth phase in our detergent polymers and we are off to a very strong start for 2025.”

“We’re seeing a very strong growth year.”

“Overall the business is off to an excellent start in 2025.”

If you also re-watch the video there were some tangible positives from the tariff fallout to consider:

-30% of sales in 2024 in Euros and the Euro has been very strong in 2025.

-one of their major brands is moving production from Canada to the US

- US retailers seeking alternative dual sourcing for their detergents as a way to mitigate the impact of the tariffs.

We may be waiting to next week for the TU but let’s hope that’s because it’s a whopper!

Https://www.proactiveinvestors.co.uk/companies/news/1074735/itaconix-introduces-new-plant-based-polymers-breakthrough-bio-asterix-1074735.html

On today’s RNS Cavendish wrote:

We believe today’s announcement is not just significant in that Ilika has secured funding to help it demonstrate the scale up of its Goliath technology, supporting our FY26E grant income estimates, but more importantly that there is great foresight and industry alignment to maximise the potential of Ilika’s SSB technology. We believe it is evident that Ilika, and the partners at the APC, have carefully planned a commercialisation route that not only demonstrates the technology in a way that chimes with traditional automotive procurement processes, but also validates that the technology can be more easily adopted by the industry than other SSB technologies. Ilika’s SSB can not only be manufactured using existing giga-scale equipment, but there will be a digital twin for licensees, which will undoubtedly help them plan for rapid production scale up. We maintain our view that the forthcoming 12 months will be exiting for Ilika who, in our view, is in a unique position in the race to commercialise SSBs, with the potential to attract multiple licensees, which would lead to a significant rerating.

PS - it is really worth the small subscription to access these broker updates in full. I’ve just given a snippet as you have can’t copy and paste. Apologies if I have miss-typed anything there was a lot to write!

The company has done so well attracting government funding over the years rather than seeking to raise further capital which would have been the easy option. Current share price is massively undervalued but we should soon see that corrected. Good Luck All.

Surprised we didn’t receive the H1 trading update either last Tuesday or this Tuesday as has traditionally been the case. Maybe the CFO is on holiday lol.

I do wish these small companies would set fixed dates for their H1 and H2 trading updates.

Fingers crossed for tomorrow.

Interesting, one of the ‘likes’ on the Bioasterix post is from Raul Herman, industrial director at LIARTE METALQUIMICA whose line of business includes the manufacturing of industrial inorganic chemicals. Revenues from Bioasterix may start flowing quicker than expected. Paints are one of the most harmful pollutants so why wouldn’t you make them greener at no extra cost.

Monte they report in $ so expecting $4.5m to $5m.

I’m actually feeling quite chilled out about next week’s trading update. When company’s make that transition to profit it when the share price tends to pop so will be paying close attention to gross margin as well as revenue.

Monte when it comes to investing it is much safer to see glass half full, so can’t really say otherwise.

I think investors will come when they see income up and therefore on course to deliver profitability so outlook will be important. The trajectory to hit in H1 is 4.5 to 5.0m and the company has been hitting its trajectories spot on. Anything more is definitely glass half full 😄

The outlook statement for the next 6 months will be very exciting! Likely we will see the next leg up in share price. Roll on 17th July.

I think the announcement a few days ago about the commercial product launch of BIO*Asterix caught out a few investors who were planning to top up before the trading updated which is likely (but not guaranteed) to be this coming Tuesday.

Just shows that you can’t always play the market and win, especially when the stock price has been so cheap. I’ve said for a while that I believe anything under 150p is cheap so I have added a lot between 100p and 110p. Hopefully the upcoming trading update gives us all even greater smiles.