Allenby Capital: EnSilica plc - Update

On 5 February, EnSilica announced that a design and supply contract with Siemens AG, awarded September 2024, has reached the production tape-out milestone. This marks the completion of the design stage and a significant step towards volume production where EnSilica earns a long-term recurring revenue per chip. Volume production is now expected to begin ramping up in January 2027, ahead of the original guidance of Q4 2027. The news helps underpin our FY2027 forecasts (May year-end) and gives us the confidence to introduce forecasts for FY 2028.