Ilika posts turnover of £0.7 million in fiscal 2023

Published by

Giles Gwinnett

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Romsey-based Ilika reported turnover of £0.7 million in its year to end-April, 2023 compared to £0.5 million in the year earlier period as the company continues to commercialise its Stereax miniature solid-state batteries for medical devices and specialist internet of Things (IoT) applications.

Among the operational highlights of the year just gone were a memorandum of understanding (MoU) with US-based Cirtec Medical, whereby Ilika will license Stereax technology to Cirtec for manufacturing and commercialisation.

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It was also awarded £2.8 million of funding from the Faraday Battery Challenge to lead an £8.2 million programme to develop high-silicon anode Goliath batteries for electric vehicles (EVs) and cordless appliances, supported by motor giant BMW and engineering firm WAE.

Following shipment of initial revenue-generating samples of Stereax M50s and M300s from its UK facility to customers including Blink Energy and Lura Health, Ilika said the focus was now on completing the Cirtec contract and executing the associated tech transfer of Stereax technology.

Once the contract is in place, Ilika will begin transfer of the equipment from its facility in the UK to enable the process to be established quickly on a like-for-like basis at Cirtec's facility in Massachusetts, it said.

The expected shipment of batteries from Cirtec will be in calendar year 2024.

"Our business strategy has been exemplified by entering into a memorandum of understanding with our US-based manufacturing partner, Cirtec Medical," said Ilika chairman Keith Jackson.

"This will allow Ilika to focus on its core expertise in technology development and licensing, while supporting the manufacturing and commercialisation activities at Cirtec."

The chairman added: "We are delighted to have been awarded a significant grant to support our collaborations and the planned development work for our Goliath programme.

Jackson continued: "This is an exciting time for the Goliath programme as we push towards the next phase of partner evaluation in 2024, and our ultimate goal of large-scale deployment through licensing."

The company reported a loss per share of 4.61p in full-year 2023, compared to a loss of 4.65p in 2022.

Cash and equivalents and bank deposits stood at £15.9 million at the end of April, down from £23.4 million at the same time in 2022.

Giles Gwinnett

Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.