Ilika plc Trading Update & Notice of Results (0163L)

TIDMIKA

RNS Number : 0163L

Ilika plc

11 May 2022

Ilika plc

("Ilika" or the "Company")

Trading Update & Notice of Results

Analyst and Investor presentations

Ilika (AIM: IKA), a pioneer in solid-state battery technology, provides updates on trading, Stereax(R) manufacturing, and Goliath product development, as well as notice of its full year results for the year ended 30 April 2022.

Trading Update for FY22

Trading for the year ended 30 April 2022 has been in line with management expectations. The Company expects to announce revenues of approximately GBP0.5m (2021: GBP2.3m), and an EBITDA loss of around GBP7.0m (2021: EBITDA loss of GBP2.3m). Cash and cash equivalents at the period end were GBP23.4m (30 April 2021: GBP9.7m).

Stereax Manufacturing Update and Trading Update for FY23

Further to the official opening in December 2021 of its manufacturing facility for Stereax miniature solid-state batteries for industrial wireless sensors and medical implants, Ilika has been progressing facility process qualification to the point where it is now substantially complete. As indicated in the Company's Interim Results on 20 January 2022, product qualification has commenced, which involves production of initial batches of batteries and testing them against specification. Whilst a series of process optimisation cycles have been carried out to date, it is taking longer than previously anticipated to ensure that product batches reproducibly meet specification.

In terms of an update on Ilika's pipeline, the demand from potential customers is now weighted predominantly towards miniature medical device applications. The demand for such applications starts with device prototyping, followed by pre-clinical and clinical trials before regulatory approval and mass market roll-out, which has a longer regulatory approval cycle than industrial sensors. Ilika will match production volumes to customer demand.

The shift in the weighting of customer demand towards medical device applications combined with the expectation of optimisation cycles continuing into H2 FY23, means the Company now expects commercial sales to commence at the end of that period, later than originally anticipated. A number of the potential applications for Stereax exceed the capacity of Ilika's facility, which provides longer term opportunities for partnering and licensing.

Goliath Progress Update

Product development of Goliath, Ilika's large format battery for electric vehicles and customer appliances, has continued to progress to schedule, with significant improvements achieved in energy density (providing the potential for lighter weight battery packs) and power density (key for rapid charging). Ilika continues to explore opportunities for closer collaboration with strategic partners interested in aligning their product roadmaps with Goliath.

Notice of Results

Ilika expects to announce its full year results for the year ended 30 April 2022 on Wednesday 13 July 2022.

Analyst Briefing

The management team will be hosting an in-person analyst briefing on the day, Wednesday 13 July 2022, at 9.30am. Analysts who wish to attend should contact Lianne Applegarth at Walbrook PR on [phone] or email [e-mail] to register.

Investor Presentation

An investor presentation will be held on the day, Wednesday 13 July 2022, at 4.30pm and will be hosted through the digital platform, Investor Meet Company. Investors can sign up to Investor Meet Company for free and add to meet Ilika plc via the following link: https://www.investormeetcompany.com/ilika-plc/register-investor or for more information please contact Walbrook PR at [e-mail] .

For more information contact:

 
 
 Ilika plc                                                  [phone] 
 Graeme Purdy, Chief Executive 
 Steve Boydell, Finance Director 
 
 Liberum Capital Limited                                   [phone] 
 Andrew Godber, Cameron Duncan, 
 William Hall, Nikhil Varghese 
 
 Berenberg (Joint Broker)                                  [phone] 
 Emily Morris, Detlir Elezi, 
 Milo Bonser, Mara Grasso 
 
 Walbrook PR Ltd                    [phone] or [e-mail] 
 Lianne Applegarth                                     Mob: [phone] 
 Nick Rome                                             Mob: [phone] 
 Tom Cooper                                            Mob: [phone] 
 

Note:

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May 11, 2022 02:01 ET (06:01 GMT)