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Ilika plc
(LSE:IKA)
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Rating:46Neutral
Price Target:
20.00 p
▼(-25.93% Downside)
Action:Reiterated
Date:09/09/26
The score is held down primarily by weak financial performance (ongoing losses, negative margins, and continued cash burn) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds some support due to clear product and partnership progress, but near-term fundamentals and funding needs remain the dominant risks.
Positive Factors
Strong intellectual property and battery performance
Ilika’s substantial granted-patent portfolio supports defensibility as its solid-state technology advances toward licensing and production. Reported range, weight, charging and safety advantages could improve customer value and strengthen the company’s negotiating position with commercial partners over the next several quarters.
Negative Factors
Persistent losses and worsening cash burn
Ongoing negative operating and free cash flow means Ilika has not yet funded its activities through internally generated cash. Continued burn can require grants, partnerships or additional capital, increasing funding uncertainty and potentially limiting the pace of development if external support becomes less available.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong intellectual property and battery performance
Ilika’s substantial granted-patent portfolio supports defensibility as its solid-state technology advances toward licensing and production. Reported range, weight, charging and safety advantages could improve customer value and strengthen the company’s negotiating position with commercial partners over the next several quarters.
Read all positive factors
Ilika plc (IKA) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£40.77M
Dividend YieldN/A
Average Volume (3M)209.19K
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth53.47%
EPS Growth-14.16%
CountryUK
Employees68
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.04
Shares Outstanding198,889,310
10 Day Avg. Volume154,346
30 Day Avg. Volume209,193
Financial Highlights & Ratios
PEG Ratio-0.98
Price to Book (P/B)4.11
Price to Sales (P/S)526.11
P/FCF Ratio-11.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.04
Revenue Forecast (FY)£2.00M
Ilika plc Business Overview & Revenue Model
Company Description
Ilika plc, an enterprise established in 2004 with its headquarters in Romsey, United Kingdom, focuses on the conception, refinement, and commercial production of solid-state battery technology. These advanced power cells are distributed globally u...
How the Company Makes Money
Ilika primarily makes money through (1) contract and grant-funded R&D and (2) commercialisation of its solid-state battery technology, including licensing and related agreements. Revenue can include payments for development services performed for ...
Ilika plc Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Neutral
The call presented meaningful technical and commercial progress: first Stereax revenues, manufacturing partnerships (Cirtec), automated pilot line, positive prototype feedback from OEMs, defense and Brompton collaborations, and continued grant support. However, financials remain an important constraint — revenue is still modest, EBITDA losses widened (~19% year‑on‑year), loss per share increased (~14.9%), and pilot capacity and resource limitations constrain immediate scale‑up. There is clear momentum on the technology and validation front but material execution, funding and timing risks remain.Positive Updates
Revenue Commencement from Stereax and Stable FY Revenue
Reported revenue was GBP 1.1m for FY2026, broadly flat year‑on‑year (0% change). For the first time Ilika recognized commercial revenue from Stereax wafer/electrode sales (GBP 100k), marking the transition from R&D to revenue-generating activity (approximately 9.1% of reported revenue). Management expects this to build through the current financial year.
Negative Updates
Revenue Still Very Modest and Concentrated
Although revenue was stable at GBP 1.1m, commercial revenues are still small: Stereax electrode sales were only GBP 100k in the year (≈9.1% of revenue) and the business remains early stage in commercial traction versus expectations for scale.
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue Commencement from Stereax and Stable FY Revenue
Reported revenue was GBP 1.1m for FY2026, broadly flat year‑on‑year (0% change). For the first time Ilika recognized commercial revenue from Stereax wafer/electrode sales (GBP 100k), marking the transition from R&D to revenue-generating activity (approximately 9.1% of reported revenue). Management expects this to build through the current financial year.
Read all positive updates
Company Guidance
Management guided that Ilika is transitioning to revenue generation across two product lines (Goliath large‑format and Stereax miniature) and gave detailed metrics: FY2026 revenue was £1.1m (flat YoY) including £0.1m of electrode sales to Cirtec, grant income ~£1.0m, EBITDA loss £6.2m (vs £5.2m prior) and loss per share 4.02p (vs 3.50p), year‑end cash £5.3m (plus a July top‑up raise), 88 granted patents, pilot‑line capacity ~1.5 MWh/yr (c.20,000 10Ah cells/yr), 16 Stereax customers with 19 orders, commenced M300 deliveries, shipped 10A Goliath prototypes and are converting those into a 10A MVP with early non‑automotive commercial opportunities (defence, e‑bikes/Brompton) and expected further grant support leading to option‑to‑license milestones; modeling with Balance indicated a c.20% weight (and range) benefit and a 1/3 reduction in charge time (18→12 minutes) for Goliath in a Hyundai Ioniq 5.Ilika plc Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| Breakdown | Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 112.80K | 73.50K | 20.10K | 33.85K | 30.88K |
| Gross Profit | -2.55M | -452.70K | -1.06M | -1.97M | -1.49M |
| EBITDA | -7.82M | -5.38M | -4.00M | -7.30M | -6.81M |
| Net Income | -7.24M | -5.90M | -4.81M | -7.30M | -7.13M |
Balance Sheet | |||||
| Total Assets | 16.77M | 19.45M | 22.83M | 26.91M | 33.93M |
| Cash, Cash Equivalents and Short-Term Investments | 5.35M | 7.98M | 11.95M | 15.87M | 23.45M |
| Total Debt | 1.08M | 470.70K | 625.30K | 618.48K | 847.60K |
| Total Liabilities | 2.35M | 2.27M | 2.47M | 2.14M | 2.50M |
| Stockholders Equity | 14.42M | 17.18M | 20.36M | 24.77M | 31.44M |
Cash Flow | |||||
| Free Cash Flow | -5.36M | -6.28M | -4.13M | -7.45M | -10.08M |
| Operating Cash Flow | -4.70M | -4.18M | -2.46M | -6.05M | -5.64M |
| Investing Cash Flow | -1.48M | 2.47M | -5.06M | -1.40M | -4.44M |
| Financing Cash Flow | 3.55M | 1.93M | -316.70K | -75.78K | 23.71M |
Ilika plc Technical Analysis
Negative
27.00
Price Trends
24.13
Negative
27.67
Negative
29.70
Negative
Market Momentum
-1.20
Positive
22.47
Positive
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IKA, the sentiment is Negative. The current price of 27 is above the 20-day moving average (MA) of 22.00, above the 50-day MA of 24.13, and below the 200-day MA of 29.70, indicating a bearish trend. The MACD of -1.20 indicates Positive momentum. The RSI at 22.47 is Positive, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IKA.
Ilika plc Risk Analysis
Ilika plc disclosed 6 risk factors in its most recent earnings report. Ilika plc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ilika plc Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £1.25B | 26.03 | 15.29% | 0.70% | 8.85% | 29.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | £546.23M | -62.06 | -4.89% | 0.04% | -1.21% | 46.27% | |
54 Neutral | £814.70M | -16.87 | -29.93% | ― | -22.86% | -25.81% | |
52 Neutral | £28.68M | -3.97 | -42.23% | ― | ― | 42.60% | |
46 Neutral | £40.77M | -5.09 | -45.06% | ― | 53.47% | -14.16% |
* Industrials Sector Average
GB:IKA
Ilika plc
20.50
-27.50
-57.29%
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Ilika plc Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Ilika Shareholders Back AGM Resolutions as Executives Receive Deferred Share Options
Positive
Sep 22, 2026
Ilika reported that all resolutions at its latest Annual General Meeting were passed with strong shareholder support, including approval of the 2025–26 accounts, the directors’ remuneration report, director re-elections, auditor reappo...
Business Operations and StrategyExecutive/Board Changes
Ilika appoints senior UK defence figure to drive solid-state battery expansion
Positive
Sep 16, 2026
Ilika has strengthened its push into defence-related applications of its solid-state battery technology with the appointment of Maj Gen (Retd) Robin Anderton-Brown as strategic defence sector advisor. The former 2 Star Director of Capability at UK...
Business Operations and StrategyProduct-Related Announcements
Ilika boosts Goliath solid-state battery performance with UK-backed PRIMED project
Positive
Sep 10, 2026
Ilika plc has successfully completed its PRIMED programme, funded under the UK Government’s DRIVE35 initiative, to optimise the performance of its 10Ah Goliath solid-state battery prototypes. The company focused resources on enhancing the 10...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Ilika sets September AGM, publishes 2026 annual report and investor presentation
Positive
Aug 28, 2026
Ilika plc, the AIM-listed solid-state battery developer, focuses on Stereax micro-batteries for medical and industrial IoT uses and Goliath large-format batteries for electric vehicles and cordless appliances, commercialised via IP licensing to ma...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingProduct-Related Announcements
Ilika ramps solid state battery commercialisation as losses widen
Positive
Jul 29, 2026
Ilika has reported full-year results showing it has moved its Stereax solid state batteries into commercial production with manufacturing partner Cirtec Medical, delivering M300 prototypes and commercial-grade electrodes to a portfolio of 16 medic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.