Ilika in a solid state after a strong first half as it achieves significant milestones
London, UK
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November 27, 2023 06:45 AM Eastern Standard Time
Ilika PLC CEO Graham Purdy joined Proactive's Stephen Gunnion with details of the company's strong first-half operating performance.
Purdy told Proactive the company began the financial year with the shipment of its first stacked M300 miniature Stereax batteries, made in its UK facility. This milestone was quickly followed by a licensing deal with Cirtec, transferring key equipment to its Massachusetts facility, paving the way for battery shipments in 2024.
Additionally, the company's Goliath program, focusing on large-format solid-state batteries, achieved a critical development milestone, supported by a substantial grant from the Faraday Battery Challenge. The company's financial health also saw notable improvement, with it guiding for revenue of £1.3 million and a significantly narrower EBITDA loss, surpassing analysts' expectations.
Ending the half-year with £13.2 million in cash and equivalents, Purdy emphasised the company's effective fiscal management and technological advancements. Investors can anticipate an announcement regarding lithium-ion energy density parity, a significant technological milestone, confirming the effectiveness of Ilika's technology development program.
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