Revenue and Grant Income Growth
Total income increased from GBP 0.4m to GBP 0.5m (≈+25%), driven by higher grant income (ARENA and APC/ARMD4 programs).
Reduced Adjusted EBITDA Loss
Adjusted EBITDA loss improved from GBP 2.9m to GBP 2.4m (reduction of GBP 0.5m, ≈17.2%), reflecting cost control and increased non-dilutive grant capture.
Successful Pouch Cell Prototyping with Partners
TDK successfully manufactured initial Nano-Encapsulated Sulfur (NES) pouch cells with results in line with expectations; Gen 3 power cells manufactured by QinetiQ and material transfer established between Australia and U.K. teams to support prototyping.
Material Scale-Up and Production Capacity
Scaled cathode active material (CAM) aerial capacity from 1.5Q to 4Q (from prototype density to the 4Q commercial-high-energy-density target — a ~167% increase in scale), achieving the target aerial capacity milestone.
Increased Project Funding and Capital Allocation
ARENA project funding extended from GBP 4.8m to GBP 5.3m (increase of GBP 0.5m, ≈+10.4%); planned equipment CapEx of GBP 0.9m to scale production (GBP 0.5m funded by Gelion, GBP 0.4m by grants; Gelion covers ≈55.6% of this CapEx).
Strengthened IP, Advisory and Strategic Partnerships
Continued patent filings around NES; added high-profile advisers including Professor Rachid Yazami; strategic collaborations in place with TDK, QinetiQ, Max Planck Institute, Oxford, University of Sydney, and government partners (ARENA, APC, Faraday Institution).
Progressing Diversified Business Units
Integration division built a substantial project pipeline (though long sales cycles); Recycling group validated technology at benchtop scale, progressing to scale-up and demonstrating a techno-commercial proposition that extracts lithium and fluorine to produce a safe-to-ship alloy.
Balance Sheet and Capital Discipline
Strengthened balance sheet following November 2025 fundraising that brought institutional investors; ongoing focus on maximizing nondilutive government funding and disciplined targeted investment (notably U.S. expansion and commercialization pathways).