Ilika plc (IKA) AI Stock Analysis

• Market Cap: £56.06M
• Dividend Yield: N/A
• Average Volume (3M): 289.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: 265.67%
• EPS Growth: -16.50%
• Country: UK
• Employees: 68
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.02
• Shares Outstanding: 180,832,170
• 10 Day Avg. Volume: 333,759
• 30 Day Avg. Volume: 289,646
• PEG Ratio: 0.29
• Price to Book (P/B): 2.38
• Price to Sales (P/S): 2413.15
• P/FCF Ratio: -11.75
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: 30.00p ▼(-20.00% Downside)

The score is held down primarily by weak financial performance (sharp revenue decline, ongoing losses, and negative operating/free cash flow) and a bearish-to-soft technical setup (below major moving averages with negative MACD). Valuation is limited by negative earnings. These are partially offset by earnings-call evidence of operational and early commercial progress (customer deliveries, purchase orders, and prototype milestones), though cash burn and long licensing timelines remain key risks.

Positive Factors

IP strength & licensing model

A broad patent portfolio and an asset-light licensing approach create durable competitive barriers and scalable revenue mix. Licensing, NRE and royalties can deliver high-margin, capital-efficient growth over time, reducing the need for heavy manufacturing capex and supporting long-term profitability.

Manufacturing scale-up demonstrable

Validated compatibility with gigafactory-standard equipment materially lowers deployment risk and supports faster commercial adoption. Demonstrated higher yields and improved cell metrics at scale increase the likelihood of repeatable, industrialized production—key for durable licensing and OEM partnerships.

Early commercial traction & customer pipeline

Customer deliveries, a first cathode purchase order and a pipeline of NDAs/Evaluation agreements signal real-world validation. Early commercial milestones reduce technology adoption risk and provide tangible pathways to recurring cathode sales and license conversions over the next few years.

Negative Factors

Severe revenue decline and unprofitable operations

A near-96% revenue drop and persistent negative margins indicate structural revenue and profitability challenges. Until recurring commercial revenues scale, losses will hinder reinvestment and strain returns, making sustained profitability contingent on successful conversion of pilots and licenses into volume sales.

Negative operating cash flow and depleted cash runway

Ongoing negative operating cash flow and a declining cash balance create financing risk if commercialization timelines slip. Even with FCF growth, the company remains cash‑hungry for prototype scale-up, increasing dependency on grants, tax credits or external capital to sustain R&D and commercialization efforts.

Lengthy, uncertain Goliath licensing timeline

A multi‑year (~30 month) licensing negotiation horizon delays meaningful royalties and licensing income. Extended deal cadence raises execution risk and prolongs the need for external funding, making near-term revenue visibility weak and dependent on protracted OEM qualification cycles.

Ilika plc Business Overview & Revenue Model

Company Description

Ilika plc engages in the design, development, and production of solid-state batteries under the Stereax name primarily in the United Kingdom, Asia, rest of Europe, and North America. It offers batteries for a range of applications in the industrial Internet of Things, medical, transportation, electric vehicles, and cordless consumer electronics/ smart cities. The company was founded in 2004 and is headquartered in Romsey, the United Kingdom.

How the Company Makes Money

Ilika generates revenue primarily through the sale of its solid-state battery technology and related products to various industries, including electric vehicles, consumer electronics, and renewable energy sectors. The company has established partnerships with key players in these industries, which not only help in product development but also provide a pathway for commercialization. Additionally, Ilika may earn revenue through licensing agreements, research and development contracts, and collaborations with other technology firms and academic institutions, further diversifying its income streams.

Ilika plc Financial Statement Overview

Summary

Financials are weak: income statement shows a severe revenue decline (-95.77%) and negative profitability (gross, EBIT/EBITDA, and net margins). The balance sheet benefits from very low leverage (debt-to-equity 0.027) but negative ROE highlights poor shareholder returns. Cash flow remains pressured with negative operating and free cash flow, despite reported improvement in free cash flow growth.

Income Statement

Ilika plc has experienced significant revenue decline with a negative growth rate of -95.77% in the latest year. The company is facing severe profitability challenges, evidenced by negative gross profit, net profit, EBIT, and EBITDA margins. These metrics indicate substantial operational inefficiencies and a lack of profitability.

Balance Sheet

The balance sheet shows a low debt-to-equity ratio of 0.027, indicating minimal leverage, which is a positive aspect. However, the return on equity is negative, reflecting the company's inability to generate profits from shareholders' equity. The equity ratio is relatively stable, suggesting a moderate level of financial stability.

Cash Flow

Cash flow analysis reveals a negative operating cash flow and free cash flow, though there is a positive free cash flow growth rate of 27.83%. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is above 1, suggesting some efficiency in converting net income to free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.30K	73.50K	20.10K	33.85K	30.88K	230.45K
Gross Profit	-2.40M	-452.70K	-1.06M	-1.97M	-1.49M	-1.06M
EBITDA	-6.78M	-5.38M	-4.00M	-7.30M	-6.81M	-2.68M
Net Income	-7.34M	-5.90M	-4.81M	-7.30M	-7.13M	-3.53M
Balance Sheet
Total Assets	19.34M	19.45M	22.83M	26.91M	33.93M	16.53M
Cash, Cash Equivalents and Short-Term Investments	6.92M	7.98M	11.95M	15.87M	23.45M	9.82M
Total Debt	562.20K	470.70K	625.30K	618.48K	847.60K	827.72K
Total Liabilities	1.64M	2.27M	2.47M	2.14M	2.50M	2.34M
Stockholders Equity	17.70M	17.18M	20.36M	24.77M	31.44M	14.19M
Cash Flow
Free Cash Flow	-5.39M	-6.28M	-4.13M	-7.45M	-10.08M	-4.95M
Operating Cash Flow	-4.40M	-4.18M	-2.46M	-6.05M	-5.64M	-2.13M
Investing Cash Flow	2.07M	2.47M	-5.06M	-1.40M	-4.44M	-2.83M
Financing Cash Flow	3.41M	1.93M	-316.70K	-75.78K	23.71M	-32.94K

Ilika plc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 37.5 is above the 20-day moving average (MA) of 35.86, below the 50-day MA of 38.77, and below the 200-day MA of 39.80, indicating a bearish trend. The MACD of -1.75 indicates Positive momentum. The RSI at 28.46 is Positive, neither overbought nor oversold. The STOCH value of 15.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IKA.

Ilika plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VLX	75 Outperform	£810.84M	18.62	15.54%	1.11%	8.20%	25.85%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
XPP	58 Neutral	£347.34M	-21.90	-8.12%	―	-18.43%	24.86%
CWR	56 Neutral	£579.07M	-16.30	-23.26%	―	12.58%	12.39%
AFC	51 Neutral	£132.56M	-5.11	-86.37%	―	732.03%	12.60%
GELN	46 Neutral	£43.59M	-4.66	―	―	―	―
IKA	44 Neutral	£56.06M	-7.31	-31.45%	―	265.67%	-16.50%

Ilika plc Corporate Events

Ilika Hits Key Solid-State Battery Milestones as Commercial Rollout Gathers Pace

Ilika reported half-year results showing it has met key technical and commercial milestones across both its Stereax and Goliath solid-state battery programmes, despite lower revenues and a widened EBITDA loss. The group completed process qualification and initiated production of Stereax batteries at Cirtec Medical’s US facility, began delivering M300 prototype samples and secured an initial revenue-generating purchase order for Stereax electrodes, while maintaining active engagement with 21 customers in medical and industrial applications. On the Goliath side, Ilika’s 2Ah prototypes were validated by a customer as being among the leading solid-state offerings, its new 1.5MWh pilot line was commissioned and the first 10Ah prototypes—promising substantial cost and weight savings per EV—were shipped for evaluation, expanding its evaluation pipeline to 27 automotive, appliance and defence customers. Financially, the company generated £0.6m in revenue, all from grant funding, posted an EBITDA loss of £3.2m and ended the period with £6.9m in cash after a £4.2m fundraising, while signalling that existing DRIVE35 grant funds will be fully deployed in early 2026 and that continuity of future grant support may be uneven, a factor investors will watch closely as Ilika pushes towards full commercialisation and gigafactory-scale adoption.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £39.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

Ilika Enters Commercial Phase with First Stereax Electrode Order from Cirtec Medical

Ilika has secured its first revenue-generating purchase order from Cirtec Medical for Stereax electrodes, marking the transition of their strategic partnership from technology transfer to commercial production. The electrodes will underpin the ramp-up of Stereax M300 battery manufacturing at Cirtec’s Massachusetts facility, targeting a broad spectrum of active implantable medical device applications, from implanted sensors and neurostimulators to orthopaedic, orthodontic and ophthalmic devices. This move follows two years of joint development and successful prototype deliveries in late 2025, and signals Ilika’s entry into the commercial phase of its medical device battery business, with Stereax M300 currently under evaluation by 21 customers. By retaining key manufacturing processes in the UK while supplying production volumes of critical components to Cirtec, Ilika is positioning itself to benefit from Cirtec’s scale-up and to deepen penetration of high-value medical markets, with the partnership’s commercial readiness to be highlighted at upcoming US industry events.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £37.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

Ilika Achieves Major Milestone with Initial Stereax M300 Shipments

Ilika plc has achieved a significant milestone by commencing the shipment of its Stereax M300 prototype solid-state batteries to customers, marking a crucial step in its commercial progress. These batteries, developed for high-precision applications such as active implantable medical devices (AIMDs), showcase their enhanced charging capabilities, long-lasting performance, and suitability for advanced medical devices like neurostimulators and orthodontic wearables. Partnering with Cirtec Medical under a 10-year manufacturing agreement, Ilika aims to expand its production capacity and refine the customer experience, targeting a growing $40 billion market for AIMDs with considerable projected growth. This move underscores Ilika’s commitment to integrating state-of-the-art energy solutions into life-changing medical technologies, reflecting its strategic ambitions within the high-growth medical device sector.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £41.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

Ilika plc Begins Shipping Advanced 10Ah Goliath Battery Prototypes

Ilika plc has commenced shipping its new 10Ah Goliath battery prototypes, marking a significant milestone in its development schedule. These prototypes, which offer five times the capacity of previous versions, are expected to enhance safety and reduce costs for electric vehicle manufacturers. The successful production on Ilika’s automated pilot line, achieving a 93% yield, positions the company well for future full-scale production and licensing opportunities. The development has garnered interest from major automotive suppliers in the UK and Europe, highlighting Ilika’s potential to offer differentiated technical solutions in the battery market.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £41.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

Ilika plc Advances Solid-State Battery Technology with Key Milestones

Ilika plc has made significant progress in its solid-state battery technology, with key advancements in both its Stereax and Goliath product lines. The Stereax M300 micro-battery production line has been qualified for manufacturing at Cirtec Medical’s facility, marking a crucial step towards meeting the demand for medical-grade micro-batteries. Meanwhile, the Goliath 2Ah P1 cells have been validated by customer testing, and the company has secured a £1.25 million grant to support the development of automotive applications. The completion of an automated assembly line for Goliath batteries enhances production capabilities, positioning Ilika to release 10Ah prototypes by December 2025. Despite a decrease in revenue and an increase in EBITDA loss, these developments underscore Ilika’s commitment to advancing its battery technology and expanding its market presence.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £40.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.