Ilika PLC (GB:IKA)
LSE:IKA
Top Page
Ilika plc
(LSE:IKA)
Select Model
Select Model
Rating:44Neutral
Price Target:
25.00 p
▼(-33.33% Downside)
Action:DowngradedDate:01/26/26
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
Commercialisation traction (Stereax)
Qualified production at Cirtec with M300 deliveries and an initial cathode purchase order demonstrates progression from R&D to customer-supplied product. Durable commercial validation reduces scale-up risk, supports recurring early revenue streams and underpins long-term adoption in medical/IoT niches.
Negative Factors
Severe revenue decline and unprofitability
A near-total revenue contraction and persistently negative margins indicate structural commercial and operational shortfalls. Such a profile limits internal funding for R&D and scaling, forces reliance on external financing or grants, and weakens the company's ability to convert technical wins into profitable growth over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercialisation traction (Stereax)
Qualified production at Cirtec with M300 deliveries and an initial cathode purchase order demonstrates progression from R&D to customer-supplied product. Durable commercial validation reduces scale-up risk, supports recurring early revenue streams and underpins long-term adoption in medical/IoT niches.
Read all positive factors
Ilika plc (IKA) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£47.02M
Dividend YieldN/A
Average Volume (3M)289.65K
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth265.67%
EPS Growth-16.50%
CountryUK
Employees68
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.02
Shares Outstanding180,832,170
10 Day Avg. Volume333,759
30 Day Avg. Volume289,646
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)2.38
Price to Sales (P/S)2413.15
P/FCF Ratio-11.75
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)-0.03
Revenue Forecast (FY)£2.80M
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 industria...
How the Company Makes Money
Ilika makes money primarily by commercialising its solid-state battery technology through a combination of product and development-related revenues. Key revenue streams include: (1) sales of solid-state battery cells and related products, particul...
Ilika plc Earnings Call Summary
Earnings Call Date:Jan 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 09, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful technical and commercial progress — qualified Stereax manufacturing at Cirtec, first customer deliveries and purchase orders, Goliath prototype shipments and successful scale-up work at UKBIC — providing clear signs of near-term commercialization momentum. Offsetting this are timing-driven financial headwinds: lower H1 turnover, a larger EBITDA loss driven by prototype costs, and a cash decline at the half-year (partially mitigated by subsequent R&D tax credit). Customer validation and large-scale licensing for Goliath remain in progress and may take extended time to convert to material licensing revenue. On balance the operational milestones and tangible early commercial signals outweigh the financial timing issues and uncertainties.Positive Updates
Commercial progress for Stereax with Cirtec partnership
Qualified manufacturing process at Cirtec Medical, commenced production for product testing, delivered M300 batteries to customers before year-end (including Lura Health), and received first purchase order for cathode/electrode deliveries — early indicator of commercial volume ramp.
Negative Updates
Reduced reported turnover at H1
Turnover was GBP 0.6m, down year-on-year due to timing differences in grant funding recognition (prior year had finishing grants that boosted H1 revenue).
Read all updates
Q2-2026 Updates
Positive
Negative
Commercial progress for Stereax with Cirtec partnership
Qualified manufacturing process at Cirtec Medical, commenced production for product testing, delivered M300 batteries to customers before year-end (including Lura Health), and received first purchase order for cathode/electrode deliveries — early indicator of commercial volume ramp.
Read all positive updates
Company Guidance
The management reiterated a clear commercial roadmap for 2026: Stereax is moving to commercialization with M300 cells (300 µAh) now in customers’ hands, cathode purchase orders starting (initial cathode-batch revenue described as “low tens of thousands” per delivery) and integration with Cirtec expected to drive NRE, profit‑share royalties and product royalties as volumes ramp; M1000 remains under evaluation. For Goliath, 2 Ah prototypes were validated in 2025 and automated pilot lines have produced 10 Ah prototypes (5× the energy of the 2 Ah), which were shipped late‑2025 for customer evaluation and have opened licensing discussions (management noted these talks could continue over the next ~30 months). Key commercial and technical metrics cited include a modeled battery‑pack cost saving of c. GBP 2,500 (~USD 3,000), up to 20% weight reduction, a 10–80% charge time reduction from ~18 to ~12 minutes (≈6 minutes saved), improved yields and higher capacity from UKBIC scale‑up work, 27 NDAs/evaluation agreements in place, a 78‑patent portfolio, H1 turnover of GBP 0.6m, H1 cash of GBP 6.9m (vs GBP 10.1m prior), and continued grant support (grants typically cover ~50% of project costs and R&D tax credits to follow) as the company targets early Stereax sales before the end of calendar 2026 and staged licensing/MVP milestones for Goliath.Ilika plc Financial Statement Overview
Summary
Income Statement
20
Very Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Apr 2024 | Apr 2023 | Apr 2022 | Apr 2021 | Apr 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
Negative
37.50
Price Trends
30.13
Negative
35.46
Negative
38.45
Negative
Market Momentum
-1.19
Positive
36.31
Neutral
13.89
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 28.06, above the 50-day MA of 30.13, and below the 200-day MA of 38.45, indicating a bearish trend. The MACD of -1.19 indicates Positive momentum. The RSI at 36.31 is Neutral, neither overbought nor oversold. The STOCH value of 13.89 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £818.19M | 7.96 | 15.54% | 1.11% | 8.20% | 25.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | £348.46M | -21.41 | -6.50% | ― | -18.43% | 24.86% | |
55 Neutral | £601.14M | -3.71 | -24.51% | ― | 12.58% | 12.39% | |
52 Neutral | £112.51M | -3.53 | -76.88% | ― | 732.03% | 12.60% | |
46 Neutral | £29.82M | -2.66 | -42.23% | ― | ― | ― | |
44 Neutral | £47.02M | -5.44 | -42.08% | ― | 265.67% | -16.50% |
* Industrials Sector Average
GB:IKA
Ilika plc
26.00
-11.50
-30.67%
GB:AFC
AFC Energy
9.90
4.40
80.00%
GB:CWR
Ceres Power Holdings
308.60
254.80
473.61%
GB:VLX
Volex plc
445.50
206.40
86.32%
GB:XPP
XP Power
1,244.00
476.00
61.98%
GB:GELN
Gelion PLC
13.00
2.25
20.93%
Ilika plc Corporate Events
Business Operations and StrategyProduct-Related Announcements
Ilika’s Goliath Solid-State Cells Win UK Defence Safety Endorsement
Positive
Mar 18, 2026
Ilika plc, the UK solid-state battery developer, has reported positive safety test results for its Goliath large-format cells from a UK defence agency, underscoring their potential use in demanding, mission-critical defence applications. The indep...
Business Operations and StrategyProduct-Related Announcements
Ilika completes first commercial Stereax electrode delivery to Cirtec Medical
Positive
Mar 10, 2026
Ilika plc, the UK solid-state battery developer, has completed its first commercial delivery of Stereax electrodes to Cirtec Medical for use in Stereax M300 batteries. The shipment marks the first revenue-generating order under their electrode sup...
Business Operations and StrategyExecutive/Board Changes
Ilika Grants New Management and Staff Options to Align Pay with Battery Growth Strategy
Positive
Feb 24, 2026
Ilika plc, the AIM-listed solid-state battery specialist, has granted a total of 2,686,175 share options to executives and employees under its Long Term Incentive Plan and EMI option scheme, equal to 1.49% of its current issued share capital. The ...
Business Operations and StrategyRegulatory Filings and Compliance
Ilika Clarifies Investor Event Notice and Plans Growth-Focused Presentation
Neutral
Feb 19, 2026
Ilika plc, a specialist in solid-state battery technology, develops and licenses ceramic-based lithium-ion batteries designed to outperform conventional cells in safety, charge rates, energy density and longevity. The company’s Stereax micro...
Business Operations and StrategyRegulatory Filings and Compliance
Ilika to Showcase Growth at London Investor Evening After Correcting Notice Attribution
Positive
Feb 19, 2026
Ilika plc, a specialist in solid-state battery technology using ceramic-based lithium-ion designs, develops and licenses batteries for applications that conventional cells struggle to serve due to safety, charge rate, energy density and lifecycle ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingProduct-Related Announcements
Ilika Hits Key Solid-State Battery Milestones as Commercial Rollout Gathers Pace
Neutral
Jan 22, 2026
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 qualifica...
Business Operations and StrategyProduct-Related Announcements
Ilika Enters Commercial Phase with First Stereax Electrode Order from Cirtec Medical
Positive
Jan 21, 2026
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 ram...
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.