Ilika plc (IKA) AI Stock Analysis

• Market Cap: £50.63M
• Dividend Yield: N/A
• Average Volume (3M): 289.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• 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): -0.03
• Revenue Forecast (FY): £2.80M

• Rating: 44 Neutral
• Price Target: 27.00p ▼(-28.00% Downside)
• Action: Downgraded Date: 01/26/26
• Date: Action: Downgraded 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

IP & Licensing Moat

A 78‑patent portfolio supports an asset‑light licensing model, creating durable barriers to entry and negotiating leverage for NRE, royalties and product licensing. Over 2–6 months this underpins recurring revenue potential without heavy capex, aligning partners to commercialise technology.

Manufacturing Qualification / Partnered Scale-up

Qualification of manufacturing at Cirtec and initial customer deliveries materially reduce scale‑up execution risk for Stereax. This partner‑enabled route accelerates commercialization, improves prospects for NRE/royalty flows, and makes future volume ramping and customer validation more attainable over the medium term.

Low Leverage / Balance Sheet Flexibility

Very low leverage provides financial flexibility to fund R&D and pilot production without large interest burdens. Over months this reduces default risk and preserves optionality to pursue partnerships or licensing deals, enabling the company to execute on commercialization milestones with less balance sheet strain.

Negative Factors

Severe Revenue Decline & Negative Margins

A near‑total revenue collapse and sustained negative gross/EBIT/NET margins indicate the business has not yet achieved a scalable, profitable model. This structural weakness limits internal funding for commercialization, increases reliance on external financing, and constrains durability of operations absent clear revenue ramps.

Negative Operating / Free Cash Flow

Persistently negative operating and free cash flow signals ongoing cash burn from prototype and scale‑up activity. With limited commercial revenues, runway depends on grants, tax credits or external capital; this cash profile poses a durable financing risk and could force dilutive funding or slower commercial rollouts.

Extended Licensing & Commercialisation Timing

Management's ~30‑month licensing horizon implies material royalty and licence income may be distant. Extended timelines delay sustainable cash generation and expose the company to evolving competitor dynamics and OEM decisions, creating structural revenue timing risk and prolonged dependency on grants or partners.

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	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

• Technical Analysis Sentiment: Negative
• Last Price: 37.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 29.02, above the 50-day MA of 33.22, and below the 200-day MA of 38.99, indicating a bearish trend. The MACD of -1.60 indicates Negative momentum. The RSI at 36.32 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, 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	£835.64M	7.96	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	£373.11M	-32.12	-8.12%	―	-18.43%	24.86%
CWR	56 Neutral	£565.69M	-2.05	-23.26%	―	12.58%	12.39%
AFC	52 Neutral	£124.63M	-3.53	-86.37%	―	732.03%	12.60%
GELN	48 Neutral	£43.13M	-2.66	―	―	―	―
IKA	44 Neutral	£50.63M	-5.44	-31.45%	―	265.67%	-16.50%

Ilika plc Corporate Events

Ilika Grants New Management and Staff Options to Align Pay with Battery Growth Strategy

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 awards include low‑exercise‑price LTIP options for CFO Jason Stewart and EMI options for CEO Graeme Purdy and other senior staff, all vesting over three years subject to performance targets.

The company says the new grants are designed to align management and employee incentives more closely with long-term shareholder returns by linking rewards to financial and operational performance. The move modestly increases potential future dilution while reinforcing Ilika’s focus on value creation as it develops and commercialises its next‑generation solid‑state battery technologies across automotive, medical and IoT markets.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £27.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

Ilika Clarifies Investor Event Notice and Plans Growth-Focused Presentation

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-batteries address medical implants, industrial sensors and niche IoT devices, while its Goliath range targets larger-scale uses such as electric vehicles and cordless consumer equipment.

The company corrected a previous regulatory notice to clarify that its upcoming Yellowstone Advisory Private Investor evening was issued under the name Ilika plc, not South32 Limited. At the London event on 25 February 2026, CEO Graeme Purdy and CFO Jason Stewart will present Ilika’s growth story to private investors, although the company emphasised that no new material trading information will be disclosed, signalling an investor-relations focus rather than an operational update.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £28.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

Ilika to Showcase Growth at London Investor Evening After Correcting Notice Attribution

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 constraints. Its portfolio spans Stereax batteries for miniature medical, industrial and IoT uses and Goliath batteries for electric vehicles and cordless devices, positioning the group in high-growth, safety-critical markets.

The company announced that its CEO Graeme Purdy and CFO Jason Stewart will present at a Yellowstone Advisory private investor evening in London on 25 February 2026 to showcase Ilika’s growth. While no new trading information will be disclosed, the event underlines Ilika’s efforts to deepen engagement with private investors and highlight its strategic progress in commercialising solid-state battery technologies.

Ilika also clarified that a prior notice about the investor evening had been mistakenly released under another company’s name and has now been correctly attributed. The correction removes potential confusion for shareholders and ensures that the company’s investor communications accurately reflect its own activities and market messaging.

The most recent analyst rating on (GB:IKA) stock is a Hold with a £28.00 price target. To see the full list of analyst forecasts on Ilika plc stock, see the GB:IKA Stock Forecast page.

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.