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Ilika – interims, more funding to again be needed? Larger capacity batteries the fuel?

By Steve Moore | Tuesday 9 January 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Self-described “pioneer in solid-state battery technology and materials innovation”, Ilika (IKA) has announced results for its half year ended 31st October 2017 emphasising that it “has delivered a series of Stereax development and deployment partnerships which are driving revenue growth and enhancing insight into the addressable sectors for its technology”. Sounds promising…

The results though show revenue of just £0.4 million, a pre-tax loss of £1.7 million and a £1.5 million reduction in cash. Er, what about the “series” of Stereax solid-state battery technology development and deployment partnerships? These are noted to have respective values to the company of £0.7 million over 18 months from March 2017 (miniature medical implant product), £0.32 million over 2 years from July 2017 (photovoltaic energy harvesting) and £0.4 million over 2 years from March 2018 (turbine blade condition monitoring).

The announcement also seeks to emphasise that “Ilika is well-positioned to exploit the global trend towards solid-state battery technology” but the noted series of Stereax development and deployment partnerships don’t exactly suggest an imminent financial turnaround and the balance sheet shows cash (net) down to £3.9 million. I also note it stated;

“Over the past few months Ilika has been approached by a number of significant commercial partners interested in collaborating with Ilika to expand its product development roadmap to include larger capacity batteries suitable for use in consumer electronics, domestic storage of energy and electric powered vehicles. In order to address these applications, Ilika is developing manufacturing processes suitable for forming battery materials in quantities which facilitate energy storage on a scale several orders of magnitude larger than that achievable using current vacuum deposition methods.”

Hmmm – that useful to attempt to justify further funding after a net £5.8 million was raised just in October 2016? With the noted cash dynamics despite having “been active in the development of solid-state battery technology since 2008”, this remains potential jam tomorrow not for me. Sell / avoid.

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