IKA

Ilika PLC

Industrial Goods and Services First-pass screen £60m

300/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 33

Valuation 25% 30

Downside protection 15% 38

First-pass take

Pre-revenue solid-state battery developer with no AI exposure. Stereax (medical) and Goliath (EV) target large markets but neither has achieved commercial traction; £0.1m non-grant revenue in 2025 vs £5.2m annual burn. Success dependent on unproven OEM partnerships and regulatory clearances (3-5 year medical ramp).

Flags

pre-revenueloss-makingnet-cashtechnology-riskregulatory-riskgrant-dependentearly-stage