The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 139.6M (2021) → 159.0M (2025)
Ilika plc, an enterprise established in 2004 with its headquarters in Romsey, United Kingdom, focuses on the conception, refinement, and commercial production of solid-state battery technology. These advanced power cells are distributed globally under their Stereax brand, primarily serving markets in the UK, Asia, mainland Europe, and North America. The company's battery solutions find application across numerous sectors, such as industrial Internet of Things, medical apparatus, various transportation systems including electric vehicles, and portable consumer electronics, as well as supporting smart city initiatives.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-99.5% YoY
YoY Growth Rate
Revenue declining
-53.0% YoY
YoY Growth Rate
Earnings declining
$3M/ year
→ Flat (-5% vs prior year)
>1,000% of revenue
1138.0x the sector average (4%)
Steady R&D investment year-over-year
~5 months
$7M cash & investments
Quarterly Free Cash Flow
→ Burn rate stable
Short runway — potential dilution ahead through share issuance
Ilika has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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See every metric, trend, and what it means for this stock.
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See every metric, trend, and what it means for this stock.
