EnSilica: Unaudited Results for the Half Year Ended 30 November 2024

February 10, 2025 -- EnSilica (AIM: ENSI), a leading chip maker of mixed-signal ASICs (Application Specific Integrated Circuits), announce its unaudited results for the six months ended 30 November 2024 ("H1 FY25" or the "Period").

Financial Highlights 

• Revenue was £9.3 million (H1 FY24: £9.6 million)
• Chip supply revenue up 164% from £1.1 million in H1 FY24 to £2.9 million in H1 FY25
• EBITDA (£0.2) million (H1 FY24: £0.5 million)
• Operating loss of £0.8 million (H1 FY24: £0.0 million)
• Cash and cash equivalents at 30 November 2024 of £2.8 million (31 May 2024: £5.2 million)
• £6 million debt refinancing completed, unlocking £2.1 million of additional working capital
• Further investment in intellectual property (“IP”) and tooling of £2.6 million (H1 FY24: £3.0 million)

Operational Highlights 

• EnSilica currently has four ASICs in production with supply revenue orders secured to deliver supply revenues, in aggregate, of £6 million in FY25, double compared to the previous financial year
• Five design and supply ASICs and one supply contract won, generating supply revenues from 2027 onwards
  • Second industrial automation ASIC design and supply contract secured with Siemens;
  • Timing control ASIC design and supply contract secured projected to exceed $30 million;
  • Photonics Controller ASICs design and supply contract secured with Oriole Networks;
  • Automotive and industrial controller ASIC design and supply contract secured in excess of $31 million over a seven-year period;
  • Telecommunications ASIC design and supply contract secured with SIAE Microelettronica worth in excess of $30 million over a ten-year period; and
• Supply only contract for Edge AI chip forecast value estimated to exceed $50 million over the first five years of production
• As announced on 3 February 2025, EnSilica was awarded £10.4 million of matched funding from the UK Space Agency for a development project aimed at increasing competitiveness in the satellite broadband communications user terminals market

Ian Lankshear, Chief Executive Officer of EnSilica, commented: 

“We have made a solid start to 2025, securing a further five design and supply ASICs contracts, and we remain confident of securing additional mandates across the remainder of the financial year. Our NRE and chip supply revenues from these new contracts alone are expected to generate a further £100 million of revenues over their lifetime, starting from 2027 onwards, further cementing our growing financial base. In addition, and as a sign of ongoing confidence, our chip supply revenues are set to double to £6 million in FY25, a key performance indicator of the success of the Company’s fabless business model.

Our diverse range of markets and high-profile customers is building both a robust portfolio and exciting future chip supply revenue streams.

Our ongoing progress has been further highlighted by the recently announced £10.4 million of funding from the UK Space Agency, a highly significant award for EnSilica as we aim to increase our satellite communications market footprint. This funding will enable our team to advance our position and competitiveness as a key supplier of silicon chips for user terminals across the various new satellite constellations, offering an alternative to SpaceX’s Starlink service.”

Investor Presentation

An online presentation of the half-year results will be held at 3.30 p.m. GMT on Friday, 14 February 2025 via the Investor Meet Company ("IMC") platform. Investors can sign up to IMC for free and add EnSilica via: https://www.investormeetcompany.com/ensilica-plc/register-investor

About EnSilica plc

EnSilica is a leading fabless design house focused on custom ASIC design and supply for OEMs and system houses, as well as IC design services for companies with their own design teams. The company has world-class expertise in supplying custom RF, mmWave, mixed signal and digital ICs to its international customers in the automotive, industrial, healthcare and communications markets. The company also offers a broad portfolio of core IP covering cryptography, radar, and communications systems. EnSilica has a track record in delivering high quality solutions to demanding industry standards. The company is headquartered near Oxford, UK and has design centres across the UK and in Bangalore, India and Porto Alegre and Campinas, Brazil.