EnSilica plc - Audited Results for the Year Ended 31 May 2025

• Robust New Contract Conversion and Strong Supply Growth
• EnSilica delivers some of the most complex semiconductor engineering projects in the industry

November 4, 2025 -- EnSilica (AIM: ENSI), a leading chip maker of mixed-signal ASICs (Application Specific Integrated Circuits), announces its audited results for the year ended 31 May 2025 ("FY 25","FY 2025" or the "Year"). 

Financial Highlights 

• Full year revenues of £18.2 million (FY 24: £25.3 million) were lower than prior year but chip supply revenues doubled to £5.7 million
• Gross profit margin improved from 36% to 40% reflecting the change in business mix
• Customer expected credit loss allowance of £1.8 million required
• Breakeven EBITDA* achieved (excluding the allowance for credit losses, an EBITDA profit of £1.8 million was achieved) (FY 24: £1.7 million profit)
• Improving operating cash generation profile with net operating cash flow of £2.1 million generated (FY 24: £4.3 million) of which £3.7 million was generated in the second half of 2025 (“H2 FY 25”) after an initial outflow in H1 FY 25
• Cash and cash equivalents of £2.0 million (FY 24: £5.2 million post fundraise)
• Further investment of £5.8 million in intellectual property assets

* The EBITDA outturn for FY 25 of £nil million is £1.3 million better than the EBITDA loss announced in our trading update on 16 October 2025 after a subsequent technical consultation resulted in the research and development (“RDEC”) tax credit from the new HMRC merged scheme being required to be reclassified as Other income in line with technical accounting guidance.

STRONG CONTRACT MOMENTUM IN THE PERIOD

• New supply-only contract awarded valued at $7 million for Edge Artificial Intelligence (AI) processing Chip with further potential supply revenue of more than $50 million over the first five years of production.
• Major Telecommunications ASIC and Supply contract awarded with a leading European telecommunications equipment provider introducing key differentiating features for the client's next-generation telecommunication infrastructure products valued over $30 million over a ten-year period.
• First Production order for Industrial ASIC awarded by a leading European Industrial Original Equipment Manufacturer (OEM), a key component in their factory automation controller systems. Production revenues of $30 million are expected over a seven-year period.
• Design & Supply contract awarded for a controller ASIC for automotive and industrial motorised actuators for a leading supplier to most automotive and industrial original equipment manufacturers (OEMs). Value is projected to exceed $31 million over 7 years.
• New Design & Supply contract awarded for a precision Timing Controller ASIC to be used in high-value industrial test equipment, total value projected to exceed $30 million over 10 years.
• Awarded £10.38 million UK Space Agency funding over the next 3 years for a development project under its Connectivity in Low Earth Orbit (C-Leo) programme.
• Awarded a $18 million Design & Supply contract by a leading European based supplier of electromechanical products for an Arm-based mixed signal sensor interface ASIC. Total contract value is estimated to exceed $18 million over 7 years. 

POST YEAR-END CONTRACTS

• June 25 - First royalty payments triggered, and an extended royalty agreement signed with an existing satellite service provider. The total value of the expanded agreement is estimated to be worth c. $28 million over the next 10 years (previously estimated to be $15 million over 5 years).
• August 25 - New EU Mixed signal design centre established in Budapest, Hungary

OUTLOOK

• EnSilica continues to build a strong pipeline and order book, which underpins our ongoing confidence in the business, and we entered FY 26 with strong orders for chip supply and NRE and commercial momentum
• The Company continues to invest in R&D initiatives, such as post quantum cryptography (“PQC”) and satellite communication technology, with continued support from organisations such as the UK Space Agency and Innovate UK
• Despite reporting an operating loss in FY 25, the Board remains confident in the Company's ability to return to profitability, citing its success in winning new customers, including six new development and supply agreements and two design agreements with a lifetime value exceeding $100 million, coupled with its ability to control capital expenditure and operational spending
• The Group remains well progressed in its mission of being Europe’s premier application specific chip supplier, and its core focus on innovation, quality, and reliability will enable this goal
• The Group is approaching the phase where supply revenues support future investment & overhead before non-cash charges, and we are targeting to become cash flow positive during 2026
• Our ambitions for the medium term (3 to 5 years) are for annual revenues in excess of £60m and longer term (6 to 10 years), our order book and opportunities give us extended aspirations of £100m of revenues

Ian Lankshear, Chief Executive Officer of EnSilica, commented: “The last 12 months have been a critically important period in our strategic development as we continue to expand our supply-generated income streams, an important benchmark to our long-term success. In addition, we continue to make strong operational progress across our key end markets of industrial, automotive, and space sectors, with several chip developments now advancing through the design phase as planned.

Our pipeline continues to strengthen, with the timing controller ASIC, as announced on 6 December 2024, successfully completing the test-chip tape-out in August 2025. A further five tape-outs are scheduled for completion before the end of FY 26, relating to other customer products currently in design, reflecting very strong execution across EnSilica’s development pipeline.

I remain confident in our ability to further capitalise on this growing market opportunity, supported by an ongoing need for a resilient, trusted European supply chain, alongside our expanding IP portfolio and strong market reputation.”

Investor Presentation

An online presentation of the annual results will be held on Wednesday, 5 November 2025 at 2.00 p.m. GMT. The presentation will be hosted on the Investor Meet Company ("IMC") platform. Questions can be submitted pre-event via the IMC dashboard up until 9.00 a.m. GMT the day before the meeting or at any time during the live presentation.

Investors can sign up to IMC for free and add EnSilica to attend the webcast via:

https://www.investormeetcompany.com/ensilica-plc/register-investor

Annual Report and AGM

The Company's annual report and accounts together with notice of the annual general meeting ("AGM") will be posted to shareholders this week and will be made available on the Company's website. 

The Annual General Meeting will be held on 27 November 2025 at 10.00 a.m. GMT at Courtyard by Marriott Oxford South, 6 Milton Gate, Milton, Abingdon, Oxfordshire OX14 4FP.

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.