EnSilica, the AIM-listed chip designer, swung to a £5.9m EBITDA on 53% higher revenue. Grants and tax credits helped lift the profit, and chip supply sales grew far more slowly than design fees.
EnSilica (AIM: ENSI) reported revenue up 53% to £27.8m and EBITDA of £5.9m for the year to the 31st of May.
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The Oxfordshire fabless chipmaker, which designs custom chips and has outside foundries make them, said EBITDA a year earlier was about nil.
The shares stood at 77p at about 08:49 London time today (delayed quote), up 4% from Friday’s 74p close. The results came at 7:00am, before the open, though timing alone does not show they drove the move. The July placing priced at 91p.
The audited figures show an operating profit of £2.9m against a £2.6m loss, and a pre-tax profit of £2.3m against a £3.5m loss. Chief Executive Ian Lankshear called it a record year, adding that EnSilica has “evolved from a design services business into a semiconductor design and supply platform”.
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The growth came mainly from NRE, or non-recurring engineering, the upfront design fees, which rose 155% to £15.0m. Chip supply revenue rose only 16% to £6.7m, and gross margin slipped to 35% from 40%. EBITDA also includes £4.2m of other income: a £1.7m UK Space Agency modem grant and a £2.5m R&D tax credit. The company said the credit lifted EBITDA above previous expectations.
EnSilica revenue, chip supply revenue and EBITDA, years ended 31 May 2025 and 2026, £ million. Source: company results.
Lifetime supply visibility, which is expected supply revenue based on customer forecasts, rose to $375m from $250m, and the pipeline to more than $600m from $400m. Five chips are in supply and 14 in design. The company also cites a $75m automotive contract win, and more than 80% of FY27 revenue is already visible.
The company raised £10m at 47p in March and £14.9m at 91p in July. Cash stood at £7.6m at the year end, against £2.0m, with £4.4m of loans from Bank of Scotland.
Guidance for the year to May 2027 was re-confirmed, not raised, at £32m to £34m of revenue and £5.5m to £6.5m of EBITDA. An investor presentation is due next Tuesday at 11.00am, and the AGM on the 30th of October.
The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
