EnSilica

ENSI · AIM · Technology · mcap £121m · 81.2p

EnSilica designs custom and standard chips (ASICs) for automotive, industrial, satellite and telecoms customers, earning design fees and then recurring chip supply revenue. It is based in the UK and trades on AIM.

Target	Promise	Said	Status
2025
31 May 2025	Trade in line with market expectations for FY24; later guided FY25 revenue above £30m and EBITDA above £5.0m	28 Nov 2023	✗ Missed · target changed
	“the Board is confident of delivering revenues in excess of £30 million and EBITDA in excess of £5.0 million for FY25” Also stated 14 May 2024 Result April 2025 guidance cut FY25 to revenue £19-20m, EBITDA £0.1-0.5m; FY25 actual revenue £18.2m, EBITDA loss. “the Company now anticipates revenues of between £19 million and £20 million and EBITDA between £0.1 million and £0.5 million for FY 2025.”7 Apr 2025 · Trading Update “the Company now expects to announce revenues of approximately £18.2 million and an EBITDA loss of approximately £1.3 million for FY 2025”16 Oct 2025 · Trading Update
31 May 2025	Trade in line with consensus market expectations for FY25	28 Nov 2024	✗ Missed · target changed
	“expects EnSilica to continue to trade in line with consensus market expectations for the financial year to 30 May 2025” Result April 2025 trading update was below expectations, with FY25 revenue guidance cut to £19-20m. “the Company now anticipates revenues of between £19 million and £20 million and EBITDA between £0.1 million and £0.5 million for FY 2025”7 Apr 2025 · Trading Update
31 May 2025	Chip supply revenue to double to £6m in FY25	10 Feb 2025	◐ Partly kept
	“our chip supply revenues are set to double to £6 million in FY25” Result FY25 chip supply revenue was £5.7m, up from £2.9m; slightly short of £6m. “chip supply revenues doubled to £5.7 million”4 Nov 2025 · Audited Results for the Year Ended 31 May 2025
31 May 2025	Higher revenues and profits in H2 FY25	10 Feb 2025	✗ Missed
	“higher revenues and profits are expected in the second half of the financial year” Result Guidance cut in April 2025; FY25 revenue £18.2m and EBITDA loss, with a SIAE bad debt provision. “the Company now anticipates revenues of between £19 million and £20 million and EBITDA between £0.1 million and £0.5 million for FY 2025.”7 Apr 2025 · Trading Update
30 Jun 2025	Industrial ASIC samples Spring 2024, production release late Autumn 2024, first deliveries H1 2025	10 Oct 2023	◐ Partly kept
	“expect to have samples in Spring 2024, and release-to-production in late Autumn 2024” Also stated 3 Sep 2024 Result First production order received Sept 2024; delivery timing not confirmed later. “The first orders for the ASIC are for delivery to the customer in the first half of 2025, with total production revenues over a seven year period expected to be worth more than US$30m, based on the customer's estimate.”3 Sep 2024 · Production order for Industrial ASIC received “We now have five ASICs in volume production generating recurring silicon revenue, with a further fourteen chip programmes in design that will convert into recurring supply revenues over the coming years.”5 Oct 2026 · Final Results
30 Sep 2025	Budapest design centre at 16 engineers by end of September 2025	12 Aug 2025	… In progress
	Result Not yet due.
31 Dec 2025	Siemens NRE work to commence in calendar 2025	12 Sep 2024	✓ Kept
	“The NRE (non-recurring engineering) component of the Contract will commence in calendar year 2025” Result Siemens ASIC reached production tape-out by Feb 2026, implying NRE work done. “the ASIC developed under the design and supply contract awarded by Siemens AG, as announced on 12 September 2024, has successfully reached the production tape-out milestone. This milestone marks the completion of the design phase”5 Feb 2026 · Production Milestone Achieved on Siemens Contract
2026
31 Mar 2026	Complete UK Government quantum-resilient chip Stage 1 by March 2026	13 Nov 2025	… In progress
	“Stage 1: £1.5 million specification and prototype development - to be completed by March 2026” Result Not yet due.
31 May 2026	FY26 revenue of £33-35m, later £28-30m and EBITDA £3.5-4.5m	7 Apr 2025	✗ Missed · target changed
	“the Board now expects to deliver revenues of between £33 million and £35 million in FY 2026” Result Guidance cut to £28-30m in Oct 2025; FY26 delivered revenue £27.8m and EBITDA £5.9m. “Revenues grew 53% to £27.8 million (FY25: £18.2 million) and EBITDA rose to £5.9 million (FY25: £nil)”5 Oct 2026 · Final Results
31 May 2026	Edge AI chip to tape-out in H2 FY26; full device completion for one ASIC by mid-2026	3 Nov 2025	✓ Kept
	“now expected to tape-out in the second half of the current financial year” Result Edge AI ASIC completed tape-out in June 2026, releasing US$5m NRE fee. “the Edge AI application-specific integrated circuit ("ASIC") supply contract, as first announced on 15 July 2024, has successfully completed production tape-out, releasing the US$5m NRE and tape-out fee to be recognised across FY2026 and FY2027.”11 Jun 2026 · Edge AI ASIC Supply Contract Completes Tape-Out
31 May 2026	Complete five tape-outs before end of FY26	4 Nov 2025	◐ Partly kept
	“A further five tape-outs are scheduled for completion before the end of FY 26” Result Siemens and Edge AI tape-outs completed; five ASICs in production by Oct 2026, but total tape-outs not confirmed. “Two tape outs completed in FY26, three tape outs completed in FY27 and a further two tape outs expected to complete in FY27”5 Oct 2026 · Final Results “We now have five ASICs in volume production generating recurring revenue, with a further fourteen chip programmes in design which we expect to convert into long-term supply revenues over the coming years.”5 Oct 2026 · Final Results
31 May 2026	Achieve FY26 guidance (revenue £28-30m, EBITDA £3.5-4.5m)	27 Nov 2025	◐ Partly kept
	“the Company remains well placed to achieve our FY 2026 guidance” Result FY26 revenue £27.8m, just under range; EBITDA £5.9m above range. 5 Oct 2026 · Final Results
30 Jun 2026	Timing controller ASIC supply revenue to start mid-2026	6 Dec 2024	… In progress
	“The supply revenue is forecast to commence in mid-2026.” Result Not yet due.
Today · 14 Oct 2026
2027
31 Jan 2027	Siemens ASIC production ramp-up, now January 2027	12 Sep 2024	… In progress
	“the initial production phase expected to start in Q4 2027” Also stated 5 Feb 2026 Status so far Not yet due.
8 Mar 2027	Recruit 20 modem and mmWave engineers in Milan within six months	8 Sep 2026	… In progress
	“Initially recruiting 20 specialist modem and mmWave engineers over the next six months” Status so far Not yet due.
31 May 2027	Positive monthly operational cash generation after intangible investment by end of FY27	7 Apr 2025	✗ Missed · target changed
	“now expected by the end of FY27” Also stated 4 Nov 2025 · 7 Jan 2026 · 23 Jun 2026 Result Target pushed from end FY26 to calendar 2026, then end FY27 in June 2026. “targeting positive monthly operational cash generation after investment in intangible assets, and therefore now expected by the end of FY27”23 Jun 2026 · Trading Statement
31 May 2027	Annual PAT of £2.5m for director awards, measured up to year ending 31 May 2027	16 Jul 2025	… In progress
	“The LTIP Awards will vest on the third anniversary of grant subject to meeting a profit after tax ("PAT") target of £2.5 million in any given financial year.” Status so far Not yet due.
31 May 2027	Meet market consensus for FY26 and FY27	10 Mar 2026	… In progress
	“achieving market consensus forecasts for the current financial year ending 31 May 2026 as well as FY 2027” Status so far Not yet due.
31 Dec 2027	Edge AI first silicon samples in 2026, volume production in 2027	10 Oct 2023	… In progress
	“expect to have samples in Spring 2024, and release-to-production in late Autumn 2024” Status so far Not yet due.
31 Dec 2027	Telecoms ASIC production and supply to begin in 2027	22 Dec 2023	✗ Missed · target changed
	“the production and supply phase of the ASICs expected to begin during 2027” Also stated 2 Sep 2024 Result Start date moved from end 2026 to during 2027 in Sept 2024. “the production and supply phase of the ASICs expected to begin during 2027”2 Sep 2024 · Telecommunications ASIC Contract Valued Over $30m
31 Dec 2027	Five new contracts to generate £100m lifetime revenue from 2027	10 Feb 2025	… In progress
	“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” Status so far Not yet due.
31 Dec 2027	Supply revenues from $18m ASIC contract to start in 2027	27 Mar 2025	… In progress
	“supply revenues forecast to commence during 2027” Status so far Not yet due.
31 Dec 2027	Move three chips into supply production over the next 18 months	23 Jun 2026	… In progress
	“3 chips poised to boost revenues by moving into supply production over the next 18 months” Status so far Not yet due.
2028
31 Mar 2028	Complete Stage 2 verification, silicon implementation and productisation by March 2028	13 Nov 2025	… In progress
	“Stage 2: £3.5 million verification, silicon implementation and productisation - concluding by March 2028” Status so far Not yet due.
2030
4 Nov 2030	Annual revenues above £60m within 3 to 5 years	4 Nov 2025	… In progress
	“our ambitions for the medium term (3 to 5 years) are for annual revenues in excess of £60m” Status so far Not yet due.