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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
| 30 Jun 2026 | Timing controller ASIC supply revenue to start mid-2026 | 6 Dec 2024 | … In progress |
|
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 |
|
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 |
|
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 |
|
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 |
|
Status so far
Not yet due. |
|||
| 31 May 2027 | Meet market consensus for FY26 and FY27 | 10 Mar 2026 | … In progress |
|
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 |
|
Status so far
Not yet due. |
|||
| 31 Dec 2027 | Telecoms ASIC production and supply to begin in 2027 | 22 Dec 2023 | ✗ Missed · target changed |
|
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 |
|
Status so far
Not yet due. |
|||
| 31 Dec 2027 | Supply revenues from $18m ASIC contract to start in 2027 | 27 Mar 2025 | … In progress |
|
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 |
|
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 |
|
Status so far
Not yet due. |
|||
| 2030 | |||
| 4 Nov 2030 | Annual revenues above £60m within 3 to 5 years | 4 Nov 2025 | … In progress |
|
Status so far
Not yet due. |
|||