Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

3 August 2022

EnSilica plc

("EnSilica", the "Company" or the "Group")

Full Year Trading Update & Notice of Results

FY2022 results expected to be ahead of market expectations

EnSilica (AIM: ENSI), a leading chipmaker of mixed signal ASICs (Application Specific Integrated Circuits), provides the following update on trading for the year ended 31 May 2022 ('FY 2022').

The Company has traded strongly across FY 2022, underpinned by contract momentum, which has steadily gathered pace during the financial year and accelerated in FY 2022 Q4.  Therefore, the Company is pleased to report that both revenue and adjusted EBITDA are expected to be ahead of market expectations for FY 2022.

The Company expects to report revenue for FY 2022 of approximately £15.1 million (2021: £8.6 million), a 75.5 per cent increase on the prior year, and an adjusted EBITDA of approximately £0.5 million (2021: £0.06 million), delivering significant year on year growth.

During the period, the Company continued to maintain a healthy order book and new business pipeline and is currently working on a number of multi-year contracts, providing further revenue and profit potential for the Group. 

Key contracts and progress on projects in 2022 include:

·    An established Automotive ASIC supply customer providing visibility on expected order volumes through to 2025/2026 with supply deliveries commenced in Q3  FY 2022;

·    Global satellite and communication customer expected to launch first test satellite in early to mid-September 2022 - NRE majority funded by the customer, royalty income is due when the main constellation is launched;

·    A significant project for a leading European industrial OEM worth in excess of US$30 million over seven years with supply revenue forecast to commence at the end of calendar year 2024.

The Company remains fully committed on other design projects, where demand is high. In addition, management have seen a marked improvement in new business opportunities, with customers requesting specification phase quotations to cover funded studies into their ASICs across automotive, healthcare, aerospace and satellite communication sectors, all key growth markets for EnSilica.

The Company has made a solid start to the current financial year trading in line with market expectations, supported by a strong forward order book and new business pipeline, despite ongoing broader macro-economic challenges.

EnSilica expects to report final results for the year ended 31 May 2022 during the last week of October 2022.  The Company will hold a webcast for shareholders on the FY 2022 results and will provide details of the facility nearer the time.

Ian Lankshear, CEO of EnSilica, commented:

"2022 was a transformational year for EnSilica, achieving a huge step forward with our admission to trading on AIM in May, whilst delivering a substantial new business pipeline during the year.

"In addition, our team has done an outstanding job in both securing and now delivering a number of significant orders, providing earnings visibility in the medium term. The financial and operational progress EnSilica has delivered across FY 2022 and the current financial year is testament to our highly talented team which supports our ever-growing roster of blue-chip customers.

"I look forward to updating the market further when we publish our full year results in September and believe we are ideally placed to further capitalise on our growth markets."

The financial information for 2022 included in this announcement is unaudited.

For further information please contact:

Notes to editors

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, Brazil.