LONDON - Gelion plc (AIM: GELN), a global innovator in energy storage, announced its audited final results for the year ending June 30, 2024. The company reported an 18% reduction in adjusted EBITDA loss to £4.8 million, surpassing market expectations. The total income remained stable at £2.0 million, primarily from R&D tax incentives and grant income.
Operational highlights include the acquisition of OXLiD Ltd, enhancing Gelion's lithium-sulfur technology capabilities, and establishing UK partnerships with universities and organizations. The company also signed Joint Development Agreements with Glencore (OTC:GLNCY) and Ionblox, crucial for advancing the commercialization of Gelion's next-generation battery technologies.
Financially, Gelion reduced its adjusted loss after tax to £6.3 million and implemented cost management initiatives, saving approximately £1.1 million. The company's pro forma cash and cash equivalents stood at £5.4 million as of June 30, 2024.
Post-period achievements involve a breakthrough in energy density with Gelion's GEN 3 Li-S technology and securing a £2.5 million grant from the Australian Renewable Energy Agency for the ACPC Project in Sydney. Additionally, the company completed a capital raise in December 2024, securing £1.7 million from investors.
CEO John Wood commented on the significant progress across strategic priorities, emphasizing the successful delivery of major milestones, growth, operational efficiency, and disciplined cost management. The launch of the Integration Solutions business and a £1 million commercial order set for recognition in FY25 were highlighted as positioning the company for future success.
The full Annual Report is available on the company's website, and Gelion thanked shareholders for their continued support.
These results are based on a press release statement and exclude any marketing hype, focusing solely on factual content.
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