Audited Full Year Results for the Year Ended 31 May 2022

 Strong operational and financial performance with significant market growth potential

OXFORD, United Kingdom – EnSilica (AIM: ENSI), a leading mixed signal chipmaker announces full year results for the year ended 31 May 2022 (“FY 22”).

 Financial highlights

 ·   Revenue up 77% to £15.3 million (FY21: £8.6 million)

·   Adjusted operating profit £0.70 million (FY21 £0.17 million loss).

·   Gross margin 33% (FY21: 23.9%)

·   Adjusted EBITDA up significantly to £1.05 million (FY21: £0.06 million)

·   Cash and cash equivalents at 31 May 2022 of £5.7 million (31 May 2021: £1.4 million)

·   Net cash at 31 May 2022 of £0.6 million (31 May 2021: Net debt £4.7 million)

·   Net assets increased at 31 May 2022 by 328% (31 May 2021: decreased 39%)

·   Further investment in IP of £2.24 million (FY21: £1.67 million)

 

Operational highlights

 ·   Successfully floated on AIM, a market operated by the London Stock Exchange, in May 2022, raising £6m million despite macro-economic uncertainty and the onset of conflict in Ukraine.

·   Increase in average headcount in the period to 117 (FY21: 96)

 Post period-end highlights and outlook

 ·   Successfully brought a mixed signal automotive ASIC to commercial production following the official launch of a new flagship vehicle by a premium automotive company.

 ·   Appointed a new Vice President of Worldwide Sales and entered into non-exclusive Sales Representative Agreements with Quantum Leap Solutions Inc.  (covering the North America region) and Cedar Technologies Limited (covering the UK, Nordic regions and Poland).

 ·   Hired an ASIC implementation team comprising of six engineers and the purchase of related non-core IP assets from Blu Wireless Technologies Limited.

 ·    Awarded a significant industrial ASIC supply project worth in excess of US$30 million over 7 years.

 Outlook

 ·    EnSilica have started the current financial year strongly, buoyed by our existing contracts which underpin FY23 momentum.

 ·    The Board firmly believes that the Company is well placed to continue to capitalise on the sizeable growth opportunity within the semiconductor industry, supported by a significant order book and new business pipeline.

 Ian Lankshear, CEO of EnSilica, commented:

“I am delighted to be announcing such a strong set of full year results for EnSilica, our first since floating on AIM.  2022 has been a truly transformational year for our business as we seek to further capitalise on what we believe is a sizable market opportunity for EnSilica.”

 “I’d like to personally thank our outstanding team, who collectively, sit firmly at the centre of our success as we continue to support our global blue-chip customer base.”

 “Having successfully delivered our FY22 results ahead of market expectations, I am pleased to report that the Company has started FY23 well, supported by existing contracts and ongoing new business momentum.”

See Annual Report