Shares in integrated circuit maker EnSilica (LON:ENSI) gained after the firm posted forecast-beating results. The company said it had moved into profit ‘with a step change improvement in revenue, cash generation, sales conversion and pipeline’.
Sales and earnings top forecasts
For the year to May, EnSilica reported record revenue of £27.8 million, up 53% on the previous year and above the £27.5 million consensus. The AIM-listed business supplies specialised products to the automotive, communications, industrial, photonics and space industries.
EBITDA of £5.9 million also beat the £4.7 million consensus, although it included a larger-than-expected tax credit for R&D spending. The firm raised £10 million in March 2026 to fund its accelerating sales pipleine, ending the year with £7.6 million of net cash.
EnSilica FY26 results
| FY25 | FY26 | Change | |
| Total revenue (£m) | 27.8 | 18.2 | +53% |
| EBITDA (£m) | 5.9 | 0 | |
| Net cash flow (£m) | 6.2 | 2.1 | 195% |
Source: Company accounts
EnSilica estimates the lifetime supply revenue based on existing customer forecasts to be around $375 million (£275 million) against $250 million (£185 million) previously. The sales and opportunities pipeline, based on potential new business it has identified and is following up, is around $600 million (£450 million) against $400 million (£300 million) previously.
Earlier this year the firm secured a $75 million (£56 million) contract with a German tier-one automotive supplier. It has also landed two development contracts with a leading European satellite operator potentially worth $50 million (£37 million).
We have followed EnSilica over the course of 2026 and it has repeatedly delivered good news. Despite that, the shares had almost halved from their May high of 123p to just 70p before today’s update.
Clearly there is a large total addressable market for its products, although 50% annual revenue growth is unrealistic. Analysts at Allenby Capital have pencilled in closer to 20% growth for FY27, noting 80% of that is already visible.
CEO Ian Lankshear was keen to stress the firm’s transformation over the past year or so: ‘We have evolved from a design services business into a semiconductor design and supply platform, validating the scalability of our model.
‘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.’
On top of the £10 million raised in its over-subscribed March placing, the company raised a further £14.9 million in July. Therefore, it has plenty of financing to take on more orders and sustain its momentum into FY27 and beyond.
