EnSilica PLC Demonstrates Strong Growth and Market Position in ASIC Industry

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citybuzz.co, Dec. 28, 2024 – 

EnSilica PLC (AIM: ENSI), a leading provider of mixed-signal ASICs, has demonstrated robust growth and strengthened its market position according to a recent coverage initiation by Stonegate Capital Partners. The company's performance in the second half of 2024 showcases its strategic initiatives and market strengths, particularly in automotive, industrial, healthcare, and satellite connectivity applications.

EnSilica reported a 23% increase in revenues to £25.3M for the second half of FY24, up from £20.5M in the previous year. This growth was driven by strong customer demand and strategic investments in intellectual property, ASIC NRE, and team development. The company's EBITDA saw a slight increase to £1.7M from £1.6M, despite ongoing investments in scaling operations. Cash and cash equivalents rose significantly to £5.2M as of May 2024, up from £3.1M at the end of FY23.

The global ASIC market is projected to reach $25.0B by 2030, and EnSilica is well-positioned to capitalize on this expansion, particularly in high-demand sectors such as telecommunications, automotive, industrial, and aerospace. The company's pursuit of expansion through consolidation and vertical integration has enhanced its market position and comprehensive service offerings.

EnSilica's financial foundation was further strengthened by successful equity fundraisings totaling £6.5M and the refinancing of external loans with a £6.0M facility. This has enabled continued investment in intellectual property and operational capabilities, supporting the company's growth trajectory.

The company demonstrated strong contract momentum in FY24, securing high-value contracts across various sectors. Notable achievements include a £2.5M satellite broadband chip contract, a €3.8M automotive and industrial chip contract, and a $30M telecommunications ASIC contract. EnSilica also made significant strides in Edge AI with a $7.0M supply-only contract and in factory automation with a $2.4M contract with Siemens.

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