Gelion PLC ( AIM:GELN , OTC:GELNF , FRA:X0S ) told investors it expects to generate its first commercial revenues from its sulfur battery technology in the current financial year, backed by a strengthened cash position and development agreements with major industrial and automotive partners.
The company reported pro forma cash of £9.6 million at 30 June 2026, up from £4.1 million a year earlier, following an oversubscribed £9.9 million net fundraising. Its adjusted EBITDA loss widened to £4.4 million from £4.1 million, although this was 10.4% better than analyst expectations.
Total income slipped to £2.5 million from £2.7 million but exceeded consensus forecasts by 17.1%, with government grants and R&D incentives covering 63.2% of research expenditure. Customer revenue fell to £49,000 from £912,000 following the completion of a legacy energy storage project.
Gelion has since secured a £2 million funded development agreement with Japan's Mitsui Kinzoku and a co-funded proof-of-concept programme with a top-five global automotive manufacturer.
Both are expected to contribute modest commercial revenue in FY27 as the company advances its Nano-Encapsulated Sulfur technology towards customer qualification and manufacturing scale-up.
Chief executive Matt Wood said the company was moving "from technology validation towards customer programmes, qualification and scale-up", with a focus on converting technical progress into commercial adoption.
"2026 has been an important transition year for Gelion, marked by continued advancements in our sulfur battery technology and growing commercial validation of our NES™ cathode platform through partnerships with leading global industrial and battery sector participants," Wood said.
He added: "Supported by a strengthened balance sheet, strong partner engagement and a clear focus on commercial execution, we are confident in our strategy and the opportunity ahead.
"As we move from technology validation towards customer programmes, qualification and scale-up, our focus remains on converting our technological leadership into commercial adoption and long-term shareholder value."
Gelion also noted on Wednesday that it is winding down its Integration Solutions business and pursuing the sale of its Battery Minerals subsidiary to focus investment on sulfur cathode materials designed for use in existing battery manufacturing infrastructure.
