EnSilica PLC (AIM: ENSI) has demonstrated strategic growth and resilience in the first half of 2025, according to an update from Stonegate Capital Partners. The company, specializing in mixed-signal ASICs for automotive, industrial, healthcare, and satellite connectivity applications, continues to strengthen its market position. With the global ASIC market projected to reach $25.0B by 2030, EnSilica’s intellectual property and strategic initiatives position it well for future growth.
Despite a 3% decrease in revenues to £9.3M compared to the previous year, EnSilica has made significant progress in diversifying its revenue streams. The company now has five ASICs in production and twelve in the design phase, alongside a lucrative royalty agreement worth approximately US$28.0M with a satellite service provider. This agreement not only underscores EnSilica’s value to its customers but also highlights its potential for more predictable revenue streams moving forward.
Financial results for 1H25 showed a temporary decline, with adjusted EBITDA and Net Income at (£0.2)M and (£1.2)M, respectively. However, the company’s supply of products revenue saw a remarkable 170.3% year-over-year growth, signaling a strong shift towards more reliable income sources. Management remains optimistic, expecting positive full-year EBITDA in FY25 and projecting revenues between £19.0M to £20.0M for FY25 and £33.0M to £35.0M for FY26.
EnSilica’s momentum is further evidenced by a Memorandum of Understanding with a major European satellite operator and the release of two chips for sampling in the satellite broadband market. With the satellite broadband market expected to grow at a CAGR of 21.4% until 2033, EnSilica’s strategic focus and support from EU and UK space agencies place it in a strong position to capitalize on this growth. Stonegate Capital Partners’ valuation models reflect confidence in EnSilica’s future, with a mid-point valuation of £0.83, indicating a positive outlook for the company’s stock.
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