GELION PLC - Final results for the year ended 30 June 2026

Gelion beat cash/EBITDA consensus again and expects its sulfur-cathode technology to generate first modest commercial revenue in FY2027.

• Beat consensus on all metrics: Adjusted EBITDA loss of £4.1m beat the £4.4m forecast; pro-forma cash of £9.6m was 21% above consensus; the fifth straight year of beating expectations.
• Grant funding surges: 63.2% of R&D was grant-funded in FY26 vs 49.8% prior year, keeping net cash burn near the guided £5m annual run-rate despite expanded US operations.

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