EnSilica Reports Record FY26 Results and Robust Growth Outlook

EnSilica FY26 trading update shows record revenue, rising profits and a much bigger semiconductor opportunity

EnSilica has put out a strong year-end trading update, and the headline is simple: this was a record year with meaningful progress on growth, profitability and commercial momentum.

For FY26, the AIM-listed chip designer expects revenue of £27.5 million, up 51% from £18.2 million in FY25. EBITDA, which is a measure of operating profit before interest, tax, depreciation and amortisation, is expected to come in at £4.7 million, up from £0.0 million the year before.

That is a big step forward for a business trying to move from mainly design work into a more valuable model with recurring chip supply revenues. In plain English, EnSilica is trying to stop being just the architect and become the architect plus landlord.

EnSilica FY26 key numbers investors should focus on

Metric	FY26 unaudited	FY25 audited	Change
Revenue	£27.5 million	£18.2 million	51%
EBITDA	£4.7 million	£0.0 million	£4.7 million
Cash	£7.5 million	£2.0 million	275%
Lifetime supply revenues	$375 million	$250 million	50%
Sales opportunities pipeline	$600 million	$400 million	50%

The cash number matters too. Year-end cash rose to £7.5 million from £2.0 million, helped by the £10 million equity fundraise in March 2026.

That stronger balance sheet gives EnSilica more room to invest in winning contracts and pushing chip programmes into production. For a small semiconductor company, that flexibility matters a lot.

Why EnSilica’s contract wins matter more than the headline numbers

The most interesting part of this RNS is not just the historic growth. It is the shape of future growth.

EnSilica says lifetime supply revenues increased to $375 million, up from $250 million. These are not current-year revenues. They are the expected total supply revenues over the life of customer programmes, so investors should treat them as a sign of future potential rather than money already in the bank.

The uplift came mainly from two major wins:

• A user terminal chipset programme with a leading European satellite operator, expected to generate lifetime semiconductor supply opportunities of more than $50 million
• A major automotive semiconductor supply contract, expected to generate approximately $75 million over its lifetime

That is a big deal because supply revenues are usually stickier and more scalable than one-off development fees. Once a chip is designed into a product and enters production, revenues can build over years rather than months.

Management also says there are now five ASICs in volume supply. An ASIC is an application-specific integrated circuit, basically a custom chip built for a particular job. That number should help investors see that this is no longer a purely early-stage story.

FY27 revenue guidance looks solid with 80% already covered

EnSilica is guiding for FY27 revenue of £32 million to £34 million and EBITDA of £5.5 million to £6.5 million. That points to another year of growth.

More importantly, the company says approximately 80% of expected FY27 revenue was already covered at the start of the financial year by existing contracts, supply agreements and customer orders. That gives investors much better visibility than you usually get with smaller growth companies.

I like this point. A lot of AIM growth stories talk a good game but still depend heavily on hoped-for deals. EnSilica is showing that a large chunk of next year is already lined up.

It also helps that a second ASIC for Siemens has completed tape-out and is on schedule to be in production in FY27. Tape-out is the stage where a chip design is finalised and sent for manufacturing, so it is an important milestone on the road to actual supply revenue.

The Edge AI timing slip is a minor blemish, not a major problem

There was one slight wrinkle in the update. EnSilica had expected the tape-out stage for its Edge AI contract to happen during FY26, but it completed shortly after year end on 11 June 2026.

That timing matters because management says that, had the tape-out occurred within FY26, revenue would have been ahead of market expectations. Instead, FY26 revenue landed within 2% of its £28 million to £30 million guidance range.

My read is that this is more of a timing issue than a demand issue. The contract has not disappeared. It has simply bridged into FY27.

Space and communications could be the real growth engine for EnSilica

The company is clearly excited about the Space and Communications market, and with good reason. It says only one chip is currently generating supply revenues in space, while five of its 14 chips in design are targeted at space applications.

That suggests the financial contribution from space may still be in its early days. If these programmes move into production, they could become major growth drivers.

There is another encouraging sign here. The sales pipeline has grown to $600 million from $400 million, even after $125 million of contract wins moved out of the pipeline and into supply revenues. That means the funnel is not just converting, it is being replenished at a healthy rate.

What retail investors should like, and what they should watch

What looks positive in this EnSilica RNS

• Record revenue and a sharp move into positive EBITDA
• Strong FY27 guidance with 80% revenue coverage already in place
• Major contract wins in satellite and automotive
• Growing lifetime supply revenues, which usually support better quality earnings over time
• A stronger cash position following the £10 million fundraise

What still needs a bit of caution

• The figures are unaudited and subject to completion of the year-end audit
• EBITDA was helped by Space related grant income, so investors may want to understand the underlying run-rate when full results arrive
• The company raised equity, which strengthens the balance sheet but also means shareholder dilution
• Lifetime supply revenues and pipeline numbers are not the same as booked revenue
• Positive monthly operational cash generation after investment in intangible assets is only expected by the end of FY27, so cash self-sufficiency is not here yet

My verdict on EnSilica’s FY26 update

This looks like a genuinely good update. Not perfect, but good.

The business is growing fast, profitability is improving, and the commercial model appears to be maturing in exactly the way investors would want. The move from design-led revenues towards longer-term semiconductor supply revenues is where the real value could be built.

The strongest line in the whole announcement, for me, is the combination of £32 million to £34 million FY27 revenue guidance and 80% coverage already secured. That gives the growth story more substance.

The main thing to remember is that EnSilica is still in transition. A lot of the bigger opportunity sits in programmes that need to move from design into production. If management executes well, this could be the phase where that transition starts showing up more clearly in the numbers.

Investors should watch for the audited FY26 results in October 2026, more detail on the quality of EBITDA, and further progress in converting the large space pipeline into volume supply. For now, this RNS reads as a confident update from a company with real momentum.