Pre-Close Trading Update

Strip Tinning Holdings PLC

02 February 2026

 

2 February 2026

Strip Tinning Holdings plc

("Strip Tinning" or the "Company")

Pre-Close Trading Update

Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems for battery modules and automotive glazing applications, is pleased to provide a pre-close trading update for the year ended 31 December 2025 ("FY25"). The figures set out in this statement are subject to audit.

The Board is pleased to confirm that FY25 Adjusted EBITDA loss was better than market expectations¹ at £0.5m and revenue was in line at £8.6m. The Adjusted EBITDA improvement was partly due to £0.2m of underlying Company performance and partly due to £0.2m of R&D Tax credits received in the year under the new RDEC scheme being shown as Other Revenue.

Management have continued to focus on operational improvements contributing, alongside the improved margin on sample and prototype orders during the year, to gross margins for FY25 improving by 8.5% to 41.7% (FY23: 33.2%). The cash position at the end of the year was £617k (FY24 £512k), which reflects the strong focus on strict cash control in line with the Company's current order book.

As previously reported, FY25 was a year focused on successfully launching the three major projects. The Company is pleased to report that the Cell Contacting system (CCS) for the battery pack in the Zoox Robotaxi project remains on track for serial production in early Q2 2026. The two smart glass PDLC roof connector projects are ramping up pre serial volumes with start of serial production in Q2 & Q3 2026.

On the major Battery project, the business has delivered half of the D-phase order and will complete the delivery of these by the end of February 2026 and is now expecting an order for Production Part Approval Process (PPAP)² parts. During a visit to the U.S. in January 2026 Strip Tinning management discussed the details of the project with senior members of the Zoox battery management team and were highly encouraged by their serial readiness for early Q2 2026.

In December the Company received the remaining amount for its 2022 R&D tax credit claim of £133k and received £292k in relation to its 2024 claim. 

The Company is also pleased to note that the APC26 consortium grant project with JLR and others announced in July 2025 has delivered all the startup requirements noted in that RNS. The Company has submitted its first quarterly claim for the period Sept to Nov 2025 as it delivers on this two-and-a-half-year project. The grant is worth £857k and potentially could lead to further projects in the future.

The Company expects to report its final results for the year ended 31 December 2025 in April. 

Mark Perrins, CEO of Strip Tinning, commented: 

"FY25 has been a year of strong progress for Strip Tinning, characterised by significant cash constraints but still delivering operational improvements and launch readiness across our Battery Technologies and Glazing Connectors divisions.

"We move into FY26 with confidence, bolstered by our strong customer relationships and are looking forward to delivering on the three projects which we have worked on for more than 2 years."

Notes

¹ Strip Tinning understands that as at the date of this announcement, market expectations for the years ended 31 December 2025 are for Sales of £8.5m and Adjusted EBITDA of (£0.9m). (Source: FactSet)

² Part Approval Process (PPAP) is the final stage before serial production

Enquiries:

Strip Tinning Holdings plc                                                                                                          

Mark Perrins, Chief Executive Officer                                                                                    

Kevin Edwards, Chief Financial Officer                                                               [phone]

Singer Capital Markets (Nominated Adviser and Sole Broker)                    [phone]

Rick Thompson

James Fischer

 

END