Ensurge Micropower ASA – Q1 2026
CEO comment: “In the first quarter we delivered record battery performance results, with material improvements in cycle life and capacity retention. This is a direct outcome of the product-led operating model we implemented in February and the discipline it has brought to our development cadence. Early data on the Corning Ribbon Ceramic integration is also encouraging, our commercial pipeline continues to broaden, and we have taken meaningful steps toward reshaping our cost base while extending our funding runway. The focus for the remainder of 2026 is clear: exit the Proof-of-Concept stage gate and convert pipeline interest into formal development partnerships.”
Operational highlights: • Record multi-layer battery performance. Material improvements in cycle life and capacity retention demonstrated on multi-layer cells with the Company's stainless-steel substrate. 250 cycles with 70% capacity retention achieved and Proof-of-Concept criteria of 250+ cycles at an 80% capacity retention within reach. • Encouraging early data from the Corning Joint Development Agreement. Initial single-layer cells integrating Corning's Ribbon Ceramic cathode with Ensurge's platform show capacity retention above 90% after approximately 100 cycles. Active dialogue is underway on potential commercial applications of the combined technology. • Pipeline expansion with additional marquee interest. Inbound interest now exceeds 125 leads, including eight Fortune 500 companies. The Company is in discussions with more than a dozen top-tier potential customers and is in active negotiations with a major sensor technology company on a multi-year, multi-phase development agreement. • Shift to product-led operating model. As previously announced, Ensurge transitioned to a product-led operating model. The operational progress is a direct impact of this change and Ensurge is adding resources within battery technology following a reduction in the company’s legacy process engineering and manufacturing focus.
Financial highlights: • USD 0.15M revenue. Primarily from strategic development and partnership activities • USD -3.5M in EBITDA less capitalized R&D (excl. USD 0.4M restructuring expenses) versus USD -5.5M in Q4 25. • Cost optimizations still ongoing. Initiated renegotiation of long-term agreements, including the San Jose facility lease, to materially improve the Company's fixed cost base. • Funding runway extended into Q3 2026. Secured approximately NOK 61 million in convertible loan financing at a conversion price representing a 48% premium to the prevailing share price at the time of commitment.
Outlook: The Company's priority for the remainder of 2026 is to complete the work required to exit the Proof-of-Concept stage gate and bring the product to the level of predictability needed to ship to customers. Exiting Proof-of-Concept is the prerequisite for advancing marquee partnership conversations into formal agreements. The Company will continue to manage capital with product-led discipline, advance cost restructuring, and is actively evaluating longer-term financing options, including potential strategic and partner investment.
The Q1 2026 report and presentation are available at www.ensurge.com.
For further information, please contact: ir@ensurge.com
About Ensurge Micropower ASA Ensurge Micropower develops ultra-thin, flexible solid-state lithium microbatteries that enable next-generation electronic devices. The company's proprietary platform is designed to deliver safe, high-performance energy storage in space-constrained applications across medical devices, hearables, wearables, industrial systems, and defense. Ensurge Micropower ASA is listed on the Oslo Stock Exchange under the ticker ENSU.