EnSilica – after absolute stellar move in last two months sees shares up 255% to 120p, major investors now selling into strength

Mark Watson-Mitchell – 12.05.2026

Two months ago, EnSilica (LON:ENSI) successfully raised £10m of necessary funds to be able to accelerate chip supply revenues, bring forward revenue inflection points and to support increased chip supply volumes.

The subsequent share price rise from 47p to last night’s 120p showed up a significant 255% gain.

However, it is now becoming evident that larger holders are eyeing the opportunity to book some of their profits.

Maven Capital Partners UK yesterday continued its recent ‘top-slicing’ of its holding in ENSI, by selling another 1,150,000 shares, reducing its holding to just 2.79% - it was over 5.07% in late March.

The Business

Headquartered near Oxford, EnSilica is a fabless, application-specific chipmaker, combining deep domain and system-level expertise with world-class capability in RF, mmWave, mixed-signal and complex digital IC design.

The company serves customers across the space and communications, industrial, automotive and healthcare markets, where safety and security and reliability are critical.

A growing portfolio of reusable IP and silicon platforms underpins a repeatable, scalable delivery model, reducing development risk, cost and time to market while supporting long-term supply revenues.

The company, which has a strong track record of delivering production-proven silicon to demanding industry standards, operates design centres across the UK, India, Brazil and Hungary.

Recent Contract Wins

On Thursday, 23^rd April, the group announced that it had secured two significant development contracts with a leading European satellite operator for its next-generation satellite network, representing the largest long-term potential supply opportunity to date, potentially exceeding $50m from 2030 based on user terminal elements alone.

The contracts include initial Non-Recurring Engineering revenues of $6.8m commencing in FY2026 through FY2028, with the potential to unlock up to $3m matched funding from the UK Space Agency.

Development activity for the satellite payload element is now funded, with future supply revenues yet to be agreed, positioning EnSilica as an end-to-end silicon partner for this major sector development.

Management Comment

CEO Ian Lankshear stated that:

"The award provides significant industry validation for EnSilica and we are very proud of our technology being selected for this major Space programme following extensive joint study phases.

In addition, the scale and structure of the project means that it will generate attractive short term NRE revenues with the potential for substantial long-term supply revenues.

Furthermore, the ASSP elements of the programme demonstrate the strength of our platform strategy, utilising EnSilica's reusable silicon solutions that can be deployed across multiple customers and programmes."

The Equity

There are now some 117.88m shares in issue.

The largest holders include CEO Ian Lankshear (13.61%) and Esterhuyzen Ltd (13.57%), as well as Richard Hamer (4.97%), Marc Castells (4.88%), Amati Global Investors (4.16%), and Richard Marley (3.96%).

Other sub-3% holders include Maven Capital Partners (2.79%), Alan Wong, Andrew Maund, Andrew Wheeler, Philip Faulkner, Nicholas Weiner, Hargreaves Lansdown Fund Managers, HSBC Global Asset Management, Mark Hodgkins (Chm) IG Markets, River Global Investors, Octopus Investments, and Canaccord Genuity Wealth.

A Note On New Holder Esterhuyzen

Esterhuyzen Limited partners with exceptional management teams and business founders to create enduring value.

It invests its own capital, allowing it to move decisively, think generationally, and align closely with the companies it supports.

Its approach is selective and conviction-led, in seeking businesses where advanced technology, defensible intellectual property, and strategic relevance converge —companies built to lead within their niche and window of opportunity.

The company concentrates on acquiring material ownership stakes in high-quality technology-related companies with strong fundamentals and global ambition.

It is particularly drawn to businesses with the architecture to hyperscale —where a proven model, applied capital, and strategic focus can accelerate growth non-linearly.

Its selection is narrow, with deep conviction, working alongside founders and leadership teams to support growth, operational excellence, disciplined capital allocation and corporate governance to build and share in long-term value.

From its headquarters in Malta, Esterhuyzen Ltd, controlled by Barend Esterhuyzen, maintains a pan-European investment footprint with active market presence across London, Amsterdam, and Zurich —connecting innovation hubs, capital markets, and the talent networks that allow its portfolio businesses to hyperscale across geographies.

Broker’s Views

Analyst Matt Butlin, at Allenby Capital, considers that the combination of a growing portfolio of chips moving towards high-margin supply, increased exposure to structurally attractive end markets such as space and a recently strengthened balance sheet supports a re-rating for the group’s shares.

Upon the recent contract win with a leading European satellite operator, he stated that it represents a significant validation of its growing position in the high-growth space semiconductor market.

“Building on its proven track record in satellite payload ASICs and a developing portfolio of user terminal IP, the award highlights the company’s ability to secure complex, multi-chip design mandates across the full satellite value chain.

While near-term revenues will be driven by NRE fees, the longer-term opportunity is materially more attractive, with high-margin recurring supply revenues expected as the programme moves into production.

In our view, this win not only underpins forecast growth but also strengthens EnSilica’s credentials in a strategically important and rapidly expanding end market.”

His latest note on the group states that:

“EnSilica is transitioning from a design-led revenue model towards one increasingly driven by high-margin, recurring supply revenues.

As more programmes move through the 2–5 year ASIC design lifecycle into production, revenues become increasingly visible and scalable.

Crucially, the growing pipeline of chips in the design phase – including today’s contract win – represents the next wave of supply revenues, providing a clear runway for sustained top-line growth.”

His estimates for the year to the end of this month are for £28.50m (£18.18m) revenues, with pre-exceptionals EBITDA of £4.15m (loss of £0.049m).

For the coming year he sees £33.00m revenues and £5.93m EBITDA.

The 2027 year could see £7.65m EBITDA on £37.5m revenues.

Analysts Harvey Robinson and Andrew Ripper, at Panmure Liberum, estimate that the 2026 pre-tax profits will be £0.6m (£3.5m loss), rising in the year to end May 2027 to £1.9m, with earnings of 0.5p then 1.6p per share respectively.

They consider that:

“After significantly improving its balance sheet in March Ensilica has announced two important contract wins in the space sector.

One of the contracts is potentially worth over $50m, improving visibility in the medium term.

Ensilica, post the fund raise, is in a stronger position regarding design wins going forward.

A successful transition to a fully fabless model will drive materially higher gross margins and revenue visibility.

The stronger balance and greater confidence in the mid-term drive an increased target price, as we now factor more sustained growth into our model, and growth compounds.”

My View

The recent price rise has been extreme and could well now be tempered somewhat as various larger holders take advantage to ‘top-slice’ their positions, just like Maven Capital and Richard Marley have done in the last few days.

The prospective price-to-earnings ratings are massive, perhaps far too high so soon.

However, the Space Sector is almost ‘alive to the touch’ – a mood that could well be carried on for a while ahead of the global industry, looking forward to what could well be the world’s biggest-ever IPO in the US.

Like walking on broken glass, investors must tread carefully as they take their chances of a gamble or two.

Since I first Profiled the company ten months ago, its shares have risen from 34.50p to 120p, a near 350% increase in value – will it continue?

Big investors 'top=slicing'

(Profile 02.06.25 @ 34.50p set a Target Price of 43p*)

(Profile 23.07.25 @ 39p set a Target Price of 50p*)