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Surface Transforms (SCE) investor relations material
Surface Transforms H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary23 Sep, 2025
Executive summary
Revenue for H1 2025 rose 72% year-over-year to £8.1m, driven by OEM customer sales and improved production output.
Gross margin improved to 64% from 56% in H1 2024, reflecting higher pricing, better yield, and lower unit costs.
Operating loss narrowed to £5.2m from £7.4m in H1 2024, with only a modest 3.5% increase in operating expenses.
Cash at 30 June 2025 was £1.2m, supported by £11.3m in customer prepayments during H1.
Key capacity expansion projects are on track, with a new furnace installation expected to support 2026 growth.
Financial highlights
H1 2025 revenue: £8.1m (H1 2024: £4.7m); gross profit: £5.2m (H1 2024: £2.6m).
Gross margin: 64% (H1 2024: 56%).
Operating loss: £5.2m (H1 2024: £7.4m); loss before tax: £5.6m (H1 2024: £7.6m).
Loss per share: (0.39)p (H1 2024: (1.28)p).
Cash at period end: £1.2m (31 Dec 2024: £0.5m).
Outlook and guidance
Full year 2025 revenue now expected to be c.£20m, about 10% above previous guidance.
Q3 revenue expected at c.£5.5m; yield temporarily impacted by new equipment but targeted to exceed 80% in Q4.
EBITDA expected to be broadly neutral in H2 2025; gross cash at year-end forecast at c.£1.0m.
Capacity improvements in H2 2025 to support further growth in 2026.
What caused Q3 yield dip? How to reach 80% in Q4?
Beyond prepayments, how will cash be self-funded?
How will £50m capacity drive 2026 revenue growth?
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Next Surface Transforms earnings date
H2 20253 Feb, 2026
Next Surface Transforms earnings date
H2 20253 Feb, 2026
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Frequently asked questions
Surface Transforms PLC is a UK-based company that specializes in the development, manufacture, and sale of next-generation carbon-ceramic brake discs. With its own patented materials technology, the company focuses on producing these high-performance brake discs primarily for automotive and aircraft applications. Surface Transforms is known for its innovative approach, employing a team of PhD-qualified scientists and degree-qualified engineers who are dedicated to developing new processes for carbon-ceramic materials and creating new products for a range of applications. The company is headquartered in Liverpool, England, and its shares are listed on the London Stock Exchange.
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