Invinity Energy Systems (IES) H1 2025 earnings summary

Executive summary

• Revenue and project grant income for H1 2025 reached £2.0m, up 25% year-over-year, driven by LoDES project funding and VFB deliveries, with a £20.0m order book supporting a strong H2 outlook.

• New customer orders surged 193% to 11.7 MWh in H1 2025, with an additional 4 MWh order in Europe signed post-period.

• Loss from operating activities reduced by 10.5% to £10.2m compared to H1 2024, reflecting improved cost control and grant income.

• Cash position strengthened to £39.7m by September 2025, following a £25m strategic investment.

• Significant progress made on product cost reduction, global expansion, and operational scaling.

Financial highlights

• H1 2025 revenue and grant income totaled £2.0m, including £1.7m from LoDES grants.

• Gross loss increased due to fixed running costs and warranty expenses, notably DCDC replacements.

• Administrative expenses slightly decreased, now under £2 million per month, supported by higher R&D recoveries.

• Inventory and prepaid inventory increased to £14.1m at H1 2025 to support upcoming project deliveries.

• Company remains debt-free (excluding leases) as of 30 June 2025.

Outlook and guidance

• Revenue recognition for 2025 is expected to be heavily weighted to H2, with maximum potential revenue and grant income of £25.0m, contingent on closing £5m in near-term contracts.

• Focus remains on delivering the order book, closing commercial contracts, and scaling operations for gigawatt-scale demand through 2027-30.

• Company funded through to 2027 following recent equity raise.

• Pipeline categorized into signed order book, near-term contracts, and development pipeline.

• Risks remain around supply chain, project fulfilment, and receipt of Notice to Proceed for certain contracts.