Invinity Energy Systems (IES) H1 2026 earnings summary

Executive summary

• H1 customer orders reached 34.2 MWh, nearly 3x year over year; post-period orders lifted the total to 77.2 MWh, including a 43 MWh Dairyland Power Cooperative order.

• More than 2,000 batteries have been delivered, with 11+ GWh dispatched since 2022; commercial focus spans LDES, datacentres, energy-intensive industries and grids.

• Commercial scale-up is supported by cost reductions and a substantial pipeline, while project execution, financing and conversion to firm orders remain key challenges.

Financial highlights

• Revenue and project grant income reached £1.7m in H1 2026, versus £0.9m in H1 2025.

• Gross loss fell 62% to £0.7m, reflecting improved product margins and lower warranty costs.

• Loss for the period increased 14% to £12.1m, mainly reflecting higher R&D investment and administrative expenses.

• Adjusted EBITDA loss was £10.6m, compared with £9.1m in H1 2025.

• Net cash at period end was £10.5m; net operating cash outflow was £12.9m and investing activities used £5.0m.

Outlook and guidance

• Committed order book exceeded 77 MWh for delivery through FY 2026–2028, covering most of FY 2026 revenue expectations and over half of FY 2027 expectations.

• Additional orders are expected from 0.8 GWh of signed frameworks and an 11.8 GWh development pipeline; revenue recognition is strongly weighted to H2 2026.

• Endurium costs are forecast to be 66% lower in Q1 2027 than VS3 costs; a further potential 50% reduction through 2030 was cited.

• U.S. manufacturing site selection and lease negotiations are advanced, with a stack line on order and operations expected by year-end 2026.