Invinity Energy Systems (IES) H1 2025 earnings summary

Executive summary

• Revenue and project grant income for H1 2025 reached £2.0m, up from £1.6m in H1 2024, driven by LODES project funding and VFB deliveries, with a £20.0m order book and a strong H2 weighting expected.

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

• Operating loss reduced by 10.5% to £10.2m, reflecting improved cost control and grant income.

• Cash position strengthened to £39.7m by September 2025 after a £25m strategic investment, supporting operations through 2027.

• Significant progress made on cost reduction, global expansion, and operational scaling, including strategic partnerships in China and India.

Financial highlights

• H1 2025 revenue and grant income totaled £2.0m, with £1.7m from LODES grant funding.

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

• Net loss for H1 2025 was £9.95m, an improvement from £11.1m in H1 2024.

• Group remains debt-free (excluding leases), with net assets at £55.7m as of 30 June 2025.

• Administrative expenses slightly decreased, supported by higher R&D recoveries and cost controls.

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.

• Focus remains on delivering the order book, closing commercial contracts, and scaling operations for gigawatt-scale demand through 2027–2030.

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

• Pipeline includes signed order book, near-term contracts, and development projects across UK, North America, and Canada.

• Ongoing cost reduction for Endurium product and global manufacturing expansion planned in the next 12 months.