Invinity Energy Systems (AIM:IES), the AIM-listed maker of vanadium flow batteries for energy storage, reported customer orders of 34.2 megawatt-hours (MWh) for the six months to 30 June, nearly three times the 11.7 MWh booked in the first half of 2025.
Revenue and project grant income rose to £1.7m from £0.9m a year earlier, though the company said full-year revenue recognition remains weighted towards the second half.
Gross loss narrowed 62% to £0.7m from £1.9m, which Invinity attributed to lower product costs, reduced warranty expenses and better absorption of factory overheads from higher manufacturing activity.
The overall loss for the period widened 14% to £12.1m from £10.6m, reflecting increased research and development spending tied to the company's Endurium cost-reduction programme. Net cash stood at £10.5m at period end.
"Orders have grown nearly threefold and demand has accelerated further in the year to date", said chief executive Jonathan Marren, adding that the cost reduction programme is "delivering ahead of expectations".
Post-period, Invinity secured a 43 MWh order from Dairyland Power Cooperative, its largest to date, taking 2026 secured orders to 77.2 MWh. The company's committed order book now exceeds 77 MWh for delivery across 2026 to 2028, covering the substantial majority of expected 2026 revenue and more than half of 2027 expectations. Its total commercial pipeline exceeds 12.5 gigawatt-hours (GWh), concentrated in renewable energy and datacentre demand across North America and Europe.
Non-executive chairman Neil O'Brien plans to retire after ten years on the board, with a successor search under way.
News Intelligence what this means for the company
Invinity's H1 2026 results show demand acceleration—customer orders nearly tripled to 34.2 MWh versus 11.7 MWh in H1 2025—while gross loss contracted 62% to £0.7m, driven by lower product costs and better factory utilization. The post-period 43 MWh Dairyland order (largest to date) and secured 2026 order book of 77.2 MWh covering most of expected 2026 revenue signal material near-term revenue visibility, though overall loss widened 14% to £12.1m due to elevated R&D spending on the Endurium cost-reduction programme.
The combination of tripling order intake, gross margin improvement, and a 12.5 GWh commercial pipeline concentrated in high-growth North American and European markets strengthens the case for Invinity reaching profitability as the Endurium programme delivers cost reductions at scale. However, the widening operating loss and reliance on second-half revenue recognition mean near-term cash burn remains material relative to the £10.5m net cash position.
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