Invinity Energy Systems PLC on Friday reported a steep revenue decline in 2024, but maintained trading was in line with expectations.
The Saint Helier, Channel Islands-based firm makes vanadium batteries VS3 and Endurium, which are used to store renewable energy. Invinity posted annual revenue of £5 million, down 77% from £22 million the year prior. This met revised year-end forecasts, the company said.
The firm attributed the slowdown to delays in launching the Endurium model, which shifted some revenue and grant income into 2025. Invinity added that ‘2023 reflected the culmination of significant VS3 activity over multiple years prior’.
The adjusted loss before interest, taxation, depreciation and amortisation narrowed to £18.0 million from £22.4 million in 2023. Pretax loss was £22.8 million, compared with £23.2 million the year prior.
Invinity reported net cash of £32.4 million at December 31, versus £5.0 million on-year.
‘These results speak to a very important year for the Company which saw us execute an important transition to our new Endurium battery product, a successful funding round and a change in management team,’ commented Chief Executive Jonathon Marren, who took the helm in September.
‘There is more work to be done if we are to compete at the scale we envision and convert the demand we are seeing for our products into revenue,’ he continued.
‘Interest in long duration energy storage and the role it will play in making our electricity supply not only more secure, but cheaper and greener too, is at an all-time high and politicians and policymakers in our core markets (and further afield) appear to have finally pinned their colours to the energy storage mast, further helped by recent well-publicised grid outage events in the UK and Europe. The opportunity ahead of us is enormous and our achievements in 2024 position us well to capture significant value.’
Invinity shares were down 2.9% at 16.50 pence each on Friday afternoon in London.
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