Invinity Energy Systems has reported customer orders nearly tripling in the first half of 2026, even as its bottom-line loss widened on higher research spending and net cash roughly halved.
The AIM-listed flow battery maker said customer orders climbed to 34.2 MWh in H1 2026, up from 11.7 MWh a year earlier, in results published on the London Stock Exchange today, Monday 21 September.
Post-period, Invinity secured a 43 MWh order from Dairyland Power Cooperative, its largest single order to date, taking 2026 secured customer orders to 77.2 MWh.
Beneath the order growth, the company’s gross loss fell 62% to £0.7m from £1.9m, which management attributed to improved product margins, reduced warranty costs and better absorption of factory overheads as its cost-down programme takes effect. Revenue and project grant income rose to £1.7m from £0.9m.
Despite that operational improvement, the loss for the period widened 14% to £12.1m from £10.6m, which the company said reflected increased research and development investment in the cost-down programme. Net cash fell to £10.5m at 30 June 2026, down from £18.7m a year earlier and from £28.8m at the end of 2025. Net assets stood at £54.8m, down from £66.4m at the 2025 year-end. Basic and diluted loss per share was 2.1p, against 2.4p in H1 2025.
Management said trading remains in line with expectations for the full year, with revenue recognition strongly weighted to the second half. The 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 revenue expectations, against a total pipeline of commercial interest exceeding 12.5 GWh. The company also announced that Non-Executive Chairman Neil O’Brien intends to retire after ten years of service, with a formal succession process now under way.
Chief Executive Officer Jonathan Marren said: “The rapid growth of AI, electrification and renewables is driving demand for exactly the kind of flexible, high-throughput energy storage Invinity provides, and these results mark a clear step forward in our transition from technology leader to commercially scaling business.”
Invinity shares closed at 19.80p on Friday 18 September, the last trading session before today’s results, having ended June at 28.60p.