Windar Photonics loss widens but confident in future as revenue grows

(Alliance News) - Windar Photonics PLC on Monday hailed broadening demand in its outlook as it reported an increased loss amid higher administrative costs.

The provider of light detection and ranging solutions for the wind energy industry, with production, R&D and administrative operations in Ishoj, Denmark, said pretax loss widened to EUR915,915 in the six months to June 30, from EUR264,806 a year prior.

Revenue climbed 18% to EUR2.7 million from EUR2.3 million.

Cost of goods sold increased 14% to EUR1.0 million from EUR907,577. Administrative costs came in 34% higher, at EUR2.2 million from EUR1.6 million. Finance expenses increased to EUR558,307 from EUR30,528.

Windar Photonics said demand is broadening alongside increased investment in marketing the firm's expanding product range. The company highlighted that the first direct test project started on a major Goldwind farm in China.

Further, it said it had "excellent" customer feedback from the Cleanpower fair in Phoenix, with interest in its turbine optimisation solutions and the upcoming launch of the Nexus Turbine Performance Monitoring [TPM] module.

The company added: "As with wider markets, the introduction of import tariffs into North America, created initial uncertainty and slowed decision making. More recently however, the company has seen normal business resume, as evidenced by the significant North American contract signed in August."

Windar Photonics added that it was "well placed" despite currency headwinds.

Chair David Lis said: "With a strong team, an increasingly robust sales pipeline, a strong balance sheet, ongoing successful product development, increased manufacturing capacity, greater supply chain resilience and increasing addressable markets, the board looks to the future with confidence."

Chief Executive Officer Jorgen Jensen said: "We are making significant progress both in attracting new customers in North America, and towards expanding new and existing customers onto additional turbine platforms. This will be further enhanced by the recent appointments of senior VPs of Sales for Europe and the US. This, combined with the planned launch of the TPM module in Q4 2025, makes the longer-term opportunity for Windar increasingly exciting."

Windar Photonics shares rose 0.8% to 62.00 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News slot editor

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Windar Photo