REG - Invinity Energy Sys - Interim Results
25/09/2023 07:15
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RNS Number : 4434N Invinity Energy Systems PLC 25 September 2023
25 September 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Interim Results
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, is pleased to announce
its unaudited consolidated results for the six months ended 30 June 2023 (the
"Period") and an update on current trading.
The Company will hold a virtual meeting for analysts at 3pm (UK time) today.
Analysts wishing to attend are kindly asked to email ir@invinity.com
(mailto:ir@invinity.com) .
Invinity's management team will host a virtual results presentation and
interactive Q&A for all shareholders at 3pm (UK time) on Thursday 28
September 2023. Those wishing to join the session can sign up to Investor Meet
Company for free via this registration link
(https://www.investormeetcompany.com/invinity-energy-systems-plc/register-investor)
.
HIGHLIGHTS
Financial
· £14.8m total income including sales revenue and project-related
grant income, a 10x increase YoY (H1 2022: £1.5m)
· £3.3m gross loss reflecting previously disclosed and accounted for
contract losses on Canadian and Australian projects (H1 2022: loss £2.1m)
· 10 MWh California project delivered at positive project gross margin*
· £12.6m loss from operating activities (H1 2022 loss: £12.1m)
· £4.7m of total inventory and net related working capital (H1 2022:
£1.2m)
· £12.9m Period-end cash (H1 2022: £16.1m)
* Project gross margin excludes absorbed indirect overheads.
Operational performance and delivery
· 26.5 MWh delivered during the Period, a 7x increase YoY (H1 2022: 3.4
MWh); the largest number of batteries the Company has ever delivered in a
6-month period.
· 15.6 MWh manufactured during the Period, a 2.6x increase YoY (H1
2022: 5.94 MWh); the largest number of batteries the Company has ever
manufactured in a 6-month period.
Commercial (including Post Period)
· Announced significant progress regarding the Company's
next-generation product, code-named "Mistral," as expected under the
programme's timelines.
· 100 MWh of Mistral product have now either been ordered or selected
to receive funding. This includes:
o 72 MWh Mistral project portfolio selected for funding by U.S. Department
of Energy;
o 12 MWh 10-year Mistral demonstration project selected for funding by U.S.
Department of Energy;
o 14.4 MWh order from Everdura, via variation of existing VS3 sales
contract;
o 1.2 MWh pilot project, funded by the B.C. Centre for Innovation &
Clean Energy.
· Secured £11m of matched funding under Phase 2 of the UK LODES
project for a 30 MWh system, subject to final contracting.
· 5.38 MWh of closed VS3 sales during Period from 5 customers (H1 2022:
8.4 MWh from 1 customer).
Board update
· Jonathan Marren confirmed as permanent Chief Financial Officer to
continue alongside his existing role as Chief Development Officer.
Larry Zulch, Chief Executive Officer at Invinity said:
"When we released our final results for 2022, I wrote that 2023 would be an
inflection point and it appears I was correct. We saw record income first
half, up by ten times year over year. We made significant progress on Mistral,
our joint product development with Gamesa Electric and Siemens Gamesa
Renewable Energy. We achieved positive product gross margin on the largest
vanadium flow battery in the United States. And then it got better just after
the half year with our first Mistral sale to Everdura, our partners in Taiwan,
followed by the U.S. Department of Energy's announcement that they plan to
fund 84 MWh of Mistral projects, more than we've delivered in our history to
date. Jonathan Marren's agreement to be our CFO was another positive
development. All of this, combined with the increasing awareness in energy
markets of the critical role Invinity's vanadium flow batteries will play in
the transition to renewable energy, supports our belief that we are the
leading company in non-lithium stationary storage."
Stay up to date with news from Invinity. Join the distribution list for the
Company's monthly investor newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) .
Enquiries:
Invinity Energy Systems plc +44 (0)20 4551 0361
Jonathan Marren, CFO and Chief Development Officer
Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker) +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Andrew Raca
Tavistock (Financial PR Advisor) +44 (0)20 7920 3150
Simon Hudson / Charles Baister invinity@tavistock.co.uk (mailto:invinity@tavistock.co.uk)
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures
vanadium flow batteries for large-scale, high-throughput energy storage
requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation
for over 25 years, making them suitable for the most demanding applications in
renewable energy production. Energy storage systems based on Invinity's
batteries are safe, reliable, and economical, and range in size from less than
250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery
industry leaders: redT energy plc and Avalon Battery Corporation. With over 70
MWh of systems already deployed or contracted for delivery across 79 sites in
15 countries, Invinity is active in all major global energy storage markets
and has operations in the UK, Canada, USA, China and Australia. Invinity
Energy Systems plc is listed in the UK on AIM and AQSE and trades in the USA
on OTCQX.
To find out more, visit invinity.com (https://invinity.com/?utm_source=rns) ,
sign up to our monthly Investor Newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) or contact Investor
Relations on via +44 (0)20 4551 0361 or ir@invinity.com
(mailto:ir@invinity.com) .
CEO Report
H1 2023 Financial Results
Total income including sales revenue and project related grant income
increased 10x to £14.8m in H1 2023 (H1 2022: £1.5m).
Revenue is recognised against projects when specific performance obligations
related to those projects have been satisfied. Grant funding specific to
customer projects has been presented alongside the relevant project revenue
and associated direct costs where that funding is project specific and
represents a direct subsidy against project costs.
Almost all of the £14.8m was driven by successful deliveries relating to the
Company's three biggest projects to date, being:
· 8.4 MWh VFB to Elemental Energy for its Chappice Lake Solar Storage
project in Alberta, Canada;
· 8 MWh VFB to Yadlamalka Energy for its Spencer Energy project in
South Australia;
· 10 MWh VFB to the Viejas Band of Kumeyaay Indians for its
solar-plus-storage microgrid project in Southern California, in part funded by
the California Energy Commission.
As previously disclosed in Company accounts, the Elemental Energy and
Yadlamalka Energy projects were both delivered at a project gross margin loss
as the Company chose to invest in the deployment of its VS3 product into these
two important reference projects, the deployment of which has played an
important part in the Company signing more than 66 MWh of further orders. Some
of this loss was offset by the release of a provision for contract losses.
The Company is pleased to report that the more recently announced 10 MWh
Viejas project, referenced in the section above, was delivered at a small
positive project gross margin. (Note project gross margin excludes absorbed
indirect overheads).
Administration costs increased marginally to £9.3m (H1 2022: £8.9m). The
Company continues to invest in its staff so as to develop an operation capable
of supporting the significant growth potential available whilst also
developing Mistral. Research and Development costs are shown on a net basis
after cost recoveries from Gamesa Electric under our Joint Development and
Commercialisation Agreement with the decrease year-on-year partly a result of
increased recoveries under this agreement.
Finance income and finance costs are both impacted by the unwinding of the
associated balance sheet captions following the repayment of the Riverfort
Loan facility in March 2023. As part of Finance income, interest was received
of £0.1m on cash balances held following the fundraising in March 2023.
Total inventory and net related working capital rose to £4.7m at the end of
the Period (H1 2022: £1.2m) as a result of increased activity to deliver on
the 2023 sales pipeline as follows:
H1 2023 H1 2022
£ 000 £ 000 £ 000 £ 000
Total inventory 3,681 5,794
Pre-paid inventory 3,136 5,074
Total inventory and pre-paid inventory 6,817 10,868
Trade and other receivables 4,151 1,731
Accrued income 1,857 326
Deferred revenue (3,884) (4,988)
Trade payables (3,341) (2,262)
Onerous contract provision (856) (4,495)
Net position 4,744 1,180
During the Period the Company raised £23m from an equity fundraising
including securing a £2.5m strategic investment from Taiwanese technology
group Everbrite. Following the repayment of the Riverfort Loan facility in
March 2023 the Group is debt free, excluding leases.
Commercial
The Company announced today that the United States Department of Energy
("DOE") plans to fund six projects across the U.S. that together will use 84
MWh of Invinity's next generation product, code-named "Mistral".
This award marks important progress for Invinity in building a robust
orderbook for its next- generation product that is expected to formally launch
in 2024.
Post Period end, the Company also secured its first commercial order for
Mistral from strategic partner, Everdura, for a project in central Taiwan to
balance the island's electric grid. This order, a varying of the original 15
MWh order announced 1 December 2022, does not change revenue forecasts but is
expected to achieve a greater gross margin than previously anticipated.
During the Period, the Company closed 5.38 MWh of sales from 5 customers (H1
2022: 8.4 MWh from 1 customer), each of which are anticipated to contribute
positive project gross margin. The Company also secured £11m of matched
funding under Phase 2 of the UK LODES project for a 30 MWh system. Contracting
for this project is ongoing and further updates will be provided in due
course.
Post Period, the Company also made a further 0.66 MWh of VS3 sales to 2
customers in the EU and Australia.
The Company also signed three reseller partnerships in North America, covering
Defense and Tribal Nations projects (Indian Energy), the UK, covering battery
rentals (Dawsongroup), and Hungary (Ideona Group and STS Group).
Post the Period end, the Company entered into a memorandum of understanding
with Everdura proposing a strategic manufacturing partnership for Invinity
products in Taiwan that would significantly expand the Company's total global
manufacturing capacity and provide greater access to Asian energy storage
markets in the future.
Finally, strong government and agency engagement occurred in the year to date,
with key post Period events including:
· hosting Scottish Energy Minister, Gillian Martin MSP at the Company's
Bathgate facility (July 2023);
· hosting Canada's Energy and Natural Resources Minister, Jonathan
Wilkinson, at the Company's Vancouver facility as he launched Powering Canada
Forward alongside B.C.'s Minister for Jobs, Economic Development and
Innovation, Brenda Bailey (August 2023);
· Matt Harper, CCO, addressing the UK House of Lords Science and
Technology Committee on the benefits of VFBs for the Net Zero grid (September
2023).
Next-Generation Product Development Progress
The Company continues to be pleased with the progress achieved to date of the
development program for its next-generation product code-named Mistral. The
securing of B.C. CICE funding support for the pilot prototype, the first
commercial order for the product from Everdura, and the DOE's announcement
that it plans to fund 84 MWh of Mistral projects are key milestones that
continue to underline the attractiveness and suitability of Invinity's durable
and flexible vanadium flow batteries to meet the growing global requirement
for energy storage.
Invinity continues to expect more contracts for a limited number of initial
Mistral projects to be announced later in 2023. The expected full launch,
including full product details, certification and unrestricted sale of the
product remains on track for mid-2024.
Operational
During the Period the Company delivered a record 26.5 MWh of vanadium flow
batteries (H1 2022: 3.4 MWh) including deliveries associated with the 10 MWh
system for the Viejas project in California, the 8.4 MWh system for the
Chappice Lake project in Canada and the 8 MWh system for the Spencer Energy
project in Australia. The Company also remains on track to deliver against its
customer commitments for 2023.
The deliveries were achieved from inventory held at the previous year end plus
the manufacture of a record 15.62 MWh of vanadium flow batteries during the
Period (H1 2022: 5.94 MWh). This achievement is a direct result of continued
investment in improving the capacity of the Company's manufacturing
facilities, including a significant increase in the Vancouver facility
achieved at minimal cost.
The Company also made significant supply chain improvements to further enhance
operational efficiencies and margins and increase manufacturing scale at lower
cost as part of management's pathway to profitability, including hiring a
global Head of Supply Chain.
Corporate & Strategic
Invinity continues to make important strategic developments relating to its
products, partners and corporate positioning, including securing DTC
Eligibility to allow real-time electronic clearing and settlement in the
United States for its OTCQX-listed ordinary shares to provide increased
liquidity for U.S.-based investors.
Invinity sees strategic partnerships and investment as an important pillar of
its future corporate growth. As previously disclosed, the Company confirms
that discussions with a number of potential strategic partners remain ongoing.
Post the Period end, following General Meetings of the Short-Term and
Long-Term Warrant holders, the Company secured approval to amend the
subscription prices of its Short- and Long-Term Warrants and the exercise date
of the Short-Term Warrants.
Throughout the Period and beyond, the Company has continued to focus on
delivering its four-part strategy that is taking Invinity forward on its
pathway to profitability. These key tenets of 1) delivering projects; 2)
closing new and larger deals; 3) progressing Mistral; and 4) advancing its
operational excellence are enabling the Company to maintain its growth
trajectory and adroitly address challenges as they appear.
Current Trading and Outlook
The Company's 2023 revenue backlog (defined as both contracted orders already
recognised in 2023 and contracted orders capable of delivery over the
remainder of 2023) was £24.9m as at 22 September 2023.
Invinity's current commercial pipeline as at 22 September 2023, is detailed
below:
Date Base (MWh) Advanced (MWh) Qualified Qualified
Near Term(1) (MWh)
Further Term(1) (MWh)
22-Sep-2022 22.8 63.5 405.8 --
(HY22 Results)
24-May-2023 42.8 73.4 957.1 1,397
(FY22 Results)
22-Sep-2023 43.1 137.3* 1,415.0 3,057.8
(Current Trading)
% change vs. FY22 +1% +87% +48% +119%
(1) Near term dates in the Qualified categories are where estimated delivery
is within the next 24 months. Further term reflects estimated deliveries that
are beyond the next 24 months and was not reported by the Company prior to
January 2023.
* The 84 MWh of Mistral projects selected for funding by the DOE are contained
within the Advanced category of the commercial pipeline.
The Company's total sales orders that have been contracted to date are set out
below:
Date Closed (MWh)
22-Sep-2022 28.0
(HY22 Results)
24-May-2023 64.3
(FY22 Results)
22-Sep-2023 65.0
(Current Trading)
% change vs. FY22 +1%
Invinity expects to make material progress during the remainder of 2023 and
beyond on the following key areas:
· Deliver order backlog to customers, converting inventory into
revenue;
· Close new deals and progress existing commercial interest in our
products as reported in our growing pipeline; and
· Progress the development of our next-generation product towards
expected commercial release alongside Gamesa Electric in mid-2024.
Unaudited financial results for the period ended 30 June 2023
Unaudited consolidated statement of profit and loss
For the six months ended 30 June 2023
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
(Restated)
Continuing operations Note £000 £000 £000
Revenue 3 14,812 1,416 2,944
Direct costs (18,143) (3,826) (2,927)
Grant income against direct costs 3 11 141 647
Cost of sales 4 (18,132) (3,685) (2,280)
Gross loss (3,320) (2,269) 664
Operating costs
Administrative expenses 5 (9,259) (8,860) (19,042)
Other items of operating income and expense 7 (9) (928) (604)
Loss from operations (12,588) (12,057) (18,982)
Finance income 467 14 62
Finance costs (1,134) (22) (65)
Gain/(loss) on foreign currency transactions (69) 483 448
Net finance (costs)/ income (736) 475 445
Loss before income tax (13,324) (11,582) (18,537)
Income tax expense - - -
Loss from continuing operations (13,324) (11,582) (18,537)
Loss for the period/year (13,324) (11,582) (18,537)
Loss per ordinary share in pence
Basic 8 (8.2) (10.0) (16.0)
Diluted 8 (8.2) (10.0) (16.0)
Grant income against direct costs was restated for the 30 June 2022 period to
consistently reflect current period presentation. As a result, £140,841 was
reclassified to grant income.
The above unaudited consolidated statement of profit and loss should be read
in conjunction with the accompanying notes.
Unaudited consolidated statement of comprehensive income
For the six months ended 30 June 2023
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
Continuing operations Note £000 £000 £000
Loss for the year (13,324) (11,582) (18,537)
Other comprehensive income/(expense)
Exchange differences on the translation of foreign operations
(85) 652 (137)
Total comprehensive loss for the period/year (13,409) (10,930) (18,674)
The above unaudited consolidated statement of comprehensive income should be
read in conjunction with the accompanying notes.
Unaudited consolidated statement of financial position
At 30 June 2023
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December 2022
Note £000 £000 £000
Non-current assets
Goodwill and other intangible assets 10 24,025 24,075 24,050
Property, plant and equipment 11 1,111 1,045 1,208
Right-of-use assets 1,370 1,806 1,845
Total non-current assets 26,506 26,926 27,103
Current assets
Inventories 12 3,681 5,794 9,827
Other current assets 13 6,344 6,640 8,781
Contract assets 14 1,857 326 500
Trade receivables 15 4,151 1,731 1,737
Cash and cash equivalents 16 12,929 16,130 5,137
Total current assets 28,962 30,621 25,982
Total assets 55,468 57,547 53,085
Current liabilities
Trade and other payables 17 (4,481) (4,845) (4,935)
Derivative financial instruments 18 (474) - (769)
Contract liabilities 14 (3,884) (4,988) (8,375)
Lease liabilities (601) (1,075) (740)
Provisions 14 (2,109) (5,757) (2,907)
Total current liabilities (11,549) (16,665) (17,726)
Net current assets 17,413 13,956 8,256
Non-current liabilities
Lease liabilities (670) (582) (969)
Total non-current liabilities (670) (582) (969)
Total liabilities (12,219) (17,247) (18,695)
Net assets 43,249 40,300 34,390
Share capital 51,347 50,714 50,716
Share premium 162,852 140,459 141,579
Share based payment reserve 6,321 5,245 5,957
Accumulated losses (175,418) (155,139) (162,094)
Currency translation reserve (1,892) (1,018) (1,807)
Other reserves 39 39 39
Total equity 43,249 40,300 34,390
The above unaudited consolidated statement of financial position should be
read in conjunction with the accompanying notes.
Unaudited consolidated statement of changes in equity
For the six months ended 30 June 2023
Called up share capital Share premium Share-based payment reserve Accum-ulated losses Currency translation reserve Other reserves Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2023 50,716 141,579 5,957 (162,094) (1,807) 39 34,390
Loss for the period - - - (13,324) - - (13,324)
Other comprehensive gain/(loss)
Foreign currency translation differences - - - - (85) (85)
Total comprehensive loss for the period - - - (13,324) (85) - (13,409)
Transactions with owners in their capacity as owners
Investment funding arrangement, net of transaction costs 631 21,272 23 - - - 21,926
Exercise of share options - 1 - - - - 1
Share-based payments - - 341 - - - 341
Total contributions by owners 631 21,273 364 - - - 22,268
At 30 June 2023 51,347 162,852 6,321 (175,418) (1,892) 39 43,249
For the six months ended 30 June 2022
Called up share capital Share premium Share-based payment reserve Accum-ulated losses Currency translation reserve Other reserves Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2022 50,690 140,445 5,293 (143,557) (1,670) 39 51,240
Loss for the period
Other comprehensive gain/(loss) - - - (11,582) - - (11,582)
Foreign currency translation differences - - - - 652 - 652
Total comprehensive loss for the period - - - (11,582) 652 - (10,930)
Transactions with owners in their capacity as owners
Transaction costs charged directly to equity
- (25) - - - - (25)
Exercise of share options 24 37 (48) - - - 13
Exercise of share warrants - 2 - - - - 2
Total contributions by owners 24 14 (48) - - - (10)
At 30 June 2022 50,714 140,459 5,245 (155,139) (1,018) 39 40,300
The above unaudited consolidated statements of changes in equity should be
read in conjunction with the accompanying note.
Unaudited consolidated statement of changes in equity
For the year ended 31 December 2022
Called up share capita Share premium Share-based payment reserve Accumulated losses Currency translation reserve Other reserves Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2022 50,690 140,445 5,293 (143,557) (1,670) 39 51,240
Loss for the year - - - (18,537) - - (18,537)
Other comprehensive gain/(loss)
Foreign currency translation differences - - - - (137) - (137)
Total comprehensive for the year - - - (18,537) (137) - (18,674)
Transactions with owners in their capacity as owners
Investment funding arrangement, net of transaction costs
25 1,129 (23) - - - 1,131
Exercise of share options 1 5 - - - - 6
Share-based payments - - 681 - - - 681
Equity settled interest on investment funding arrangement - - 6 - - - 6
Total contributions by owners 26 1,134 664 - - - 1,824
At 31 December 2022 50,716 141,579 5,957 (162,094) (1,807) 39 34,390
The above unaudited consolidated statements of changes in equity should be
read in conjunction with the accompanying note.
Unaudited consolidated statement of cash flows
For the six months ended 30 June 2023
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
Note £000 £000 £000
Cash flows from operating activities
Cash used in operations 9 (12,228) (9,938) (21,934)
Interest received 115 14 62
Interest paid (13) (22) (1)
Income taxes paid - - -
Net cash outflow from operating activities (12,126) (9,946) (21,873)
Cash flows from investing activities
Acquisition of intangible assets 10 - - -
Acquisition of property, plant and equipment 11 (191) (206) (708)
Net cash outflow from investing activities (191) (206) (708)
Cash flows from financing activities
Payment of lease liabilities (403) (222) (591)
Interest paid on lease liabilities (36) - (58)
Financing charges on repayment of derivative financial instrument (992) - -
Repayment of investment funding arrangement (320) - -
Proceeds from the issue of share capital, net of transaction costs
21,927 - 1,161
Proceeds from the investment funding arrangement, net of transaction costs - -
769
Transaction costs charged directly to equity - (25) -
Proceeds from the exercise of share options and warrants
1 62 6
Net cash inflow from financing activities 20,177 (185) 1,287
Net increase/(decrease) in cash and cash equivalents 7,860 (10,337) (21,294)
Cash and cash equivalents at the start of the period/year 5,137 26,355 26,355
Effects of exchange rate changes on cash and cash equivalents (68)
112 76
Cash and cash equivalents at the end of the period/year 12,929
16,130 5,137
The above unaudited consolidated statement of cash flows should be read in
conjunction with the accompanying note.
Notes
(forming part of the unaudited consolidated historical financial information)
1: General Information
Invinity Energy Systems plc (the 'Company') is a public company limited by
shares incorporated and domiciled in Jersey. The registered office address is
Third Floor, IFC5, Castle Street, St. Helier, JE2 3BY, Jersey.
The Company is listed on the AIM Market of the London Stock Exchange with the
ticker symbol IES.L and on the Aquis Stock Exchange (AQSE). The Company also
trades in the USA on OTCQX Best Market under the symbol "IESVF".
The principal activities of the Company and its subsidiaries (together the
'Group') relate to the manufacture and sale of vanadium flow battery systems
and associated installation, warranty and other services.
2: Summary of significant accounting policies
Basis of preparation
This unaudited condensed consolidated interim financial information for the
six-months ended 30 June 2023 (the 'interim financial information') has been
prepared in accordance with IAS 34, 'Interim financial reporting' as adopted
by the European Union. The financial information should be read in conjunction
with the Group's annual financial statements for the year ended 31 December
2022, that were prepared in accordance with International Financial Reporting
Standards as adopted by the European Union.
The annual report and financial statements for the year ended 31 December 2022
are available on the company's website (www.invinity.com
(http://www.invinity.com) ).
This interim financial information has been prepared using the historical cost
basis of accounting. The accounting policies applied across all the Group's
subsidiaries when preparing the financial information are consistent with
those adopted and disclosed in the annual financial statements for the year
ended 31 December 2022. The accounting policies have been consistently applied
across all Group entities for the purpose of producing this interim financial
information.
The financial information included in this document does not comprise
statutory accounts within the meaning of Companies (Jersey) Law 1991. The
comparative figures for the financial year ended 31 December 2022 are not the
company's statutory accounts for that financial year within the meaning of
Companies (Jersey) Law 1991. Those accounts have been reported on by the
company's auditors and delivered to the Jersey Financial Services Commission.
The report of the auditors included in the annual report and financial
statements for the year ended 31 December 2022 was unqualified. However, the
auditors' report did contain an emphasis of matter related to the application
of the going concern basis of preparation.
The Group's business activities, together with factors likely to affect its
future development, performance and position, are set out in the operations
and financial review sections of this report.
The financial position of the Group, its cash flows and liquidity position are
described in the financial review section.
Going concern
In assessing whether the Group has the ability to continue as a going concern
the Directors have modelled a base cash flow forecast for a period up to 31
December 2024. The Directors have prepared a base case scenario that assumes
the 14.5m Short-Term warrants originally granted in 2021 ("Short-Term
Warrants"), are exercised. Under this scenario the Group would expect to
remain cash positive for the period up to 31 December 2024 assessed for going
concern purposes. The forecast does indicate that the Group would move into
negative cash shortly after the period assessed for going concern as a result
of working capital investment on future sales. The Group would defer any
working capital investment if it were to result in exhausting all cash. This
forecast is also based on delivering existing signed sales contracts during
2023 as per forecast gross margins and existing and future sales contracts
during 2024 at anticipated positive gross margins. The Directors recognise
there is a risk that the Short-Term Warrants will not be exercised if they are
not 'in the money' before the expiry date and given it is not at the
discretion of the Group.
In assessing going concern the Directors have also prepared a severe but
plausible downside scenario which forecasts delivery of existing and future
sales being made during 2024 being delayed beyond June 2024 and forecasted
margins not being achieved, and the Short-Term warrants not being exercised.
Under this scenario the Group would exhaust all available cash by April 2024
and it will be necessary to raise further funding within the next 12 months in
order to continue trading and deliver on the strategic objectives.
The Directors are in the process of evaluating potential additional funding
options from potential strategic investors but no such funding is committed as
at the date of approval of these financial statements. The Group has been, and
continues in, active discussions with a number of potential strategic
investors and is confident that it will be able to conclude an equity
investment from one or more of such parties within the period up to 31
December 2024 assessed for going concern purposes. The Directors also note
that the Company concluded an initial strategic investment from Everbrite
Technology Co., Ltd. for £2.5 million in March 2023 which gives them
confidence that the Company is capable of attracting further strategic
investment.
Due to the uncertainty in relation to obtaining additional funding this
indicates the existence of a material uncertainty that may cast significant
doubt about the Group's ability to continue as a going concern.
The financial statements do not include the adjustments that would result if
the Group were unable to continue as a going concern.
In addition to the issues discussed above, the directors have also reviewed
other varying, and wide-ranging information relating to both present and
future conditions when reaching their conclusion regarding going concern.
These included the:
· operational performance of the Company's products delivered to
customer sites to date;
· value of contracts signed for delivery in 2023 and 2024;
· growing sales pipeline of 4,653.2 MWh in September 2023 vs 2,470.3
MWh in May 2023;
· growing opportunities presented by the emergent energy storage
market;
· growing levels of Government engagement and support in the three key
markets; and
· positive discussions with potential strategic partners regarding
making an equity investment into the Company.
Estimates and judgements
The preparation of interim financial information requires management to make
judgments, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities and of items of
income and expense. Actual results may differ from these estimates.
In preparing this interim financial information, the significant judgments
made by management in applying the Group's accounting policies were the same
as those that applied to the consolidated financial statements for the year
ended 31 December 2022. Similarly, the key sources of estimation uncertainty
related to the financial information were the same as those encountered when
applying the Group's accounting policies in relation to the preparation of the
consolidated financial statements for the year ended 31 December 2022.
Principal risks and uncertainties
In preparing the condensed consolidated financial information, management is
required to consider the principal risks and uncertainties facing the Group.
In management's opinion the principal risks and uncertainties facing the Group
are unchanged since the preparation of the consolidated financial statements
for the year ended 31 December 2022. Those risks and uncertainties, together
with management's response to them are described in the risk review section of
the annual report and financial statements for the year ended 31 December
2022.
Accounting policies
The accounting policies applied in this condensed consolidated financial
information are consistent with those applied in preparing the financial
statements for the year ended 31 December 2022.
3: Revenue from contracts with customers and income from government grants
Segment information
The Group derives revenue from a single business segment, being the
manufacture and sale of vanadium flow battery systems and related hardware
together with the provision of services directly related to battery systems
sold to customers.
The Group is organised internally to report on its financial and operational
performance to its chief operating decision maker, which has been identified
as the three executive directors as a group.
All revenues were derived from continuing operations.
Revenue from contracts with customers
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
£000 £000 £000
Battery systems and associated control systems 13,653 1,412 2,548
Integration, commissioning and other related services 705 - 254
Other services 454 4 142
Total revenue in the statement of profit and loss 14,812 1,416 2,944
Grant income other than revenue
The Group receives grant income to help fund certain projects that are
eligible for support, typically in the form of innovation grants. The Group
also received grant income related to operating costs under government subsidy
programmes as part of national COVID response efforts. The total grant income
that was received in the period was as follows:
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
£000 £000 £000
Business support grants against employee costs COVID-19 - - (11)
Grants for research and development 11 282 647
Total government grants received 11 282 636
4: Cost of sales
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
£000 £000 £000
Movement in inventories of finished battery systems 16,404 1,679 3,356
Production costs 2,286 1,617 2,640
Depreciation of production facilities, equipment and amortisation of 8
intangibles
88 172
Movement in provisions for warranty costs 142 301 763
Movement in provisions for sales contracts (697) - (4,004)
Total cost of sales 18,143 3,685 2,927
5: Administrative expenses
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Staff costs 6,205 4,378 10,322
Research and development costs 428 1,428 2,592
Professional fees 409 1,496 2,983
Sales and marketing costs 299 183 399
Facilities and office costs 154 210 385
Other administrative costs 1,764 1,165 2,361
Total administrative expenses 9,259 8,860 19,042
6: Staff costs
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
£000 £000 £000
Wages and salaries 5,511 5,239 9,280
Employer payroll taxes 477 530 840
Other benefits 186 534 919
Share-based payments 341 (281) 388
Total staff costs 6,515 6,022 11,425
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
Staff costs charged to cost of sales 310 1,644 1,103
Staff costs charged to cost of administrative expenses 6,205 4,378 10,322
Total staff costs 6,515 6,022 11,425
7: Other items of operating income and expense
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
£000 £000 £000
(Income)/expenses
Provision for onerous contracts, net of amounts used - (364) 554
Transfer agreement - 1,240 -
Loss on disposal of property, plant and equipment - - 33
Impairment of obsolete inventory and disposal of scrap inventory 9
52 25
Gain on curtailment of right-of-use asset - - (8)
Total other operating expenses (net) 9 928 604
8: Loss per share
The weighted average number of shares used to calculate basic and diluted loss
per share as presented in the consolidated statement of comprehensive loss was
as follows:
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
In issue at 1 January 119,007,846 116,048,604 116,048,761
Shares issued in the period - weighted average 42,978,571 363 102,617
Weighted average shares in issue at the end of the period 161,986,417 116,048,967 116,151,378
Effect of employee share options and warrants not exercised 3,104,440 30,609,160 1,603,588
Weighted average number of diluted shares at the period end 165,090,857
146,658,127 117,754,966
Additional potential shares used in the calculation of diluted earnings per
share primarily relate to potential shares outstanding at 30 June 2023 that
may be issued in satisfaction of 'in-the-money' employee share options.
Potentially dilutive shares related to 'in-the-money' outstanding warrants to
subscribe for ordinary shares in the Company are also included in calculating
diluted earnings per share.
Where additional potential shares have an anti-dilutive impact on the
calculation of loss per share calculation, such potential shares are excluded
from the weighted average number of shares used in the calculation.
Additional potential shares are anti-dilutive where their inclusion in the
calculation of loss per share results in a lower loss per share.
9: Cash flows from operating activities
Six months ended Six months ended Year ended 31 December 2022
30 June 2023 30 June 2022
£000 £000 £000
Loss after income tax (13,324) (11,582) (18,537)
Adjustments for:
Depreciation and amortisation 727 655 1,350
Loss on disposal of property, plant and equipment - - 33
Gain on curtailment of right-of-use asset - - (8)
Impairment of inventory - 51 24
Share-based payments charge 341 (48) 681
Equity settled interest and transaction costs on investment funding agreement - -
6
Net finance costs/income 732 9 -
Net foreign exchange differences 126 562 (168)
(11,398) (10,353) (16,619)
Changes in operating assets and liabilities
(Increase)/decrease in inventory 5,945 260 (3,875)
(Increase)/decrease in contract assets (1,359) - (174)
(Increase) in trade receivables and other receivables (2,559) (12) (88)
(Increase) in other assets and prepaid inventory 2,513 (130) (2,354)
Increase in trade payables (342) 1,164 1,263
Increase/(decrease) in warranty provision (47) 46 183
Increase/(decrease) in onerous contract provision (751) (622) (3,252)
Increase/(decrease) in contract liabilities (4,230) (291) 2,982
(830) 415 (5,315)
Cash used in operations (12,228) (9,938) (21,934)
10: Goodwill and intangible assets
Goodwill Patents and certifications Software and domain names Total
£000 £000 £000 £000
Cost
At 1 January 2023 23,944 203 50 24,197
Additions - - - -
Disposals - - - -
Effects of movements in foreign exchange - - (2) (2)
At 30 June 2023 23,944 203 48 24,195
Accumulated amortisation
At 1 January 2023 - (112) (35) (147)
Amortisation charge - (20) (4) (24)
Disposals - - - -
Effects of movements in foreign exchange - - 1 1
At 30 June 2023 - (132) (38) (170)
Net book value
At 1 January 2023 23,944 91 15 24,050
At 30 June 2023 23,944 71 10 24,025
Goodwill Patents and certifications Total
Software and domain names
£000 £000 £000 £000
Cost
At 1 January 2022 23,944 203 47 24,194
Additions - - - -
Disposals - - - -
Effects of movements in foreign exchange - - 5 5
At 30 June 2022 23,944 203 52 24,199
Accumulated amortisation
At 1 January 2022 - (71) (26) (97)
Amortisation charge - (20) (4) (24)
Disposals - - - -
Effects of movements in foreign exchange - - (3) (3)
Amortisation at 30 June 2022 - (91) (33) (124)
Net book value
At 1 January 2022 23,944 132 21 24,097
At 30 June 2022 23,944 112 19 24,075
Goodwill Patents and certifications Software and domain names Total
£000 £000 £000 £000
Cost
At 1 January 2022 23,944 203 47 24,194
Additions - - - -
Disposals - - - -
Effects of movements in foreign exchange - - 3 3
At 31 December 2022 23,944 203 50 24,197
Accumulated amortisation
At 1 January 2022 - (71) (26) (97)
Amortisation charge - (41) (8) (49)
Disposals - - - -
Effects of movements in foreign exchange - - (1) (1)
Amortisation at 31 December 2022 - (112) (35) (147)
Net book value
At 1 January 2022 23,944 132 21 24,097
At 31 December 2022 23,944 91 15 24,050
Goodwill
All goodwill is tested annually for impairment. At 31 December 2022, goodwill
was tested for impairment using a fair value less costs of disposal
methodology by reference to the Company's quoted market capitalisation using
the price of 43.0 pence per share at that date. No impairment loss was
identified in relation to goodwill.
The closing share price on 22 September 2023 was 44.0p, giving a market
capitalisation of £80.23m which does not indicate impairment of goodwill.
Patents and certifications
There have been no events or circumstances that would indicate that the
carrying value of patents and certifications may be impaired at 30 June 2023
11: Property, plant and equipment
Computer and office equipment Leasehold improvements Vehicles and equipment Total
£000 £000 £000 £000
Cost
At 1 January 2023 699 1,119 1,402 3,220
Additions - 9 182 191
Disposals - - (44) (44)
Effects of movements in foreign exchange (6) (16) (27) (49)
At 30 June 2023 693 1,112 1,513 3,318
Accumulated Depreciation
At 1 January 2023 (662) (635) (715) (2,012)
Depreciation charge (8) (152) (103) (263)
Disposals - - 44 44
Effects of movements in foreign exchange 5 6 13 24
Depreciation at 30 June 2023 (665) (781) (761) (2,207)
Net book value
At 1 January 2023 37 484 687 1,208
At 30 June 2023 28 331 752 1,111
Computer and office equipment Leasehold improvements Vehicles and equipment Total
£000 £000 £000 £000
Cost
At 1 January 2022 780 681 1,165 2,626
Additions 35 96 75 206
Disposals - - - -
Effects of movements in foreign exchange 20 19 77 116
At 30 June 2022 835 796 1,317 2,948
Accumulated Depreciation
At 1 January 2022 (653) (427) (416) (1,496)
Depreciation charge (120) (78) (152) (350)
Disposals - - - -
Effects of movements in foreign exchange (14) (11) (32) (57)
Depreciation at 30 June 2022 (787) (516) (600) (1,903)
Net book value
At 1 January 2022 127 254 749 1,130
At 30 June 2022 48 280 717 1,045
Computer and office equipment Leasehold improvements Vehicles and equipment Total
£000 £000 £000 £000
Cost
At 1 January 2022 780 681 1,165 2,626
Additions 45 429 234 708
Disposals (136) (2) (37) (175)
Foreign currency exchange differences (10) (11) 40 61
At 31 December 2022 699 1,119 1,402 3,220
Accumulated Depreciation
At 1 January 2022 (653) (427) (416) (1,496)
Depreciation charge (129) (204) (301) (634)
Disposals 125 1 16 142
Effects of movements in foreign exchange (5) (5) (14) (24)
Depreciation at 31 December 2022 (662) (635) (715) (2,012)
Net book value
At 1 January 2022 127 254 749 1,130
At 31 December 2022 37 484 687 1,208
The Group has no assets pledged as security. No amounts of interest have been
capitalised within property, plant and equipment at 30 June 2023 (2022:
£nil).
12: Inventory
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Raw materials and consumables 1,421 695 1,815
Work in progress 1,503 5,099 6,370
Finished goods 756 - 1,642
Total inventory 3,681 5,794 9,827
13: Other current assets
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Prepayments and deposits 1,108 1,182 1,879
Prepaid inventory 3,136 5,074 5,102
Tax credits recoverable 1,179 345 551
Other receivables 921 39 1,249
Total other current assets 6,344 6,640 8,781
Prepaid inventory is recognised on inventory payments where physical delivery
of that inventory has not yet been taken by the Group and is stated at the
lower of cost and net realisable value.
On 14 December 2022 the Company entered a US$ 10.0 million Investment
Agreement with Riverfort Global Opportunities PCC LTD (Riverfort) and YA II
PN, Ltd (Yorkville) (together, the Noteholders). The Investment Agreement was
intended to provide additional working capital to the Company ahead of a
planned fundraise.
An initial amount of US$ 2.5 million was drawn by the Company on inception of
the facility (the First Advance). Amounts drawn under the Investment Agreement
were convertible to ordinary shares of the Company at the option of each of
Riverfort and Yorkville. To facilitate the conversion of amounts drawn by the
Company under the Investment Agreement, a total of 2,700,038 ordinary shares
(the Initial Shares) were issued in advance to Riverfort and Yorkville on a
50/ 50 basis.
Following the Company's successful fundraise in March 2023 the Investment
Agreement was redeemed in full. At the redemption date 1,779,640 of the
Initial Shares remained outstanding and held by the Noteholders.
To the extent that the Noteholders still held Initial Shares after the
Facility had been repaid in full, the shares will be sold by the Noteholders
with the relevant net proceeds remitted to the Company. To ensure an orderly
market, the Company and the Noteholders agreed that, for a period of 24 months
from the date of the Repayment Agreement, these remaining shares may only be
sold following instruction from the Company, given an agreement that 97% of
the net proceeds are to be remitted to the Company.
Because the Company will receive 97% of the proceeds on any sale of the
Initial Shares that it instructs, the outstanding balance of the Initial
Shares represent a financial asset to the Company.
Accordingly, the outstanding Initial Shares have been designated as Fair Value
Through Profit and Loss in accordance with IFRS 9. The outstanding Initial
Shares were recognised as a receivable at fair value based on the share price
(32.5p) on the date of the agreement to repay all amounts outstanding under
the Investment Agreement together with any relevant redemption charges.
At each reporting date going forward, any outstanding Initial Shares will be
revalued by reference to the Company's share price (AIM:IES) and a fair value
gain or loss based on the increase or decrease in the aggregate fair value of
the outstanding Initial Shares will be recorded in profit and loss
accordingly.
On 30 June 2023, the outstanding Initial Shares have been revalued based on
the Company's closing share price of 49.0p per share at that date. A
corresponding gain representing the difference between the original valuation
of the Initial Shares that was calculated on redemption of the Investment
Agreement that closed in March 2023 and based on a share price of 32.5p.
The fair value of the outstanding Initial Shares on 30 June 2023 was £845,863
(2022: £nil).
14: Contract related balances
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Amounts due from customer contracts included in trade receivables 4,151
1,731 1,737
Contract assets (accrued income for work done not yet invoiced) 1,857 326 500
Contract liabilities (deferred revenue related to advances on customer (3,884)
contracts)
(4,988) (8,375)
Net position of sales contracts 2,124 (2,931) (6,138)
The amount of revenue recognised in the period that was included in contract
liabilities at the end of the prior year was £5,504,212 (2022: £428,417).
Provisions related to contracts with customers
Warranty provision Legacy products provision Provision for contract losses Total
£000 £000 £000 £000
At 1 January 2023 284 1,016 1,607 2,907
Charges to profit or loss
§ Provided in period 75 63 - 138
§ Unused amounts reversed - - (697) (697)
Amounts used in period (75) (63) - (138)
Movement due to foreign exchange (1) (46) (54) (101)
At 30 June 2023 283 970 856 2,109
Warranty provision Legacy products provision Provision for contract losses Total
£000 £000 £000 £000
At 1 January 2022 257 860 4,859 5,976
Charges to profit or loss
§ Provided in period 46 - - 46
§ Unused amounts reversed - - - -
Amounts used in period (364) (364)
Movement due to foreign exchange 3 96 - 99
At 30 June 2022 306 956 4,495 5,757
Warranty provision Legacy products provision Provision for contract losses Total
£000 £000 £000 £000
At 1 January 2022 257 860 4,859 5,976
Charges to profit or loss
§ Provided in period 204 578 565 1,347
§ Unused amounts reversed (24) (16) (2,059) (2,099)
Amounts used in period (153) (406) (1,758) (2,317)
At 31 December 2022 284 1,016 1,607 2,907
Warranty provision
The warranty provision represents management's best estimate of the costs
anticipated to be incurred related to warranty claims, both current and
future, from customers in respect of goods and services sold that remain
within their warranty period. The estimate of future warranty costs is updated
periodically based on the Company's actual experience of warranty claims from
customers.
The element of the provision related to potential future claims is based on
management's experience and is judgmental in nature. As for any product
warranty, there is an inherent uncertainty around the likelihood and timing of
a fault occurring that would cause further work to be undertaken or the
replacement of equipment parts.
A standard warranty of up to two years from the date of commissioning is
provided to all customers on goods and services sold and is included in the
original cost of the product. Customers are also able to purchase extended
warranties that extend the warranty period for up to a total of ten years.
Provision for legacy products
Where it is considered of commercial value, management has elected to provide
ongoing maintenance for certain legacy products not otherwise covered under
warranty. Management has determined that it is necessary to provide for the
costs of this ongoing maintenance or to provide for outright decommissioning.
The prior year presentation has been re-stated to reflect this.
Provisions in respect of legacy products are expected to unwind over the next
two years when maintenance is either terminated or the products are
decommissioned.
Provision for contract losses
A provision is established for contract losses when it becomes known that a
contract has become onerous. A contract is onerous when the unavoidable costs
of fulfilling the Group's obligations under a contract are greater than the
revenue that will be earned from it.
The unavoidable costs of fulfilling contract obligations will include both
direct and indirect costs.
The creation of an additional provision is recognised immediately in profit
and loss. The provision is used to offset subsequent costs incurred as the
contract moves to completion.
15: Trade and other receivables
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Trade receivables from contracts with customers 4,210 1,754 1,761
Provision for doubtful receivables (59) (23) (24)
Total trade and other receivables 4,151 1,731 1,737
All trade and other receivables relate to receivables arising from contracts
with customers.
Trade receivables are amounts due from customers for sales of vanadium flow
battery systems in the ordinary course of business. Trade receivables do not
bear interest and generally have 30-day payment terms and therefore are all
classified as current.
16: Cash and cash equivalents
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Cash at bank and in hand 3,929 16,130 5,137
Short term investments 9,000 - -
Total cash and cash equivalents 12,929 16,130 5,137
Short term investments
Term deposits are presented as cash equivalents if they have a maturity of
three months or less from the date of acquisition and are repayable with 24
hours' notice with no loss of interest.
17: Trade and other payables
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Trade payables 3,341 2,262 3,706
Other payables 89 371 78
Accrued liabilities 706 1,964 701
Accrued employee compensation 324 247 143
Government remittances payable 21 1 306
Total trade and other payables 4,481 4,845 4,934
Trade payables are unsecured and are usually paid within 30 days.
The carrying amounts of trade and other payables are the same as their fair
values due to the short-term nature of the underlying obligation representing
the liability to pay.
18: Derivative financial instruments
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Derivative value of warrants issued 474 - 449
Other - - 320
Total trade and other payables 474 - 769
19: Related parties
The only related parties of the Company are the key management of the Group.
Key management has been determined as the CEO and his direct reports.
Invinity Energy Systems plc purchased a total of 70,312 shares in the latest
fundraise. 31,250 shares were purchased on behalf of Larry Zulch, 15,625
shares were purchased on behalf of Matt Harper and 23,437 shares were
purchased on behalf of an additional member of staff. At 30 June 2023, the
amounts owed by the additional member of staff and Matt Harper in respect of
the shares had been settled. The £10,000 owed by Larry Zulch is outstanding.
20: Events occurring after the reporting period
Short-Term Warrants
At the General Meeting of the holders of Short-Term Warrants held on 19 July
2023, the company was authorised by way of resolution to re-price the
Short-Term Warrant Instrument to a subscription price of 50p (previously
150p).
In addition, the subscription period for the Short-Term Warrants was extended
to 16 December 2023 (previously 15 September 2023).
Long-Term Warrants
At the General Meeting of the holders of Long-Term Warrants held on 23 July
2023, the Company was authorised by way of resolution to re-price the
Long-Term Warrant Instrument to a subscription price of 100p (previously
225p).
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