REG - Invinity Energy Sys - Update on 2022 Financial Results

Invinity Energy SystemsAnnouncement

16/06/2023 07:00

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RNS Number : 9184C  Invinity Energy Systems PLC  16 June 2023

The information contained within this Announcement is deemed by Invinity
Energy Systems plc to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018 ("MAR").

 

 

16 June 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Update on 2022 Financial Results

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, confirms that its full
results for the year ended 31 December 2022 will be published by 30 June 2023.

 

As part of the audit process, the cost of fulfilling previously signed
contracts has been reviewed and the Company is pleased to announce that this
is likely to result in a significant reduction in the provision for contract
losses which was previously recorded. Therefore, Invinity expects its reported
gross margin loss as well as the loss before tax to be materially better than
was anticipated.

 

Further, subject to final auditor approval, the Company expects to report
revenue (including grant income against direct costs) of c.£3.6m in line with
the delivery of c.4.3 MWh of products delivered during the year and disclosed
in the Project Delivery Update issued on 30 December 2022.

 

The significant reduction in the provision for contract losses highlights the
reducing cost of delivering the Company's VS3 product and the transition
towards achieving positive gross margins as evidenced by all but one of the
sales contracts closed since Q4 2022 expecting a positive gross margin. As
previously disclosed, this trend is an important step on the path to industry
standard gross margins which are expected to be delivered with the launch of
the Company's next generation product code-named "Mistral".

 

The Company can also confirm a cash balance of c.£15.4m as at 31 May 2023.

 

 

 

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, Chief Development Officer and Interim CFO

 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 / Simon Barton

 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 65
MWh of systems already deployed or contracted for delivery across over 70
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)

 

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