REG - Surface Transforms - Major Customer Update: Loss of Contract

Surface TransformsAnnouncement

Yesterday 13:45

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RNS Number : 1712V  Surface Transforms PLC  03 March 2026

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. Upon the publication of this
announcement, this inside information is now considered to be in the public
domain.

 

Surface Transforms plc

("Surface Transforms" or the "Company")

 

Major customer update - loss of contract

Surface Transforms (AIM: SCE) manufacturers of carbon fibre reinforced
ceramic automotive brake discs, announces the following major customer update.

Major customer update - Loss of contract

The Company has been informed by General Motors ("GM") that it is re-sourcing
its supply of brake disks with effect from 31(st) March 2026. GM is the
Company's most significant customer and in FY 2025 formed £15.3m (84%) of
revenues and 85% of discs sold and was under contract until 2030.
Additionally, since November 2024 GM has provided the Company with operational
support and financial assistance including advance payments of £14.4m.

Outlook

The Company has not yet had the opportunity to speak directly with GM about
the termination, but the loss of this contract has a material impact on the
Company's ability to trade and as a result the Directors intend to immediately
engage corporate restructuring advisers to protect stakeholder's interests.
Further information will be provided as appropriate.

For enquiries, please contact:

 Surface Transforms plc                                        +44 151 356 2141
 Kevin Johnson, CEO
 Steve Harrison, CFO

 Zeus (Nominated Adviser and Broker)                           +44 203 829 5000
 David Foreman / James Edis / Ed Beddows (Investment Banking)
 Dominic King (Corporate Broking)

About Surface Transforms

Surface Transforms plc. (AIM:SCE) develops and produces carbon‐ceramic
material automotive brake discs. The Company is the UK's only manufacturer of
carbon‐ceramic brake discs, and only one of two mainstream carbon ceramic
brake disc companies in the world, serving customers that include major OEMs
in the global automotive markets.

The Company utilises its proprietary next generation Carbon Ceramic Technology
to create lightweight brake discs for high‐performance road and track
applications for both internal combustion engine cars and electric vehicles.
While competitor carbon‐ceramic brake discs use discontinuous chopped carbon
fibre, Surface Transforms interweaves continuous carbon fibre to form a 3D
matrix, producing a stronger and more durable product with improved heat
conductivity compared to competitor products; this reduces the brake system
operating temperature, resulting in lighter and longer life components with
superior brake performance. These benefits are in addition to the benefits of
all carbon‐ceramic brake discs vs. iron brake discs: weight savings of up to
70%, longer product life, consistent performance, reduced brake pad dust and
corrosion free.

The Company holds the London Stock Exchange's Green Economy Mark.

For additional information please visit www.surfacetransforms.com
(http://www.surfacetransforms.com/)

 

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