Watch EnSilica CEO Ian Lankshear reflect on the company’s recently published financial results, share his vision for the future, and outline EnSilica’s strategy for sustained, long-term growth.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK 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
5 October 2026
EnSilica plc
("EnSilica", the "Company" or the “Group”)
Final Results
Record FY26 demonstrated the scalability of EnSilica’s business model
EnSilica plc (AIM: ENSI), a leading fabless microchip maker with a growing portfolio of reusable IP, serving the Space and Communications, Photonics, Industrial, and Automotive markets, is pleased to announce its audited results for the financial year ended 31 May 2026 (“FY26”, “FY 2026” or the “Year”).
Financial Highlights:
| FY26 Audited | FY25 Audited | Change | |
|---|---|---|---|
| Total Revenue Chip Supply Revenues | £27.8m £6.7m | £18.2m £5.7m | 53% ↑ 16% ↑ |
| EBITDA Net Operating Cash Flow Cash | £5.9m* £6.2m £7.6m | £0.0m £2.1m £2.0m | £5.9m ↑ 195% ↑ 280% ↑ |
| Lifetime Supply Visibility** | $375m | $250m | 50% ↑ |
| Sales & Opportunities Pipeline*** | $600m+ | $400m | 50% ↑ |
* Improved from previous expectations as a result of increased tax credit included within Other income due to a higher than estimated level of qualifying R&D expenditure
Financial Highlights:
| FY26 Audited | FY25 Audited | Change | |
|---|---|---|---|
| Total Revenue | £27.8m | £18.2m | 53% ↑ |
| Chip Supply Revenues | £6.7m | £5.7m | 16% ↑ |
| EBITDA | £5.9m* | £0.0m | £5.9m ↑ |
| Net Operating Cash Flow | £6.2m | £2.1m | 195% ↑ |
| Cash | £7.6m | £2.0m | 280% ↑ |
| Lifetime Supply Visibility** | $375m | $250m | 50% ↑ |
| Sales & Opportunities Pipeline*** | $600m+ | $400m | 50% ↑ |
* Improved from previous expectations as a result of increased tax credit included within Other income due to a higher than estimated level of qualifying R&D expenditure
** Expected lifetime supply revenues based on customer forecasts
*** Potential new business identified and pursued by the business
Commenting on FY26, CEO Ian Lankshear, said:
"This has been a record year for EnSilica. Our revenues grew 53% to £27.8 million and we generated record EBITDA of £5.9 million, delivering significant growth in our target markets. Importantly, we have evolved from a design services business into a semiconductor design and supply platform, validating the scalability of our model.
We now have five ASICs in volume production generating recurring revenue, with a further fourteen chip programmes in design which we expect to convert into long-term supply revenues over the coming years.
With a growing base of recurring revenue and a clear focus on the high-margin space and satellite communications market, we are confident that EnSilica is well positioned to sustain this momentum into FY27 and beyond."
Operational Highlights:
• Secured a $75 million automotive contract win with a German tier-one supplier, our largest automotive win to date
• Entered into two landmark development contracts with a leading European satellite operator to develop two chips for its next-generation satellite network potentially worth over $50 million from 2030 onwards
• Two tape outs completed in FY26, three tape outs completed in FY27 and a further two tape outs expected to complete in FY27
• As part of the above, the Edge AI ASIC completed production tape-out, marking a key development milestone ahead of volume production as well as releasing US$5m NRE and tape-out fee recognised across FY26 and FY27
• New Space and Communications Semiconductor Centre of Excellence opened in Milan, expanding the Company's engineering footprint in Europe
• In April, the Company began cross trading on the United States OTC market, broadening its investor base
• Five chips now in supply, with a further 14 in design and future supply expected
Outlook
• EnSilica enters FY27 with a strong order book, with more than 80% of anticipated total revenue for FY27 already visible from existing contracts, supply agreements and customer orders
• The space market is expected to grow fivefold by 2030, making it a key tailwind behind our continued growth
• Our ambition remains focussed on increasing recurring supply revenues alongside adding four to five new chip programmes each year, driving revenues towards our medium term annual target of £100m and EBITDA margins towards our 30% target
4 minute video with CEO, Ian Lankshear, discussing FY26 and future prospects…
https://www.londonstockexchange.com/news-article/ENSI/final-results/17818810
Investor Presentation
An online presentation of the annual results will be held on Tuesday, 13 October 2026 at 11.00 a.m. BST. The presentation will be hosted on the Investor Meet Company ("IMC") platform. Questions can be submitted pre-event via the IMC dashboard up until 9.00 a.m. BST the day before the meeting or at any time during the live presentation.
Investors can sign up to IMC for free and add EnSilica to attend the webcast via:
https://www.investormeetcompany.com/ensilica-plc/register-investor
Annual Report and AGM
The Company's annual report and accounts together with notice of the annual general meeting ("AGM") will be posted to shareholders this week and will be made available on the Company's website.
The Annual General Meeting will be held on 30 October 2026 at 2.00 p.m. GMT at Innovation Centre, 99 Park Drive, Milton Park, Oxfordshire OX14 4RY.
For further information please contact:
| EnSilica plc Ian Lankshear, Chief Executive Officer Kristoff Rademan, Chief Financial Officer www.ensilica.com | via Novella Communications +44 (0)20 3151 7008 |
|---|---|
| Allenby Capital Limited (Nominated Adviser & Joint Broker) Jeremy Porter / Vivek Bhardwaj (Corporate Finance) Joscelin Pinnington / Tony Quirke (Sales & Corporate Broking) | +44 (0)20 3328 5656 info@allenbycapital.com |
| Panmure Liberum Limited (Joint Broker) Edward Mansfield / Will King / Zak Wadud | +44 (0)20 3100 2000 |
| Novella Communications (Investor & Financial Public Relations) Tim Robertson / Oliver Norton | +44 (0)20 3151 7008 ensilica@novella-comms.com |
LEI: 213800R6VXRU7MJTAF04
1 October 2026
Invinity Energy Systems plc
("Invinity" or the "Company")
California VFB Surpasses 1 GWh of Energy Delivered
10 MWh battery at Viejas Resort & Casino reaches major operating milestone, demonstrating strong real-world performance and high-throughput capability
Invinity Energy Systems plc (AIM: IES), a global leader in vanadium flow battery technology, is pleased to announce that its customer, Indian Energy, has now delivered more than 1 GWh of energy from their Invinity vanadium flow battery (“VFB”) system operating at the Viejas Enterprise Microgrid in California.
The VFB system was delivered on schedule and fully commissioned in late 2025 at the Viejas Casino & Resort near San Diego, California. Since entering commercial operation, the Invinity VFB has been used near-continually, charging from on-site solar generation and discharging electricity to support resort operations, delivering more than 1 GWh of stable, on-demand power to date. During this time, the battery has met or exceeded all contracted performance parameters.
The project, which received support from the California Energy Commission, features Invinity’s batteries coupled with a 15 MW solar array and is California’s largest tribal microgrid installation. The milestone adds to Invinity's growing operational track record and provides further evidence of the Company's ability to deliver, commission and support utility-scale vanadium flow battery projects in commercial operation.
Allen G. Cadreau, CEO at Indian Energy said:
“Surpassing 1 GWh of energy delivered is a significant milestone for the Viejas Enterprise Microgrid and demonstrates the value of vanadium flow battery technology operating in a demanding real-world environment. Invinity’s battery system has proven to be a true workhorse for us, consistently performing to specification and supporting our operational requirements since commissioning.
“Invinity's team has worked closely with us at every stage of this project. Their commitment to quality, transparency and customer support has been evident throughout, and we look forward to continuing our partnership on future projects."
David Hochschild, Chair at California Energy Commission said:
“The California Energy Commission has backed Invinity’s Vanadium Flow Battery technology through a series of grant-funded projects since 2021, reflecting the CEC’s commitment to advancing reliable, long-duration energy storage. This latest achievement at the Viejas Enterprise Microgrid, delivered by Indian Energy and Invinity, marks another important milestone in California’s journey toward a clean energy future.”
Matt Harper, President at Invinity said:
“Delivering more than 1 GWh of energy is an important milestone for both Indian Energy and Invinity and demonstrates the ability of our vanadium flow batteries to provide reliable, repeatable service in demanding commercial applications where customers rely on their energy storage assets every day.
"At Viejas, our system has consistently delivered against its performance commitments while helping maximise the value of onsite renewable generation. Milestones such as this provide powerful evidence of the maturity of our technology, the strength of our customer relationships and the growing operating track record which underpins our business."
Stay up to date with news from Invinity. Join the distribution list for the Company’s monthly investor newsletter here.
Enquiries:
| Invinity Energy Systems plc | +44 (0)20 4551 0361 |
|---|---|
| Jonathan Marren, Chief Executive Officer Joe Worthington, Senior Director, Corporate Affairs |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) is a world-leading manufacturer of vanadium flow batteries for energy storage. Built in our factories in the UK and Canada, the Company's proven, commercialised, longer duration energy storage technology has been deployed at scale and dispatched gigawatt-hours of electricity for customers across the world.
Invinity's safe, scalable and durable battery technology is a trusted and safer alternative to lithium-ion batteries. Endurium VFBs are engineered for heavy-duty, high throughput applications, they don't wear out, cannot catch fire and are designed to be operated for 30 years or more. Our products address the challenges of our global energy system, unlocking the power of renewable generation by delivering energy storage without limits.
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on +44 (0)20 4551 0361 or ir@invinity.com.
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EnSilica plc
("EnSilica", the "Company" or the "Group")
Notice of Final Results & Investor Presentation
EnSilica plc (AIM: ENSI), a leading fabless microchip maker with a growing portfolio of reusable IP, serving the Space and Communications, Photonics, Industrial, and Automotive markets announces that the Company will report its audited results for the financial year ended 31 May 2026 (“Final Results”) on Monday 5 October 2026.
Investor Presentation via Investor Meet Company:
Ian Lankshear, CEO, and Kristoff Rademan, CFO, will deliver a live presentation relating to the Final Results via the Investor Meet Company (“IMC”) platform on 13 October 2026 at 11:00 a.m. BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your IMC dashboard up until 12 October 2026 at 9:00 a.m BST, or at any time during the live presentation.
Investors can sign up to attend the presentation via:
https://www.investormeetcompany.com/ensilica-plc/register-investor
Investors who already follow EnSilica on the IMC platform will automatically be invited.
For further information please contact:
| EnSilica plc Ian Lankshear, Chief Executive Officer Kristoff Rademan, Chief Financial Officer www.ensilica.com | via Novella Communications +44 (0)20 3151 7008 |
|---|---|
| Allenby Capital Limited (Nominated Adviser & Joint Broker) Jeremy Porter / Vivek Bhardwaj (Corporate Finance) Joscelin Pinnington / Tony Quirke (Sales & Corporate Broking) | +44 (0)20 3328 5656 info@allenbycapital.com |
| Panmure Liberum Limited (Joint Broker) Edward Mansfield / Will King / Zak Wadud | +44 (0)20 3100 2000 |
| Novella Communications (Investor & Financial Public Relations) Tim Robertson / Oliver Norton | +44 (0)20 3151 7008 ensilica@ovella-comms.com |
About EnSilica plc
EnSilica is a fabless, application-specific chipmaker, combining deep domain and system-level expertise with world-class capability in RF, mmWave, mixed-signal and complex digital IC design. The Company serves customers across the space and communications, industrial, and automotive markets, where safety, security and reliability are critical.
A growing portfolio of reusable IP and silicon platforms underpins a repeatable, scalable delivery model, reducing development risk, cost and time to market while supporting long-term supply revenues. EnSilica has a strong track record of delivering production-proven silicon to demanding industry standards. Headquartered near Oxford, UK, the Company operates design centres across the UK, India, Brazil and Hungary.
LEI: 213800R6VXRU7MJTAF04
- Michael Cheung was Director of 5G Systems at Vicinity Technologies and is now Senior Principal Software Engineer at EnSilica according to LinkedIn.
- Victor Kwan was Senior Vice President at Vicinity Technologies and is now Senior Principal System Engineer at EnSilica according to LinkedIn.
Given EnSilica has been working with Vicinity (according to LinkedIn) following the £10.38m UK Space Agency award for satellite user terminal work, it’s interesting both people are now working at EnSilica. I know the latest fundraising by EnSilica included scope for taking more work in house, but could this demonstrate more lofty ambitions in terms of future product offerings perhaps.
Vicinity have a focus on software defined radio (SDR) and this is a space I have noted EnSilica also works in with its satellite user terminal modem and presumably features as part of its user terminal application specific standard product (ASSP). But with EnSilica’s secure processor in development, PQC and PNT IP do these new hires suggest an expanded ambition for further SDR work and or ASSPs, perhaps for drones, IoT and robotics?
Time will tell I guess.
With Alex O’Hanlon of Panmure Liberum and Jonathan Marren of Invinity Energy Systems.
Topics covered…
0:38 - Vanadium Flow Battery (VFB) Flexibility
7:09 - Cost Reduction Progress for Invinity’s Endurium VFBs
10:42 - Invinity’s Track Record as a Differentiator
14:36 - Data Centre Opportunities (inc. 1.5GWh FlexBase Laufenburg Technology Centre, Switzerland)
Credit to u/Hefty-Opening4679 for the heads up on the interview.
The updated amalgamated analyst growth forecast for Invinity Energy Systems (🇬🇧 IES 🇺🇸 IESVF) earnings and revenue looks spectacular, and if it proves accurate should dramatically transform the market capitalisation and share price of this promising firm in the years to come.
Admittedly these figures appear based on a optimistic scenario with Invinity converting all of their current order book, frameworks and pipeline as per the recent interim results (link below). In my opinion the key to this potential dramatic uplift in figures will be the vast 1.5GWh Laufenburg data centre in Switzerland which all things going well Invinity anticipates the battery order could be placed next year following the engineering phase currently underway.
Invinity’s market capitalisation (mcap) is currently about £100m / $132m which compares to ITM Power’s £689m / $909m mcap where analysts are forecasting less than half Invinity’s projected revenue for 2028 and loss rather than profit. That’s quite a substantial valuation gap, which will not only hopefully close, buy in time hopefully reverse!
Image courtesy of Simply Wall St.
September 25, 2026
BRISTOL, United Kingdom--(BUSINESS WIRE)-- Vertical Aerospace (“Vertical” or the “Company”) (NYSE: EVTL), a global aerospace and technology company pioneering electric aviation, today announced the opening of a dedicated Aircraft Assembly Centre at its Flight Test Centre at Cotswold Airport.
Vertical Aerospace Opens New Valo Assembly Centre to Build Certification and Early Production Aircraft
The opening ceremony, which took place on National Manufacturing Day in the UK, delivers on a previously announced milestone and marks the next stage in the Company’s transition from prototype development and flight testing towards certification and commercial production of its Valo electric vertical take-off and landing (“eVTOL”) aircraft.
Supported by a £1.5 million investment, the new Centre adds 60,000 square feet of operational and aircraft assembly space to Vertical's existing Cotswold Airport campus. Combined with the Company’s Flight Test Centre, Vertical now operates approximately 130,000 square feet at the airport across engineering, aircraft assembly, ground operations and flight-test activities.
A staged approach to manufacturing scale-up
The Aircraft Assembly Centre is the first stage of Vertical’s planned manufacturing scale-up. It provides the capacity required to build certification-conforming aircraft, which will be used for compliance demonstration and verification testing as Vertical works with the UK Civil Aviation Authority (CAA) towards its target of achieving Type Certification in 2029. Assembly of the first certification-conforming aircraft is expected to begin in Q4 2027.
The Centre will also be used to retrofit one of the Company’s prototype aircraft for hybrid-electric flight testing in the first half of 2027. The UK Ministry of Defence recently confirmed its interest in Vertical’s hybrid-electric and autonomous capabilities.
Following certification, the Centre is expected to support Vertical’s initial customer deliveries with capacity to assemble more than 25 Valo aircraft annually during the early-production phase.
Higher-volume manufacturing will be carried out at a separate, full-scale production facility, plans for which Vertical expects to announce in the fourth quarter of 2026.
Stuart Simpson, Chief Executive Officer at Vertical, said:
“Opening our Aircraft Assembly Centre is an important step in Vertical’s transition from prototype developer to aircraft manufacturer, and another milestone delivered as we advance Valo towards certification. This facility gives us the capability we need to assemble our certification aircraft and support initial customer deliveries, while maintaining capital discipline as we prepare for higher-volume production.
“Bringing a new category of aircraft to market is a once-in-a-generation opportunity, and it is especially rewarding to do that here in Great Britain, drawing on the country’s proud aviation heritage. By bringing aircraft assembly and flight testing together at Cotswold Airport, we can work more efficiently, reduce execution risk and remain focused on our target of certifying Valo in 2029.”
Fabrice Brégier, Chair of Vertical Aerospace, who attended the opening, said:
“I am delighted to be here today for one of my first engagements as Chair of Vertical. Having spent much of my career bringing complex aircraft programmes into production, I know how important it is to develop manufacturing capability in step with certification. This is tangible evidence of the Company’s progress as it moves from prototype development towards becoming an aircraft manufacturer.”
Expanded Flight Test Centre drives efficiency
At the Aircraft Assembly Centre, Vertical will assemble Valo aircraft, integrating key systems including Sonaca’s airframe structures, Evolito’s electric propulsion units, Vertical’s proprietary battery systems and Honeywell Aerospace’s flight control and aircraft management systems into flight-ready aircraft.
Locating aircraft assembly alongside Vertical’s existing engineering and flight-test operations will allow aircraft to move efficiently from final assembly through ground and flight testing. It will also shorten feedback loops between manufacturing, engineering and flight-test teams, helping to reduce integration risk and support efficient execution of the certification programme.
Supporting the UK’s manufacturing growth
Vertical is also due to open its expanded Vertical Energy Centre later this year. The facility is expected to triple the Company’s battery-production capacity over time, supporting the development and production of Vertical’s proprietary battery systems.
Together, the Aircraft Assembly Centre and expanded Vertical Energy Centre form part of Vertical’s staged investment in the capabilities required to certify, manufacture and deliver Valo.
Independent analysis by Frontier Economics estimates that Vertical could add £3 billion a year to the UK economy by 2035, anchor more than 2,000 high-value jobs, and become a major export success, with 90% of future sales expected to come from global markets.
Minister for Reindustrialisation Blair McDougall MP said:
“The opening of Vertical Aerospace's new Aircraft Assembly Centre at Kemble is exactly the kind of investment we want to see more of as we work to reindustrialise Britain, creating high-skilled local jobs and strengthening our manufacturing base.
“Through our Modern Industrial Strategy and the ATI Programme, we're backing UK aerospace businesses to invest and grow. This new facility will help turn British innovation into British manufacturing, and it's great to see Vertical Aerospace's ambitions take flight.”
Suzannah Harvey, CEO Cotswold Airport, said:
“We are delighted to support Vertical Aerospace as it enters this important new phase. The opening of the Aircraft Assembly Centre strengthens Cotswold Airport’s growing role as a hub for aerospace innovation and brings aircraft assembly and flight testing together in one location. We look forward to continuing to work closely with Vertical as it progresses Valo towards certification and commercial production.”
Stephen Phipson, Chief Executive of Make UK, said:
"Vertical Aerospace embodies the ambition, innovation and technical excellence that define modern British manufacturing. The company is demonstrating that Britain remains at the forefront of aerospace innovation and has the capability to turn pioneering technologies into world-leading products.
"The opening of this new assembly centre is a significant milestone not only for Vertical Aerospace but for UK manufacturing. We are proud to count Vertical Aerospace as a member of Make UK and to support a business that is leading the way in one of the most exciting areas of advanced manufacturing. As manufacturers look to invest, grow and compete internationally, facilities such as this create high-value jobs, strengthen supply chains and showcase the UK's ability to develop, industrialise and manufacture the technologies of the future. On National Manufacturing Day, this investment is a powerful example of British engineering ambition being translated into industrial reality."
About Vertical Aerospace
Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner, and quieter way to travel. Valo is a piloted, four-passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical is also developing a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market.
Vertical combines partnerships with leading aerospace companies, including Honeywell, Syensqo and Sonaca, with its own proprietary battery and propeller technology to develop the world's most advanced and safest eVTOL.
Vertical has c.1,500 pre-orders of Valo, with customers across four continents, including American Airlines, Avolon, Bristow, GOL and Japan Airlines. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, UK, Vertical's experienced leadership team comes from top-tier aerospace and automotive companies such as Rolls-Royce, Airbus, GM, and Leonardo. Together, they have previously certified and supported over 30 different civil and military aircraft and propulsion systems.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the business strategy and plans and objectives of management for future operations, including certification and the commercialization of the Valo aircraft and the timing thereof; our plans to open a new pre-production facility and our ability to build certification-conforming aircraft and initial customer deliveries, our plans for a separate full-scale production site and expanded battery facility; capital expenditure requirements, which may be higher than anticipated; our ability and plans to raise additional capital to fund our operations, design and manufacture of the Valo aircraft, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “will,” “aim,” “potential,” “continue,” “are likely to” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 24, 2026, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Vertical Aerospace announces review of strategic alternatives to support next phase of development; appoints Jefferies as financial advisor
Vertical Aerospace (“Vertical” or the “Company”) (NYSE: EVTL), a global aerospace and technology company pioneering electric aviation, today announced that it has initiated a review of strategic alternatives including potential strategic and financial partnerships to advance the next stage of development.
The Company has retained Jefferies LLC as its financial advisor in connection with the review.
Stuart Simpson, CEO of Vertical Aerospace, said:
“This year has been the most significant year in Vertical’s history, with the completion of the first piloted transition flight under regulatory supervision globally at Farnborough International Airshow. Our team at Vertical has developed the best-in-class and only dual-use VTOL platform to the most exacting safety standards to serve a broad range of commercial and defence markets. The technology is in place and has been de-risked. As our focus moves to certification, industrialisation and commercialisation, we feel that now is the right time to explore our options for financing the next phase of our growth.”
The review follows a period of significant operational progress. In 2026, Vertical became only the second company globally to complete a piloted transition flight in a full-scale tiltrotor eVTOL and subsequently completed five consecutive days of piloted eVTOL transition demonstrations at the Farnborough International Airshow in front of more than 140,000 visitors.
The Company also recently strengthened its financial position with approximately $100 million of new financing to support continued progress towards certification and commercialisation. It has also appointed former Airbus Commercial Aircraft CEO Fabrice Brégier as Chair of its Board to help steer the Company through its next phase of development.
With the aircraft’s core technology now demonstrated in piloted transition flight and the programme moving from development towards certification, industrialisation and commercial service entry, the Company considers this the right time to explore partnerships and alternatives that would benefit Vertical.
The Company’s operations, certification programme and commercial commitments will continue unabated throughout the review process. Vertical remains on track to complete Critical Design Review by year-end 2026, and its early aircraft production facility and expanded Energy Centre remain on schedule to open later this year.
The Company has not set a timetable for completion of the review, and there can be no assurance that the review will result in any transaction, strategic change or other outcome.
Vertical does not intend to disclose developments with respect to the review unless and until its Board of Directors has approved a specific course of action or otherwise determines that further disclosure is appropriate or required by law.
Read the full press release…
Invinity Energy Systems plc (AIM: IES), a global leader in vanadium flow battery technology, announces its unaudited consolidated results for the six months ended 30 June 2026 (the "Period") and an update on trading in the year to date.
The Company will hold a virtual meeting for analysts at 9.30 a.m. today. Analysts wishing to attend are kindly asked to emailir@invinity.com.
Invinity's management team will host a virtual results presentation and interactive Q&A via the Investor Meet Company platform for all shareholders and investors at 4.30 p.m. UK Time on Tuesday 22 September - please register for free here.
H1 2026 SUMMARY
· Customer Orders increased nearly threefold to 34.2 MWh during the period (H1 2025: 11.7 MWh);
· Contracted by FlexBase Group to design a 1.5 GWh (rising to 2.1 GWh in subsequent phase) vanadium flow battery system, expected to be the world's largest, for its Laufenburg Technology Centre project in Switzerland;
· Completed delivery of a 20.7 MWh vanadium flow battery system to the Copwood VFB Energy Hub in East Sussex, UK - Europe's largest to date and the first UK project of its kind at this scale; Grid connection expected to be completed shortly allowing for full commissioning and first revenue generation.
· Frontier Power's Legacy project was selected to progress under Window 1 of the UK LDES Cap and Floor Scheme, which is currently expected to incorporate up to 260 MWh of Invinity VFBs;
· Revenue and Project Grant Income increased to £1.7m (H1 2025: £0.9m);
· Gross Loss reduced by 62% to £0.7m (H1 2025: £1.9m), reflecting improved product margins resulting from the cost down programme, reduced warranty costs and increased manufacturing activities supporting higher absorption of factory overhead;
· Loss for the Period increased by 14% to £12.1m (H1 2025: £10.6m) reflecting increased investment in R&D to deliver the Company's cost-down programme;
· Net Cash of £10.5m. Increase in receivables to £2.5m (H1 2025: £0.5m) and inventory & prepaid inventory to £14.2m (H1 2025: £14.1m) reflects work completed in H1 2026 for deliveries and cash conversion over the next 6 months; and
· Volker Beckers CBE appointed as Non-Executive Director, strengthening the Company's Board with over 30 years of energy industry experience, including over 10 years as CFO and subsequently CEO of RWE Npower plc.
POST-PERIOD HIGHLIGHTS
· Secured a 43 MWh order from Dairyland Power Cooperative, the Company's largest order to date, bringing 2026 secured customer orders to 77.2 MWh. Project to be delivered from Invinity's proposed U.S. manufacturing facility which remains on track to be established by year end;
· Further achievements under the Endurium cost reduction programme, with the Company remaining on track to achieve a minimum 66% cost reduction for Endurium product deliveries (2027) vs. previous generation;
· 11 GWh of energy now dispatched by Invinity batteries in service to customers, further strengthening the Company's strong track record of operation and delivery - an increase from the 10 GWh recently announced in August;
· Engineering phase of the FlexBase project continues to progress strongly against expected milestones:
o Equans Switzerland appointed as engineering, procurement and construction partner for the engineering phase of the project;
o UK Trade Commissioner to Europe visited site in September and commended the project as "a great example of British innovation and the ability of UK companies to compete and succeed internationally".
COMMERCIAL OUTLOOK
The Company confirms that trading remains in line with management expectations for the full year, with revenue recognition expected to be strongly weighted towards H2 2026, subject to anticipated project delivery timings.
Invinity's total pipeline of commercial interest currently exceeds 12.5 GWh and is concentrated in the rapidly growing renewable energy and datacentre sectors across North America and Europe.
The Company's committed orderbook currently exceeds 77 MWh for delivery across FY 2026-2028. This figure provides firm coverage over the substantial majority of expected FY 2026 and more than half of FY 2027 revenue expectations.
Further orders, primarily for delivery across FY 2027 and FY 2028 are expected to convert from the Company's existing 0.8 GWh of Frameworks, comprising signed Framework Agreements, Master Supply Agreements and other customer arrangements which are progressing towards firm orders. These agreements provide substantial support for expected FY 2027 revenues and establish a strong foundation for FY 2028, further increasing the visibility of the Company's medium-term revenue outlook.
Beyond this, Invinity has developed an 11.8 GWh Development Pipeline representing projects under commercial negotiation where the customer is engaging with Invinity in a procurement process and/or submitted Invinity's products to a public procurement scheme.
The table below summarises the commercial revenue outlook for 2026-2028 based on the current pipeline:
| Commercial Revenue & Project Grant Income | 2026 £m | 2027 £m | 2028 £m |
|---|---|---|---|
| Order Book | 11 | 25 | 5 |
| Frameworks | 1 | 8 | 157 |
| Development Pipeline | 1 | 16 | 71 |
Where:
· Order Book reflects signed unconditional contracts expected to generate revenue in the relevant year that have either been delivered (and revenue recognised) or are in the fulfilment phase. Risks related to supply chain and the timing of revenue recognition remain.
· Frameworks include projects where the customer has signed an MoU, Master Services Agreement or contract subject to Notice-to-Proceed. Invinity has lower confidence in assessing the timing of delivery and revenue for these projects as risks related to final documentation and financing remain.
· Development Pipeline includes projects where the customer has engaged Invinity in a procurement process, submitted Invinity's products to a public procurement scheme or applied for relevant permits. Figures presented are risk-weighted taking into account uncertainty of conversion in the relevant time period. For the avoidance of doubt this is not an exhaustive list of all the leads with potential customers. Revenue is expected to be recognised in the relevant year, however commercial and site-specific development risks remain.
NON-EXECUTIVE CHAIRMAN RETIREMENT AND SUCCESSION PROCESS
As part of the Board's ongoing succession planning process, Neil O'Brien has informed the Board of his intention to retire as Chairman and step down from the Board following ten years of service. The Board has commenced a formal process to identify and appoint a successor and Neil will remain in his role until an orderly transition has been completed. Further announcements will be made in due course.
Jonathan Marren, Chief Executive Officer at Invinity 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.
"Orders have grown nearly threefold and demand has accelerated further in the year to date. Our fleet has now dispatched 11 GWh of energy in service to our customers, evidencing a strong and growing track record and at the same time, our cost reduction programme is delivering ahead of expectations, materially strengthening our competitive positioning in the market. The Company is entering a new phase defined by commercial scale-up and execution and I'm excited about the opportunity ahead of us."
Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.
Enquiries:
| Invinity Energy Systems plc | +44 (0)20 4551 0361 |
|---|---|
| Jonathan Marren, Chief Executive Officer Joe Worthington, Senior Director, Corporate Affairs | |
| Canaccord Genuity (Nominated Adviser and Joint Broker) | +44 (0)20 7523 8000 |
| Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond | |
| Panmure Liberum (Joint Broker) | +44 (0)20 3100 2000 |
| Scott Mathieson / Amrit Mahbubani / Inaya Rafique | |
| VSA Capital (Joint Broker) | +44 (0)20 3005 5000 |
| Andrew Monk / Andrew Raca | |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) is a world-leading manufacturer of vanadium flow batteries for energy storage. Built in our factories in the UK and Canada, the Company's proven, commercialised, longer duration energy storage technology has been deployed at scale and dispatched gigawatt-hours of electricity for customers across the world.
Invinity's safe, scalable and durable battery technology is a trusted and safer alternative to lithium-ion batteries. Endurium VFBs are engineered for heavy-duty, high throughput applications, they don't wear out, cannot catch fire and are designed to be operated for 30 years or more. Our products address the challenges of our global energy system, unlocking the power of renewable generation by delivering energy storage without limits.
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on +44 (0)20 4551 0361 or ir@invinity.com.
Read the full interim report…
https://www.londonstockexchange.com/news-article/IES/2026-interims-results/17795317
As Low Earth Orbit (LEO) satellite networks target mass-market broadband, mobility and enterprise services, the chipset inside the user terminal, not only the constellation in orbit - will determine the achievable cost, power consumption and production scale.
The next phase of satellite connectivity will be decided as much on the ground as in space.
For LEO and multi-orbit networks to reach genuine mass adoption, operators must be able to deliver millions of affordable, reliable terminals to homes, businesses, vehicles and remote sites. That makes the RF front end, beamforming ICs and modem silicon fundamental to the commercial model. Together, they determine terminal cost, power consumption, performance and the ability to manufacture at volume.
Terminal design should therefore not be treated as a downstream hardware decision. It is a strategic platform choice that shapes the economics and scalability of the network itself.
Read the full article…
https://www.ensilica.com/news-and-insight/why-user-terminal-silicon-will-shape-leos-next-phase/
The latest investor presentation from Vertical Aerospace, 9th Sept 2026…
Published: Sep 9, 2026
EnSilica was selected by AST SpaceMobile in 2021 to develop a next-generation payload ASIC for its space-based cellular broadband network, a programme focused on achieving very high signal-processing performance within the demanding power and operating constraints of the satellite payload.
SatNews recently compared AST SpaceMobile’s AST5000 payload ASIC design with NVIDIA’s Vera CPU. Where Vera targets high-density AI computing, the AST5000 is being designed for real-time telecommunications signal processing: beamforming, spectrum management, Doppler correction and high-throughput routing. Read the SatNews article.
Image courtesy of AST SpaceMobile
Separately, AST’s launch programme is accelerating: BlueBirds 6 and 7 reached orbit between December 2025 and April 2026, BlueBirds 8–13 followed by 5 August, and AST reports BlueBirds 14–46 at various stages of shipment, production and assembly. These satellites use exceptionally large phased arrays to support broadband connectivity directly to ordinary smartphones.
The broader point: application-specific silicon is becoming a critical enabler for commercial space systems, where performance per watt, integration and deterministic real-time processing matter.
The same system-level challenges drive EnSilica’s growing portfolio of satellite communications ASSPs for user terminals. Alongside those standard devices, we run custom ASIC programmes for customers with bespoke requirements or tighter cost targets at volume. Electronically steered antennas for LEO, MEO and GEO systems must track moving satellites and manage interference and wide bandwidths while remaining practical in power, size and cost. That is pushing terminal architectures toward greater silicon integration and hybrid analogue/digital beamforming.
Our portfolio spans Ka- and Ku-band analogue beamforming devices and the ENS92040 distributed digital beamformer, which combines high-speed data conversion, DSP, true-time-delay beamforming and JESD204B connectivity to enable scalable tiled arrays with wideband, squint-free beamforming. In July, EnSilica announced €1.1 million of follow-on ENS92040 orders from a European satellite communications customer. Where a terminal needs functionality beyond the standard devices, or a lower bill of materials at high volume, the same IP and design teams support a custom ASIC built around the customer’s architecture. Explore EnSilica’s SatCom products.
EnSilica has also joined Europe’s 5G-aNTeNna project, a Silicon Austria Labs-led consortium developing a compact, secure Ka-band 5G NTN user terminal targeted at IRIS², contributing application-specific semiconductor technology. This reinforces the role European-designed silicon can play in sovereign communications infrastructure. Read about the 5G-aNTeNna project.
Our CEO, Ian Lankshear, shares his perspective in EE Times on why Europe’s semiconductor future depends on much more than new fabs. Sovereignty is usually debated as a single question: where is the wafer made? Real capability is broader. It means being able to define system requirements, design advanced ICs, own proprietary IP, verify and qualify devices, secure manufacturing capacity and manage products across their full lifecycle. Europe already leads in space and defence, automotive, industrial automation, energy, healthcare and communications: exactly the markets that need silicon you cannot buy off the shelf.
Europe does not have to choose between fabs and design champions: the two reinforce one another, and France has shown what backing the whole stack looks like. The industry’s future will not be decided solely by those who own the fabs, but by those who create the products, own the IP and understand what their customers need. Read the full EE Times article
EnSilica is exhibiting on both sides of the Atlantic this autumn, from Anaheim and London in September through to Munich in November. These events are a good opportunity to discuss new custom ASIC programmes, FPGA-to-ASIC migration, advanced mixed-signal and RF integration, and our range of application-specific products.
Microelectronics UK 2026 is worth a special mention as this is closest to home. Bringing together semiconductors, photonics and embedded systems, it connects the full microelectronics ecosystem across design, manufacturing and deployment, and we will be on Stand E18 on 29 and 30 September.
Register for Microelectronics UK using our exclusive code EXH100 to claim yours, and come and find us on the stand.
Delivering more complex ASICs and ASSPs requires continued investment in talent. EnSilica is growing internationally across digital, analogue and mixed-signal design, physical implementation, verification, and product and test engineering, including roles supporting our expanding engineering presence in Brazil and product and test operations in Asia.
If you want to work on application-specific silicon from architecture through tape-out to production across satellite communications, automotive and other high-growth markets, take a look at our latest opportunities. View current EnSilica vacancies.
The common thread is that specialised silicon is moving closer to the centre of the system. Whether the challenge is connecting a smartphone directly to a satellite, building a lower-power phased-array terminal, securing Europe’s communications infrastructure or replacing a power-hungry FPGA. The value comes from combining semiconductor expertise with deep understanding of the end application.
That is where EnSilica is focused: designing, supplying and supporting application-specific silicon that enables customers to turn ambitious system architectures into scalable products.
Subscribe to ASIC Insights: https://www.linkedin.com/newsletters/asic-insights-7142851149501513729
Above: Ceri Morgan CBE (centre-left) alongside representatives from Invinity, FlexBase and the British Embassy at the Laufenburg Technology Centre project site (Credit: FlexBase).
Invinity Energy Systems plc (AIM: IES), a global leader in vanadium flow battery technology, alongside the Company's partner FlexBase Group, were delighted to welcome Ceri Morgan CBE, His Majesty's Trade Commissioner for Europe, to the FlexBase Laufenburg Technology Centre in Switzerland yesterday.
During the visit, which was also attended by representatives from the British Embassy in Berne amongst other key stakeholders, Ms. Morgan learned about the Laufenburg Technology Centre and the role Invinity will play in delivering this nationally significant, European infrastructure project, which plans to feature an AI data centre and technology campus integrated with a 1.5 GWh Invinity Vanadium Flow Battery system, believed to be the world's largest. The VFB is expected to expand to 2.1 GWh during a subsequent development phase and will support the integration of renewable energy generation at the site, while providing stability services to the European electricity grid and meeting the power requirements of the planned AI data centre and technology campus.
Energy storage projects of this scale are increasingly seen as essential to maintaining the flexibility, stability and reliability of future electricity systems as Europe deploys greater volumes of wind and solar generation in support of energy security objectives. During the visit, Ms Morgan was briefed on why Invinity's proven, safe and flexible vanadium flow batteries were selected for this innovative project and how the Company's UK-developed technology can support growing global demand for flexible energy storage capable of powering the next generation of AI data centres and digital infrastructure. The visit also showcased the strength of UK-Swiss collaboration in delivering this project, while demonstrating Invinity's ability to build international partnerships and export British-manufactured technology to global markets.
Ceri Morgan CBE, His Majesty's Trade Commissioner for Europe said:
*"*Seeing the scale and ambition of this major development in Laufenburg and learning about Invinity's role in delivering what is set to become one of Europe's most significant energy and digital infrastructure projects was truly impressive. This is a great example of British innovation and the ability of UK companies like Invinity to compete and succeed internationally. Projects like this showcase the value of UK-Swiss collaboration and the important role it plays in strengthening the wider economic relationship between our two countries."
Marcel Aumer, Group CEO, Chairman of the Board and Founder of FlexBase Group said:
"The Laufenburg Technology Centre demonstrates that energy infrastructure and digital infrastructure must be considered together. Ceri Morgan CBE's visit is further evidence to us that this project is also gaining international recognition. In Invinity, we have a European technology partner at our side who brings crucial expertise in the field of vanadium flow batteries. Together, we are working to establish an infrastructure in Laufenburg that is relevant to Switzerland whilst also providing solutions to global challenges."
Jonathan Marren, Chief Executive Officer at Invinity said:
"We were delighted to welcome Ceri Morgan CBE to Technology Centre Laufenburg and to showcase the role British innovation is playing in one of Europe's most significant energy infrastructure projects. This is a powerful example of UK-Swiss collaboration, combining Invinity's Made in Britain vanadium flow battery technology with Swiss vision, investment and delivery expertise.
"The project highlights growing international demand for Invinity's flexible energy storage technology as a key enabler of renewable deployment, energy security and next-generation AI infrastructure. The opportunity to deliver projects of this scale is the result of many years of innovation and development, supported by British institutions, including the National Wealth Fund and DESNZ and we are delighted to be working with FlexBase to deliver a project that we believe will set new benchmarks for the integration of clean energy, grid infrastructure and AI-ready power systems."
Initial recruitment of 20 specialist modem and mmWave engineers expands EnSilica's EU engineering footprint.
EnSilica plc (AIM: ENSI), a leading chipmaker of mixed-signal application-specific integrated circuits ("ASICs") and application-specific standard products ("ASSPs"), is pleased to announce that it will be opening a new Space & Communications Semiconductor Centre of Excellence in Milan, Italy, a region which for a long time has been a central hub for the semiconductor and communication industries.
It is proposed that the centre will initially recruit 20 specialist modem and mmWave engineers over the next six months, expanding EnSilica's engineering presence within the European Union and positioning the Group to participate more closely in European space, semiconductor and communications initiatives. The Milan centre will be EnSilica's third site in Europe, alongside a growing design centre in Budapest, Hungary, and an expanding sales centre in Munich, Germany.
The centre will provide EU-based expertise spanning modem architecture, physical-layer algorithms, digital signal processing and mmWave communications systems and will work alongside EnSilica's established ASIC engineering and operations teams, which have a proven track record of delivering some of the industry's most complex chips. Together, these capabilities will strengthen EnSilica's ability to develop highly integrated application-specific silicon for next-generation space and communications markets.
Northern Italy Semiconductor Ecosystem
Milan has been selected by EnSilica for its established semiconductor, communications and space technology ecosystem. Northern Italy hosts one of Europe's largest clusters of semiconductor and communications engineering companies.
Italy is a significant European semiconductor nation, with a long-established base in analogue, mixed-signal and power semiconductor design and manufacturing, and is among the largest national contributors to the European space sector. Supported by leading technical universities and research institutes, the location will give EnSilica access to specialist engineering talent, proximity to customers and partners across the European supply chain, and a platform for collaborative research and EU-funded development.
The centre will support EnSilica's growing portfolio of customer-funded ASIC programmes and its own ASSP developments, forming part of the Group's strategy to become the leading European provider of application-specific silicon for space and satellite communications.
Ian Lankshear, Chief Executive Officer of EnSilica plc, commented:
"Milan sits within one of Europe's major semiconductor and communications ecosystems. It is therefore a natural decision to open a Space & Communications Semiconductor Centre of Excellence in Milan to expand our position within the EU. Initially recruiting 20 modem and mmWave engineers over the next six months will give us the specialist capability at both the systems and semiconductor level to support the existing pipeline. Overall, this investment will strengthen our EU engineering footprint and advance our ambition to make EnSilica the leading European supplier of application-specific silicon for the rapidly growing space and communications markets."
Read the full announcement…
https://www.londonstockexchange.com/news-article/ENSI/eu-space-comms-centre-of-excellence/17775322
Initial recruitment of 20 specialist modem and mmWave engineers expands EnSilica's EU engineering footprint.
EnSilica plc (AIM: ENSI), a leading chipmaker of mixed-signal application-specific integrated circuits ("ASICs") and application-specific standard products ("ASSPs"), is pleased to announce that it will be opening a new Space & Communications Semiconductor Centre of Excellence in Milan, Italy, a region which for a long time has been a central hub for the semiconductor and communication industries.
It is proposed that the centre will initially recruit 20 specialist modem and mmWave engineers over the next six months, expanding EnSilica's engineering presence within the European Union and positioning the Group to participate more closely in European space, semiconductor and communications initiatives. The Milan centre will be EnSilica's third site in Europe, alongside a growing design centre in Budapest, Hungary, and an expanding sales centre in Munich, Germany.
The centre will provide EU-based expertise spanning modem architecture, physical-layer algorithms, digital signal processing and mmWave communications systems and will work alongside EnSilica's established ASIC engineering and operations teams, which have a proven track record of delivering some of the industry's most complex chips. Together, these capabilities will strengthen EnSilica's ability to develop highly integrated application-specific silicon for next-generation space and communications markets.
Northern Italy Semiconductor Ecosystem
Milan has been selected by EnSilica for its established semiconductor, communications and space technology ecosystem. Northern Italy hosts one of Europe's largest clusters of semiconductor and communications engineering companies.
Italy is a significant European semiconductor nation, with a long-established base in analogue, mixed-signal and power semiconductor design and manufacturing, and is among the largest national contributors to the European space sector. Supported by leading technical universities and research institutes, the location will give EnSilica access to specialist engineering talent, proximity to customers and partners across the European supply chain, and a platform for collaborative research and EU-funded development.
The centre will support EnSilica's growing portfolio of customer-funded ASIC programmes and its own ASSP developments, forming part of the Group's strategy to become the leading European provider of application-specific silicon for space and satellite communications.
Ian Lankshear, Chief Executive Officer of EnSilica plc, commented:
"Milan sits within one of Europe's major semiconductor and communications ecosystems. It is therefore a natural decision to open a Space & Communications Semiconductor Centre of Excellence in Milan to expand our position within the EU. Initially recruiting 20 modem and mmWave engineers over the next six months will give us the specialist capability at both the systems and semiconductor level to support the existing pipeline. Overall, this investment will strengthen our EU engineering footprint and advance our ambition to make EnSilica the leading European supplier of application-specific silicon for the rapidly growing space and communications markets."
Read the full announcement…
https://www.londonstockexchange.com/news-article/ENSI/eu-space-comms-centre-of-excellence/17775322
‘A leading British energy start-up has threatened to pull investment from the UK after losing out to Chinese battery makers in a government support scheme.
Invinity Energy Systems, a British manufacturer backed by £25 million investment from the taxpayer-owned National Wealth Fund, was lined up to supply Vanadium flow batteries to 21 projects applying for the long-duration energy storage scheme, run by regulator Ofgem. But the shortlist for the scheme has selected just one project that uses its technology, in favour of others that rely on lithium-ion batteries — typically sourced from China.
Jonathan Marren, Invinity’s chief executive, said this could force the company to reconsider its UK manufacturing plans.‘
Hannah Prevett, 5th September 2026, The Sunday Times
Read the full article…
https://www.thetimes.com/article/e146e7df-4885-4a6a-a0bc-00056e9bda59
Not bad for a niche Reddit sub established a year ago and focused on a small, yet promising London Stock Exchange AIM listed firm that many people had never heard of. r/EnSilica is now the prime location for EnSilica share chat without the nonsense typically associated with legacy forums.
And while the share price has recently fallen back somewhat from recent all time highs, like various other stocks, it is still positive to see the share price is up over 66% over one year and up almost 43% year to date (according to Apple Stocks a moment ago).
Hopefully the coming year will build on the notable achievements and progress made in the last year such as record results, largest contracts to date, oversubscribed fundraising etcetera. All while hopefully heading towards EnSilica’s management‘s ambition for the years ahead of becoming Europe’s premier end-to-end application specific chip designer and a highly profitable fabless semiconductor business.
The future will be EnSilica Enabled!
