Haydale began as a graphene materials company with sites in the UK, US and Asia. It now sells energy, water and carbon-saving products to UK businesses and building owners. After a 2024-25 restructuring and a January 2026 acquisition, revenue rose to £2.25m in the first half of FY26. On 13 October 2026 the company said full-year revenue would be about £5.0m, against market expectations of about £8.0m. The shares are priced in fractions of a penny, and the latest close on 14 October 2026 was 0.2p.
Selling heaters, water audits and chargers through bank and utility partners
Haydale owns a plasma process, HDPlas®, that treats graphene (a thin carbon material) so it mixes into other products. It uses that to make its own products. JustHeat® is a graphene-ink heating system, sold as heating panels, skirting and coving, not as a materials product. A second product is a graphene-enhanced cooling fluid, SETTF, being tested for data-centre cooling.
Since January 2026 Haydale also owns SaveMoneyCutCarbon (SMCC), which gives it a way to reach customers. SMCC has a national sales team, programme managers and an installer network. It works with 'Impact Partners', long-term agreements with UK banks and utilities that supply pre-qualified customers. The group now covers advanced materials, energy efficiency and compliance, renewables, EV charging, water efficiency and online sales.
The company says Impact Partners account for about a third of active opportunities. It says those opportunities average about £150,000, roughly five times the size of those the group finds itself. The mix has a cost: group gross margin fell to 37.9% in the first half of FY26, from 50.9% a year earlier, because installation and programme work carries lower margins than materials. 24 Jun 2026 17 Feb 2026
Slow commercial progress, and a US bet that did not pay
Up to mid-2024 Haydale ran two businesses. In the UK it treated nanomaterials for partners including Saint-Gobain, Cadent and Petronas. In the US it made silicon carbide cutting tools. Revenue was £4.3m in FY23 and £4.8m in FY24, with adjusted operating losses of about £3.5m and £3.2m.
Growth kept falling short. In May 2024 the company said FY24 revenue would be £4.7m against expectations of £5.8m, blaming slow conversion of US tooling opportunities. In October 2024 it raised money at 0.1325p, a 50% discount to the prior price. The shares fell from 0.3p in September 2024 to 0.1p a month later. 20 May 2024 25 Oct 2024 2 Dec 2024
“The Board recognises that progress has not proceeded with sufficient pace and therefore intends to use the recent fundraise as a catalyst for change.” 2 Dec 2024
A new board cuts everything back to one product
Simon Turek joined the board in November 2024 for Quidos Technologies, then the largest investor, and became chief executive on 1 January 2025. A December 2024 review found too high a cost base for the revenue, scattered focus and over-optimistic US assumptions. The Korean subsidiary was sold for £1 and Thailand was shut. The US business went into Chapter 11 bankruptcy and sold for about $680,000, with no cash recovery expected. Loughborough closed and work moved to Ammanford.
The company targeted a 55% cut in headcount and 60% in overheads, and said monthly costs would fall below £200,000, down 70%. It also said it aimed for 'improved profitability and cash flow in FY25'. For the 15 months to September 2025 the adjusted operating loss was still £4.0m, on revenue of £2.5m. 21 Nov 2024 23 Dec 2024 10 Feb 2025 17 Apr 2025 13 Mar 2025 11 Sep 2025 17 Feb 2026
JustHeat certified, shares recover
JustHeat received CE certification in April 2025 and UL certification in June. The company raised £2.13m at 0.45p in June, and the shares went from 0.1p in April to 0.6p that month. Deals followed with Interfloor and NMC for distribution, and with Affordable Warmth Solutions (£450,000 of contracts, October 2025). The cooling fluid launched in October 2025 with a partner, Liquitherm.
By mid-2026 the company admitted JustHeat sales were 'behind the Board's original expectations'. It blamed the way the UK's energy-rating system (EPC) treated electric heating. From July 2026 JustHeat installs are expected to be assessed more favourably. 2 Apr 2025 12 Jun 2025 26 Jun 2025 23 Oct 2025 30 Oct 2025 24 Jun 2026
Buying a route to customers
In December 2025 Haydale agreed to buy SMCC for up to £17.1m in shares. Of that, £11.2m was paid up front and up to £5.95m is deferred over five years, payable only if the share price reaches 1.5x and 2.5x 0.645p. It raised £5.75m at 0.5p alongside the deal. The deal closed in January 2026. Quidos's stake rose from 10.3% to 18.1% in a notification on 15 January 2026, and Octopus Investments reported 17.68%.
In March 2026 Haydale signed a three-year subscription platform deal with Quidos, with a £50,000 onboarding fee and £50,000 a quarter. Mr Turek has a 39.2% interest in Quidos. After the deal, SMCC added a Wave Utilities water framework, a Lloyds national roll-out for small and mid-sized business customers, and ABB Platinum Partner status for EV chargers. 12 Dec 2025 12 Jan 2026 15 Jan 2026 22 Dec 2025 2 Mar 2026 7 Apr 2026 11 Jun 2026 24 Jun 2026
Products that outran their route to market
Across four years the pattern is the same: the technology arrived faster than paying customers. Cutting tools, graphene materials and JustHeat all drew partner announcements and pilots. Revenue lagged forecasts each time, and the company funded the gap with share issues at lower prices.
The company's answer was to buy a customer channel. That has produced revenue, but the first full-year numbers came in well short of the plan. 20 May 2024 2 Dec 2024 24 Jun 2026 13 Oct 2026
A rebuilt board with a mixed record on targets
Mr Turek's team did what it said on cost and exits: overseas losses ended, the site count fell to one UK production site plus SMCC's Bury St Edmunds base, and monthly costs fell. It did not meet the FY25 goal of improved profitability. In the first half of FY26 revenue matched the board's internal budget, and in February the company said contracted revenue exceeded 100% of H1 expectations.
Directors took shares in the January 2026 raise. Mark Sait, who joined the board as chief commercial officer, bought a further 977,835 shares in April 2026. Several related-party links, including Quidos's role as investor and platform partner, run through the strategy. 17 Feb 2026 24 Jun 2026 9 Jan 2026 8 Apr 2026 2 Mar 2026
A smaller year than planned
On 13 October 2026 the company said FY26 revenue would be about £5.0m, against about £8.0m expected. It put the adjusted EBITDA loss at about £2.69m, against about £2.0m expected. Gross margin for the year was 44%. On the numbers given, that implies about £2.75m of revenue in the second half, against £2.25m in the first.
The company has not given a reason for the shortfall in the text available. It is restructuring SMCC's delivery through a partnership with Quidos Protect, which previously delivered £1.6m of SMCC work. It says this lowers the revenue needed to break even to about £10m, from about £17m. SMCC's qualified pipeline is about £20m. Cash was £3.36m at 31 March 2026, and a later figure has not been given. Net assets of £14.6m include £8.6m of goodwill. 13 Oct 2026 24 Jun 2026
Breakeven, joint ventures and first fluid contracts
In February 2026 the company said it expected positive EBITDA within 12 months of the SMCC acquisition, with funding enough to reach breakeven in Q1 FY27. The October 2026 update says operating breakeven in the current trading business in Q2 FY27, a quarter later than the Q1 FY27 funding horizon. The company calls this broadly as anticipated.
It also expects to sign definitive joint venture agreements before 31 December 2026 and to launch an SMCC delivery network platform in October 2026. It says it will 'shortly' announce its first SETTF commercial contracts. In September it said talks covered about 200 MW of data-centre capacity, with first installations targeted within twelve months. Full-year results and FY27 guidance are due in February 2027.
Open questions are whether the lower breakeven level holds, whether the Lloyds and Wave programmes turn into revenue, whether July's EPC change lifts JustHeat sales, and how the company funds itself if breakeven slips. 13 Oct 2026 15 Sep 2026 17 Feb 2026
“the Board continues to anticipate the current trading business to reach operating breakeven during Q2 FY27, broadly as anticipated.” 13 Oct 2026
Written by AI from Haydale Graphene Industries's own announcements since Oct 2023 · every paragraph links to its sources