Haydale Graphene Industries

HAYD · AIM · Basic Resources · mcap £22m · 0.2p

Haydale makes plasma-treated graphene and other nanomaterials, and sells the JustHeat graphene underfloor heating system and a graphene heat-transfer fluid. Since January 2026 it also runs the SaveMoneyCutCarbon platform, which sells energy, water and carbon-saving services to small businesses.

Target	Promise	Said	Status
2025
FY25	Forecast expectations for FY25 to show major growth on FY24	20 May 2024	✗ Missed
	“The Directors therefore anticipate forecast expectations for FY25 to still show major growth on FY24, albeit from the lower starting position.” Result H1 FY25 revenue halved to £1.25m after US exit and restructuring; FY25 group revenue was £2.51m, below FY24's £4.82m. “Group revenue for the 15-month period was £2.51m, of which £0.73m relates to continuing operations in the new Haydale business.”17 Feb 2026 · Final Results
H1 FY25	Asia manufacturing and distribution partnership to close in H1 FY25	20 May 2024	✗ Missed
	“Arrangements with our potential Asia based manufacturing and distribution partner...the Directors expect these to now close in H1 FY25.” Result No later announcement reports a closed Asia partnership; the business was refocused in December 2024 on heating and carbon capture. “The Board has undertaken a comprehensive analysis of the Group's performance to identify products and services with the highest profitability, growth potential, and strategic importance. The Group's highest potential product and service offerings include those for enabling carbon reduction, including its underfloor heating, printed transfers and carbon capture products and related services.”23 Dec 2024 · Business Review and Appointment of CEO “As part of the new strategy, the Group will adopt a more focused and simplified approach, leveraging its leading technology to commercialise these products and services. Furthermore, the strategy will target the most profitable customer segments and geographic regions.”23 Dec 2024 · Business Review and Appointment of CEO
FY25	Achieve improved profitability and cash flow in FY25	2 Dec 2024	✗ Missed
	“contributing to the Group's goal of achieving improved profitability and cash flow in FY25” Also stated 10 Feb 2025 · 13 Mar 2025 · 17 Apr 2025 Result FY25 adjusted operating loss was £4.02m, wider than FY24's £3.16m. “The chosen course of action will significantly reduce overhead costs and operational complexity, contributing to the Group's goal of achieving improved profitability and cash flow in FY25, in order to protect Haydale's core business.”10 Feb 2025 · Haydale US placed into insolvency process “Adjusted operating loss: £4.02m (reflecting transitional cost base during reset).”17 Feb 2026 · Final Results
FY25	Exit US business to eliminate its operating losses and overheads in FY25	23 Dec 2024	✓ Kept
	“Substantial cost savings in FY25 would be realised through the elimination of ongoing operating losses and associated overheads in the US business” Result US subsidiary entered Chapter 11 in February 2025 and was sold at auction in April 2025 for about $680,000. “Substantial cost savings in FY25 will be realised through the elimination of ongoing operating losses and associated overheads in the US business.”10 Feb 2025 · Haydale US placed into insolvency process
end of FY25	55% headcount reduction and 60% overhead reduction on full-year basis by end of FY25	13 Mar 2025	✓ Kept
	“55% reduction in headcount across the Group (UK: 33%), significantly lowering personnel costs; and 60% reduction in ongoing overheads across the Group (UK: 46%)” Result February 2026 results describe the structural reset as complete; June 2025 and September 2025 updates cite a 70% cost reduction versus FY24. 17 Feb 2026 · Final Results
end of FY25	Reduce monthly run-rate costs to about £200,000 by end of FY25	12 Jun 2025	✓ Kept
	“Haydale remains on track to reduce monthly run-rate costs to approximately £200,000 by the end of FY25” Result September 2025 update: monthly run-rate cost reduced below £200,000, a 70% cut from FY24 overhead of c.£667k. “Haydale achieved monthly run-rate costs reduction below £200,000 by the end of FY25. This represents a 70% reduction from FY24 overhead run rates.”11 Sep 2025 · Strategic Collaboration and Trading Update
2025-01	First underfloor heating installation with Jersey Energy Technologies in 2024, with pilot results in the new year	2 Sep 2024	◐ Partly kept
	“The first real-world installation of Haydale's product is planned to take place with JET later this year.” Status so far CE certification came April 2025 and pilots followed, but no Jersey pilot results are reported. “The first UK mainland commercial installations took place last week and the company is already seeing considerable interest in this innovative new product.”2 Apr 2025 · Haydale Achieves CE Certification
2026
March 2026	Free JustHeat installation in fuel-poor households by March 2026	23 Oct 2025	⏱ Overdue – no update
	“Free to consumer installation of JustHeat systems in fuel-poor households by March 2026” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
June 2026	National launch of SaveMoneyCutCarbon platform with Lloyds by June 2026	11 Jun 2026	⏱ Overdue – no update
	“National launch is currently targeted for June 2026.” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
July 2026	JustHeat installations assessable favourably within EPC calculation from July 2026	24 Jun 2026	⏱ Overdue – no update
	“From July 2026, JustHeat® installations will, for the first time, be capable of being assessed favourably within the EPC calculation” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
H2 FY26	Launch JustHeat-integrated flooring range with Interfloor in H2 FY26	11 Sep 2025	⏱ Overdue – no update
	“Haydale and Interfloor will collaborate to integrate JustHeat heater inserts with Interfloor's market-leading underlays and specified coverings, creating a new range of solutions for launch in H2 FY26” Also stated 2 Dec 2025 Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
H1 FY26	Contracted revenues to cover over 100% of H1 FY26 revenue expectations	17 Feb 2026	✓ Kept
	“fully contracted revenues across the enlarged Group which provide over 100% coverage of the Board's H1 FY26 revenue expectations” Result H1 FY26 revenue of £2.25m was in line with the Board's internal budget. “Revenue for the Period was £2.3 million, in line with the Board's internal budget for H1 FY26 and consistent with the management information underpinning the Group's FY26 plan.”24 Jun 2026 · Half-year Results “Revenue increased to £2.25 million compared with £0.40 million from continuing operations in the same period for FY25, reflecting the first contribution from the enlarged Group and the emergence of the new Haydale revenue base.”24 Jun 2026 · Half-year Results
Today · 15 Oct 2026
2026-02	Announce audited results for 15 months to 30 September 2025 in early February 2026	12 Jan 2026	◐ Partly on track
	“the Company looks forward to announcing audited final results for the fifteen months to 30 September 2025 during the early part of February 2026” Status so far Results were published on 17 February 2026, later than the early-February timing first stated. “Haydale (AIM: HAYD), the global advanced materials and clean-tech company focused on deploying energy and water-efficient technologies at scale will announce its audited results for the 15 months ended 30 September 2025 on Tuesday, 17 February 2026.”11 Feb 2026 · Notice of Annual Results
31 Dec 2026	Execute definitive joint venture agreements before 31 December 2026	13 Oct 2026	… In progress
	“will now move to execute definitive agreements which will supersede the heads of terms, before 31 December 2026.” Status so far Not yet due.
2027
January 2027	Deliver positive EBITDA within about 12 months of the SMCC acquisition (January 2026)	17 Feb 2026	… In progress
	“achieving positive EBITDA within c.12 months of the SMCC acquisition” Also stated 24 Jun 2026 Status so far Not yet due.
September 2027	First SETTF installations in data-centre cooling systems within twelve months	15 Sep 2026	… In progress
	“first installations targeted within twelve months” Status so far Not yet due.
Q2 FY27	Current trading business to reach operating breakeven during Q2 FY27	13 Oct 2026	… In progress
	“the Board continues to anticipate the current trading business to reach operating breakeven during Q2 FY27, broadly as anticipated.” Status so far Not yet due.