Windar Photonics
WPHO · AIM · Industrial Goods and Services · mcap £8.5m · 4.1p 4 open situations →
- EV
- £9.1m
- EV / EBIT
- –
- Net debt
- £583k
- FCF yield
- -54.4%
- Revenue
- £4.9m
- Share price 1y
- −93%
- Insiders 12m
- no deals
- Next report
- around 25 Aug
Open · 4
Test order conversion programme
Windar had ten concurrent tests in Q1 2026, but conversion has been slow and two €6m orders were put on hold in June 2026. Two more trials were agreed on 5 August 2026. The 26 August results repeat that orders are expected in late 2026 and 2027, with FY26 revenue circa €1.8m.
- Tests
- Ten IPPs currently testing; most extensive programme in company history 26 Aug 2026 ↗
- Regions
- Asia, Europe, Australia and North America, plus India
- Conversion
- Protracted timelines; timing of new orders difficult to predict
- Orders on hold
- Two large orders worth over €6m; conversion slower than expected 26 Aug 2026 ↗
- New trials
- Two further trials agreed with wind farm operators in Europe and US 26 Aug 2026 ↗
- Trial length
- 3-6 months, then analysis and customer capital approval before orders 5 Aug 2026 ↗
Next: Convert trials into orders
- 30 Sep 2026 Pipeline strong; first small orders won
- 26 Aug 2026 Record trials ongoing; orders awaited
- 5 Aug 2026 Two further trials agreed; orders expected late 2026-2027
- 23 Jun 2026 Nine of ten tests engaged, plus one in India
Accounting irregularities and suspension
Follows from Placing of 54% of the market value – completed
On 17 June 2026 Windar flagged possible irregularities over Chinese revenue and its shares were suspended. Audited FY25 accounts of 26 August 2026 restated revenue to €5.7m, and trading was restored on 1 September 2026. On 9 September 2026 the CFO left by mutual agreement and a Finance Director was appointed to strengthen controls and reporting. The investigator's written report is still to come.
- Suspension
- Shares suspended from AIM from 10.30 a.m. on 17 June 2026 28 Aug 2026 ↗
- Restoration
- Trading restored 7.30 a.m. on 1 September 2026 9 Sep 2026 ↗
- Audited FY25 revenue
- €5.7m; FY24 restated €3.4m; EBITDA loss €1.0m 28 Aug 2026 ↗
- Auditor
- Gravita resigned; Buzzacott Audit LLP appointed Group auditor 28 Aug 2026 ↗
- CFO exit
- Søren Belmar steps down as CFO and Director by mutual agreement, effective 9 September 2026; hands over for up to two weeks 9 Sep 2026 ↗
- New finance lead
- Flemming Hållén-Kragh, aged 59, becomes Finance Director (non-Board) from 16 September 2026 9 Sep 2026 ↗
Next: Investigator's written report
- 30 Sep 2026 Controls being strengthened; report awaited
- 9 Sep 2026 Trading restored; CFO replaced
- 28 Aug 2026 Restoration of trading notified
- 26 Aug 2026 Audited accounts published; readmission pending
Three-wave reset plan
Follows from CEO succession – Permanent CEO appointed, starts 1 June, closed 21 Apr 2026
New CEO Andreas Berg Nielsen, appointed 1 June 2026, set out a three-wave plan on 26 August 2026 after the accounting irregularities. The H1 results of 30 September 2026 report wave one under way, covering controls, quality management and CRM discipline. The company says it is 'still in recovery mode', with growth expected from 2027.
- Wave one
- Stabilise: financial governance, quality management and certification, CRM and pipeline discipline, cost competitiveness 30 Sep 2026 ↗
- Wave two
- Reduce manual processes; go-to-market for Europe, the US and other regions; pilot subscription, performance-based pricing and leasing 30 Sep 2026 ↗
- Wave three
- CRM-led sales, new turbine-compatible products, brand building 30 Sep 2026 ↗
- Quality issue
- Unit housing and seals affecting units in the field; remediable, fix being implemented 30 Sep 2026 ↗
- Finance
- Flemming Hållén-Kragh appointed Finance Director; Quality Control Manager being recruited 30 Sep 2026 ↗
- Recovery timing
- Business positioned to recover and grow from 2027 and beyond 30 Sep 2026 ↗
Next: Deliver wave one: controls, quality fix, CRM discipline
- 30 Sep 2026 Wave one under way
Placing of 54% of the market value
Cash fell to €85,000 by 31 May 2026 and FY26 guidance was cut on 23 June 2026. The £5.1m raise at 5.0p was admitted on 1 September 2026. The H1 results of 30 September 2026 show net debt of €0.6m and a further £0.3m retail offer conditional on AGM approval. Inventory was corrected to €3.1m.
- Warrants
- One 10p warrant per share, 3 years, not admitted to AIM 28 Aug 2026 ↗
- Total raise
- £5.1m placing, direct subscription and retail offer at 5.0p, completed after the period end 30 Sep 2026 ↗
- Chairman
- David Lis takes 4.1m shares here and 0.9m via the Retail Offer, which is upsized by £45k 26 Aug 2026 ↗
- Admission
- 8.00 a.m. on 1 September 2026, after restoration at 7.30 a.m. 28 Aug 2026 ↗
- Net debt
- €0.6m at 30 June 2026, against net cash of €3.2m at 31 December 2025 30 Sep 2026 ↗
- Follow-on offer
- £0.3m conditional on AGM approval on 30 September 2026 30 Sep 2026 ↗
- 30 Sep 2026 completed · -3% on the day
- 9 Sep 2026 announced · -4% on the day
- 28 Aug 2026 announced · +0% on the day
- 26 Aug 2026 announced · +0% on the day
Closed · 4
Company filings. Not investment advice.