EarningsQ2 2026 Earnings Report
DE:A10 Q2 2026 EPS Results
Actual EPS-€0.02
Consensus EPS-€0.02
Beat/MissMet expectations
One Year Ago EPS-€0.02
DE:A10 Q2 2026 Revenue Results
Actual Revenue€1.31M
Expected Revenue€1.98M
Beat/MissMissed by -€671.93K
YoY Revenue Growth+328.52%
Earnings Announcement Details
QuarterQ2 2026
Date09/21/2026
TimeBefore Open
Conference CallMonday, September 21, 2026
DE:A10 Upcoming Earnings
Invinity Energy Systems's next earnings date is estimated for June 30, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Management highlighted strong order growth, a growing installed-base track record, substantial product cost reductions, improving gross margins, a large pipeline, and significant opportunities in AI data centers and North America. These positives were tempered by the continuing net loss, cap-and-floor disappointment, Copwood's delayed commissioning, execution requirements for FlexBase, and the need to convert pipeline opportunities into firm orders.Company Guidance
Flexible, Long-Life Storage Technology
The company emphasized its flexible energy storage solution, which has no restrictions on cycles, is designed to last for 30 years, has no thermal runaway risk, and uses maintainable mechanical components. Management said this flexibility is increasingly valued by commercial customers, including AI data center operators.
Growing Operating Track Record
More than 2,000 batteries have been installed in the field. Power dispatched from the installed fleet recently increased from 10 GWh to 11 GWh, with management saying the figure is growing rapidly.
Significant Product Cost Reduction
The company reduced VS3 product cost by about 60% from its initial deployment through the last system shipped in December 2024. Management expects a 66% cost reduction position for products shipping in early 2027 and said it is potentially targeting a further 50% reduction from that point through 2030.
Orders and Order Book Growth
Customer orders signed in the first half were up 3x year-on-year to just over 30 MWh. The order book was just under 80 MWh, excluding the FlexBase contract and work relating to final design and prototyping for 2028 and 2029 deliveries.
Improved Gross Loss and Project Income
Gross loss decreased 60% year-on-year. Project and grant income increased to GBP 1.7 million from GBP 0.8 million in the first half of the prior year, supported by delivery against signed orders and commissioning activity for four projects.
Improving Margins and Lower Warranty Costs
Trailing-12-month gross margins and product margins improved as higher factory volumes absorbed more overhead and sales shifted from VS3 to Endurium. Warranty costs declined to GBP 0.2 million from GBP 0.9 million year-on-year, driven by improved component performance and lower product costs.
Cash and Inventory Position
The company ended the first half with GBP 10 million of cash and GBP 40 million of inventory. Management said approximately half of the inventory is expected to unwind in the second half through deliveries against the order book, with the remainder expected to support deliveries into 2027.
Targeted Growth Segments
After a review with internal and external teams, management identified three segments where it believes Invinity dramatically outperforms other solutions: standalone or co-located long-duration energy storage projects, commercial and industrial sites especially where cogeneration is involved, and buffering and bolstering AI infrastructure.
AI Data Center Economics
Management described the AI infrastructure opportunity as a GBP 45 billion global market. It cited an approximately 15% total-cost advantage for inference data centers and an approximately 12% advantage for training data centers compared with incumbent solutions.
Large-Scale FlexBase Opportunity
The FlexBase project is a 1.5 GWh system, which management said is 1.5 times the average electricity load of Zurich. The project is currently in the engineering phase, has continued to meet development milestones, and management expects the fulfillment phase to begin through the middle of next year, with delivery scheduled for 2029/2030.
Substantial Commercial Pipeline
The pipeline was described as just under 13 GWh on an under-risk basis, including the order book, frameworks, and development projects. Management expects the bulk of 2026-2028 opportunities to be in North America and cited incentives including a 30% investment tax credit, a 10% production tax credit, and USD 45 per kWh, which together represent about a 50% tax incentive for local manufacturing in that market.
Expected Increase in Flow Battery Market Share
Based on independent analysis from Benchmark Mineral Intelligence, management expects a 5x increase in its share of the flow battery market to just under 5%.
U.S. Manufacturing Expansion
The company said it plans to establish a U.S. manufacturing facility to serve U.S. projects and benefit from local incentives. It was most of the way through selecting a site, was negotiating lease contracts, and had validated an initial team to help establish the facility.
Progress Toward Bankability
Discussions with insurance providers and project finance lenders have progressed materially. The company said it is working toward an insurance wrap and non-recourse debt structure that would support larger commercial projects, including cap-and-floor opportunities, and expects to close out this workstream over the next few months.
Supportive Customer and Government Engagement
Management highlighted strong customer references, including Indian Energy and the California Energy Commission. It also described supportive engagement with U.K., U.S., Canadian, and other government stakeholders, including Canadian interest in a pan-Canadian electrification program expected to involve tens of billions of dollars of infrastructure investment over the next five years.
Potentially Favorable Vanadium Supply Trends
The company said it is pursuing high-quality, low-cost vanadium sources, including secondary material from petrochemical and steel waste streams. Management said current market prices have been favorable and that new entrants may keep prices closer to current levels than to prices seen over the last decade.
DE:A10 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed