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Invinity Energy Systems
(LSE:IES)
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Rating:46Neutral
Price Target:
11.50 p
▼(-50.00% Downside)
Action:Reiterated
Date:10/26/26
The score is held down primarily by weak financial performance (persistent losses and cash burn) and very bearish technical signals (price far below key moving averages with negative momentum). The earnings call provides a partial offset via strong reported order growth, a sizeable pipeline, and targeted cost reductions, but execution and profitability/cash-flow risks remain significant. Valuation is also not supportive given the negative P/E and no dividend yield provided.
Positive Factors
Long-life storage technology
A 30-year design life, maintainable mechanical components, and no thermal runaway risk support a differentiated proposition in long-duration storage. These characteristics may improve customer confidence, broaden use cases, and strengthen IES's position as renewable integration and grid resilience needs expand.
Negative Factors
Persistent unprofitability
Persistent negative gross profit and large operating and net losses show that growth has not yet translated into an economically self-sustaining business. Unless margins improve materially, continued losses can erode equity value and restrict the company's ability to fund expansion internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-life storage technology
A 30-year design life, maintainable mechanical components, and no thermal runaway risk support a differentiated proposition in long-duration storage. These characteristics may improve customer confidence, broaden use cases, and strengthen IES's position as renewable integration and grid resilience needs expand.
Read all positive factors
Invinity Energy Systems (IES) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£62.66M
Dividend YieldN/A
Average Volume (3M)1.26M
Price to Earnings (P/E)―
Beta (1Y)-0.08
Revenue Growth148.29%
EPS Growth-14.06%
CountryUK
Employees162
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.05
Shares Outstanding569,613,400
10 Day Avg. Volume2,193,810
30 Day Avg. Volume1,263,173
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)1.33
Price to Sales (P/S)10.84
P/FCF Ratio-2.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£60.00Price Target Upside160.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.05
Revenue Forecast (FY)£14.13M
Invinity Energy Systems Business Overview & Revenue Model
Company Description
Invinity Energy Systems plc, founded in 2006 and based in Saint Helier, United Kingdom, is a prominent manufacturer and global supplier of vanadium flow batteries (VFBs). These batteries provide essential energy storage solutions across various in...
How the Company Makes Money
IES primarily makes money by selling and delivering vanadium flow battery energy storage systems to customers (e.g., utilities, project developers, and commercial/industrial energy users). Revenue is generally generated through (1) system/equipmen...
Invinity Energy Systems Earnings Call Summary
Earnings Call Date:Sep 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jun 30, 2027
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.Positive Updates
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.
Negative Updates
Net Loss Remained Significant
The net loss was GBP 12 million, despite a GBP 1.5 million year-on-year reduction. Management said the result was affected by increased R&D staff costs to drive product cost reductions and lower recoveries following completion of the joint development agreement with Gamesa.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management said customer orders signed were up 3x year-on-year to just over 30 MWh, the order book was just under 80 MWh excluding FlexBase, and the pipeline was just under 13 GWh on an under risk basis, with a 5x increase in share to just under 5% of the flow battery market; over the next three years of 2026-2028, the bulk of the pipeline is across North America, supported by the 30% investment tax credit, 10% production tax credit and $45 per kWh, while Endurium is expected to deliver a 66% cost reduction for all product shipping in early 2027 and management is still potentially looking at taking out a further 50% from that point through to 2030; the U.S. factory is expected to be up and running by the end of this year, Copwood is expected to be fully commissioned by the end of the year, with the first commissioning test by the end of November, and FlexBase fulfillment is understood to begin through the middle of next year, with an installation phase starting in about a year or so's time and a delivery cycle 2, 29/2030.Invinity Energy Systems Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
66
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.02M | 8.18M | 5.01M | 22.01M | 2.94M | 3.19M |
| Gross Profit | -2.94M | -2.87M | -3.51M | -3.35M | 17.00K | -3.44M |
| EBITDA | -24.09M | -22.59M | -21.31M | -20.97M | -17.12M | -20.60M |
| Net Income | -26.20M | -24.09M | -22.80M | -23.18M | -18.59M | -21.04M |
Balance Sheet | ||||||
| Total Assets | 68.89M | 81.05M | 75.56M | 41.97M | 53.09M | 66.64M |
| Cash, Cash Equivalents and Short-Term Investments | 10.51M | 28.79M | 35.35M | 5.01M | 5.14M | 26.36M |
| Total Debt | 2.12M | 2.00M | 1.70M | 1.56M | 1.71M | 770.00K |
| Total Liabilities | 14.05M | 14.61M | 9.89M | 8.16M | 18.70M | 15.40M |
| Stockholders Equity | 54.85M | 66.43M | 65.67M | 33.81M | 34.39M | 51.24M |
Cash Flow | ||||||
| Free Cash Flow | -37.09M | -34.21M | -26.20M | -20.40M | -22.58M | -23.71M |
| Operating Cash Flow | -18.45M | -17.21M | -24.89M | -19.36M | -21.87M | -22.96M |
| Investing Cash Flow | -13.32M | -9.50M | -1.30M | -984.00K | -708.00K | -751.00K |
| Financing Cash Flow | 23.55M | 23.42M | 53.62M | 20.13M | 1.29M | 28.10M |
Invinity Energy Systems Technical Analysis
Negative
23.00
Price Trends
18.83
Negative
22.96
Negative
21.98
Negative
Market Momentum
-2.41
Positive
16.60
Positive
16.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IES, the sentiment is Negative. The current price of 23 is above the 20-day moving average (MA) of 15.99, above the 50-day MA of 18.83, and above the 200-day MA of 21.98, indicating a bearish trend. The MACD of -2.41 indicates Positive momentum. The RSI at 16.60 is Positive, neither overbought nor oversold. The STOCH value of 16.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IES.
Invinity Energy Systems Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | £519.59M | -19.47 | -11.09% | ― | 67.62% | 45.05% | |
48 Neutral | £558.99M | -15.23 | -17.63% | ― | -22.86% | -25.81% | |
46 Neutral | £62.66M | -2.22 | -43.20% | ― | 148.29% | -14.06% | |
43 Neutral | £10.92M | -0.52 | -88.63% | ― | ― | ― |
* Industrials Sector Average
GB:IES
Invinity Energy Systems
11.00
-10.50
-48.84%
GB:CWR
Ceres Power Holdings
261.40
-36.60
-12.28%
GB:ITM
ITM Power
75.15
-3.55
-4.51%
GB:GWIN
Gowin New Energy Group Ltd.
0.08
0.05
166.67%
GB:CPH2
Clean Power Hydrogen PLC
1.10
-3.30
-75.00%
Invinity Energy Systems Corporate Events
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and FinancingShareholder Meetings
Invinity raises £25m to fuel UK battery manufacturing and global expansion
Positive
Oct 22, 2026
Invinity Energy Systems has conditionally raised £25 million through a combination of a £2.8 million retail offer, a £12.2 million increased subscription from National Wealth Fund and a £10 million placing, issuing a total of 2...
Business Operations and StrategyPrivate Placements and Financing
Invinity raises £10m in oversubscribed placing as wider fundraising progresses
Positive
Oct 20, 2026
Invinity Energy Systems has conditionally raised £10 million through an oversubscribed placing of 100 million new ordinary shares at 10 pence each, with Canaccord Genuity, Panmure Liberum and VSA Capital acting as joint bookrunners. The capit...
Business Operations and StrategyPrivate Placements and Financing
Invinity Opens £5m Retail Share Offer Alongside £20m Placing
Positive
Oct 20, 2026
Invinity Energy Systems plc has launched a retail share offer via the Winterflood Retail Access Platform to raise up to £5 million by issuing as many as 50 million new ordinary shares at 10 pence each. The offer is open to new and existing U....
Business Operations and StrategyPrivate Placements and Financing
Invinity seeks at least £20m to accelerate growth and cut battery costs
Positive
Oct 20, 2026
Invinity Energy Systems plans to raise at least £20 million through a combination of a cornerstone subscription from the National Wealth Fund, an institutional placing, and a separate retail offer at 10 pence per share. The National Wealth Fu...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Invinity Secures Backing for £20m Fundraise and Chair Transition
Positive
Oct 19, 2026
Invinity Energy Systems plans a proposed fundraise with minimum gross proceeds of about £20 million, with its 19% shareholder National Wealth Fund expected to participate. The company intends to allocate roughly £10 million to accelerate...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Invinity Plans £20m Fundraise as Trading Paused in AIM Capital Access Window
Positive
Oct 19, 2026
Invinity Energy Systems plc, traded on AIM, develops and manufactures vanadium flow battery systems used for long-duration energy storage in support of renewable power. Its Endurium batteries, built in the UK and Canada, are positioned as a safer,...
Business Operations and Strategy
Invinity Battery at California Tribal Microgrid Surpasses 1 GWh Milestone
Positive
Oct 1, 2026
Invinity Energy Systems reported that its 10 MWh vanadium flow battery deployed at the Viejas Casino Resort in California has delivered more than 1 GWh of energy since entering commercial operation in late 2025. The system, supplied to Indian Ene...
Business Operations and StrategyRegulatory Filings and Compliance
Invinity Updates Share Capital After Employee Option Exercise
Neutral
Oct 1, 2026
Invinity Energy Systems has issued 88,723 new ordinary shares following the exercise of employee share options, using its existing blocklisting entitlement. This move increases the company’s issued share capital to 569,613,393 ordinary share...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Invinity triples orders and lands record deals as vanadium flow battery sales scale up
Positive
Sep 21, 2026
Invinity Energy Systems reported a sharp rise in commercial activity for the six months to 30 June 2026, with customer orders nearly tripling to 34.2 MWh and revenue and project grant income climbing to £1.7m, while gross losses narrowed on b...
Business Operations and Strategy
Invinity Showcased as UK Clean-Tech Champion at Swiss AI-Powered Energy Hub
Positive
Sep 10, 2026
Invinity Energy Systems plc, a specialist in vanadium flow battery technology, is expanding its international footprint by supplying large-scale, long-duration storage systems for utility and infrastructure projects. The company’s UK-develop...
Business Operations and StrategyRegulatory Filings and Compliance
Invinity Updates Share Capital After Employee Option Exercise
Neutral
Sep 1, 2026
Invinity Energy Systems plc, a global leader in vanadium flow battery technology, manufactures longer-duration energy storage systems in the UK and Canada for customers around the world. Its Endurium VFB products are marketed as a safer, non-degra...
Business Operations and Strategy
Invinity Taps Equans for World’s Largest Vanadium Flow Battery in Switzerland
Positive
Aug 11, 2026
Invinity Energy Systems has signed an engineering, procurement and construction agreement with Equans Switzerland to support delivery of what is expected to be the world’s largest vanadium flow battery at FlexBase Group’s Technology Ce...
Business Operations and Strategy
Invinity Signs EPC Deal with Equans for Record-Scale Swiss Battery Project
Positive
Aug 11, 2026
Invinity Energy Systems has signed an engineering, procurement and construction agreement with Equans Switzerland to support delivery of the vanadium flow battery component of FlexBase Group’s Technology Centre Laufenburg project. The Swiss ...
Business Operations and Strategy
Invinity passes 10 GWh milestone for vanadium flow battery fleet
Positive
Aug 4, 2026
Invinity Energy Systems has announced that its global fleet of vanadium flow batteries has dispatched more than 10 GWh of energy for customers, an 85% year-on-year increase that underscores accelerating adoption of its technology. The milestone, s...
Regulatory Filings and Compliance
Invinity updates share capital after employee option exercise
Neutral
Aug 3, 2026
Invinity Energy Systems, a global provider of vanadium flow battery technology, builds long-duration energy storage systems in the UK and Canada for customers worldwide. Its batteries are engineered for 30-year lifespans, do not degrade quickly, a...
Business Operations and Strategy
Invinity lands record 43 MWh U.S. battery order from Dairyland Power
Positive
Aug 3, 2026
Invinity Energy Systems has secured its largest-ever order with a 43 MWh sale of vanadium flow battery systems to Dairyland Power Cooperative for deployment across multiple long-duration energy storage sites in the U.S. Midwest. The batteries, bas...
Business Operations and Strategy
Invinity Adds Panmure Liberum as Joint Broker to Bolster Market Support
Positive
Jul 31, 2026
Invinity Energy Systems has appointed Panmure Liberum Limited as a new joint broker, expanding the roster of investment banks representing the company in the capital markets. Canaccord Genuity will continue as nominated adviser and joint broker, w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.