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Windar Photonics (WPHO) AI Stock Analysis

GB:WPHO

Windar Photonics

(LSE:WPHO)

Select Model
Rating:39.3Underperform
Price Target:GBX 4.00â–¼(-3.78% Downside)
Action:reiterated
Date:10/06/26

The overall score is low because the company combines strong revenue growth with persistent accounting losses and heavy cash burn, keeping financial risk high despite an improved equity and debt profile. Bearish technicals, with the price well below major moving averages and momentum deeply weak, reinforce the cautious view. A negative P/E and absence of dividends further limit valuation support, leaving the stock largely dependent on an unproven future turnaround.

Positive Factors
Revenue growthThe 13.0% year-over-year revenue increase indicates improving commercial traction for Windar Photonics and suggests its LiDAR-based turbine optimization offering is gaining customer adoption. Continued revenue expansion would provide a foundation for operating leverage and eventual profitability if costs are controlled.
Negative Factors
Persistent and worsening lossesThe company has not converted revenue growth into sustainable profitability, with net margin deteriorating materially and operating losses continuing in 2025. Persistent losses can constrain reinvestment capacity and make future earnings dependent on achieving substantial scale or improving cost and pricing discipline.

Windar Photonics (WPHO) vs. iShares MSCI United Kingdom ETF (EWC)

-100%-75%-50%-25%0%25%50%GB:WPHO-92.87%EWC+24.02%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
GBP 8.47M
Dividend Yield
―
Average Volume (3M)
556.20K
Price to Earnings (P/E)
-1.2
Beta (1Y)
0.69
Revenue Growth
-29.53%
EPS Growth
-210.26%
Country
UK
Employees
42
Sector
Technology
Sector Strength
61
Industry
Hardware, Equipment & Parts

Windar Photonics Business Overview & Revenue Model

Company Description

Windar Photonics PLC, operating through its various subsidiaries, specializes in the creation and distribution of LiDAR (Light Detection and Ranging) sensors and complementary solutions specifically engineered for electricity-generating wind turbines...

How the Company Makes Money

Windar Photonics makes money primarily by selling its LiDAR sensor hardware and associated solutions to customers in the wind industry. The core revenue stream is product revenue from delivering LiDAR units used on wind turbines to measure wind speed...

Windar Photonics Financial Statement Overview

Summary

Revenue has grown strongly over five years, but the company remains loss-making with widening recent losses and consistently negative operating and free cash flow, leaving the business high-risk despite a meaningfully strengthened equity base and modest debt.

Income Statement

38Negative

Balance Sheet

57Neutral

Cash Flow

24Negative
Financial statement breakdown
BreakdownTTMJun 2026Dec 2024Jun 2024Dec 2022Dec 2021
Income Statement
Total Revenue5.67M5.63M4.56M4.77M1.85M551.53K
Gross Profit2.89M2.69M2.57M2.41M946.61K446.21K
EBITDA-989.53K-979.36K-707.76K67.19K-796.95K-981.14K
Net Income-1.89M-1.88M-906.19K-182.52K-1.08M-1.13M
Balance Sheet
Total Assets10.69M10.69M15.64M3.60M4.29M3.41M
Cash, Cash Equivalents and Short-Term Investments4.04M4.04M7.07M152.18K1.40M40.55K
Total Debt1.61M1.61M1.43M1.88M1.85M1.74M
Total Liabilities3.37M3.37M4.69M3.34M3.95M4.17M
Stockholders Equity7.32M7.32M10.95M264.92K341.12K-757.38K
Cash Flow
Free Cash Flow-1.28M-1.67M-3.99M-1.13M-470.99K-1.05M
Operating Cash Flow-1.17M-1.56M-3.14M-380.18K-363.54K-394.10K
Investing Cash Flow-1.04M-1.02M-820.62K-582.97K-283.98K-243.91K
Financing Cash Flow-859.61K-429.37K10.89M-288.35K2.01M28.83K

Windar Photonics Technical Analysis

Technical Analysis SentimentNeutral
Last Price4.16

Price Trends

50DMA6.83Negative
100DMA16.67Negative
200DMA25.08Negative

Market Momentum

MACD-0.80Negative
RSI24.09Positive
STOCH52.11Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:WPHO, the sentiment is Neutral. The current price of 4.16 is above the 20-day moving average (MA) of 4.01, below the 50-day MA of 6.83, and below the 200-day MA of 25.08, indicating a neutral trend. The MACD of -0.80 indicates Negative momentum. The RSI at 24.09 is Positive, neither overbought nor oversold. The STOCH value of 52.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:WPHO.

Windar Photonics Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

GB:WPHO against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
GB:RSWGB:RSW78OutperformGBP 3.88B31.9512.53%1.45%14.41%41.98%
Sector *61Neutral$37.18B12.37-10.20%1.83%8.50%-7.62%
GB:JDGGB:JDG54NeutralGBP 226.46M-381.11-0.72%3.45%-8.18%-105.44%
GB:KMKGB:KMK50NeutralGBP 35.71M50.911.32%―2.30%-81.36%
GB:WPHOGB:WPHO39UnderperformGBP 8.47M-1.18-68.21%―-29.53%-210.26%
GB:LSTGB:LST38UnderperformGBP 9.43M-2.66-29.91%―――

* Technology Sector Average

Performance Comparison

-50%0%50%GB:WPHOGB:JDGGB:KMKGB:RSWGB:LSTDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
GB:WPHO and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
GB:WPHOWindar Photonics4.10-53.40-92.87%
GB:JDGJudges Scientific3430.00-1992.72-36.75%
GB:KMKKromek Group plc5.45-1.35-19.85%
GB:RSWRenishaw plc5240.001867.1155.36%
GB:LSTLight Science Technologies Holdings plc0.85-4.85-85.09%

Windar Photonics Corporate Events

Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingShareholder Meetings

Windar Photonics Secures Strong Shareholder Backing at AGM

Positive
Sep 30, 2026

Windar Photonics reported that all resolutions put to shareholders at its Annual General Meeting on 30 September 2026 were approved on a poll, apart from one withdrawn item related to the re-election of departing board member Søren Belmar. Share...

Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing

Windar Photonics secures funding and outlines turnaround after weak first half

Negative
Sep 30, 2026

Windar Photonics reported a sharp deterioration in trading for the first half of 2026, with revenue falling to €0.4m from €2.7m and EBITDA losses widening to €2.8m following delayed customer orders and the fallout from previously di...

Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings

Windar Photonics Raises £300,000 in Over‑Subscribed Retail Offer Ahead of AIM Admission

Positive
Sep 17, 2026

Windar Photonics has completed an over‑subscribed retail share offer, conditionally raising £300,000 through the issue of 6,000,000 new ordinary shares at 5 pence each, with attached warrants exercisable at 10 pence per share until 3 Septe...

Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings

Windar Photonics Raises £300,000 in Over-Subscribed Retail Share Offer

Positive
Sep 17, 2026

Windar Photonics has completed an over‑subscribed retail offer, conditionally raising £300,000 through the issuance of 6,000,000 new ordinary shares at 5 pence each, with each share carrying a warrant to buy an additional share at 10 pence...

Executive/Board ChangesPrivate Placements and FinancingRegulatory Filings and Compliance

Windar Photonics Resets CEO Share Options After Fundraising and Accounting Probe

Neutral
Sep 15, 2026

Windar Photonics has adopted a new share option plan and reset the equity-based incentives for its chief executive officer, Andreas Berg Nielsen, following the discovery of accounting irregularities and a subsequent equity fundraising at 5 pence per...

Delistings and Listing ChangesPrivate Placements and FinancingShareholder Meetings

Windar Photonics Launches Follow‑On Retail Offer to Raise £300,000

Positive
Sep 9, 2026

Windar Photonics has launched a follow‑on retail share offer via the BookBuild platform to raise up to £300,000 in gross proceeds. The offer follows an over‑subscribed August fundraising and is intended to give existing UK retail sha...

Business Operations and StrategyExecutive/Board Changes

Windar Photonics reshapes finance leadership to bolster controls and reporting

Positive
Sep 9, 2026

Windar Photonics has announced a leadership change in its finance function, with Group Chief Financial Officer and Director Søren Belmar stepping down by mutual agreement with immediate effect. The company has appointed experienced finance execu...

Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing

Windar Photonics Shares to Resume Trading After £5.1m Fundraising

Positive
Aug 28, 2026

Windar Photonics said its £5.1m fundraising has addressed the financial concerns that led to a temporary suspension of its ordinary shares on AIM in June. Trading in the shares will be restored at 7:30 a.m. on 1 September 2026, with the newly is...

Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings

Windar Photonics Publishes FY25 Annual Report and Sets AGM Date

Neutral
Aug 27, 2026

Windar Photonics has published its audited annual results and financial statements for the year ended 31 December 2025, alongside the notice of its upcoming annual general meeting. The documents have been posted to shareholders and made available on...

Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance

Windar Photonics Raises £5.12m After Oversubscribed Retail Offer

Positive
Aug 27, 2026

Windar Photonics has completed a significantly over‑subscribed retail offer, with investor applications exceeding £0.9 million and resulting in an upsized allocation of £245,000. Together with the placing, direct subscriptions and dir...

Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing

Windar Photonics Directors Deepen Commitment in AIM Fundraise

Positive
Aug 26, 2026

Windar Photonics has completed a directors’ subscription as part of a wider fundraising, issuing 15,284,334 new shares at 5 pence to raise about £0.76 million and attaching one three‑year warrant per share exercisable at 10 pence. Th...

Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance

Windar Photonics Restates China Revenues and Raises £5.1m Amid Record Trial Activity

Negative
Aug 26, 2026

Windar Photonics reported audited 2025 results showing restated revenue of €5.7 million, a 68.5% increase on 2024, and a reduced EBITDA loss of €1.0 million, but disclosed accounting irregularities linked to Chinese distributor sales that...

Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing

Windar Photonics launches discounted retail offer ahead of AIM trading resumption

Neutral
Aug 25, 2026

Windar Photonics has launched a retail share offer on the BookBuild platform to raise up to £200,000 through the issuance of up to 4,000,000 new ordinary shares at 5 pence each, a steep discount to the last closing price before its AIM trading s...

Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing

Windar Photonics Raises £4.9m in Oversubscribed AIM Fundraising

Positive
Aug 24, 2026

Windar Photonics has completed a significantly oversubscribed placing and direct subscription, raising about £4.055 million before expenses via the issue of 81.1 million new ordinary shares at 5 pence each. Together with the directors’ int...

Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing

Windar Photonics Strengthens Board With Appointment of Senior Independent Director

Positive
Aug 24, 2026

Windar Photonics has announced the conditional appointment of industry veteran Tove Feld as Senior Independent Director and Chair of the Remuneration Committee, effective upon admission of new ordinary shares to AIM following a proposed fundraising....

Delistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance

Windar Photonics launches £4m equity raise amid accounting probe and AIM suspension

Negative
Aug 24, 2026

Windar Photonics plans to raise at least £4.0 million via a placing, direct subscription and directors’ intended participation, alongside a retail offer of up to £0.2 million to existing shareholders. New shares will be issued at 5 pe...

Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings

Windar Photonics Wins Shareholder Backing for Expanded Share Issuance Powers

Positive
Aug 7, 2026

Windar Photonics shareholders have approved two key resolutions at a general meeting, giving the board authority to allot new ordinary shares with a nominal value of up to £2.1m, equivalent to about 214% of the current issued share capital. A re...

Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingProduct-Related AnnouncementsRegulatory Filings and ComplianceShareholder Meetings

Windar Photonics advances major trials and plans equity raise ahead of lifting share suspension

Positive
Aug 5, 2026

Windar Photonics has secured agreements for two additional product trials with significant wind farm operators in Europe and the U.S., taking the number of live trials and turbines involved to the highest level in the company’s history. These t...

Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings

Windar Photonics Seeks Critical £4m Lifeline After Accounting Irregularities and Order Delays

Negative
Jul 23, 2026

Windar Photonics has called a 7 August general meeting to secure shareholder approval for an equity fundraising of about £4 million, after uncovering accounting irregularities involving roughly €2.8 million of sales to two Chinese distribu...

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.

Date of analysis: Oct 06, 2026