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Windar Photonics

Positive developments during H117

Flash note | Alternative Energy | 22 Sep 2017

Windar’s H117 results show EUR 1.3m revenues for the six-month period ahead of those achieved in the whole of FY16, while the cost base realignment during H216 resulted in a 71% reduction in EBITDA losses to EUR 0.4m. Our estimates and valuation remain suspended until there is more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.

Windar Photonics

Continued strong growth in revenues

Update | Alternative Energy | 01 Oct 2018

H118 has started well with 33% y-o-y jump in revenues taking Windar close to EBITDA breakeven. The distribution agreement with Vestas announced in June should help drive sales to independent power providers (IPPs) globally. However, a shortage of key components in Q218 means the company has issued FY18 revenue guidance of €4.0o4.5m, which is significantly below our previous estimate. We revise our estimates and adjust our indicative valuation from 125p/share to 124p/share.

Windar Photonics

Global distribution agreement with Vestas

Flash note | Alternative Energy | 28 Jun 2018

Windar Photonics has signed a global distribution agreement with wind turbine manufacturer Vestas Wind Systems. Vestas will now be selling and marketing Windar’s two-beam LiDAR system as a retrofit after-sales solution to the wind industry. The agreement is supportive of our estimates, which we leave unchanged.

Windar Photonics

Technology deployments intensifying

Update | Alternative Energy | 31 May 2018

FY17 was a pivotal year for Windar. An order for 300 units towards the year-end helped drive a doubling in revenues and suggests that the wind turbine industry is beginning to adopt its wind measurement technology. We leave our estimates and indicative valuation of 125p/share broadly unchanged, noting the potential for a substantial rise in indicative valuation once management is able to announce that the technology has been designed-in by turbine manufacturers, which is a key catalyst for volume deployment.

Windar Photonics

Harnessing the wind more effectively

Outlook | Alternative Energy | 23 Feb 2018

Windar’s patented low-cost, nacelle-mounted wind measurement system increases wind turbine efficiency and reduces operational wear. This is attractive to independent power producers (IPPs) and wind turbine OEMs as the constant change in power tariffs and government subsidies means there is increased emphasis on minimising the total cost of energy through increasing productivity per turbine and extending turbine life. Windar already has over 250 pilot installations worldwide. We reinstate our estimates, with deliveries now reaching c 5k units in FY20, rather than FY19 previously. The announcement in December of a transformational contract for 300 LiDAR for volume installation on wind parks in China gives greater confidence that the industry is finally beginning to adopt Windar’s proposition of integrating LiDAR into individual wind turbines.

Windar Photonics

Engagement with OEMs intensifying

Flash note | Alternative Energy | 04 Jan 2018

Following the announcement of a transformational contract on 4th December, Windar Photonics issued two announcements later in the month regarding orders related to wind turbine OEMS. Although neither order was of the scale of the earlier transformational contract which was primarily for retrofitting turbines already in the field, they demonstrate the interest OEMs are showing in the technology, which will potentially lead to strong growth in future. We will update our estimates following the pending pre-close trading update.

Windar Photonics

Transformational Chinese contract signed

Flash note | Alternative Energy | 06 Dec 2017

Windar Photonics has received a follow-on order from one of its Chinese distributors for 300 WindEYE LiDAR systems. The first 50 are for delivery this month, the remaining 250 during H118. Management believes that there is potential for significant follow-on orders in H218. The financial details have not been disclosed, but we calculate that this order represents two to three times as many LiDAR systems as were shipped in either FY16 or H117. We will update our estimates shortly.

Windar Photonics

Fundraising to support growth

Flash note | Alternative Energy | 14 Jul 2017

Windar has recently completed a subscription raising GBP 1.25m (gross) at 82p/share. The funds from the placing will be used to support growth during H217. Our estimates and valuation remain suspended until the interims, when there should be more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.

Windar Photonics

Good progress establishing platform for growth

Flash note | Alternative Energy | 27 Jun 2017

During FY16 Windar took some important strategic steps in rolling out its innovative LiDAR: implementing additional functionality to enlarge the addressable market and modifying its sales channels to focus on the IPP market. While y-o-y revenue growth of 26% was lower than management guidance, the results show substantial reductions in the cost-base and lower losses. Management note that recent order wins are likely to result in high double digit revenue growth during H117 and the company approaching EBITDA breakeven. We are withdrawing our estimates and valuation until the interims when there should be more clarity on test programmes converting to sales.

Windar Photonics

Facing headwinds

Update | Alternative Energy | 04 Oct 2016

Windar Photonics' H116 results show that customer engagement is intensifying, but is not translating into revenues at the rate management had hoped for. The company has taken action to reduce cash burn and speed up the sales cycle. Management notes that these delays will affect H216 and FY17, so we have revised our estimates and indicative valuation.

Windar Photonics

Chinese contract win points to future growth

Update | Alternative Energy | 13 Jun 2016

Windar's FY15 results were in line with our forecasts, but lower than the expectations at the time of the IPO in March 2015 because of issues with the distributor in China, which is a key market. These issues appear to have been resolved and we expect renewed activity in China to lead to a ramp-up in sales, beginning in H216. The subscription and factoring arrangement announced in May 2016 remove the funding gap identified in our previous note.

Windar Photonics

Winds of change

Outlook | Alternative Energy | 23 Mar 2016

Windar's innovative low-cost, tower-mounted wind measurement system increases wind turbine efficiency and reduces operational wear. Product roll-out during FY15 was delayed due to problems with the distributor in China, which is a key market. These issues appear to have been resolved, leading to an expected ramp-up in sales beginning in Q216.