Business
Update on 2022 Financial Results
Update on 2022 Financial Results.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n\nThe information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n\n \n16 June 2023\nInvinity Energy Systems plc\n \n(\"Invinity\" or the \"Company\")\n \nUpdate on 2022 Financial Results\n \nInvinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, confirms that its full results for the year ended 31 December 2022 will be published by 30 June 2023.\n \nAs part of the audit process, the cost of fulfilling previously signed contracts has been reviewed and the Company is pleased to announce that this is likely to result in a significant reduction in the provision for contract losses which was previously recorded. Therefore, Invinity expects its reported gross margin loss as well as the loss before tax to be materially better than was anticipated.\n \nFurther, subject to final auditor approval, the Company expects to report revenue (including grant income against direct costs) of c.£3.6m in line with the delivery of c.4.3 MWh of products delivered during the year and disclosed in the Project Delivery Update issued on 30 December 2022.\n \nThe significant reduction in the provision for contract losses highlights the reducing cost of delivering the Company's VS3 product and the transition towards achieving positive gross margins as evidenced by all but one of the sales contracts closed since Q4 2022 expecting a positive gross margin. As previously disclosed, this trend is an important step on the path to industry standard gross margins which are expected to be delivered with the launch of the Company's next generation product code-named \"Mistral\".\n \nThe Company can also confirm a cash balance of c.£15.4m as at 31 May 2023.\n \n \n \nStay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here\n \nEnquiries:\n \n\n\n\nInvinity Energy Systems plc\n\n\n+44 (0)20 4551 0361\n\n\n\n\nJonathan Marren, Chief Development Officer and Interim CFO\nJoe Worthington, Director of Communications\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCa...