reports
- Nick Spoliar
Windar Photonics (WPHO LN) - Forecasts adjusted on revenue cut off rev...
WPHO continues to progress order conversion for its leading wind turbine optimisation solutions in a variety of geographies ahead of its FY24 results later this month, with major opportunities remaining in the pipeline with new and existing customers. However, yesterday’s announcement (11th June) from the group leads us to adjust revenue and profit expectations for FY24 following a review of revenue cut off timing in the course of the annual audit process. Revenues relating to an order valued at...
- Hybridan Team
Hybridan Small Cap Feast: 11/06/2025
Dish of the day Admissions: None Delistings: Yesterday, Field Sys Designs (AQSE.FSD), left the Aquis Stock Exchange. What’s baking in the oven? Potential** Initial Public Offerings: Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed. A routine themati...
- Hybridan Team
- Jon Levinson
Friday Take Away: 28 March 2025
Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 28th March 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the web...
- Nick Spoliar
Windar Photonics (WPHO LN) - Strong order flow notwithstanding rephasi...
Yesterday’s update from WPHO reflects continuing strong order flow, with double digit revenue growth in FY24 and a strong H1-25E in prospect. Rephasing of contracted deliveries has affected FY24 numbers, with revenues / EBITDA at the lower end of expectations. However, this said, the pipeline is converting well, with (1) the major order announced in December set to contribute to a strong H1 in the current year, (2) progress on converting targets across the board geographically, (3) a third order...
- Hybridan Team
Small Cap Feast
Abingdon Healthcare 7.75p £15.01m (ABDX.L) There are two announcements from this developer, manufacturer and distributor of high quality, rapid diagnostic tests. A contract worth $2m with US based, Find Out From Home LLC, for performance evaluation, regulatory services and clinical testing of four STDs (sexually transmitted disease) tests. It begins this month with an initial purchase order for $350,000. It will enable commercialisation of four lateral flow self-tests for HIV, hepatitis B, hepa...
Hybridan Friday Takeaway - 15 November 2024
Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication APTA Novel Binders SBDS On Target WPHO Chasing Wind Aptamer Group 0.275p £5.3m (APTA.L) Source: Alpha Terminal Aptamer is a life science Company developing custom affinity binders through its proprietary Optimer platform which enables new approaches in therapeutics, diagnostics, and research applications. Aptamers, affinity reagents, have short single-stranded DNA or RNA, which ...
Hybridan Small Cap Feast - 12 November 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 31 October 2024: Winking Studios: the AAA Art Outsourcing and Game De...
- Nick Spoliar
Windar Photonics (WPHO LN) - Contracts slip but big picture remains st...
WPHO’s update this morning highlights significant progress in its market engagement, with advanced discussion ongoing with a range of independent power producers (IPPs). Collectively these represent a potential client-base of approaching 3,000 turbines; and including other geographies, an overall bid pipeline of some €60m is prospective, significantly ahead of previous engagement by the company with the market, and reflecting progress which has been made in the past eighteen months. WPHO is a l...
- Nick Spoliar
Audio Note: Windar Photonics - Scaling up post fund-raise
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Windar Photonics. Following WPHO’s successful £4m April fund-raise, H1 24 results demonstrate continuing rapid scale up, with revenues well ahead YoY and significantly expanded gross margins.
Hybridan Small Cap Feast - 12 September 2024
12th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** Andrada Mining 3.6p £59.5m (ATM.L) The critical...
- Charlie Cullen
Windar Photonics (WPHO LN) - Scaling up post fund-raise
Following WPHO’s successful £4m April fund-raise, H1 24 results this morning demonstrate continuing rapid scale up, with revenues well ahead YoY and significantly expanded gross margins. WPHO is a leading innovator in the field of wind turbine optimisation with unique IP, has qualified its systems on a meaningful range of turbine platforms globally, and notably in the pre-eminent US market. We are encouraged by signs of good momentum in taking its product to market - 71% YoY revenue growth and a...
Hybridan Small Cap Feast - 5 August 24
5th August 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** Clean Invest Africa 0.045p £0.9m (AQSE: CIA) The investmen...
Hybridan Small Cap Feast - 19 July 2024
19th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co...
Hybridan Small Cap Feast - 1 July 2024
1 July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: San Leon Energy (SLE.L) has delisted from AIM Gensource Potash Corporation (GSP.L) has delisted from AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence c...
Hybridan Small Cap Feast - 08 April 2024
* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: European Green Transition (EGT.L) a developer of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition has joined AIM with a successful placing and subscription at a price of 10p per share. The Company has raised approx. £6.46...
Hybridan Small Cap Feast - 22 Feb 24
22st February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
Hybridan Small Cap Feast - 14 Feb 24
14th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
Windar Photonics: 1 director
A director at Windar Photonics bought 1,000,000 shares at 31p and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Anne Margaret Crow
Windar Photonics - Retrofit activity driving growth in the short term
Windar Photonics posted record revenues and got close to EBITDA break-even during FY18. Management expects current customer projects with Vestas and continued demand in Asia to drive further growth in the retrofit segment during FY19. It also expects volume deliveries to OEMS to commence in the near future, but we exclude these from our estimates.
- Anne Margaret Crow
Windar Photonics - Supply chain issues dampen FY18 growth
Windar’s revenues from product sales grew by 80% year-on-year during FY18, enabling it to reduce EBITDA losses from €1.2m to €0.4m. Growth was slower than expected because of supply chain issues. Although these issues have now been resolved, they have a knock-on effect on follow-on orders for FY19, so we reduce our estimates for both forecast years.
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