reports
- Nick Spoliar
Windar Photonics (WPHO LN) - Site visit highlights new platform and ma...
We recently visited WPHO’s new operation at Ishøj, near Copenhagen, providing a close-up view of WPHO’s notable progress as it moves up a gear on multiple levels, ranging from production to management and technology. WPHO is a global leader in wind turbine efficiency optimisation, with unique IP concentrated both on its innovative LIDAR systems and in its proprietary software. On the production front, capacity has already increased significantly as a result of the move to a larger site and has t...
- Nick Spoliar
Audio Note: Windar Photonics – FY25E cover building well; enhanced pla...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Windar Photonics. Today’s H1 results announcement from WPHO highlights confidence in the full year, with as much as two thirds of our FY25 forecast accomplished in H1 or inked in through contracted orders.
- Hybridan Team
Hybridan Small Cap Feast: 15/09/2025
15th September 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: None Delistings: Henderson International Income Trust (HINT.L) left the...
- Nick Spoliar
Windar Photonics (WPHO LN) - FY25E cover building well; enhanced platf...
Today’s H1 results announcement from WPHO highlights confidence in the full year, with as much as two thirds of our FY25 forecast accomplished in H1 or inked in through contracted orders. WPHO is a global leader in wind turbine efficiency optimisation, with unique IP concentrated both on its innovative LIDAR systems and in its proprietary software. Revenues are up strongly; and the post-tax loss has been pared back on a currency adjusted basis, while the company has also materially enhanced mark...
- Nick Spoliar
Audio Note: Windar Photonics - Contract win, new site, key hires spell...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Windar Photonics. Last week’s announcement by Windar Photonics of a $2.6m contract win with a US customer reflects burgeoning momentum for WPHO in North America, demonstrating that the company has overcome negatives such as tariffs and changes to tax credits; and is seeing growing demand for its products within a healthy bid pipeline. The announcement of senior sales appointments is further evidence for the growing platf...
- Nick Spoliar
Windar Photonics (WPHO LN) - New contract win affirms growth momentum...
This morning’s announcement of a $2.6m contract win with a US customer reflects burgeoning momentum for WPHO in North America, offering further encouraging evidence that the company has overcome negatives such as tariffs and changes to tax credits; and is seeing growing demand for its products. WPHO is a global leader in wind turbine efficiency optimisation, with unique IP concentrated both on its innovative LIDAR systems and in its proprietary software. The win comes at a time when a number of ...
- Nick Spoliar
Windar Photonics (WPHO LN) - AGM update reflects continuing progress -...
Coming four weeks after an inline set of final results, WPHO’s AGM update this morning reflects continuing momentum, in a year which is set to demonstrate significant progress YoY. Through its LIDAR and software products alike, WPHO remains a leading pioneer in the optimisation of wind turbine efficiency, with unique IP in that area; and its systems are qualified on a wide range of platforms going well beyond the Vestas V82 turbines which have been a mainstay of the business. In H1, the compan...
- Nick Spoliar
Audio Note: Windar Photonics - Continuing to convert targets, progress...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Windar Photonics. Results from WPHO reflect continuing strong order flow, with results aligned to the prior year as announced previously; but this cannot hide significant underlying progress, with new customer wins in North America and continuing progress well beyond the company’s original V82 turbine heartland.
- Hybridan Team
- Jon Levinson
Friday Take Away: 4 July 2025
4th July 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 websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement. Cautious expectations may prove the best policy for growth in the longer term ALT University Challenge WPHO Revenue Tacking Altitude Group 24.5p £17.9...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 02/07/2025
* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and Closing Price on prior day to Publication. Dish of the day Admissions: Today, none. Yesterday, Elixirr International (ELIX.L) transferred from the AIM to Main Market. Delistings: Today, Aquis Exchange (AQX.L) and Kinovo (KINO.L) delisted from AIM. Yesterday, Invinity Energ...
- Nick Spoliar
Windar Photonics (WPHO LN) - Continuing to convert targets, progress o...
Yesterday’s results from WPHO reflect continuing strong order flow, with results aligned to the prior year as announced previously; but this cannot hide significant underlying progress, with new customer wins in North America and continuing progress well beyond the company’s original V82 turbine heartland. As a leading innovator in the field of wind turbine optimisation, with unique IP in that area, WPHO has qualified its systems on a meaningful range of turbine platforms globally, while its cap...
- 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.
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