Friday’s trading update highlighted a sharp drop in booked revenue and a changed outlook. Near term, the timing of sales closures causes a shift in revenues to the right. While interest in the company’s flow batteries remains strong, Invinity has also decided to constrict early revenue on Mistral to allow time to complete the planned cost reduction exercise and drive stronger margins in the long term. This will reduce FY 25 revenues and profitability knocking EBITDA breakeven into FY 26. With cash reserves of £49.2m at 30 June and with strict capital discipline, the company believes it will enter FY 26 with margins sufficient to achieve this breakeven point and thus reach a sustainable position without recall to the equity market.