Invinity has released a year end trading update and has also announced two new sales agreements totalling 20MWh of Endurium flow batteries. 2025 has ended with evidence of growing momentum with four new agreements announced in the past seven business days. Frustratingly the impact of the timing on concluding a single agreement means revenue and grant income for 2025 will now come in below consensus but we do not think this should mask the progress the company is making as evidenced by the growth in the order book for 2026.
