IES has reported FY 2025 total revenue, including project grants up 255% YoY from £5.0m to £17.8m (VSA Forecast £17.0m). IES shipped 24.9MWhH Vanadium Flow Battery shipments which increased from 7.3MWh and the Company secured £9.1m in project grants from the Copwood project. The Adjusted EBITDA loss increased 7% YoY to £20.6m (VSA Forecast £19.3m) as the Company continued to invest. On cash, the operating outflow improved materially to £15.4m from £24.9m, offset by higher investing outflows of £ ....
