Windar Photonics Secures £20M Funding, Reports Record Orders, and Enters Brazilian Market

Record Q1 test orders set up Windar’s 2026 growth story

Windar Photonics has kicked off 2026 with its strongest ever first quarter for new test orders. The company is running, or about to start, ten simultaneous tests across Asia, Europe, Australia and North America. The Independent Power Producers (IPPs) behind these trials collectively operate more than 10,000 turbines, which is a meaningful addressable base if tests convert.

Management expects these programmes to underpin new sales from the second half of 2026. That timing matters because revenue in this sector can be lumpy, often driven by the scheduling of large individual orders. If order timing accelerates, the company notes revenue could be substantially higher than its initial guidance.

2026 guidance: revenue growth and a first step into profitability

For FY 2026, Windar guides to revenue of at least €7.8m, up at least 22% year on year, and Adjusted EBITDA of at least €0.5m. EBITDA is a cash earnings proxy before interest, tax, depreciation and amortisation.

This outlook assumes conversion of 50% of the ten active test orders. Management says that threshold is realistic. The guidance does not include potential revenue from other opportunities being pursued, nor from the upcoming launch of the Turbine Performance Management software – both flagged as upside.

FY 2025 preview: record revenue, smaller losses, solid cash

Subject to audit, Windar expects FY 2025 revenue of €6.4m, up approximately 39% on 2024. The EBITDA loss is expected to narrow by 20% to €0.4m, with year-end net cash of €4.4m as at 31 December 2025. Full-year results are due in May 2026.

Momentum into 2026 is therefore coming off a record 2025 and a strengthened balance sheet.

£20 million Share Subscription Facility with GEM – flexible firepower, with dilution to watch

Windar has agreed a Share Subscription Facility (SSF) with GEM Global Yield LLC SCS for up to £20 million over three years. The company can draw at times of its choosing by issuing new shares to GEM. Pricing for each drawdown will be set at 90% of the average closing bid prices on the London Stock Exchange during the 15 trading days after a draw notice – effectively up to a 10% discount to the post-notice average.

To secure the facility, Windar has issued:

• Warrants over up to 5,500,000 ordinary shares at a £0.75 strike price.
• A £400,000 commitment fee, satisfied by issuing 1,510,004 ordinary shares (the Fee Shares).

Admission of the Fee Shares is expected on 16 April 2026. Post admission, Windar will have 98,236,774 ordinary shares in issue.

My read: the SSF gives Windar optional, relatively quick access to capital to fulfil large orders without running a traditional equity placing process. That is useful when order timing is uncertain. The trade-off is dilution. New shares will be issued when the facility is used, the pricing formula embeds a discount to the market average after a notice, and the warrants add further potential dilution if exercised. Management characterises the company’s current cash position as strong, with the SSF there to ensure capital availability does not constrain conversion of the pipeline.

Brazil distribution partnership with Resolux – a credible route into a growth market

Windar has signed a distribution agreement with Resolux, its first formal route to market in Brazil. Resolux is an established supplier of electrical and mechanical components to major wind turbine manufacturers and has a local presence.

Brazil’s wind sector comprises approximately 9,300 onshore turbines across more than 800 wind farms and is described as one of the world’s most dynamic growth markets. This partnership does not by itself add revenue today, but it opens doors with local counterparties and turbine makers. If the current test programmes convert elsewhere, having a channel into Brazil could become commercially important.

CEO appointment nearing completion

The company says it is in the final stages of agreeing terms with its preferred candidate for CEO. That should remove a governance overhang and help drive commercial execution once confirmed.

Key numbers at a glance

Q1 2026 test programmes	10 simultaneous tests
IPPs’ turbine base involved	More than 10,000 turbines
FY 2026 revenue guidance	At least €7.8m
FY 2026 Adjusted EBITDA	At least €0.5m
Assumed test conversion	50% of ten active tests
FY 2025 revenue (subject to audit)	€6.4m, up ~39% vs 2024
FY 2025 EBITDA	Loss of €0.4m (20% improvement)
Net cash at 31 Dec 2025	€4.4m
Share Subscription Facility size	Up to £20m over three years
Drawdown pricing	90% of 15-day average closing bid after notice
Warrants issued	Up to 5,500,000 at £0.75
Commitment fee	£400,000 via 1,510,004 shares
Shares in issue post admission	98,236,774
Brazil wind market context	~9,300 onshore turbines across 800+ wind farms
Fee Shares admission date	Expected 16 April 2026

What I like, what worries me

Positives

• Commercial traction: ten concurrent tests with IPPs running more than 10,000 turbines is the largest pipeline visibility the company has flagged.
• Growth and profitability path: at least 22% revenue growth and positive Adjusted EBITDA in 2026, with potential upside from software and additional opportunities not in guidance.
• Balance sheet and flexibility: €4.4m net cash at year-end 2025 and a £20m SSF provide funding to execute if orders land.
• Route to Brazil: distribution with Resolux gives access to a large, fast-growing market with established local relationships.

Watch-outs

• Conversion risk: guidance assumes 50% conversion of active tests. If conversion slips or is slower than expected, revenue and EBITDA targets could be pressured.
• Timing sensitivity: revenue can be heavily influenced by the scheduling of large orders, which can help or hurt any single period.
• Dilution mechanics: the SSF involves issuing new shares at up to a 10% discount to a post-notice average, plus 5.5 million warrants at £0.75 and the already issued Fee Shares. Usage should be monitored closely.

What to watch next

• FY 2025 audited results in May 2026 for margin detail and cash flow.
• Updates on the conversion of the ten test orders and the cadence of H2 2026 deliveries.
• Launch and early traction of the Turbine Performance Management software.
• First commercial wins via Resolux in Brazil.
• Formal CEO appointment and any strategic commentary accompanying it.
• Any drawdown notices under the SSF and the resulting share issuance.

Bottom line

This is a materially upbeat update. Record test activity, a clear growth and profitability target for 2026, and added financial flexibility via the GEM facility position Windar to convert its pipeline if customer trials go well. The distribution tie-up in Brazil broadens the opportunity set.

The flip side is execution. Converting trials into orders, managing revenue timing and using the SSF judiciously will determine how much of the potential shows up in reported numbers. For now, the direction of travel is positive, and the milestones to track are well signposted.