Windar reports steep sales decline and corrects interim accounting figures

Windar Photonics ($WPHO) reported first-half revenue of approximately €0.4 million, down from €2.7 million, and an EBITDA loss of €2.8 million versus €0.2 million previously. Delayed conversion of opportunities and two major contracts that failed to progress as expected weakened activity. The wind-turbine optimization specialist ended the period with €0.6 million of net debt, compared with €3.2 million of net cash at year-end.

The accounts also revised previously indicated first-half revenue upward by €113,000 after changes to recognition timing, while correcting inventory to €3.1 million from €3.5 million. These adjustments are not evidence of additional customer demand. Recent financing provides resources for recovery, but management is still strengthening controls, resolving a housing-and-seals quality issue and converting its pipeline into orders. The weak interim results should not be obscured by uncontracted sales opportunities.

Sources:

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