Shares in Windar Photonics PLC (AIM:WPHO) fell 15% to 41p after the wind sensor innovator announced a new order from China but warned of supply chain challenges impacting its 2023 revenue projections.
Despite securing a €2.6 million order from an existing Chinese customer for its LiDAR wind sensor, the company expects its 2023 revenue to fall short of the previously forecasted €6.5 million, landing closer to €5.0 million.
Windar, known for its cost-efficient LiDAR technology that enhances electricity generation from wind turbines, also anticipates an additional €1.5 million order from another Chinese client "in the near term".
The AIM-listed company said it remains optimistic about confirming more orders from North America, Australia, and Japan in "early 2024" and stressed that despite the current supply chain difficulties has not lost any orders.
Now expecting to enjoy bolstered 2024 figures from the brightening order outlook, the company said it is expediting its plans to increase production capacity, with the aims of an annual run rate above 2,000 systems by the latter half of 2024.
After the initial fall, the shares pared almost all the losses with the first hour of trading before falling back again to 44p, down 9%.