eEnergy PLC (AIM:EAAS) shares traded lower on Monday, after a trading update that revealed delayed revenues.
The trading update, for the five months ended 30 November 2025, described strong demand and an investment-grade pipeline of about £127 million in net revenue - across 996 active projects - but also flagged installation delays and deferred signings.
The solar energy firm said it secured several new contracts and began installations under an expanded programme with Mace, covering around 74 schools. It also said it was awarded a £1.5m solar PV carport contract with Brioche Pasquier and a £0.5m contract with University Hospitals Plymouth NHS Trust through a public sector framework.
The company said installation delays and deferred contract signings mean around £3m–£4m of previously expected FY2025 revenue will now be recognised in H1 2026. As a result, the board expects FY2025 revenue of £23m–£24m, with adjusted EBITDA forecast between £1.5m and £1.9m. For FY2026, guidance has been upgraded to £34m of revenue and £4.5m of adjusted EBITDA.
Harvey Sinclair, chief executive officer of eEnergy, said: “Despite the continued growth in our new sales pipeline, contract signings have been delayed and we are now expecting the majority of the Mace installation and new sales awards to be recognised in H1 2026.”
In London, the share was down 10% on Monday, changing hands at 4p.