Windar Photonics PLC (AIM:WPHO) shares fell over 22% in early trading after the provider of wind turbine optimisation technology said revenue growth and earnings improvements would not be as great as expected.
Revenue of between €6.5 million and €6.8 million is expected for the year to 31 December 2025, representing approximately 45% growth year-on-year and a record for the company, but some way from the €9.45 million consensus.
EBITDA is likely to be "neutral" compared with a loss in 2024, reflecting improved gross margins, but well short of the €2.2 million expected.
"Although the FY 2025 turnover will be a record for the company and reflects the considerable potential of the business, it is nonetheless short of our expectations* due to a delay in finalising an order in China with a significant gross value," Windar said.
The China order is now expected to contribute to 2026 results.
Windar said demand for its LiDAR-based wind turbine optimisation technology continues to grow, with installations expected on around 25% of all V82 turbines in North America.
Chief executive Jørgen Korsgaard Jensen said: “Clear commercial interest from both existing and new customers underpins Windar's considerable future potential.”
Strategic developments during the past year included orders for test projects in North America and Germany across major platforms, and the opening of a new facility that increased capacity five-fold, backed by new sales appointments in Europe and North America.
The shares plunged to below 34p in early trading, but were down 13% at 38p after an hour.