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Windar Photonics – interims state “encouraging project pipeline”, so why the share price decline?...

Previously writing on Windar Photonics (WPHO), in December I concluded that I retained balance sheet concerns and still on the bargepole list. The shares rose significantly earlier this year but have since fallen significantly back again and are currently a further more than 11% lower, at 16p, on the back of half-year results the company argues show an “encouraging project pipeline”.

EPIC WPHO
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Windar Photonics – emphasises “particularly strong growth in the second half”… so why further share price decline?...

’Technology group that develops cost-efficient and innovative Light Detection and Ranging optimisation systems for use on electricity generating wind turbines’ Windar Photonics (WPHO) has made an “Issue of Equity & Trading Update”. This includes that second half sales are “expected to represent more than four times the value achieved in the first six months of the year and more than double the comparable period in 2019”... So why have the shares currently responded more than 4% lower, to below 11p?...

EPIC WPHO
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Windar Photonics – following delayed 2019 results publication, delayed interims at last published (& guess what)...

Having been apparently unable to publish its 2019 calendar year results until 6:32pm on Friday, today from LiDAR wind sensor company Windar Photonics (WPHO) delayed results for the first half of 2020, though with CEO Jørgen Korsgaard Jensen “very pleased that the company has… managed to reduce the EBITDA loss and substantially improve on operating cash flow performance”. The shares have though responded to 18p, more than 7.5% lower...

EPIC WPHO
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Windar Photonics – again “pleased to announce”... but still for how long is its cash sufficient?

“Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce that it has renegotiated the terms of its Growth Fund borrowing from the Danish public institution, Vaekstfonden”. This following I previously concluding on Windar including Of course, “to strengthen the company's balance sheet” means ‘to currently keep the lights on’ – so I guess it is pleased in that respect! However, with the “challenging… trading conditions… conversion of the sales pipeline into confirmed orders being particularly slow”, will the new cash really be sufficient for long?...

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