Windar Photonics (WPHO) AI Stock Analysis

• Market Cap: £39.99M
• Dividend Yield: N/A
• Average Volume (3M): 94.16K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: -14.81%
• EPS Growth: -1362.50%
• Country: UK
• Employees: 29
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): N/A
• Shares Outstanding: 96,367,830
• 10 Day Avg. Volume: 137,233
• 30 Day Avg. Volume: 94,163
• PEG Ratio: -0.20
• Price to Book (P/B): 5.27
• Price to Sales (P/S): 12.65
• P/FCF Ratio: -14.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: 38.00p ▼(-12.64% Downside)

Windar Photonics' overall stock score is primarily impacted by its weak financial performance and bearish technical indicators. The company's negative valuation metrics further contribute to the low score. While recent corporate events show positive strategic moves, they are not sufficient to offset the significant financial and technical challenges.

Positive Factors

Strong cash and equity base

Improved cash reserves and higher equity provide a durable financial buffer that supports R&D, inventory build and working capital for scaling production. This stability reduces immediate refinancing pressure and gives management time to execute commercial expansion strategies.

Leading, specialized product offering

A focused product portfolio—wind lidar systems—creates a defensible niche in turbine optimization and resource assessment. Structural demand from global renewable buildouts sustains long-term addressable market and recurring service opportunities tied to hardware deployments.

Proactive commercial expansion and hires

Targeted sales hires and reported market expansion signal management is actively building go-to-market capacity. Strengthening commercial resources can convert pipeline into durable recurring revenue and improve scale economics over the coming quarters if execution maintains momentum.

Negative Factors

Inconsistent and declining revenue

Declining top-line and inconsistent revenue trends undermine scale benefits and make gross margin leverage harder to realize. Persistent revenue contraction weakens cash generation, pressures operating margins and raises the bar for achieving sustainable profitability.

Negative operating and free cash flow

Ongoing negative operating and free cash flow force reliance on external financing to fund operations and capex. This reduces financial flexibility, risks dilution or higher interest costs, and constrains sustained investment in product development and manufacturing scale.

High leverage / reliance on debt financing

Elevated leverage increases fixed financial obligations and vulnerability to sales volatility. If revenue recovery lags, servicing debt burdens margins and limits strategic options, making deleveraging or refinancing a potential multi-quarter headwind to capital allocation.

Windar Photonics Business Overview & Revenue Model

Company Description

Windar Photonics PLC, through its subsidiaries, develops and sells light detection and ranging sensors, and associated products for use on electricity generating wind turbines in Europe, China, and rest of Asia. It offers WindEYE and WindVISION sensors, which measure wind speed by scanning a laser beam ahead of the wind turbines. The company also provides WindTIMIZER that works as a mediator between the WindEYE and the wind turbine controller; and retrofit control system. The company was incorporated in 2014 and is based in London, the United Kingdom.

How the Company Makes Money

Windar Photonics generates revenue primarily through the sale of its lidar systems and associated services to wind farm operators and developers. The company's revenue model includes direct sales of hardware, as well as ongoing revenue from maintenance and support contracts. Additionally, Windar may engage in partnerships with other renewable energy companies and research institutions to develop bespoke solutions, which can also contribute to its earnings. The increasing global demand for renewable energy solutions and the need for more efficient wind energy generation present significant opportunities for revenue growth through both new customer acquisition and expansion within existing markets.

Windar Photonics Financial Statement Overview

Summary

Windar Photonics faces significant financial headwinds with inconsistent revenue growth and negative profitability margins. While there are improvements in cash reserves and equity, operational inefficiencies and reliance on debt financing pose ongoing challenges.

Income Statement

Windar Photonics has shown inconsistent revenue growth with a significant decline from 2023 to 2024. The company maintained a gross profit margin, but negative EBIT and net profit margins highlight ongoing operational inefficiencies and profitability challenges.

Balance Sheet

The balance sheet reflects a strong cash position and increased equity in 2024, indicating improved financial stability. However, the company has a high debt-to-equity ratio, suggesting reliance on debt financing, which could pose risks if not managed properly.

Cash Flow

Negative free cash flow and operating cash flow indicate liquidity challenges. Despite substantial financing cash inflows in 2024, the cash generated is not sufficient to cover operational needs, which is a concern for sustainable operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.98M	4.56M	4.77M	1.85M	551.53K	1.33M
Gross Profit	2.86M	2.57M	2.41M	946.61K	446.21K	701.37K
EBITDA	-942.25K	-707.76K	67.19K	-968.08K	-981.14K	-1.16M
Net Income	-1.34M	-906.19K	-182.52K	-1.08M	-1.13M	-1.34M
Balance Sheet
Total Assets	13.09M	15.64M	3.60M	4.29M	3.41M	3.44M
Cash, Cash Equivalents and Short-Term Investments	6.03M	7.07M	152.18K	1.40M	40.55K	626.36K
Total Debt	1.19M	1.43M	1.88M	1.85M	1.74M	1.74M
Total Liabilities	2.79M	4.69M	3.34M	3.95M	4.17M	3.00M
Stockholders Equity	10.31M	10.95M	264.92K	341.12K	-757.38K	441.38K
Cash Flow
Free Cash Flow	-2.09M	-3.99M	-1.13M	-470.99K	-1.05M	-1.04M
Operating Cash Flow	-1.62M	-3.14M	-380.18K	-363.54K	-394.10K	-1.04M
Investing Cash Flow	-889.56K	-820.62K	-582.97K	-283.98K	-243.91K	-299.10K
Financing Cash Flow	5.79M	10.89M	-288.35K	2.01M	28.83K	1.20M

Windar Photonics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 43.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:WPHO, the sentiment is Negative. The current price of 43.5 is below the 20-day moving average (MA) of 46.55, below the 50-day MA of 45.80, and below the 200-day MA of 52.71, indicating a bearish trend. The MACD of -1.11 indicates Positive momentum. The RSI at 29.50 is Positive, neither overbought nor oversold. The STOCH value of 16.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:WPHO.

Windar Photonics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RSW	74 Outperform	£2.67B	32.09	9.15%	2.12%	3.15%	-13.57%
KMK	73 Outperform	£66.16M	5.21	7.39%	―	36.61%	―
JDG	69 Neutral	£339.68M	30.20	12.24%	1.89%	5.46%	-26.44%
GHH	67 Neutral	£196.52M	55.68	3.13%	2.19%	10.66%	21.19%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
LST	52 Neutral	£11.99M	―	―	―	―	―
WPHO	39 Underperform	£39.99M	-35.47	-17.36%	―	-14.81%	-1362.50%

Windar Photonics Corporate Events

Windar Photonics Director Restructures Shareholding Via Family Trust Transfer

Windar Photonics has disclosed that non-executive director Paul Hodges has transferred 769,310 ordinary shares in the company to a trust established for the benefit of a family member, at a price of £0.50 per share, in a transaction classified under UK Market Abuse Regulation as a PDMR dealing. Although Hodges has no beneficial interest in the trust, he remains a trustee, and following the transfer his combined beneficial and non-beneficial holding stands at 2,832,276 shares, representing 2.94% of Windar’s issued share capital, signalling a reorganisation of his shareholding rather than an exit from his exposure to the company.

The most recent analyst rating on (GB:WPHO) stock is a Sell with a £43.00 price target. To see the full list of analyst forecasts on Windar Photonics stock, see the GB:WPHO Stock Forecast page.

Windar Photonics CEO Steps Down as Board Affirms Growth Outlook

Windar Photonics has announced that founder and Chief Executive Officer Jørgen Korsgaard Jensen has stepped down from the Board and his CEO role with immediate effect. Non-Executive Chairman David Lis has been appointed Interim Executive Chairman to lead the search for a new CEO, while Chief Financial Officer Søren Belmar will permanently assume additional responsibilities as Chief Operating Officer. The Board emphasized that, following substantial investment in sales capability and manufacturing capacity during 2025 and the securing of new test project orders in North America and Germany, the company’s trading position and growth trajectory remain unchanged and positive heading into 2026, aiming to scale the business under new leadership without disrupting its current momentum.

The most recent analyst rating on (GB:WPHO) stock is a Sell with a £43.00 price target. To see the full list of analyst forecasts on Windar Photonics stock, see the GB:WPHO Stock Forecast page.

Windar Photonics Hits Record 2025 Sales but Misses Forecasts as Key China Order Slips to 2026

Windar Photonics expects to report record 2025 revenue of €6.5m–€6.8m, about 45% higher than 2024, with improved margins bringing EBITDA to break-even, although sales will fall short of market expectations due to a delayed, high-value Chinese order now pushed into 2026. Management has accelerated the company’s scale-up by opening a new manufacturing facility that expands capacity five-fold, securing new test projects on major turbine platforms in North America and Germany, strengthening its sales leadership and advisory board, and achieving penetration on roughly a quarter of all V82 turbines in North America, moves that position the business for further growth in 2026 despite near-term sensitivity to large individual orders.

The most recent analyst rating on (GB:WPHO) stock is a Sell with a £43.00 price target. To see the full list of analyst forecasts on Windar Photonics stock, see the GB:WPHO Stock Forecast page.

Windar Photonics Appoints Zeus Capital as Adviser and Broker

Windar Photonics PLC has announced the appointment of Zeus Capital Limited as its Nominated Adviser and Sole Broker. This strategic move is expected to enhance the company’s market positioning and operational efficiency, potentially benefiting stakeholders by providing improved advisory and brokerage services.

The most recent analyst rating on (GB:WPHO) stock is a Sell with a £43.00 price target. To see the full list of analyst forecasts on Windar Photonics stock, see the GB:WPHO Stock Forecast page.