Windar Photonics (WPHO) , a developer of LiDAR equipment for wind turbines, announced its first-half results, with revenues soaring 220% despite impacts from impacted by component shortages and supply chain issues, and with gross profit following suit, up 290% in the period. 

In the first half of the year, revenues hit €1.3 million, compared to €0.4 million in H1 2022. 

This growth was mirrored in the gross profit, which increased by 290% to €0.74, representing a gross margin of 54.9%, with the increase predominantly due to a more favorable product and customer mix.

Its EBITDA loss came in at €0.27 million, an improvement from last year's €0.74 million loss. 

Despite supply chain challenges, its overall production capacity saw a  boost, now ranging from 80 to 100 systems per month. In February the company relocated its China operations to a new facility in Shanghai, better positioned to serve the growing demand from Chinese customers. 

The company successfully completed a test project on a GE 1.6MW platform in North America, showing a 3.2% increase in Annual Energy Production (AEP), primarily due to optimised turbine settings, highlighting the product's effectiveness. 

Given the results, Windar Photonics said it is on track to deliver record-breaking revenue for the company and its maiden profit for 2023. 
 

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Windar Photonics is a leading manufacturer of cost-efficient LiDAR-based optimisation solutions for the global wind energy industry, providing Original Equipment Manufacturers and Independent Power Producers the opportunity to enhance the lifespan and increase the energy production of their wind turbine assets.

The Windar LiDARs are engineered for cost-efficiency, enabling Windar Photonics to provide LiDAR sensors at approximately 80% less cost compared to other manufacturers in the LiDAR industry.

As net zero targets draw closer, the shift towards sustainable energy sources will underpin demand for Windar’s solutions. By using LiDAR technology, Windar Photonics’ WindEYE™ can detect the wind direction accurately and make adjustments to the turbine's yaw control system to ensure that the nacelle is properly aligned with the wind. This correction helps optimise the turbine's performance and increase the Annual Energy Production by 1-4%.

Demand for LiDAR technology is reflected in the projected market growth, which is expected to reach USD$201.2 million by 2028, with a CAGR of 8.1%. 

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