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Invinity Energy Systems

IESVF
26
Electrical Equipment & Parts · Industrials
Price
$0.30
+0.00 (+1.23%)
Market Cap
$170.8M
Exchange
Other OTC
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Sep 6, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Weak
Growth
Strong
Cash Flow
Weak
Stability
Data not available
Valuation
Data not available

Share count rising — dilution

+436.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 89.9M (2021) → 482.7M (2025)

§Winston Score History

The full picture

Invinity Energy Systems makes large batteries that store energy for power grids, businesses, and renewable energy projects. Unlike the lithium-ion batteries in phones and cars, Invinity uses vanadium redox flow battery technology, which is better suited for storing energy over longer periods. The company is one of the few publicly traded pure-play vanadium flow battery manufacturers in the world.

Invinity earns revenue by selling its battery systems to utilities, energy developers, and government-backed projects. It is headquartered in the UK with operations in Canada and serves customers mainly across North America and Europe. The company is still in an early commercial stage with negative margins, meaning it spends significantly more than it earns as it scales up production. Growth depends on rising demand for long-duration energy storage tied to the expansion of wind and solar power, but the key risk is whether the company can reach profitability before it needs additional funding.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+134.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-7.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£2M/ year

Declining (-26% vs prior year)

21.8% of revenue

5.4x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

49.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 months

£29M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Invinity Energy Systems is growing revenue at 135% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
-19.3%
Thin — -19.3% gross margin
Profit after running costs
Operating Margin
-167.4%
Losing money on operations — -167.4%
Return on the money invested
ROCE
-38.0%
Weak — -38.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+63.1%
Fast-growing sales (+63.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-399.2%
Burning cash (-399.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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