Equipmake Holdings plc (AQSE:EQIP), a market leader in engineering-driven differentiated electrification technologies, products and solutions across the automotive, truck, bus and speciality vehicle industries, has announced its final audited results for the year ended 31 May 2025.
The FY25 annual report will be made available on the Company’s website shortly and posted to shareholders in the coming days.
Period Highlights
• A challenging, yet transformative year for Equipmake:
o Formal strategic review process with decisive restructuring and refocusing activities, including finishing certain legacy loss-making contracts and a significant reduction in the Group’s cost base.
o Against the backdrop of the challenges the Group faced, revenue reduced to £3.5 million (FY24: £7.3 million as restated).
o The Group previously included grant revenues within the headline revenue number, but the approach has been revised to reflect the Group’s business of selling electrification systems to customers at a profit. Revenue as previously reported reduced to £4.4 million (FY24: £8.1 million) with grant income now being included in Other operating income.
o Total administrative expenses in the year amounted to £8.6 million (FY24 £8.4 million), with the Group’s underlying cash costs reducing to £4.5 million (FY24: £5.5 million). Cost reduction measures undertaken in the year will see a further reduction in FY26.
o Loss before taxation of £10.9 million (FY24: loss of £9.1 million).
o Cash as at 31 May 2025 of £3.9 million (31 May 2024: £2.5 million).
• £5 million strategic investment by Caterpillar on 31 March 2025, together with a development agreement to develop electric drivetrain products and solutions across Caterpillar’s applications.
• Initial zero emission drivetrain order from Agrale S.A., a leading South American bus manufacturer.
• A manufacturing and supply agreement with Textron, a leading global manufacturer of airport ground support vehicles.
• Development agreement with JCB, the British multinational manufacturer renowned for its construction, agriculture, waste handling, and demolition equipment.
• Initial development agreement worth £0.65 million with CorPower Ocean, a wave energy device developer to mainly benefit FY26.
• Further order worth £0.4 million from Gilmour Space Technologies.
• Appointment of Ian Selby as the Company’s new CFO on 4 April 2025.
Post-period Highlights
• Further £5.45 million order from Agrale for drivetrain kits.
• Purchase order worth £0.55 million from Seahorse Amphibious Vehicles Limited, the designer, manufacturer and supplier of amphibious passenger vehicles.
• Appointment of Tim Metcalfe as Equipmake Holdings’ new Non-Executive Chairman on 2 July 2025.
