Half year revenue (including grants) up by 19% to £2.47m.

Half year revenue from EV components of £253,587, an 80% year-on-year increase.

Improvement in gross margins for repowered vehicles to -47%, from -75% in the full year to May 2024.  Ongoing cost reduction initiatives are expected to deliver further margin improvements in the second half of the year.

Operating losses before exceptionals of £3.95m, (H1 24: loss of £2.97m), in line with expectations.

Bus repowering services have been materially scaled down with ongoing annualised cost saving of about £2m

◦  Bus repowering services provided the Company with an excellent early opportunity to deploy its products into real world, customer-driven environments, showcasing the quality and efficiency of Equipmake's offering.  However, at low volumes it was not possible to generate sustainable gross margins from this business. It has, however, been a strategically important shop window for a higher-margin Drivetrain and EV Components supply business, in a variety of operating domains including public transport, industrial and aerospace.

Significant cost-reduction initiatives including a manufacturing improvements programme and materially lower-cost battery and component sourcing.

Contracted order book1 of £11m as of 9th January 2025.

Raised approximately £3m through a Placing and Subscription in October 2024.

Cash as of 30 November 2024 was £2.04m (30 November 2023: £3.91m).

Achieved further traction in Drivetrain and EV Components Supply to OEM and Tier 1 customers, including:

◦  Argentina's first, domestically manufactured, electric bus which entered operation in Buenos Aires;

◦  An initial order for five Zero Emission Drivetrains ("ZEDs") from South American bus manufacturer Agrale S.A. ("Agrale");

◦  An order from Agrale to supply specialised parts to support the development of a prototype electric/ethanol hybrid lightweight bus; and

◦  Signing a manufacturing and supply agreement for ZEDs with Textron (a Fortune 500 company), a leading global manufacturer of airport ground support vehicles.

Contract secured with leading UK Tour Bus operator, Golden Tours, to repower ten Volvo B5 London tour busses.

Doubled the continuous power output of HTM-3500 motor, reinforcing Equipmake's strong position in the rapidly expanding global market for electrification technology.

Continued discussions with a major automotive supplier in relation to it licencing the Group's functional safety technology and systems integration capability for its commercial vehicle business. It is envisaged this licensing agreement would total $6 million (equivalent to approximately £4.6 million) of milestone payments over two years, as well as future volume-based royalty revenues.

December 2024: Commenced a Strategic Review and Formal Sale Process, as the Company did not have confirmation from the potential licensee, or any other potential licensee, as to when licences currently under negotiation would be entered into, if at all.

December 2024: ZED system approved for bus and coach repowering under the UK Energy Saving Trust's Zero Emission Vehicle Repower Accreditation Scheme ("ZEVRAS").

Jon Beasley will be stepping down from his role as an Independent Non-Executive Director of the Company for personal reasons, effective prior to the Company's Annual General Meeting on 15 January 2025. The Board extends its gratitude to Jon for his contribution over the past two and a half years.