Ampeak Energy Limited, the tidal and battery storage developer, reported interim results on 23 September 2026 showing lower revenue, a loss and rising borrowings as it builds its AW1 battery project. A non-executive director then bought shares on 5 October 2026, announced the next day. The company is listed on AIM and is a constituent of the FTSE AIM All Share Index.

For the six months to 30 June 2026, Revenue was £2.2m against £3.5m, and loss before tax was £4.7m against £4.6m. Cash fell to £3.6m from £8.1m at the end of 2025, while loans and borrowings rose to £99.8m from £85.3m, mainly because of drawdowns for AW1. Net Assets were £3.6m against £6.8m. Figures are drawn from an AI-generated summary of the announcement.

What Ampeak does

The company describes itself as a developer, owner and operator of sustainable energy projects. It owns the MeyGen tidal stream array in Scotland and is converting the Uskmouth site into a battery storage park, with AW1 under construction.

Tidal output and revenue

MeyGen generated 4.4 GWh, down from 7.9 GWh in the first half of 2025, after offshore works and the return of one turbine to shore for servicing. Three turbines ran during the period. MeyGen electricity sales accounted for £2.0m of revenue. Operating costs fell to £3.7m from £4.6m, partly because the prior period included a non-recurring £0.8m land sale adjustment.

Funding and going concern

The board says further funding is still needed. Management expects the sale of a 24.7% stake in AW1 Storage Holdings to JB Energy, for £7.8m and received on 1 September 2026, together with new funding, to cover Working Capital through 31 December 2027. Risks noted include a £3.8m parent guarantee to Scottish Enterprise and the possible repayment of £4.1m of historical grants. The company plans to expand AW1 from two hours to four hours of capacity after completion, while connection timelines for AW2 and Mey BESS are uncertain because of National Grid connections reform.

Leadership and director dealings

On 23 September 2026 the company announced that chief executive Graham Reid will retire on 4 January 2027, remaining on the board as a non-executive director, with chief operating officer David Taaffe set to succeed him. One detail in the summary of that announcement appeared inconsistent with the rest, so the terms should be checked in the original notice.

On 5 October 2026, non-executive director John Woodley bought 500,000 shares in two equal tranches at 2.00p and 1.95p, a weighted average of 1.975p. His holding became 1,000,000 shares, or 0.138% of the issued share capital. Director purchases are information, not a forecast of performance.

Sector and index context

Tidal power and grid-scale batteries are capital-intensive, and returns depend on grid access, regulation and financing costs. Share prices for such companies can be sensitive to financing news.

Key risks

Rising debt, thin cash, dependence on further funding, turbine availability and delays in grid connections are the main risks identified by the company's own figures.

What to watch next

Investors will watch AW1 construction progress, the new funding the board has said is needed, MeyGen turbine availability, and the handover to the new chief executive in January 2027.

Reading the balance sheet

Borrowings of £99.8m set against net assets of £3.6m show how heavily the company relies on Debt to build projects. Assets under construction produce no income until they are connected, so the timetable matters as much as the cost. Investors usually test whether the funding already secured is enough to reach that point.