OXFORD PHOTOVOLTAICS LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 2 in the financial statements, which indicates that the group incurred a net loss of £18,731,740 during the year ended 31 December 2024 and continues to be in a loss-making position. The group and the company will need to raise additional funding to continue as a going concern, and there are no guarantees that attempts to raise additional financing on a timely basis will be successful. As stated in Note 2, these events, or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt about the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 2 in the financial statements, which indicates that the group incurred a net loss of £18,731,740 during the year ended 31 December 2024 and continues to be in a loss-making position. The group and the company will need to raise additional funding to continue as a going concern, and there are no guarantees that attempts to raise additional financing on a timely basis will be successful. As stated in Note 2, these events, or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt about the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. OXFORD PHOTOVOLTAICS LIMITED · parent
   1. Oxford PV Germany GmbH 100% · Germany
   2. Oxford Solar Limited 100% · United Kingdom
   3. Oxford PV Limited 100% · United Kingdom
   4. Oxford Solar Technology Limited 100% · United Kingdom
   5. Solar Materials Technology Limited 100% · United Kingdom
   6. Oxford PV Americas Inc 100% · USA

Significant events

• “In 2024, Oxford Photovoltaics Limited made significant strides in advancing its core technology and transitioning towards commercial operations.”
• “The Group continued to develop full-sized, production-grade perovskite-on-silicon tandem solar cells at its Brandenburg facility in Germany.”
• “This year marked a pivotal milestone with the facility becoming commercially operational and initiating first shipments of cells and modules to pilot customers.”
• “The Group also secured IEC61730 certification for its Generation 1 module product, a critical requirement for its launch utility customer in the United States.”
• “In 2024, the Group attracted investor interest as its new business strategy-including product sales and IP licensing-became better understood.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

2

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -81.4%

  £23,698,004 → £4,397,508

• Net assets

  -38.1%

  £37,225,562 → £23,049,112

• Employees

  +16.4%

  140 → 163

• Operating profit

  -11.7%

  -£12,977,767 → -£14,495,760

• Profit before tax

  -66.9%

  -£12,153,781 → -£20,287,632

• Wages

  +22.1%

  £7,045,450 → £8,604,061

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers