ITM Power trading in line with healthy cash balance
During the period, revenue reached £7.5 million, in line with projected full-year guidance of £10-18 million. Expected Adjusted EBITDA loss between £22-23.5 million, tracking positively against the lower end of its full-year guidance of £45-55 million.
Net cash at the half-year mark totalled £253.7 million, surpassing the full-year guidance of £175-200 million, despite an outflow of £28.8 million in H1. This reflects significant progress aligning with its 12-month plan. With this performance, ITM Power reaffirms its full-year guidance.
Dennis Schulz, CEO ITM, said: "We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on. The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year.
“We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend. We look forward to providing a detailed update on our 12-month plan which is nearing successful on-time completion in January, and to giving insight into our longer term strategic priorities at the time of our interim results."
View from Vox
ITM Power designs and manufactures electrolyser systems that generate hydrogen gas. The electrolysers are based on Proton Exchange Membrane (PEM) technology, which only uses renewable electricity and water to create green hydrogen. This technology addresses the challenge of intermittent renewable energy generation by enabling efficient energy storage through hydrogen production, ensuring a constant power supply when renewable sources are not available.
ITM announced in July that it would partner with Mott Corporation to further advance its porous transport layers (PTL), which are a key component of proton exchange membrane electrolysis. The benefits that come about from introducing a PTL into the electrolysis system align well with the increasing demands on electrolysers that come about with hydrogen being more readily used as a fuel. For example, improving durability and lifespan, minimising electrode contamination to ensure optimum performance, and lowering the overall cost.
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