ITM Power Reveals Annual Results, Emphasizes Positive Future Despite Increased Loss

• On the Road to Volume Manufacturing and Swift Deployment in the Hydrogen Industry.

ITM Power (AIM:ITM) announces its final results for the year ended 30 April 2023

 HIGHLIGHTS

Final results summary

·Revenue of £5.2m (FY22: £5.6m) significantly ahead of guidance of £2m

·Adjusted EBITDA loss of £94.2m (FY22: £39.8m)* in line with the £85m to £95m guidance

·Net cash at the year end of £283m (FY22: £366m) ahead of guidance of £245m to £270m

* Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in Note 4

 

The financial performance for the year is in line with, or ahead of, the expectations set at the year end trading update on 1 June 2023. Our 12-month plan, including stringent cash control in the second half of the year, led to higher revenue and a stronger balance sheet position compared to the revised guidance.

Strategic update: Good progress made against our 12-month priorities plan

·Product portfolio significantly simplified, concentrating on our core product suite, with mature engineering processes and robust product validation, preparing for manufacturing at scale

·A rigorous approach to capital allocation and cost management, including a significant reduction in headcount enabling us to reinvest faster to professionalise important areas such as engineering and manufacturing

·Debottlenecking fabrication and testing by incremental automation, expansion of our factory in Sheffield, and investment into ITM Power Germany

 

Financial guidance for FY24

·Revenue expected to increase to between £10m and £18m from commercial projects in execution

·Adjusted EBITDA loss improving with growing output/sales and expected to be in the range of £45m to £55m

·Net cash at year end expected to be in the range of £175m to £200m after significant capital investment in capacity expansion, including power supply upgrades

Commenting on the results, CEO Dennis Schulz said:

“I have been at ITM for just over half a year, joining the company at a time of challenging operational and financial performance, and it is encouraging to see the amount of progress we have been making against our 12-month plan laid out in January 2023. The implementation, which is moving at pace, will strengthen our operational and commercial capabilities, and steer a successful path to becoming a highly efficient and reliable volume manufacturing company.

Whilst some revenues related to product deployments have yet to be recognised at customer site acceptance testing, I am very proud that more products have left the ITM factory over the past six months than in the previous 22 years of its history. This is a testament to tangible progress on our transformation journey.

Our technology is state of the art and globally leading. We are deploying our electrolysers for some of the largest and most prominent green hydrogen projects under execution worldwide today. These projects will serve as important reference plants and play a crucial role in building confidence with customers for even larger deployments in the future.

The big demand for green hydrogen lies yet ahead, and ITM will be ready!”

For further information please visit www.itm-power.com or contact:

ITM Power PLC

 

 

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