 Commenting on the results, CEO Dennis Schulz said: "My first full financial year at ITM has seen the company make significant progress. We completed our 12-month plan and transformed ITM into a credible delivery organisation. Today, we have a focussed and highly competitive portfolio of products, all utilising the same market-leading stack technology which we can deploy into projects of any size and into almost every region of the world.
We also have achieved a shift in culture of doing things right the first time, and prioritising quality over quantity, which is becoming increasingly evident in our day-to-day operations. As a result, EBITDA losses in the financial year decreased to one third of the previous year, whilst we were able to grow revenues threefold. We now have a disciplined approach to the use of our capital, which is reflected in our year-end net cash position.
On the technology side, we are at the forefront globally, and we are deploying our electrolysers into some of the largest and most prestigious green hydrogen plants under construction worldwide. Our growing base of reference plants and operational field data helps us to convince new customers of our capabilities, as will the large-scale projects we are currently executing.
Today, ITM is significantly more capable than the company has ever been. We have gained control over what we can control. Our path to profitability is no longer a question of capability, but now a question of volume of customer orders. The foundations we have laid will enable ITM to build long-term value, allowing us to invest for growth and drive attractive returns for our shareholders.
In the meantime, our sales pipeline has been growing strongly, also backed by an increasingly positive regulatory landscape, which makes me optimistic about what lies ahead for ITM and our industry.
We are ready. Now we need more customers to take FIDs." |
Financial results summary
· Revenue £16.5m (FY23: £5.2m) in line with the £10m to £18m guidance, a more than threefold increase year-on-year
· Adjusted EBITDA* loss £30.4m (FY23: £94.2m) well ahead of the £45m to £50m guidance, reduced to less than one third of the previous year
· Net cash at the year-end of £230m (FY23: £283m) ahead of guidance of £200m to £220m, allowing us to conclude the year with a strong balance sheet
Operational highlights
· 12-month plan successfully completed:
o Product portfolio narrowed for standardisation and volume manufacturing
o Greater capital discipline, cost reduction, and improved processes achieved
o Manufacturing, supply chain and testing debottlenecked, automation deepened
· Yara 24MW plant inaugurated in June 2024 and now the biggest PEM electrolyser in Europe
· Signed capacity reservation with major industrial customer for 500MW
· Shell REFHYNE II contract signed in August 2024 for 100MW
· Operational data from reference plants confirming market-leading stack and wider product performance
· 20MW POSEIDON module and 5MW NEPTUNE V plug & play electrolyser products launched in the year, both very well received by customers
· Positive regulatory developments stimulating customer demand (see CEO report)
Strategic priorities
Strategic priorities defined, reflecting the balance between expected long-term and near-term development of the market, necessitating readiness and flexibility, whilst maintaining a strong balance sheet:
· Remain at the forefront of technology, product and delivery credibility
· Scale operations whilst retaining flexibility and conserving cash
· Grow global footprint and reach whilst staying adaptable
Financial guidance for FY25
We start the new financial year in a strong position, and with a sales pipeline that has grown very strongly. Our operational near-term focus is on executing existing and securing new customer projects.
· Revenue expected between £18m and £22m
o In TRIDENT contracts, revenue recognition is dependent on the site activities of the EPC integrator and/or end customer, outside of our control. As such, the value created in the year remains in WIP before being recognised as revenue at a later point. Without customer delays, the revenue guidance would have been in the range of £35m to £40m, with the delta being deferred into future periods.
· Adjusted EBITDA loss expected to be in the range of £35m to £40m
o Having restructured the company in the prior year, we are now capable of delivering at volume. Remaining EBITDA losses are a function of factory loading and fixed cost (under-)absorption.
· Net cash at year-end is expected to be in the range of £160m to £175m
o Capex for the year is expected to be in the range of £15m to £20m, as we continue to invest in R&D, product development and our manufacturing capabilities.
* Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in Note 4 |
I reckon it will be down again in the morning..hope so ;)) |
Didn't even look at it tbh
No interest until 20s
Great trading stock though. Get why u are here a lot |
The latest contract that was recently signed is obviously priced in at current share price movements. |
20s coming dude. Obviously not giving a trade price of today |
Looks to fin8sh 57p |
Many people can charge from home, journeys are local, and even slightly longer one`s you can do there and back without charging...They don't need a charger network..I can easily do south coast to London and back without a charge... But agreed the infrastructure is not there yet for people doing longer journeys daily - EG white van man and people doing large commutes.
One of the things I learnt early on is that I didn't need a `fast` EV charger at home either...I just trickle charge @ 2 Kw per hour using a normal plug....Most of the time from solar...In the winter I charge at night at the cheaper rate. |
Buy where there's fear |
Went from Clare to Ruislip took much longer than first suggested on sat nav some three hours fifty. So glad the car is hybrid still need petrol. |
I wasn't being greedy yesterday to sell at 57.75p. ;)) |
SK re 32800 - "no petrol/diesel by 2030--" Drove round A406 on Friday and got stuck on a 4 hour trip from Suffolk to Richmond, which on best time is 2 hours. Just thinking as I got stuck in the almost continual queues how much electricity would be needed if all the cars were electric (*). What's missing in the Government drive to 2030 is the demand on the grid for all electric, coupled with that is the view that AI will drive demand massively - and that's on top of the current demand. So I suspect, particularly as there is an election around 2028 the 2030 target will just be moved back. Its all snakeoil and its ultimately the numbers that mean its an absurd policy or not - the huge number of vehicles on UK roads suggest its absurd. The people need honesty not marketing for net zero; and of course choice, these mandates are the tool of the dictator.
ITM seesm, to have a good market (such as the SHELL contract) independent of the 2030 target.
* I guess in drive mode 50 - 100kw, although I guess not much in queue unless aircon on. |
A reminder :-
ITM can confirm that Preliminary Results for the twelve months ended 30 April 2024 will be announced on Thursday, 15 August 2024.
Dennis Schulz, CEO, Simon Bourne, CTO, and Andy Allen, CFO, will present to analysts and investors on that date at 9:00am.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard until 9:00am on 14 August 2024, or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ITM POWER PLC via: |
Here are challenging thought.
Plug made money through a forklift fueling deal with Amazon and some Wall street acrobatics, with a fast one with South Korea. Will it give up PEM electrolysers?
Will BP and other Oil companies follow Shell and come on board for their refineries
Will we see 100p this calendar year? |
Make of this what you will :- |
Seems good news for ITM rubs off on Plug Power. Unfortunately bad news for Plug affects ITM. Markets have to realise ITM are in a different league to Plug. |
Just for information Shell Rotterdam is not ITM. |
https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2022/shell-to-start-building-europes-largest-renewable-hydrogen-plant.html |
https://finance.yahoo.com/news/shell-plc-shel-emerges-key-091217717.html |
Military posture. |
""The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time" said Henry Ford some 100 years ago, while Sun Tzu laid a foundation to this almost 2500 years ago stating that most wars are won well before they start. Do your own research and remember that empty casks make the most sound."
This guy gets it. |
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