A rise into such events is rarely good
More concerning though are funds that carry uk little cap baskets. Some have sunk under price now so it could get broadly woeful on these caps |
I'll have to relisten to the imc presentation, but I got the strong impression that they were building for inventory so as to be able to deliver immediately upon order. There may be some ambiguity about the precise order vs stock situation. |
If I remember we were told that all the stacks in the factory/warehouse photo had been made for orders and none for stock. Further orders for the containerised products should enhance 2025 results as you correctly observe they can be manufactured in just a few months. Capacity reservations or FID announcements for larger projects which could drop into an RNS at anytime could make the ITM share price a bit spikey for a while. |
I think they need some smaller orders to start emptying that warehouse. The 500MW systems are very nice - they make a big publicity splash and are good for the cash flow, but take years to complete as the electrolyser delivery is one of the last steps to operation. And as they don't recognise the revenue until final acceptance, the impact on the accounts is likely to be less than one might expect.
The smaller systems on the other hand can be delivered, paid for, put into service and revenue recognised in potentially just a few months. |
`Having restructured the company in the prior year, we are now capable of delivering at volume.` |
Kind of like itm cooley era... we are ahead of the pack on that front. It's now a case of what materialises.Itm need even a 10mw system order paid for saying they want it ASAP.500mw would be better but anything for the here and now not shrouded in the mist of distant future..Quickly |
There have been a few articles over the last year or so, but as you say - all a bit nebulous.
From last week :-
I mentioned earlier that Dr Cooley has upped his stake in DIS, who were/are looking at a distillery.
On edit -: certainly no investment advice given in that regards!! |
Today is the first time I have heard Dennis mention distilleries.
A number of distillery projects are active, some in HUR funding, but I have not found named electrolyser providers. These are not massive scale projects but I can see how our ‘off the shelf’ fixed price’ units could be attractive. As mentioned them I assume that we have been/still are involved in bidding. |
Good luck with those prices |
Presentation is with Investor meet company. Sign up to them as its worth while...no cost involved. |
Plug got itself into a right mess with fixed fee/quantity refueling contracts. Then having to buy hydrogen in the open market.ITM can just concentrate on building and delivering MWs. |
For anyone who missed it :- |
Shorties are positioning to sell st 45-50p range. |
Waiting on some photos from Plug regarding factory space and electrolyser units already built. Been promised them but still waiting after 2 weeks. Also seen 3 -4 other electrolyser manufacturers on LinkedIn with empty factories and no equipment saying they have 1gw capacity 😂😂😂😂 |
Focus on cost, quality and committed production slots seems in a way the way the German industry (cars, white goods MIELE etc)has become so successful. Dennis has brought strong discipline to company and maybe this is paying off - its all in place to become successful fiscally; assuming the technology is up there with the best. So good product's and well managed production sees it based for a good slice of what seems to be a huge market. |
Barnes
I suppose it depends on what happens over next 6 months with new orders coming in and if they receive any further pre orders.
As Dennis indicated enquiries are more than he has ever seen in any company he has worked for and Linde must have had multiple enquires while he was there. |
Graham
That is the same for any business
Just not happening fast enough hence the short sellers |
Sounds like they just need orders plant and staff ready to rock and roll. |
Presentation didn't seem to have positive effect to underpin the share price |
It was live on the investor meet platform; recording will be uploaded at some point. |
What I liked best and had under-appreciated is how stringent the DD is on the customers requesting reservations - it makes the 500MW much more solid than it might appear.
All in all, a top-class presentation from what is clearly a highly competent and conservative management team. |
Where is the presentation |
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