Itm Power Share Discussion Threads

[moontheloon] 31/1/2023 07:30

Only good thing I can see if Shultz's words. But as yet they are exactly that. See what happens in this 12 months . He's on a winner cos this cant get any worse and he will coming off a very low base

[moontheloon] 31/1/2023 07:24

Lol. Ok. Might see some shorts hit their targets today. .. flush out move on .

[skinny] 31/1/2023 07:22

Moontheloon - it was tongue in cheek(ish) - this now epitomises everything that is wrong with AIM - rotten to the core.

[moontheloon] 31/1/2023 07:21

Those big trades recently will have been rats given the heads up to leave the ship

[moontheloon] 31/1/2023 07:20

Can't comment on this without it appearing like a de ramp. I'm disgusted and hope I helped sway anyone to avoid the damage and get in on the cheap. This is the last of Cooleys doing . Might get some positives at some point in the next year... Meanwhile we going to get panned. Unfortunately. Bet you didn't expect that low and for FY??

[scepticalinvestor] 31/1/2023 07:19

Oh dear, can it get any worse?Utter bargepole

[moontheloon] 31/1/2023 07:17

The market will look at the figures initially. They confirmed another 100mw for which they might get paid in 2030. Is that it? The 10mw being deployed ... Deployed in factory or complete with manufacturing issues resolved ?

[skinny] 31/1/2023 07:16

Moontheloon - anyone would think you are deramping!

[folderboy] 31/1/2023 07:15

Good points? I better read that RNS again . . . good points?!?

[mj10] 31/1/2023 07:13

you have omitted the good points

[ken chung] 31/1/2023 07:13

Revenue £2mLoss £54mWorthless.Lemmings and mushrooms only.

[moontheloon] 31/1/2023 07:12

OMG. You see why the shorters were piling in. Happy to be out, see where we land today. Financial guidance for FY23   --    As previously announced, materially changing earlier guidance-- Full-year revenue now expected to be c.GBP2m with further revenue deferred into the next financial year   --    Adjusted EBITDA loss expected to be in the range of GBP85m to GBP95m   --    Net cash at year-end expected to be in the range of GBP245m to GBP270m

[moontheloon] 31/1/2023 07:07

It's bad business decisions re 2nd factory growth, pulling back and changing untested offering half way through. Some gross director misconduct. 54m to create 2m

[moontheloon] 31/1/2023 07:04

Oof. Really says it all. Didn't expect lower than last year. Cooley needs to drop on his sword again ! Chairman should resign. -- Revenue GBP2.0m (H122: GBP4.2m) -- Adjusted EBITDA loss GBP54.1m (H122: GBP12.9m) * -- Net cash at the end of the H123 of GBP317.7m (H122: GBP164.2m) -- Majority of Leuna project revenue deferred due to delays and changed

[folderboy] 31/1/2023 07:04

Good grief.

[skinny] 31/1/2023 07:01

Interim Results for the Six Months to 31 October 2022 and Strategic Update

Interim results summary

-- Revenue GBP2.0m (H122: GBP4.2m)
-- Adjusted EBITDA loss GBP54.1m (H122: GBP12.9m) *
-- Net cash at the end of the H123 of GBP317.7m (H122: GBP164.2m)
-- Majority of Leuna project revenue deferred due to delays and changed delivery model
* Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in the Note 3

Two 100 MW contracts signed with Linde Engineering

-- Largest PEM electrolyser under execution in the world today
-- Deploying the new Linde / ITM Power 10 MW standard modules based on state-of-the-art 3MEP 30bar stacks

-- To be installed at RWE's site in Lingen, Germany
Strategic update: 12-month priorities to solidify our foundations for growth

-- Concentrating our portfolio on a core product suite, with robust product validation, and preparing for manufacturing at scale

-- A rigorous approach to capital allocation and cost management, including a headcount reduction equating to a 30% (GBP9m) annualised saving on personnel cost, professionalising engineering and manufacturing, and increasing control over spend

-- Plans for future testing capacity and incremental automation, improving cycle times, volume output and build quality

Agreement with Vitol to review strategic options for their joint venture Motive Fuels Ltd

-- Options to be considered by the shareholders range from the sale of the business to discontinuing activities, and are subject to appropriate consultation

-- This is intended to save ITM Power c.GBP28m to be rerouted to our core business
Financial guidance for FY23

-- As previously announced, materially changing earlier guidance
-- Full-year revenue now expected to be c.GBP2m with further revenue deferred into the next financial year

-- Adjusted EBITDA loss expected to be in the range of GBP85m to GBP95m
-- Net cash at year-end expected to be in the range of GBP245m to GBP270m
Board change

-- Dr Rachel Smith to step down from the Board of Directors from 1 February 2023 and assume a new role in the Company

Sir Roger Bone, Chairman, said: "We raised capital to pursue an expansion strategy and in doing so underestimated the competencies and capabilities required to scale up and to transition from an R&D company to a volume manufacturer. As a consequence, we set unrealistic targets for project completion. This has produced an unacceptable financial performance.

"We have acted swiftly by appointing Dennis as our new CEO. During his 2 months at ITM, Dennis has developed a 12-month plan which lays out the underlying challenges of the business as well as the solutions which we will put into place. I have no doubt that the immediate actions being taken will provide strong foundations for the future which will enable ITM to move into its next phase of development and to play a leading role in the journey to net zero.

"On a separate note, Dr Rachel Smith will step down from the Board on 1 February. With her knowledge, expertise and passion for the Company, Rachel has been pivotal in the delivery of several key strategic projects for a number of years. On behalf of the Board, I would like to thank Rachel for her continued commitment to ITM as she works with the Company in her new role."

Dennis Schulz, CEO, said: "As a former customer of ITM, I had a good understanding of the company's situation before I took on the challenge of leading its transformation. Prior to committing myself, I questioned:

1. Does ITM have a cutting-edge electrolyser technology with the potential to outperform its competitors?

2. Does ITM have a strong enough balance sheet to support the necessary strategic and operational changes required to strengthen the company's foundations?

3. Does the market give us the time window needed to solve the growing pains ITM is encountering?

"In answer, I am confident these crucial preconditions are met.

"Having worked in close partnership with ITM, and selectively with competitors, I am convinced that ITM's technology can outperform the competition. However, product focus must be narrowed significantly. Our balance sheet is robust, but we need a much more rigorous approach to managing cost. This requires scrutinising every aspect of the business for cost saving potential, and it will make difficult decisions necessary. One of those is the need to streamline our organisation via a headcount reduction programme.

"We need to transform ITM from an R&D culture company to a professional and credible delivery organisation ready for volume manufacturing - sustainably growing into a profitable business. Most issues today arise from immature engineering processes, which materialise during manufacturing and lead to project delays and cost overruns. As one key priority, we will change the way we engineer our products and control design changes.

"The market for green hydrogen is real, driven by climate change, and decarbonisation imperatives. Increasing carbon taxation in combination with green funding programmes make previously unattractive business cases viable. Recent energy independence considerations are further fuelling demand growth. However, peak electricity prices and inflation have temporarily slowed down customer investment decisions. This gives ITM time to have the breathing space required to focus on getting the fundamentals of the business in order, while delivering on our contractual customer commitments.

"Our detailed 12-month plan will make ITM a stronger, more focused and more capable company. The large-scale opportunities in the market are yet to come, and by putting these foundations in place ITM will be ready for the significant market demand ahead of us."

A presentation for analysts and investors by Dennis Schulz, CEO, and Andy Allen, CFO, will be held at 9.00am GMT.

The presentation will be via the Investor Meet Company platform. Questions can be submitted pre-event via the Investor Meet Company dashboard at any time during the live presentation. Analysts and investors can sign up to Investor Meet Company for free via: Those who already follow the Company on the Investor Meet Company platform will automatically be invited.

A recording will be made available on the Investor Relations section of the ITM website after the event.

[gimmethefax] 30/1/2023 22:40

"A time for choosing" - 1964

"We're at war with the most dangerous enemy that has ever faced mankind in his long climb from the swamp to the stars, and it's been said if we lose that war, and in so doing lose this way of freedom of ours, history will record with the greatest astonishment that those who had the most to lose did the least to prevent its happening."

[gimmethefax] 30/1/2023 22:36

Once tomorrow is out of the way, perhaps then we can start talking about this...



For those with poor sight, you may need to squint.

[gimmethefax] 30/1/2023 22:06

Sure, no problem - I am nervous, so I write.

[skinny] 30/1/2023 22:04

Thanks for your thoughts Gimmethefax - roll on the morning!

[gimmethefax] 30/1/2023 21:56

"The large-scale opportunities in the market are yet to come"

I don't think we have missed the boat.

The 'others' aren't stacking up MW after MW either, from what I can tell - it is mainly just paper promises.


I hope to be stocking up on ITM at some point this week though, lest I be the one to miss the boat, chasing helplessly, with my pants down around my ankles.

Good luck all.

[gimmethefax] 30/1/2023 21:43

SP aside:


If production is delayed further I do fear the worst, short-term, like project losses, etc, but we have been informed by our new CEO that our partners are working with us, not against us (this is evident in Refhyne2, if it be true that they have switched to accommodate MEP 2, 10MW leap-frog, rather than the GEP, 5MW).

And all issues are reported to be 'surmountable', although I didn't like the use of that word, surmountable, to be quite frank.

"..appreciating that the changes will require focus, TIME and diligence."

"Crucially, our customers have been extremely helpful in jointly minimising the impacts of delays to their projects and we are grateful for their support and trust. "

- Cooley did a great job of laying foundations and finding great partners - but this can only get better, with New Management - moreover, management that has been dropped straight in from the heights of one of them great partners.


"..it has become clear that the outcome for the financial year ending 30 April 2023 will be MATERIALLY DIFFERENT from the current guidance.."

"The main factors which will impact the outcome for the financial year relate to losses on customer contracts, legacy commitments for earlier product generations causing on-site support costs, (...)"

"Projects that are nearing contract closing are impacted as costs were underestimated when prices were originally negotiated and committed to."

- is The Remedy for these recurring issues now in place?


Dennis Schulz, CEO, said:

"This is the challenge I was expecting when I joined ITM. For the Company to develop from an R&D and prototyping entity, to a mature delivery organisation, we require firmer foundations. Our 12-month plan will make ITM a stronger, more focused and highly capable company. The large-scale opportunities in the market are yet to come, and by putting these foundations in place ITM will be ready for the significant market demand ahead of us."


The Agenda for tomorrow looks like something an investor would have picked if he were given the choice of three aspects:

We anticipate the strategic update to cover three main areas:

-- Concentrating our portfolio on a core product suite, with robust product validation, and preparing for manufacturing at scale,

-- Our plans for future testing capabilities and automation,

-- A rigorous approach to capital allocation and costs.

It looks delicious to me, although it may, at first, taste very bitter.


I just want Dennis to turn the lights back on.

That is all I expect, and hope for.

[gimmethefax] 30/1/2023 21:43

How much did PLUG drop on their recent profit warning?

Did any shorters close after the update?

[grahamwales] 30/1/2023 21:20

Whilst it states low carbon hydrogen, seems they are also looking at green hydrogen.



Ultimately, Equinor also hopes to produce hydrogen from water and electricity generated from offshore wind farms.

[grahamwales] 30/1/2023 21:10

So we are looking at a £47 million loss be interesting to find out how much of that is provisions for the delays.

As everyone says it’s what Dennis has to say going forward that will dictate wether the price goes up or down tomorrow.