Boss hails tangible progress with clean energy business transformation plan
Energy storage and clean fuel company, ITM Power, says it has made good progress with its plan to achieve volume manufacturing capabilities, as it publishes its final results for the year ended 30 April 2023.
The Sheffield-headquartered business reports revenues of £5.2m (FY22: £5.6m) which it notes is significantly ahead of guidance of £2m.
It has also recorded an adjusted EBITDA loss of £94.2m (FY22: £39.8m), in line with the £85m to £95m guidance, and a pre-tax loss of £101.2m (FY22: £46.7m).
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.
“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.
“We are deploying our electrolysers for some of the largest and most prominent green hydrogen projects under execution worldwide today. The big demand for green hydrogen lies yet ahead, and ITM will be ready.”
ITM Power says its product portfolio has been significantly simplified, with the business concentrating on its core product suite in preparation for manufacturing at scale.
For FY 24 the company expects revenue to increase to between £10m and £18m from commercial projects in execution.
