ITM Power PLC
F:IJ8
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ITM Power PLC
ITM Power Plc engages in the business of hydrogen energy solutions. The firm provides solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. The firm has a range of product platforms based on Proton Exchange Membrane (PEM) technology. The firm's products include HGas1SP, HGas2SP and HGasXMW. HGas1SP is a smallest containerised PEM electrolyser system. The HGas1SP Plug Play product includes a single ITM Power PEM electrolyser stack to produce self-pressurised hydrogen gas. Its HGas2SP Plug Play product includes two ITM power PEM electrolyser stacks to produce self-pressurised hydrogen gas. The HgasXMW product is an electrolyser system built based on modules of three ITM power stacks. The company is suitable for hydrogen fuel stations of truck, train and marine, refinery hydrogen, decarbonising heat and grid balancing markets.
ITM Power Plc engages in the business of hydrogen energy solutions. The firm provides solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. The firm has a range of product platforms based on Proton Exchange Membrane (PEM) technology. The firm's products include HGas1SP, HGas2SP and HGasXMW. HGas1SP is a smallest containerised PEM electrolyser system. The HGas1SP Plug Play product includes a single ITM Power PEM electrolyser stack to produce self-pressurised hydrogen gas. Its HGas2SP Plug Play product includes two ITM power PEM electrolyser stacks to produce self-pressurised hydrogen gas. The HgasXMW product is an electrolyser system built based on modules of three ITM power stacks. The company is suitable for hydrogen fuel stations of truck, train and marine, refinery hydrogen, decarbonising heat and grid balancing markets.
Revenue Weakness: Reported interim revenue dropped to £2 million, down from £4.2 million the prior year, reflecting project delays and shifted delivery schedules.
Heavy Losses: Gross loss widened to £45.6 million from £2.6 million, and adjusted EBITDA loss increased to £54.1 million from £12.9 million, mainly due to non-cash provisions for project overruns and inventory.
Cash Position: Cash at period end was £318 million, up from £164 million, thanks to a previous capital raise. Cash outflow for the period was £48 million.
Cost Cuts Announced: Management announced a 25% headcount reduction, aiming for a £9 million annual personnel cost saving.
2023 Guidance Lowered: Full year revenue now expected at just £2 million, with EBITDA loss forecast between £85–95 million. Cash outflow expected at the lower end of £245–270 million.
Strategic Refocus: The company will concentrate on core stack technology and standard products, pause non-core and legacy product development, and restructure operations to prioritize delivery and manufacturing reliability.
Operational Overhaul: Plans include tightening engineering controls, ramping up automation, and increasing production validation to address recurring cost overruns and project delays.
Market Opportunity: Management remains confident in strong future hydrogen demand, but says near-term focus is on fixing execution and delivery before pursuing global expansion.
