ITM Power PLC
LSE:ITM
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.
Record Revenue: ITM Power reported its highest ever half-year revenue of GBP 18 million, driven mainly by strong equipment sales and increased demand for its core NEPTUNE V and new ALPHA 50 products.
Cost Discipline: The company reduced its gross loss to GBP 6.5 million, significantly improving from GBP 10.2 million last year, with continued tight control over costs and overheads.
Order Backlog: Firm order backlog rose to GBP 152 million, with a higher proportion (71%) now made up of profitable contracts.
Strong Cash Position: ITM ended the period with GBP 197.8 million in cash, with outflows expected to increase in the second half as more projects are delivered.
Guidance Maintained: Full-year revenue guidance remains at GBP 35–40 million, EBITDA loss guidance at GBP 27–29 million, and year-end cash is expected at GBP 170–175 million.
Project Momentum: The company highlighted large project wins in Germany and the UK, including grid balancing and decarbonization projects, and strong customer interest in ALPHA 50 and Hydropulse.
Product Development: The new ALPHA 50 product and the upcoming CHRONOS stack platform are expected to reduce hydrogen production costs and improve operational efficiency.
Revenue Recognition Change: Transition to a percentage of completion revenue recognition for certain contracts is expected to increase revenue visibility and predictability.
