ITM Power (ITM) H2 2024 earnings summary

Executive summary

• Achieved significant operational transformation, stabilizing operations and focusing on disciplined, delivery-focused execution over a 12-month plan.

• Revenue tripled year-over-year to £16.5 million, with EBITDA losses reduced to one third of the prior year, mainly driven by NEPTUNE product sales.

• Expanded global footprint, increased paid capacity reservations, and secured major industrial contracts, including repeat business from Shell's 100MW REFHYNE II project.

• Major reference projects delivered, including Europe's largest PEM electrolyzer plant and new deployments in Japan.

• Strategic priorities remain valid: technology leadership, scalable operations, and global expansion.

Financial highlights

• Revenue increased more than threefold to £16.5 million, mainly from NEPTUNE units.

• Adjusted EBITDA loss improved to £30.4 million, down by over two-thirds year-over-year.

• Gross loss improved by 79%, falling to £16.7 million from £79.1 million.

• Net cash at year-end was £230 million, with a total cash outflow of £52.3 million.

• Contract backlog at the start of FY 2025 was £80 million, with £47 million of new contracts already won.

Outlook and guidance

• FY 2025 revenue guidance is £18–22 million, mainly from NEPTUNE contracts; TRIDENT revenue recognition delayed due to customer site readiness.

• EBITDA loss expected between £35–40 million, broadly consistent with FY 2024 after inflation.

• Net cash projected at £160–175 million by year-end, with capex of £15–20 million and working capital increase of £10–15 million.

• Contract backlog growing faster than revenue, expected to exceed £100 million by April 2025.