ITM Power (ITM) Trading Update summary

Financial performance highlights

• Revenue for the year expected between £16.0m and £16.5m, more than tripling the prior year and within guidance.

• Adjusted EBITDA loss projected at £39.0m to £44.0m, better than the guided range and over 50% lower year-on-year.

• Net cash at year-end stands at £230m, exceeding the guidance range and reflecting strong cost and capital discipline.

Strategic and operational progress

• Completed a 12-month transformation plan, establishing a credible delivery organization and positive operating rhythm.

• Achieved significant revenue growth and loss reduction while maintaining careful cash management in line with strategic priorities.

Outlook and upcoming events

• Preliminary results for the year ending 30 April 2024 will be released on 15 August 2024, with further details and guidance for the current year to be provided.