ITM Power (ITM) Trading Update summary

Financial performance highlights

• Revenue for the six months to 31 October 2024 reached £15.2m.

• Adjusted EBITDA loss for the period was £17.1m.

• Net cash at the end of the first half stood at £203m.

Market and operational update

• Market and regulatory environment remains stable.

• Sales pipeline continues to grow, with strong near-term interest in NEPTUNE V.

• Project delivery obligations are being met with tight cost control.

• Product performance in the field meets both customer and company expectations.

Updated FY25 guidance

• Revenue guidance for FY25 remains at £18m–£22m.

• Adjusted EBITDA loss guidance improved to £32m–£36m from previous £35m–£40m.

• Net cash at year-end now expected between £170m and £180m, up from £160m–£175m.