ITM Power Upgrades Guidance for FY25, Targets Revenue of £18-22 million

December 05, 2024 07:28 PM AEDT | By Team Kalkine Media

ITM Power Upgrades Guidance for FY25, Targets Revenue of £18-22 million — Image source: shutterstock

Financial Performance

For the six months ending 31 October 2024, ITM Power reported:

Revenue of £15.2 million, reflecting steady progress in its commercial activities.
Adjusted EBITDA loss of £17.1 million, showcasing a continued focus on operational efficiency.
A robust net cash position of £203 million, providing a strong foundation for ongoing investments and project commitments.

Market and Business Update

ITM Power’s market outlook remains consistent, with regulatory and demand conditions unchanged. The company emphasized the following areas of progress:

Sales Pipeline Growth: Increasing interest, particularly in the NEPTUNE V platform, reflects a growing demand for ITM’s innovative hydrogen solutions.
Project Execution: ITM continues to meet project delivery obligations while keeping costs tightly controlled.
Product Performance: In-field data is meeting both customer and company expectations, underscoring the reliability of ITM’s technology.

FY25 Guidance

ITM Power has updated its full-year guidance to reflect its strong financial position and improved operational performance:

Revenue: Maintained at a range of £18 million to £22 million.
Adjusted EBITDA Loss: Narrowed to between £32 million and £36 million, an improvement from the previous estimate of £35 million to £40 million.
Net Cash: Expected to close FY25 between £170 million and £180 million, up from prior guidance of £160 million to £175 million

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