Business
Preliminary results
Preliminary results.
About this update from Itm Power Plc
[{"type":"text","content":"\n\n15 August 2024\n \nITM Power PLC\n(\"ITM Power\" or the \"Company\")\n \nPreliminary results for the 12 months to 30 April 2024\nReady to scale with balance sheet strength\n \nITM Power (AIM:ITM) announces its preliminary results for the year ended 30 April 2024.\n \nHIGHLIGHTS\n \nFinancial results summary\n· Revenue £16.5m (FY23: £5.2m) in line with the £10m to £18m guidance, a more than threefold increase year-on-year\n· Adjusted EBITDA* loss £30.4m (FY23: £94.2m) well ahead of the £45m to £50m guidance, reduced to less than one third of the previous year\n· Net cash at the year-end of £230m (FY23: £283m) ahead of guidance of £200m to £220m, allowing us to conclude the year with a strong balance sheet\n \nOperational highlights\n· 12-month plan successfully completed:\no Product portfolio narrowed for standardisation and volume manufacturing\no Greater capital discipline, cost reduction, and improved processes achieved\no Manufacturing, supply chain and testing debottlenecked, automation deepened\n· Yara 24MW plant inaugurated in June 2024 and now the biggest PEM electrolyser in Europe\n· Signed capacity reservation with major industrial customer for 500MW\n· Shell REFHYNE II contract signed in August 2024 for 100MW\n· Operational data from reference plants confirming market-leading stack and wider product performance\n· 20MW POSEIDON module and 5MW NEPTUNE V plug & play electrolyser products launched in the year, both very well received by customers\n· Positive regulatory developments stimulating customer demand (see CEO report)\n \nStrategic priorities\nStrategic priorities defined, reflecting the balance between expected long-term and near-term development of the market, necessitating readiness and flexibility, whilst maintaining a strong balance sheet:\n· Remain at the forefront of technology, product and delivery credibility\n· Scale operations whilst retaining flexibility and conserving cash\n· Grow global footprint and reach whilst staying adaptable\n \nFinancial guidance for FY25\nWe start the new financial year in a strong...