Itm Power Plc · LSE:ITM
Itm Power — FY2024 Earnings Presentation
21 slides from Itm Power's earnings presentation, Aug 16, 2024
Slide 1: Capital Market Update
Capital Market Update 15 Aug. 2024
Slide 2: Agenda
1. FY2023/24 in perspective 2. Government programmes and market 3. Strategic priorities 4. Product portfolio and company evolution 5. Sales pipeline 6. Reference plants update and performance data 7. Financial results and guidance 2
Slide 3: FY2023/24 in perspective
▪ Significant progress made in the financial year; 12-month plan steadied the ship and transformed ITM into a capable company ▪ Focussed product portfolio with leading stack technology; deployable into projects of any size across the globe ▪ Shift in culture: “Quality over Quantity” and “Right the F
Slide 4: Government programmes supporting green hydrogen
• Green Deal Industrial Plan: • Hydrogen Allocation Rounds (HARs): • National H2 Strategy: 10 GW of green H2 10mt production, 10mt import of • HAR1 125MW; £2bn support production by 2030 green H2 by 2030 • HAR2 875MW; HAR3 & HAR4 1.5GW each • GIGA: £960m + £120m manufacturing funding • H2Global: fir
Slide 5: Hydrogen market outlook and electrolyser demand
90% of global electricity expansion ▪ Electrolyser market still immature, with lots of ‘noise’ but only few expected to be renewables1 technologies commercially credible 613Mt p.a. of clean hydrogen ▪ ITM today stronger positioned than ever: competitive and production expected by 2050, with outperfo
Slide 6: Strategic priorities
1 2 3 ▪ Evolve our tech and products ▪ Incrementally deepen level of ▪ Ensure appropriate setup in all automation attractive offtake regions; to be ▪ Extend portfolio to address best positioned and prepared emerging market needs, and be ▪ Grow capacity in line with for rapid demand uptick prepared f
Slide 7: 5MW plug and play electrolyser features
▪ Rapidly responding to fluctuating renewable energy loads ▪ Widest operational range in its class: 12.5% to 100% load within seconds ▪ Can operate in ambient temperature range between -20 to +45 ⁰C ▪ 5MW of reliable and highly efficient hydrogen production ▪ Smallest footprint in the industry ▪ Ind
Slide 8: Product Portfolio
Product Portfolio TRID=>=NT oOo =>=IDOMN LEADING PEM ELECTROLYSER STACK TECHNOLOGY AUTONOMOUS 2MW PLUG & PLAY ELECTROLYSER FOR SMALL-SCALE PROJECTS BEST-IN-CLASS 5MW PLUG & PLAY ELECTROLYSER FOR MID-SIZE PROJECTS CUTTING-EDGE 20MW MODULE FOR LARGE-SCALE PROJECTS
Slide 9: Linde HYPEM module for RWE refinery
Linde HYPEM Module in 20QMW Configuration for RWE re ne | With ITM TRIDENT Stacks and Skids at its Core eR
Slide 10: Linde HYPEM module for RWE with ITM TRIDENT stacks
Linde HYPEM Module in 2@@MW Configuration for RWE With ITM TRIDENT Stacks and Skids at its Core 10
Slide 11: Product Portfolio
Product Portfolio NSP TUN = a
Slide 12: Growing production capacity and global reach
We are growing our production capacity and global reach with commercial projects. We are investing in our commitment to best World’s first and largest PEM Gigafactory Aftersales hub for the EU with facilities serve our customers – in commercial operation to quickly deploy stacks also after we have d
Slide 13: Sales pipeline grown 25x in 18 months
Reminder: TRIDENT: Stacks & Skids NEPTUNE: 2/5MW Containers POSEIDON: 20MW EPC Module ▪ Sales pipeline has grown massively by 25x in the last 18 months ▪ Pipeline quality has improved as well, with more and more industrial customers tendering for their green hydrogen investments ▪ Working on more th
Slide 14: Steady deployment of TRIDENT stacks and NEPTUNE systems
▪ Steady deployment of TRIDENT stacks continues ▪ Example NEPTUNE II systems deployed into different world regions: 6 systems into a semiconductor application (confidential customer) 1 systems into a gas synthesis application with Sumitomo & Tokyo Gas Norwegian Prime Minister & CEO of Yara at the NE
Slide 15: Over 200 TRIDENT stacks manufactured; industry-leading performance
▪ Over 200 TRIDENT stacks manufactured and completed full FAT ▪ TRIDENT continues to deliver industry-leading performance ▪ Tens of thousands of stack hours at Yara alone ▪ Every NEPTUNE unit undergoes FAT and detailed customer witness test ▪ All metrics inside specification over full operating rang
Slide 16: Shell takes FID on REFHYNE 2 project
▪ Shell has taken FID on the REFHYNE 2 project at their Wesseling refinery in Germany ▪ ITM will supply 100MW of TRIDENT stacks and skids, Linde has been appointed the EPC integrator ▪ Shell conducted an extensive audit of our technology and manufacturing operations before reaching this decision ▪ T
Slide 17: Example project execution lifecycle - TRIDENT
100% Example project execution lifecycle - TRIDENT ▪ Revenue is recognised on completion of obligations which is typically “testing of a module” and differs between products ▪ For NEPTUNE products, this is typically on Factory Acceptance Test (FAT) ▪ For TRIDENT products, with dependency on wider pl
Slide 18: FY24 revenue and EBITDA
FY24 FY23 £m £m Revenue Revenue 16.5 5.2 ▪ Driven predominantly by NEPTUNE plug & play units Gross loss (16.7) (79.1) ▪ Further income recognised from consulting contracts and after sales, including spare parts Adjusted EBITDA loss* (30.4) (94.2) Cash 230 283 EBITDA Decrease in cash in period (52.3)
Slide 19: Cash flow and investment
FY24 FY23 FY24 FY23 Cash flow 15% £m £m 31% Inventory Opening balance 283.7 Adjusted EBITDA (30.4) (94.2) 69% 85% Increase in inventories (11.6) (26.6) Raw materials WIP & finished products Working capital improvements (receivables and payables) 10.0 17.5 (Decrease)/increase in provisions (21.0) 31.
Slide 20: Guidance and evolution of contracted orders
Our near-term focus is on executing existing and securing new customer projects, Evolution of contracted orders whilst continuing to invest in the business for scale-up. Revenue expected to be between £18m and £22m: 18-22 ▪ Mainly from NEPTUNE units 105+ ▪ Without customer delays on selected TRIDENT
Slide 21: Thank you for your attention
Thank you for your attention 21