- ITM Power
- 30 January 2025 10:58:04
Source: Sharecast
In an update for the six months to the end of October 2024, the energy storage and clean fuel company said adjusted EBITDA losses narrowed to £16.8m from £18.1m in the same period a year earlier.
Revenue rose to £15.5m from £8.9m, driven mainly by product revenue from NEPTUNE deployments.
ITM hailed a record contract backlog to date of £135.3m, up from £43.7m two years ago.
The company reiterated its guidance for full-year revenue of £18m to £22m and adjusted EBITDA losses of between £32m and £36m. It also lifted its cash guidance to between £185m and £195m, from £170m to £180m.
Chief executive Dennis Schulz said: "Our sales pipeline and contract backlog have never been healthier, and we now have a product portfolio tailored to our customers' needs. This has been evidenced in us winning the Shell REFHYNE II 100MW project, two contracts for a total of four NEPTUNE V units, and a 50MW and a 10MW FEED contract; all profitable orders.
"Operationally, we are in the best condition the company has ever been in. Tangible evidence of this is our continuously improved factory acceptance test (FAT) first-time-pass rate for stacks, which now stands at 98%, up from below 50% just two years ago."
At 1055 GMT, the shares were up 12% at 39.16p.