Energy storage and clean fuel technology company ITM Power reported revenue of £4.2m in its interim results on Thursday, up from £0.2m year-on-year, with that prior year figure reflecting the impact of Covid-19 issues in 2020.
The AIM-traded firm said its gross loss narrowed to £2.6m for the six months ended 31 October, from £2.8m a year earlier, while its adjusted EBITDA loss expanded to £12.9m from £10.4m.
Cash balances at period end, excluding restricted balances, totalled £164.2m, rising from £25.9m year-on-year, with the company holding current cash of £390m after net fundraising proceeds of £242m were received in November.
ITM Power said its cash burn for the period came in at £11.8m, down from £14m a year earlier.
“We are making very solid progress, with a number of projects won which have resulted in a significant increase in our work in progress,” said chief executive officer Graham Cooley.
“The company is focussed on delivery of products and converting the tender pipeline into contracted projects.”
Looking ahead, ITM Power issued full-year guidance of 33MW to 50MW of products, with ‘stacks’ to be included in standard products in excess of 55MW.
It outlined likely timelines for the recognition of revenue, with obligations on the 24MW Leuna project now expected to conclude in late April, and delivery close to the year-end, presenting a timing risk.
The company said it expected continued long-term growth in its tender pipeline and backlog, with “spades in the ground” for its second UK factory in the second half of the 2022 calendar year.
“The company has invested heavily in skills and technology over the last year, and we now have a team of highly experienced professionals driving the business forward,” said chairman Sir Roger Bone.
“The global market for green hydrogen is a dynamic new industry and ITM Power is very well placed as a global market leader.
“We look forward to announcing further contract wins in the period ahead.”
At 1214 GMT, shares in ITM Power were down 6.94% at 249.4p.
