UK-based electrolyser manufacturer ITM Power today (January 16) issued a profit warning as it conducts a review into its operations.
The company has said that it has become clear that the outcome of the financial year ending April 30 (2023) will see lower revenue and higher earnings before interest, taxes, depreciation, and amortisation (EBITDA).
ITM said the main factors that are set to cause the financial situation relate to losses on customer contracts, legacy commitments for earlier production generations causing on-site support costs, warranty provisions, and inventory write downs “originating from iterations of product designs during manufacturing.”
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