ITM Power is a stronger, more focused and more capable company, according to CEO Dennis Schulz, as the UK electrolyser firm announces a positively narrowing EBITDA and an improving cash position.
In its interim results for the six months to October 31, 2023, ITM reported a revenue of £8.9m ($11.3m) – up on its H1 2023 of £2m ($2.5m).
The company’s adjusted EBITDA loss fell from the same period in 2023 from £54.1m ($68.6m) to £21m ($26.6m), was its cash position at the on for the first half of 2024 totalled £253.7m ($322m).
The CEO the first half of the financial year paints the “early picture of a new ITM.”
It comes as ITM “successfully” completed the implementation of its 12-month plan to transform the struggling firm.
Last January (2023), the company announced a series of measures, including a headcount reduction, following an “unacceptable” financial performance.
In the 12 months following the results, ITM has narrowed its product portfolio for standardisation and volume manufacturing. It also said it has improved its capital discipline, reduced costs and improved processes.
Additionally, the company said its manufacturing and testing capabilities have been debottlenecked, with automated increased.
In October 2023, HYCAP completed the acquisition of ITM’s hydrogen refuelling business Motive Fuels for £28m ($35.5m).
“We accomplished what we set out to do in the last 12 months,” Schulz said. “Our plan successfully addressed the most pressing issues to right the ship. It has made ITM a stronger, more focused and more capable company.”
He said the company had achieved a shift in culture and the transformation had “tangibly improved” its project deliver performance, offering a strong foundation for growth.
Schulz continued, “The long-term trajectory for green hydrogen remains an unparalleled opportunity. As I reflect on the more near-term market ahead, we will be operating in a complex environment.
“This ranges from a massive long-term opportunity just waiting to be captured, to dynamically developing markets emerging at different speeds, and short-term macroeconomics currently slowing down market acceleration.
“We will remain at the forefront of technology developments and continue to establish ourselves as the most credible OEM for commercial and especially large-scale projects.”
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