We are delighted to announce our interim results, showing continued strong year-on-year progress. Revenue has increased further, adjusted EBITDA losses have reduced, and we have maintained a strong cash position. Our contracted order backlog has grown to our highest-ever number of £135m.
Interim results summary
- Revenue of £15.5m (H124: £8.9m)
- Adjusted EBITDA loss of £16.8m (H124: £18.1m)*
- Cash at the end of H125 of £203.1m (H124: £253.7m)**
- Record contract backlog to date of £135.3m, up from £43.7m two years ago
- First-half highlights:
- Contract signed for REFHYNE II 100MW project for Shell
- 500MW and 8MW capacity reservations secured
- Commissioned a 4MW pilot plant for RWE in Germany
- Inauguration of the 24MW plant for Yara in Norway
- Post period end:
- Two NEPTUNE V contracts signed, totalling 4 units and 20MW in Germany
- Front End Engineering Design (FEED) contract signed for a 50MW project in the EU
- FEED contract signed for a 10MW standard plant configuration for several projects to be deployed in the UK
- Further 40% iridium loading reduction, lowering costs
- Sales pipeline stronger than ever, including high customer demand for NEPTUNE V
- Reiteration of full-year revenue guidance, improved adjusted EBITDA losses versus original guidance, and a further improvement to cash:
- Revenue between £18m and £22m
- Adjusted EBITDA loss between £32m and £36m
- Cash between £185m and £195m, substantially improved against original FY guidance of £160-175m and previously improved guidance of £170-180m
*Adjusted EBITDA is a non-statutory measure. The calculation method is set out in the Note 4
*The prior year results were restated. Please see notes 2 and 4
**Cash is stated after an exceptional payment of £13m paid to Linde relating to a commercial settlement previously disclosed in the FY24 preliminary results.
Dennis Schulz, CEO of ITM, said: "Green hydrogen has begun to play its vital role in decarbonising the global energy system, whether as a feedstock in sectors such as chemicals and refining, as a fuel, or as a source of flexible power generation.
Gone is the unrealistic hype that the hydrogen economy would develop overnight. Instead, today, the hype has given way to real industrial scale-up of projects and production capacities. The green hydrogen industry has started gaining traction with an increasing number of project Final Investment Decisions (FIDs) taken over the recent months.
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. We commissioned important reference plants for our customers, some of which were publicly inaugurated, such as the 24MW green hydrogen to green ammonia plant operated by Yara in Norway and the 4MW pilot plant at Lingen for RWE. All this is conducive to customer confidence, and, over time, these factors support converting our growth into profitability and cash generation. Today, I am even more optimistic about our future than when I joined the company two years ago."
Dennis Schulz, Amy Grey, Andy Allen and Dr Simon Bourne will present to analysts and investors at 9:00 a.m. GMT.
The presentation will be via the Investor Meet Company platform. Questions can be submitted pre-event via the Investor Meet Company dashboard anytime during the live presentation
