ITM Power News: Revenue Plunges Than Hoped Due To Leuna Delay

ITM Power News: Revenue Plunges Than Hoped Due To Leuna Delay: On Wednesday, September 14, 2022, ITM Power revealed its final revenue. According to the source, ITM Power’s revenue plunges more than the management expected. As per the source, ITM Power reported revenue of £5.6m in its final report.

Reportedly, £5.6m revenue is up from £4.3m but it is lower than ITM Power hoped amid delayed delivery of the 24 MW Leuna contract.

ITM Power News: Revenue Plunges Than Hoped Due To Leuna Delay, ITM Power Hydrogen, ITM Power share price, stock, aktie forum

The AIM-traded company reported its gross loss widened for the twelve months ended on 30th April to £23.5m from £6.5m one year back while the settled EBITDA loss went from £21.4m to 39.8m.

ITM Power News | ITM Power Aktie Forum

ITM Power Aktie Forum: Furthermore, the cash balance of the company at the end of the year was £365.9m up from £176.1m. Reportedly, the company burnt cash in a year was £53.3m up from £37.7m last year.

ITM Power said while looking ahead that the company had a fixed backlog of 77 MW and it is believed that it may increase in the forthcoming months because the company is about to complete its various projects’ final investment decision stage.

ITM Power Revenue: ITM Power also claimed that the company would continue to utilize its working capital to create products to stock with 50 MW to 100 MW. The company further added that the current investment in capability and capacity would see losses expand in the short-term with a better position in the medium term.

Moreover, the cash on the balance sheet of the company would allow it to increase its capacity. The board said, initially from £10m to £15m investment in Bessemer Park.

While talking about Long term ITM Power said it would like to invest to grow capacity towards 5 GW to allow it to address the big demand it saw in the future.

ITM Power Hydrogen: Chief executive officer of ITM Power named Graham Cooley said, “there is only one net zero energy gas that can replace methane to help the world address climate change.”

He kept on by saying, “Green hydrogen can also help to deliver energy security and contribute to food security through the production of green ammonia for fertilizers. These abilities have become very powerful drivers for our business as governments seek to accelerate the share of intermittent renewables in their countries’ energy mix to address dependence on weaponized gas supply from Russia.”

CEO of ITM Power said that over the past 9 months, as the cost of fertilizer and methane had increased, green hydrogen had achieved parity and then was becoming more inexpensive than producing those entities from gas feedstocks in many cases.

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ITM Power Share Price?: Cooley also said, “In and since our last financial year, ITM Power has completed a transformational fund raise, won our first project for green ammonia, further developed our technology and production systems and set out a path that will enable us to remain a world leader in electrolyser manufacture. I believe the next 12 months will see the benefits of our position becoming even clearer as governments urgently address their dependence on methane.”

As of 1156 BST, shares in ITM Power were down 27.24% at 111.47p.

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