ITM Power: Shares in green hydrogen specialist skyrocket
Shares in ITM Power soared on Tuesday after the green hydrogen specialist hiked full-year guidance for revenue and cash generation.
The London-listed firm said it expects annual revenue of between £25.5m and £26.5m, a 30 per cent increase on its prior forecast of £18m and £22m.
It also lifted forecasts for cash generation to between £204m and £204m, up from a previous range of £160m and £175m.
The stock skyrocketed nearly 20 per cent in early deals as investors bought into ITM Power’s green tech offering, following a challenging four years in which shares dropped 95 per cent.
Founded in 2000, ITM Power listed on London’s AIM market four years later. The company designs and manufacturers electrolysers to produce green hydrogen, a much-hyped renewable fuel, using electricity and water.
“ITM is continuing to achieve a strong revenue performance while tightly managing costs and capital expenditures,” chief executive Dennis Schulz said in a statement.
“Our strong balance sheet is an important differentiator in the competitive landscape, and our contract backlog and sales pipeline have continued to grow. We remain well-positioned as customer FIDs accelerate through FY26.”
Guidance for adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) remains unchanged, at a loss of between £32m to £36m.
ITM Power in January announced it had signed a developmet contract with a European energy firm to design a 10MW green hydrogen production plant, which will be deployed across several projects in the UK.
It announced another contract award in March, for engineering work on an 8MW electrolyser contract for EDF’s Tees green hydogen project.