The ITM Power plc (LON: ITM) share price traded sideways as of 10:35 BST after the company released its financial results for the year ended 30 April 2023. The company generated revenues worth £5.2 million, marking a slight decline from last year’s £5.6 million, but was significantly ahead of analysts' estimates of £2.0 million.
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The green energy company revealed a massive pretax loss of £94.2 million, compared to last year’s £39.8 million. However, the figure aligned with the company’s guidance of losing £85m to £95m. The company had net cash of £283 million at the end of the year versus £366 million in 2022, and the figure was higher than its guidance of £245m to £270m.
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ITM Power outlined a new 12-month plan starting in January 2023 after the appointment of a new CEO, Dennis Schulz. According to the CEO, the company has made progress in implementing its 12-month plan. For example, the company has significantly simplified its product portfolio.
The company is now entirely focused on its core product suite, with mature engineering processes and robust product validation, preparing for manufacturing at scale. The firm has adopted a rigorous approach to capital allocation and cost management.
ITM Power has significantly reduced its headcount, allowing it to reinvest faster and professionalise essential areas such as engineering and manufacturing. The company has also debottlenecked its fabrication and testing via incremental automation.
ITM Power also unveiled POSEIDON, its new cutting-edge 20MW core electrolysis process module. POSEIDON consists of skid-mounted units which can be pre-fabricated and pre-tested. The module is based on ITM's state-of-the-art stack technology and is suitable for indoor and outdoor installation.
Dennis Schulz, the ITM Power CEO, said: “I have been at ITM for just over half a year, joining the company at a time of challenging operational and financial performance, and it is encouraging to see the amount of progress we have been making against our 12-month plan laid out in January 2023. The implementation, which is moving at pace, will strengthen our operational and commercial capabilities and steer a successful path to becoming a highly efficient and reliable volume manufacturing company.”
ITM Power share price.
The ITM Power share price was trading sideways at writing after releasing its FY results and Poseidon launch.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.