ITM Power PLC

ITM Power PLC (LON: ITM) is an FTSE AIM UK 50 Index listed Company that generates hydrogen gas based on Proton Exchange Membrane (PEM) technology.

Unaudited Financial Results Highlights (for the year ended 30 April 2022, as on 9 June 2022)

• Backlog: The Group reported a backlog of 755 MW as of 01 June 2022, reflecting an increase of 53% from January 2022, and up by 160% y-o-y.
• Commercial Developments: The company was awarded £9.3 million for Gigatest from Department for Business, Energy and Industrial Strategy (BEIS). It has also made continuous product improvement, with MEP 2.0 pressure increased by 50% to 30 bar. It has also updated that GEP 1.0 is on track for production at the end of 2023.
• Financials: ITM expects revenue to be at £5.5 million in FY22, compared to £4.3 million in FY21. It anticipates an adjusted EBITDA loss of £36.5 million, and a cash burn of £52 million in FY22.
• Outlook: The management remains positive about the prospects of the company with a crucial role to play in decarbonising economies using green hydrogen. Further geopolitical tensions have accelerated the focus of the countries on energy and food security.

One Year Share Price Chart

(Source: REFINITIV; Analysis done by Kalkine Group)

Please note markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

ITM Power PLC was trading at the current price of GBX 251.90 (as of 9 June 2022, at 09:19 AM GMT+1). The stock made a 52-week high and low of GBX 536.15 and GBX 208.24, respectively. 

Note 1: The reference data in this report has been partly sourced from REFINITIV.

Note 2: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

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