The following is a summary of the ITM Power Plc (ITMPF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• ITM Power reported a revenue of 8.9 million GBP for the period ending 31st October 2023, a fourfold increase compared to the same period last year.

• Gross loss improved from 45 million GBP to 8.2 million GBP year-on-year due to improved contract management and provisions for in-field product trials.

• The company reported an EBITDA loss of 21 million GBP, an improvement over the 54 million GBP loss the previous year due to tighter cost control.

• The company ended the period with a cash balance of 254 million GBP, a decrease of slightly less than 29 million GBP from the opening balance.

• The guidance for EBITDA losses for the full financial year was revised to 45-50 million GBP, down from the previous 45-55 million GBP range.

• Full-year capital expenditure is now expected to be between 15-25 million GBP, down from the initial projection of 35-45 million GBP.

Business Progress:

• ITM Power formed a collaboration with GOR and reduced failure rates indicating readiness for volume manufacturing.

• Significant advancements were made on their stack platform and reduced their precious metal usage by over 80%.

• The company completed their 12-month plan successfully, demonstrated by significant cost reduction and increased manufacturing automation.

• ITM expanded its testing capacity and opened a new facility in Germany which offers repair and maintenance services.

• They have expanded globally, targeting new regions for opportunities and remained focused on flexibility and cash commitments.

• Significant progress was made on capacity reservation deal with Shell and the company saw an uptick in interest from the green steel sector.

• A larger electrolyzer unit and a next-generation higher-capacity future tech stack platform, Kronos, is under development.

• Management focused on cost controls, investments in testing facilities, and new product development which led to the success in improving the business model overall.

More details: ITM POWER IR

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