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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