ITM Power, a green hydrogen company, saw its revenue surge from £5.2 million last year to £16.5 million. Despite this impressive growth, the company’s stock price took a hit due to a downgrade in its forward guidance, reported Hydrogen Central.
In its preliminary results, ITM Power reported an adjusted operating loss of £30.4 million for the past year, a significant improvement from the £94.2 million loss reported the previous year. The company also reported net cash of £230 million, surpassing its June guidance of £200-220 million.
The company successfully completed its 12-month plan, which included streamlining its product portfolio, enhancing capital discipline, and resolving issues in manufacturing, supply chain, and testing processes.
However, not all news was positive. For the upcoming year, ITM Power projected revenue between £18-22 million, falling short of the £33 million consensus estimate. The adjusted operating loss for next year is anticipated to be £35-40 million, exceeding the expected £33 million, while net cash is projected to be between £160-175 million, meeting expectations.
The company’s revenue next year is expected to be supported by its RWE, Leuna, and Yara projects, which have faced some delays. Consequently, ITM Power’s stock price dropped by 8.4% this morning.
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