ITM Power is now positioned to deliver profitability, but it needs more customers to make final investment decisions (FID) on hydrogen projects, according to the firm’s CEO.
Today (August 15), the UK electrolyser manufacturer posted strengthened financial results for the year ended April 30, 2024, seeing a threefold increase in revenues to £16.5m ($21.2m), in line with its £10-18m ($12.8-23.1m) guidance.
Its adjusted EBITDA loss narrowed significantly from £94.2m ($121m) in FY2023 to £30.4m ($39m) in FY2024, ahead of its £45-50m ($57.8-64.2m) guidance.
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