ITM Power has today (August 17) revealed growing losses in its final results for the year ended April 30, 2023, with an adjusted EBITDA loss of £94.2m ($119.9m) compared to £39.8m ($50.7m) in its 2022 results, but stresses it is making progress.
The UK electrolyser manufacturer announced a revenue of £5.2m ($6.6m) compared to £5.6m ($7.1m) in 2022 but has said this is ahead of guidance of £2m ($2.5m).
ITM says the performance is in line, or ahead of, the expectations set at the year end trading update on June 1, 2023, announcing an adjusted EBITDA loss of £94.2m compared to £39.8m in 2022, with its guidance being set between £85m ($108m) and £95m ($120.9m).
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