Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
ITM Power ( (GB:ITM) ) has issued an announcement.
ITM Power PLC has reported significant progress in its interim results for the six months ending October 2024, showcasing an increase in revenue to £15.5 million and a reduction in adjusted EBITDA losses to £16.8 million. The company’s contract backlog reached a record high of £135 million, driven by new projects such as the Shell REFHYNE II 100MW project and significant capacity reservations. ITM Power’s operational improvements, including a 98% first-time-pass rate for its factory acceptance tests, and a strong sales pipeline, particularly for its NEPTUNE V product, position the company optimistically for the future. The company’s advancements in technology, including a 40% reduction in iridium loading, further enhance its competitive edge in the market.
More about ITM Power
ITM Power PLC, founded in 2000 and listed on the AIM market of the London Stock Exchange since 2004, is headquartered in Sheffield, England. The company specializes in designing and manufacturing proton exchange membrane (PEM) technology-based electrolysers, which produce green hydrogen using renewable electricity and water. This positions ITM Power as a key player in the green hydrogen industry, which is crucial for decarbonizing various sectors.
YTD Price Performance: -1.85%
Average Trading Volume: 2,621,570
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £221.3M
Learn more about ITM stock on TipRanks’ Stock Analysis page.
