LONDON (ShareCast) - (Sharecast News) - Shares in ITM Power sparked on Thursday as it posted a narrowing of its interim losses and lifted cash guidance for the year.
In an update for the six months to the end of October 2024, the energy storage and clean fuel company said adjusted EBITDA losses narrowed to £16.8m from £18.1m in the same period a year earlier.

Revenue rose to £15.5m from £8.9m, driven mainly by product revenue from NEPTUNE deployments.

ITM hailed a record contract backlog to date of £135.3m, up from £43.7m two years ago.

The company reiterated its guidance for full-year revenue of £18m to £22m and adjusted EBITDA losses of between £32m and £36m. It also lifted its cash guidance to between £185m and £195m, from £170m to £180m.

Chief executive Dennis Schulz said: "Our sales pipeline and contract backlog have never been healthier, and we now have a product portfolio tailored to our customers' needs. This has been evidenced in us winning the Shell REFHYNE II 100MW project, two contracts for a total of four NEPTUNE V units, and a 50MW and a 10MW FEED contract; all profitable orders.

"Operationally, we are in the best condition the company has ever been in. Tangible evidence of this is our continuously improved factory acceptance test (FAT) first-time-pass rate for stacks, which now stands at 98%, up from below 50% just two years ago."

At 1055 GMT, the shares were up 12% at 39.16p.

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