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(Sharecast News) - ITM Power reported revenue of £5.6m in its final results on Wednesday, up from £4.3m year-on-year, but lower than the company had hoped due to delayed delivery of the 24 MW Leuna contract.
The AIM-traded firm said its gross loss widened to £23.5m for the 12 months ended 30 April, from £6.5m a year ago, while its adjusted EBITDA loss expanded to £39.8m from £21.4m.
Its cash balance at year-end stood at £365.9m, up from £176.1m, while cash burn in the year came in at £53.3m, rising from £37.7m in 2021.
Looking ahead, ITM Power said it had a contracted backlog of 77 MW which it expected to increase in the coming months as more projects reached the final investment decision stage and became contracted.
It noted, however, that with lead times stretching within a number of supply markets as a result of tougher macroeconomic conditions, its focus in the next financial year would be on delivering what was already contracted, with 60% to 80% of the MW in contracted work in progress expected to be recognised in the 2023 period.
The company said it would also continue to use its working capital to build products to stock, with 50 MW to 100 MW of core stack modules being built for products to be recognised in future years.
ITM Power said ongoing investment in capability and capacity would see losses expand in the near-term, with an improved position in the medium term.
The cash on its balance sheet would enable it to grow capacity, the board explained, initially through £10m to £15m further investment in Bessemer Park.
Longer term, ITM said it would invest to increase capacity towards 5 GW to enable it to address the large demand it saw in the future.
"There is only one net zero energy gas that can replace methane to help the world address climate change," said chief executive officer Graham Cooley.
"Green hydrogen can also help to deliver energy security and contribute to food security through the production of green ammonia for fertilisers.
"These abilities have become very powerful drivers for our business as governments seek to accelerate the share of intermittent renewables in their countries' energy mix to address dependence on weaponised gas supply from Russia."
Cooley said that over the last nine months, as the prices of methane and fertiliser had increased, green hydrogen had achieved parity and then wass becoming cheaper than producing those commodities from gas feedstocks in many cases.
"In and since our last financial year, ITM Power has completed a transformational fund raise, won our first project for green ammonia, further developed our technology and production systems and set out a path that will enable us to remain a world leader in electrolyser manufacture.
"I believe the next 12 months will see the benefits of our position becoming even clearer as governments urgently address their dependence on methane."
At 1156 BST, shares in ITM Power were down 27.24% at 111.47p.
Reporting by Josh White at Sharecast.com.
