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I'm with you Cureboy - fundamentals and news cycle are positive factors for ITM, sentiment globally for Green is growing - a quick look at the news today will see Malaysia moving forward, ARENA funding Green Steel in Australia, we've just had HAR1 contract announcements etc. etc. there are a lot of positive reports out there.

This is now even more volatile than usual as it pulls itself out of the sustained doldrums of the last 3 years - I just wish some would educate themselves on market behaviours - don't need to believe it or trade the strategy but it helps to understand to control emotions during the rollercoaster.

https://www.investopedia.com/articles/trading/08/trading-breakouts.asp

"it is common for prices to retest price levels they've just broken out of."

https://www.stockopedia.com/academy/articles/breakout-momentum/

To know what is happening is to control how one reacts to what is being done to one by others.

Patience is key

I'm expecting a guidance update - the cash is expected to be around £205M from the April update, revenue has been generated from the Lingen stack delivery (it was telling that the LI post referred to a milestone for 64 stacks, that will be a payment trigger, not contributing to margin does not mean no revenue, hopefully the costs incurred will now be able to be defrayed in the accounts as the milestone should trigger fulfilment rules for accounting purposes) plus the plenty of other sales due for delivery 25/26 that had previously been announced. Nothing spectacular but I am expecting improved guidance position.

Or "twang" - it has been dragged down rather than got here "au naturel"

I agree there was a pile in and a rug pull - I always said, steady sustained rise to a fair valuation was my preference

@Romingronaldo, I think you message is a response to someone but as they are a nice shade of green for me I can't tell what they posted. However, I don't think it has been ramped to 90p a valuation just based on the cash in bank is 30p+; valuing the factory, the IP, the experience, the staff etc can fairly apply a 4x multiple to that in the absence of anything further so I (and have said before) think a fair valuation right now is £1-1.30. That isn't ramping that is valuing what they have. That value increases with more confirmed contracts as it approaches profitability, which is looking more realistic as the momentum in UK, EU and APAC regions pick up (and ME/Africa and South America). Catching the value increase from today to next year and the years after that is what investing (instead of trading) is all about.

Oh I agree breakofdawn - EV cars have a place in urban settings, H2 FCEV for rural settings - Heatpumps for some urban settings as well but H2 Boilers are necessary where electricity infrastructure is less developed or where Heatpumps are prohibited (some blocks of flats won't allow external modules). But the costs for retrofitting the distribution network to 3-phase are not being factored in to residential assessments nor the massive transmission infrastructure upgrade required. The problem is H2 recognises it is part of the overall solution (in general in my view) but the "electrify everything mob" just see it as a threat.

Problem is, it isn't just the FF industry briefing against Hydrogen - it is also the vested interests of the "electrify everything" mob with their efficiency zealotry, which misses out massive bits in their figures to support electrifying

It was in my 11:56 Post yesterday but here it is again

https://www.gov.uk/government/publications/hydrogen-update-to-the-market-july-2025

I don't really mind why they are, if I had to give a reason, I think Qube have just been trading the volatility lately. But the news is out there although it might need to be even more spoonfed to a few analysts by RNS who can't join up the dots between announced partnerships/relationships and the winning bidders (thanks for the efforts Spuders). Eventually they will make the connections, in the meantime, traders are already looking at the indicators for this being oversold as some of the usual suspects have already appeared on this BB. Might be today, might be tomorrow or next week or even mid-August with the interims...but all the signs are this is about to go "twang"...

Well they've been shaking the tree hard, got to let them take something for all the effort

I remember an old story from my RE teacher - an academic once lectured a group of theologians on religion and logically proved that there was no basis for Christianity (at least to them) one of the theologians stood up and said "I believe in the resurrection" end of discussion.

But I take your point.

That is my thought too, breakofdawn - I also think it is wise to pull back and look at share price over at least the last 6 months rather than focus too narrowly on intraday trading - even over a month it is only 8.5p lower. The hyperbole bandied about on here just serves to fuel an agenda.

Belief, implies blind faith in the success of the company, I don't think that is required now, that was for the earlier investors. For me, even only being here 3 years, the evidence for future success is there and growing. I do agree with you, that this is looking more and more like a piece of elastic. Just patience required.

Yes that's why I posted, I always try to only post new information. It is really encouraging and the updates also state they are moving to conclude the remaining contract.

You've timed it well then, congrats. I don't have the nerve (yet) to judge to top of any rise to sell and then gamble the dip to get back in so am content to just ride the rollercoaster. It is still good though to understand the mechanics to work out what is happening.

It is strange the assault on all the green stocks (CWR chat has been interesting lately) just before this got published...

HAR2 winners will be announced in early 2026:

"We are currently undertaking due diligence and a cost assurance process on shortlisted projects, which includes technical and financial scrutiny and a detailed review of cost data. Negotiations with projects which pass the due diligence and the cost assurance process will follow, with the aim to commence these in the autumn. Guidance on negotiations will be given to the HAR2 projects progressing to this stage in due course. We expect to announce which projects will be awarded a Low Carbon Hydrogen Agreement in early 2026."

Https://www.gov.uk/government/publications/hydrogen-update-to-the-market-july-2025

"Supply chains and sector exports

The Government recognises the need for strong, home-grown clean energy supply chains to support good jobs and support sustainable economic growth as we accelerate to net zero. The export market for UK manufacturers in CCUS and electrolytic hydrogen production equipment and fuel cells could range between £800 million and £2.2 billion to 2030, potentially increasing to £5.8 billion and £9.8 billion by 20504.

Across the UK, hydrogen sector companies continue to build on domestic success by exporting hydrogen equipment and services across the world, reinforcing their role in global hydrogen supply chains, with jobs and growth benefits for the UK.

Johnson Matthey, which employs 3,500 people in the UK alone, has entered into a long-term collaboration in Germany with Bosch and SFC Energy to supply advanced fuel cell components. In Sheffield, ITM Power has announced deals for 20MW of Proton Exchange Membrane electrolysers to various German projects, as well as a 20MW project for a Norwegian hydrogen hub and a strategic partnership with Deutsche Bahn AG. Ceres Power, based in Sussex, continues its international expansion with new partnerships announced in Japan, Taiwan and India, and AFC Energy, based in Surrey, has partnered with industrial distributor TAMGO to supply its hydrogen-powered fuel cell generators across 17 countries in the Middle East and North Africa, as well as deploying UK-manufactured fuel cells and batteries in Spain."

10 projects from the first phase of the government's flagship hydrogen programme can begin construction.

https://www.gov.uk/government/news/jobs-unlocked-as-first-wave-of-hydrogen-projects-sign-contracts

Further details of the 10 projects which have signed to HAR1 are detailed in the table below, with contracts available on the LCCC registry.

Cromarty Hydrogen Project Scottish Power & Storegga

Bradford Low Carbon Hygen

West Wales Hydrogen Project Morgen & Trafigura

High Marnham JG Pears & GeoPura

Whitelee Green Hydrogen Scottish Power

Green Hydrogen 3 HYRO

Trafford Carlton Power

Barrow

Langage

Tees Green EDF/Hynamics

Presumably planning and FIDs should be able to follow quickly now?

Thanks tennents - good bit of research there

Some whopping trades gone through in last half hour or so - I've seen 75K, 324K, 80K and 2 x 60K share transactions go through - and now more than 2 standard deviations below the moving average price so entered over-sold territory. I think the signs are there for the piece of elastic to spring back very shortly. LTH need to be aware of how the market behaves to understand what comes next and make sure that they don't let emotion drive decision-making. RSI in high 30s supports the over sold thesis.

As you say, all on the back of no reason for the drop.

Https://www.h2-view.com/story/andrex-and-kleenex-maker-inks-green-hydrogen-offtake-deals-with-uk-backed-projects/2129848.article/

"The manufacturer behind brands like Andrex and Kleenex has signed long-term offtake agreements with two UK government-backed green hydrogen projects, in a move that could reduce its natural gas consumption across two sites by 50%.

Kimberly-Clark said it will use hydrogen from Carlton Power’s 35MW Barrow Green Hydrogen and Octopus-RES joint venture Hyro’s 15MW Northfleet Green Hydrogen project at its two existing facilities in Cumbria and Kent."